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AMERICAN AGENCY FOR INTERNATIONAL DEVELOPMENT ’’USAID’’

PROGRAM FOR REFORMING THE BANKRUPTCY AND EXECUTION PROCEEDINGS – ’’BES’’




Belgrade, December 26, 2006
The representatives of industrial unions of UBU ’’Nezavisnost’’ were glad to talk to the representatives of ’’USAID’’ about the problems concerning the bankruptcy and bankruptcy proceedings. Mr. Milo Stevanovic, responsible person for ’’USAID’’ Program, presented the previous activities in Serbia, as well as the experience during his work in Armenia, Montenegro and Rumania.

For better understanding of the subject discussed at this meeting, we give a brief presentation of the Program for reforming the bankruptcy and execution proceedings (BES).

The American Agency for International Development ’’USAID’’ created a Program for reforming the bankruptcy and execution proceedings (BES) on May 31, 2006, the objective of which is substantial improvement of the business environment for domestic and foreign investments in Serbia and the creation of a more dynamic market economy that will spur the economic growth.

Bankruptcy, as a collective, proportional pay-out of outstandings to creditors, and an efficient way of resolving problems of the companies having serious financial problems, and execution, as a mechanism of individual discharge of obligations, namely, as a successful finalization of lawsuits, are a decisive factor for every investor.

’’BES’’ is a comprehensive program of technical support that should enhance the institutional framework, which is crucial for application of the regulations relating to bankruptcy system, namely, which should promote and/or change the regulatory framework necessary for securing a successful execution of court’s ruling (decisions).

The Program will be realized through rendering comprehensive technical support to institutions and participants in the bankruptcy and execution proceedings, and especially to Commercial Courts, Agency for granting licences to trustees in bankruptcy and Privatization Agency – Center for conducting bankruptcy proceedings. In this connection, the goal of this Project is to give the support for providing the technical, as well as human resources in both areas.

The Trade Union representatives showed great interest in the participation in this process, as well as readiness to forward a list of companies to ’’USAID’’ by the end of January 2007, which could be included in the Project.

 
     
 
 
 
 
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