This Article was originally published in Issue 7.2 of the CEE Legal Matters Magazine.
On the 30th of December 2016, the application of the Law on Financial Operations (Law) will commence in the Federation of Bosnia and Herzegovina. The Law is intended to ensure the proper functioning of the internal market by introducing adequate and systematic risk management measures and solvency measures, as well as to promote the competitiveness of local commercial enterprises by legislating a culture of prompt payment.
To whom does it apply?
The Serbian companies registry – Business Registration Agency - announced on the 20th of October, 2017, that, as of that date, it will start implementing the provisions of the Serbian Company Law regulating the compulsory liquidation of companies. These provisions have actually been in force for more than 5 years now, but they have not been implemented by the registry thus far.
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.
Slovenia has amended the Financial Operations, Insolvency Proceedings and Compulsory Dissolution Act (ZFPPIPP or the Insolvency Act) again, following amendments in 2013, amending preventive restructuring, simplified compulsory settlement and personal bankruptcy proceedings. Amendments to the Insolvency Act, which were adopted by the National Assembly on 31 March 2016, will come into force on 26 April 2016.
The main modifications introduced by the amendments are as follows:
The turmoil within the Croatian retail company Agrokor, which owns Mercator, the largest Slovenian retailer, caused a significant stir in the Slovenian public, with the suppliers and especially in politics. The response of the Slovenian Government – with which additional measures for the protection of Mercator as a company of systemic importance are being established is also the Act on Conditions of Appointment of Associate Member of the Management Board in the Companies of Systemic Importance for the Republic of Slovenia. The Act was adopted by the Parliament on the 25th of April, 2017.