Since 14 August 2017 the Serbian Government’s proposal of new Amendments to the Insolvency Act („Amendments“) has been on the agenda of the National Parliament of Serbia. There is no information when the National Assembly will open the discussion and voting procedure on the Amendments. However, recent legislative practice in Serbia shows that Government’s bills rarely suffer material amendments during discussion and voting procedure in the Parliament. Below is a closer insight into the future legislative amendments to the Insolvency Act.

The most recent Amendments of the Serbian Insolvency Act (“Amendments”) put more control into creditors’ hands over the insolvency process, allowing them to propose to the insolvency administrator to be appointed in the process. It also introduced more transparent provisions on the cost advance that has to be paid with the application for insolvency, as well as less restrictive provisions on the proposers of reorganization plans.