PRAVNI I RAČUNOVODSTVENI ASPEKTI STEČAJA PREDUZEĆA
LEGAL AND ACCOUNTING ASPECTS OF ENTERPRISE BANKRUPTCY

Summary/Abstract: Initiation of bankruptcy proceedings that represents an enforced liquidation of the enterprise and its removal from the Court Register is very common and inevitable event nowadays. Bankruptcy is usually seen as the ultimate end of the enterprise, but also as an opportunity for creditors, who are the most damaged by the insolvency of the enterprise, to reimburse at least a part of their receivables through bankruptcy proceedings. The legal and accounting aspects of the bankruptcy proceedings are elaborated in this paper. Bankruptcy Law of the Republic of Srpska establishes two bankruptcy reasons: insolvency and imminent risk of insolvency. Illustration of a hypothetical example shows how, after the decision was made to initiate bankruptcy proceedings, not only the initial but also the final bankruptcy balance sheets are made, bankruptcy quota is determined and how to settle creditors according to the relevant payment line. Finally, an overview of the financial aspects of the implementation of the bankruptcy proceedings is given, i.e. consequences of bankruptcy, not only for a specific enterprise where such proceedings is conducted, but also on the economy as a whole, especially in the case of bankruptcy of a number of enterprises. However, some questions and dilemmas are left open because Bankruptcy Law does not always contain clear provisions in respect of certain accounting procedures, and there is a problem of lack of financial discipline in our economy, because the bankruptcy proceedings is not always proposed when the conditions are created.

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