The new Law on Consensual Financial Restructuring (“Official Gazette of RS“ No. 89/2015) which came into effect on November 4, 2015, began to be applied on February 3, 2016. As opposed to the previous Law on Consensual Financial Restructuring from 2011, which did not deliver the expected results with regard to decreasing number of irrecoverable debts, the new Law establishes a better legal framework for voluntary debt restructuring in Serbia.