THE REFORMATION OF THE SERBIAN ACT ON INSOLVENCY PROCEDURE (SAIP)
THE REFORMATION OF THE SERBIAN ACT ON INSOLVENCY PROCEDURE (SAIP)

Summary/Abstract: The objective of the paper is to accentuate some of the major downsides of the Serbian Act on Insolvency Procedure. Those have been encountered by the author as practical obstacles in the administration of the bankruptcy cases pending before the Commercial Court in Nis. The paper also contains the author's proposals for the amendment of the Act. They came about as the result of the comparative research in the US Bankruptcy Code. The main body of the paper comprises the following sub-sections: 1. The definition of 'insolvency', 2. Adjustment of debts of municipality, 3. Who may file a petition for insolvency, 4. Entering an order for relief (Entering a decision for commencement of the insolvency proceedings), 5. The jurisdictional authority of the court, 6. The trustee. Preliminary awards and compensations, 7. Creditors' representative bodies, 8. Allowance of the creditors' claims and interests, 9. Set-off, 10. Reorganization, 11. The protection of employees. The references of the US Bankruptcy Code and the German Insolvency Statute, typed in bold, point to the very source of the author's ideas on the possible amendments of the Serbian Act.

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