New Law on "Amendments to the Law on Insolvency (Bankruptcy) and Articles 17 and 223 of the Arbitrage Procedural Code with respect to establishment of special rules for bankruptcy of developers attracting money from participants in construction" was adopted on July 12, 2011 (the "Amendments"). Most of the Amendments were introduced as a special chapter No. 7 named "Bankruptcy of Developers" into the Federal law on Insolvency (Bankruptcy) No. 127-FZ as of 26 October 2002 (as amended) (the "Bankruptcy Law").

Bankruptcy

On March 5, 2012, new rules came into force for credit cooperatives in bankruptcy proceedings; the new rules feature:

28 June 2013 the Russian President signed Federal Law No. 134-FZ amending a number of laws in relation to combating illegal financial operations.

The Law amended, in particular, the Law on Banks and Banking Activity, the Anti-Money Laundering Law, the Criminal Code and the Code of Administrative Offenses, the Law on State Registration of Legal Entities, the Bankruptcy Law, laws regarding certain financial organizations, and the Tax Code. Below is a summary of the key changes (save for those made to the Tax Code).

Intoduction

With the credit crunch impacting the Russian banking sector and Russian banks facing their gravest crisis since 1998 (as evidenced by Bank Globex freezing deposits), it is in our view timely to revisit the regulations affecting the insolvency of Russian credit organisations.

Non-performing loans (NPL) are one of the principal problems of Serbian banking sector. Since 2009, number of domestic and international institutions have conducted various studies regarding NPL growth and have concluded that such growth is indicative of relevant macroeconomic factors. The main macroeconomic reasons for NPL growth in Serbia since 2008 have been increasing unemployment, currency depreciation and higher inflation rate. 

Introduction

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.

​On 8 June 2018, the Serbian Parliament adopted the Law on Financial Collateral ("FC Law") which will become applicable on 1 January 2019. Financial agreements that are not fulfilled by 1 January 2019 will be implemented pursuant to the rules that were in force before that date.

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.

The new Serbian Enforcement and Security Act becomes applicable on 1 July 2016. The changes are numerous. This is the first in a series of our Newsletters in which we will address the novelties introduced by the new legislation.

The new types of provisional measures