Amendments to the Insolvency Act

On 08 October, 2018, the National Assembly of Republic of Serbia adopted amendments to the Law on Bankruptcy, which were published in the Official Gazette No. 44/2018 dated 08th June, 2018, which came into force on 16th June, 2018.

The most recent amendments to the Law on Bankruptcy are improving the instruments of this law regulating disbursement of claims of creditors under the contract on financial security.

Amendments to this Law are enacted in order to comply with new Financial Security Act.

New legal solutions do not question either the aim or the principle of bankruptcy proceedings, but a special disbursement arrangement is established for creditors whose claims are secured by financial security (cash on the account, financial instruments and credit claims).

The application of the aforementioned legal provisions starts on 01.01.2019. years.