International Bankruptcy
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1 International Bankruptcy
2 SERBIAN INTERNATIONAL BANKRUPTCY LAW Law on Bankruptcy (Official Gazette of RS104/2009, 99/2011 other law and 71/2012 decision of the Constitutional Court) Chapter XII Articles of the Law on Bankruptcy
3 Law on Bankruptcy of RS Chapter XII International Bankruptcy Established on provisions of the Model Law on Cross-border Insolvency. (UNCITRAL Model Law on Cross-Border Insolvency, hereinafter Model Law) Adopted at the General Assembly session of the United Nations on 15 December 1997.
4 Application of Provisions on International Bankruptcy in the Republic of Serbia Pre-conditions for application cases in which Article 174 of the Law on Bankruptcy is applied If a foreign court or other foreign authority that exercises control or supervision over assets or business of a debtor or a foreign representative requests assistance in connection with a foreign proceeding. If a court or bankruptcy trustee asks for help in a foreign country with a bankruptcy procedure conducted in the Republic of Serbia in accordance with this law. If a foreign proceeding is conducted simultaneously with a bankruptcy procedure conducted in the Republic of Serbia in accordance with this law.
5 Comparison of Regulations EU Council Regulation (1346/2000) on insolvency proceedings Law on Bankruptcy of RS Chapter I International Jurisdiction Article 3, paragraphs 1, 2 and 3 (with special reference to paragraphs 1 and 3) Subject matter jurisdiction for recognition of foreign proceedings and cooperation. Territorial jurisdiction for recognition of foreign proceedings and cooperation. (The draft Law on Amendments to the Law on Bankruptcy, Articles174a and 174b of 27 October 2013).
6 Comparison of Regulations EU Council Regulation (1346/2000) on Insolvency Proceedings The Applicable Law Article 4, points1 and 2 from (a) (m) Law on Bankruptcy of RS Governing Law Article 175, paragraph 1 Exceptions to the Lex fori concursus Exceptions to the Lex fori concursus Articles 5-15 Article175, paragraphs 2 and 3
7 Comparison of Regulations EU Council Regulation (1346/2000) on Insolvency Proceedings Law on Bankruptcy of RS Chapter II Recognition of Insolvency Proceedings (Articles 16 26) (with particular reference to Article16, paragraph 1) Recognition of Foreign Proceedings (Articles ) Application for recognition of foreign proceeding Assumptions relating to recognition Decision on the recognition of a foreign proceeding Duty to inform Assistance provided prior to applying for recognition of a foreign proceeding Legal effects of recognition of a main foreign proceeding Assistance provided after the recognition of a foreign proceeding Protection of creditors and other interested persons
8 Comparison of Regulations EU Council Regulation (1346/2000) on Insolvency Proceedings Law on Bankruptcy of RS Chapter III Collateral Insolvency Proceedings (Articles 27 38) Collateral Insolvency Proceedings (Article 88, paragraph 2, item 2 in connection to paragraphs 3 and 4) Note: The Draft Law on Amendments to the Law on Bankruptcy of 27 October 2013, Article 174b.
9 Comparison of Regulations EU Council Regulation (1346/2000) on Insolvency Proceedings Law on Bankruptcy of RS Chapter IV Release of Information to Creditors and Application of their Claims (with reference to Article 40) The Principle of Publicity and Awareness (Article 10)
10 Assessment of Degree of Compliance Indicating the degree of compliance, based on the previous section pairing regulations.
11 Plans for Further Steps Towards Full Implementation Adoption of the Law on Amendments to the Law on Bankruptcy. (The Draft Law on Amendments to the Law on Bankruptcy, the draft version of 27 October 2013, is currently under public discussion which shall end 28 November 2013 after which the Ministry of Economy of RS shall submit the draft into official procedure).
12 Thank You For Your Attention. Questions?
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