During June, based solely on the application of ‘automatic bankruptcy’, nearly 6,000 limited liability companies are disappearing from the economic life of Serbia, writes B92.
According to unofficial data, nearly 250 cooperatives, a dozen business associations, and about 70 social enterprises will also be deleted from the register. According to the first census by the National Bank of Serbia, there were as many as 10,977 legal entities whose accounts had been blocked for over three years as of March 31. The Agency for Business Registers has begun receiving decisions on the conducted pre-bankruptcy proceedings for companies that had been blocked for three years as of March 31, 2010. Based on these decisions, the agency deletes economic entities and associations from the registers.
‘For now, the APR has executed deletions according to all decisions of commercial courts,’ emphasize the Agency for Business Registers, noting that the duration of the process depends on the timeliness of the courts. According to the new Bankruptcy Law, legal entities that have been blocked for more than three years will be given a period of 60 days within which the debtor or their representatives can find a way to lift the block or initiate bankruptcy proceedings. Anyone who comes forward as a ‘rescuer’ of a company or association must also deposit an advance for the costs of conducting all planned procedures with the relevant economic entity. One of the most well-known companies that is set to be dissolved is the Basketball Club Crvena zvezda, whose case is currently in the Commercial Court in Belgrade. (B92, G.J.)
