Saturday, October 20, 2018

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Pursuant to Article 136, para. 9 of the Law on Bankruptcy, the Government of the Republic of Serbia adopted a Decree on the contents, procedure for registration and management of the Bankruptcy Estate Register, as well as the Decree on the rates of fees for registration and other services provided by the Serbian Business Registers Agency in the process of administering the Bankruptcy Estate Register.

With the enactment of the aforesaid regulations, the bankruptcy administrator acquired the obligation to apply for registration of bankruptcy estates with the Bankruptcy Estate Register kept by the Serbian Business Registers Agency within 15 days from the date of adoption of the competent court’s decision determining the existence of bankruptcy estate, specifically:

  • The bankruptcy estate comprising proceeds from the sale of the bankruptcy debtor, including the bankruptcy debtor’s assets whose value was not subject to the appraisal of the bankruptcy debtor’s value as a legal entity at the time of its sale, in other words the bankruptcy estate as set forth in Article 136 of the Bankruptcy Law, determined after selling the bankruptcy debtor as a whole legal entity, when the bankruptcy case against the debtor is suspended and continued in relation to the bankruptcy estate.
  • The debtor’s bankruptcy estate which, following the adoption of the decision on the termination of the bankruptcy proceedings against the bankruptcy debtor, comprises separated funds on grounds of contested claims and assets acquired in the settlement of the lawsuit in favor of the debtor, in other words, the bankruptcy estate as set forth in Article 148 of the Bankruptcy Law, accrued following the termination of bankruptcy proceedings against the bankruptcy debtor.

Once registered, the bankruptcy estate acquires the capacity of legal entity, and following the allocation of a registration and tax identification number, also a legal personality.

The application for registration of the bankruptcy estate is submitted to the Register by the bankruptcy administrator, who is the legal representative of the bankruptcy estate, along with by the following documents:

  • Copy of entry from a corresponding public register, as a proof of the bankruptcy debtor’s identity, unless the bankruptcy debtor is already registered with the Register kept by the Agency,
  • Decision of the competent court on the suspension of the bankruptcy case against the bankruptcy debtor, and continuation of the case in relation to the bankruptcy estate, or
  • Decision of the competent court on the termination of the bankruptcy proceedings and on the appointment of the bankruptcy administrator as the bankruptcy estate’s representative for the purpose of registration of data on the bankruptcy estate, comprising separated funds on grounds of contested claims and assets acquired in the settlement of the lawsuit in favor of the bankruptcy debtor, when the bankruptcy proceedings against it have been settled,
  • Evidence of the deposit of the contested claim amount, separated from the estate during final distribution, to a special purpose account, or evidence that this amount was deposited with the court, 
  • Evidence of payment of the registration fee.

The bankruptcy administrator has the obligation to report any change of data on bankruptcy estates, within 15 days from the date on which the change occurred, by submitting the following:

  • Application for registration of data on bankruptcy estate,
  • Any documents constituting proof of the change that occurred,
  • Proof of payment of the fee for the registration of change.

Along with the application for the registration of entry of records relevant for legal  transactions, the bankruptcy administrator is required to submit:

  • A document providing the grounds for entry of records
  • Proof of payment of the registration fee.

For the registration of strike-off of data on bankruptcy estate from the Register, the bankruptcy administrator is required to submit:

  • Application for registration of strike-off of data on bankruptcy estate
  • Decision of the competent court closing the bankruptcy proceedings in relation to the bankruptcy estate, for those bankruptcy estates acquired following the sale of the bankruptcy debtor or
  • Statement given under penalty of perjury on the completion of all tasks listed in the decision closing the bankruptcy proceedings, including the settlement of creditors’ claims in accordance with the law governing bankruptcy, for bankruptcy estates that comprised of separated funds on grounds of contested claims and funds acquired in the settlement of lawsuits in favor of the bankruptcy debtor
  • Proof of payment of the fee for strike-off. 

Registration of data on bankruptcy estate can be carried out in the line of duty, free of charge, based on the act of a competent authority, or in the procedure of data sharing with other competent authorities, in which case the Registrar is not the one to adopt the decision on data registration.

  
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