Privatization by direct settlement is abolished

Privatization by direct settlement will not be possible anymore, says Economy Minister and Acting Finance Minister Dusan Vujovic.
Explaining the basic changes in the laws on privatization and bankruptcy, which are going to be the subject of debate today in the Parliament, the Minister Dusan Vujovic said that these laws had been significantly corrected during the public hearing.
- Method of privatization through direct settlement was expelled from the draft law, since it is one of the instruments of interstate agreements, and will be regulated independently of the law - says Vujovic.
From the draft law, it was also ejected financial restructuring. The key change, said Vujovic, that it is a model of privatization designed to protect the rights of creditors and seeks their consent in the process.
- The entry into force of this Act, status of the companies in restructuring is being cancelled, to respect all the way the decision of the Constitutional Court. Companies will get some extra time, but only in the privatization process, or in bankruptcy procedure, if that is the only option for some of them - the minister said.
Protection of property rights in these companies will be strengthened with legal provisions that explicitly say that the creditors' rights, including the rights of the state as a creditor, must be respected because the market economy rests on them.
When it comes to corrections in the draft of the new Law on Bankruptcy, Vujovic stated that they are currently insignificant, because the goal of legislative changes was to speed up the bankruptcy.

Ministarstvo privrede Republike Srbije

Ministarstvo finansija Republike Srbije

Dušan Vujović

Privatization law

Banckruptcy law

privatization by direct settlement

sale of companies through direct settlements

privatization by settlements

method of privatization by direct settlement

financial restructuring of the company

companies in restructuring

restructuring

bankruptcy