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	Eterprises in privatization =

	Legislation=

	Agency = for=20 privatization

	SMEs=20 development agency

23.04.2004.

Public=20 Announcement for participation in the = public=20 auction =AB TRIKO =BB , NIS

20.04.2004.

Public=20 Announcement for participation in the = public=20 auction

20.04.2004.

Public=20 Announcement for participation in the = public=20 auction

20.04.2004.

Public=20 Announcement for participation in the = public=20 auction

13.04.2004.

Public=20 Announcement for participation in the = public=20 auction

13.04.2004.

Public=20 Announcement for participation in the = public=20 auction

13.04.2004.

Public=20 Announcement for participation in the = public=20 auction

08.04.2004.

EXTENSIO= N=20 OF PUBLIC INVITATION

01.04.2004.

Public=20 Announcement for participation in the = public=20 auction

01.04.2004.

Public=20 Announcement for participation in the = public=20 auction

>>>=20 ARCHIVE =

LAWS

Decree on the=20 procedure and manner of restructuring of = enterprises and=20 other legal entities

PRINTER FRIENDLY

GOVERNMENT OF THE REPUBLIC OF=20 SERBIA
MINISTRY OF ECONOMY AND PRIVATIZATION=20

Pursuant to Article 20,paragraph 5 of = the Law on=20 Privatization ("Official Gazette of the Republic = of=20 Serbia," no. 38/2001), the Government of Serbia=20 adopted:

DECREE ON THE PROCEDURE AND = MANNER OF=20 RESTRUCTURING OF ENTERPRISES AND OTHER LEGAL=20 ENTITIES

Article 1
This decree = sets=20 out in greater detail the procedure and manner = for=20 restructuring of the enterprises and other legal = entities in the Privatization process = (hereinafter the=20 "enterprise"), statutory or organizational = changes,=20 settlement of debtor-creditor relationships and = other=20 changes relating to the entity undergoing = privatization,=20 which enable the sale of its capital and/or = assets=20 through public tender or public auction, in = accordance=20 with the Law.

Article 2
The process = of=20 restructuring, statutory or organizational = change under=20 this Decree shall mean:
1. merger of = subsidiaries=20 within the affiliated enterprise, by taking over = or=20 spinning-off;
2. division of the enterprise = into=20 several legal entities;
3. selling parts of = the=20 enterprise;
4. transfer of assets or parts of = the=20 assets into another legal entity;
5. change = of the=20 legal form of the enterprise or any of its=20 subsidiaries;
6. change of the internal = organization=20 of the enterprise by closing the commercially = non-viable=20 business units;
7. stopping non-profitable = activities=20 of the enterprise;

Article 3
The = process of=20 restructuring through the settlement of = debtor-creditor=20 relationships under this Decree shall = mean:
1.=20 deferment or rescheduling of debt payment of the = enterprise with majority creditor = approval;
2.=20 transfer of liabilities of a subsidiary to = another=20 subsidiary within the affiliated enterprises, = with=20 majority creditor approval;
3. writing off = the=20 principal, interest accrued or other = receivables, wholly=20 or in part, with majority creditor = approval;
4.=20 conversion of monetary claims by the creditors = with=20 majority state-owned capital into the equity of = that=20 enterprise.

Article 4
Other changes = within the=20 restructuring procedure and under this Decree = shall=20 mean:
1. taking measures for the purpose of = capital=20 increase of the enterprise;
2. taking = measures for=20 the purpose of decreasing or increasing the = number of=20 employees;
3. other changes relating the = enterprise,=20 which are conductive to the sale of its capital = and/or=20 assets through public tender or public auction, = in=20 accordance with this Law.

Article = 5
The=20 Privatization Agency initiates the restructuring = procedure by adopting a decision on = restructuring,=20 especially in the following cases:
1. the=20 impossibility of implementing the privatization=20 procedure of an enterprise in its current = statutory or=20 organizational form;
2. the impossibility of = implementing the privatization procedure of an=20 enterprise with its current capital = structure;
3.=20 when, after a reasonable period of time, there = are no=20 potential purchasers of the entity;
4. when = the=20 liabilities of the enterprise exceed the total = value of=20 the enterprise's assets, reduced for the amount = of=20 losses of the current and earlier years; = and
5. in=20 other cases.

Article 6
When the = Privatization=20 Agency adopts a restructuring decision of an = enterprise=20 in accordance with Article 19 of the Law on=20 Privatization, the day of initiating the = privatization=20 procedure shall be deemed as commencement day of = restructuring procedure.
The restructuring = procedure=20 shall be completed after the full realization of = restructuring program or with the sale of the = capital=20 and/or assets of the restructuring=20 enterprise.

Article 7
Privatization = Agency=20 shall publish the notice of the commencement of=20 restructuring procedure in the mass media = (press,=20 Internet, or television), within 15 days from = the date=20 of adopting a restructuring decision, for the = purpose of=20 submitting the evidence of the claims against = the=20 enterprise.
The public notice pursuant to = paragraph 1=20 of this Article shall contain:
1. the name = and other=20 information of the enterprise;
2. the = deadline and=20 location for creditors to file proofs of their = claims=20 against the enterprise.

Article 8
The=20 creditors file their claims against the = restructuring=20 enterprise in the manner provided by Article 7 = of this=20 Decree.
The registration of claims pursuant = to=20 paragraph 1, of this article contains:
1. the = trade=20 name and the creditor's registered office;
2. = the=20 legal basis of the claim and the amount of the=20 claim;
3. the proofs of claim's existence and = its=20 amount.
The claims against the entity that = have not=20 been filed in the manner provided by Articles 8 = and 9 of=20 this Decree, shall not be settled. =

Article=20 9
Without prior approval of the Privatization = Agency,=20 the restructuring enterprise while in the = process of=20 restructuring, shall not make decisions relating = to the=20 following:
1. disposition of any moveable or=20 immoveable asset;
2. obtaining of credits or=20 loans;
3. granting of credits and = loans;
4.=20 granting guarantees for other entities;
5. = assumption=20 of liabilities of another entity;
6. = acquisition,=20 increase or decrease of the interest in another = entity's=20 equity;
7. payment of dividends to=20 shareholders;
8. issuance of shares or any = other=20 actions that would alter the capital structure = of the=20 enterprise;
9. internal organizational change = or=20 statutory change of the enterprise;
10. = increase or=20 decrease of the enterprise's capital ;
11.=20 investments in capital assets.
12. increasing = the=20 number of employees beyond the number that is=20 necessary
The provision of paragraph 1, of = this=20 Article shall not apply to the decisions made by = the=20 entity for the purpose of performing the = ordinary=20 business activities.

Article = 10
Privatization=20 Agency shall notify the competent court register = without=20 delay, about the initiation of restructuring=20 procedure.
When signing, the phrase "In=20 Restructuring" shall be added next to the name = of the=20 entity undergoing restructuring.

Article = 11
The enterprise undergoing restructuring = shall=20 clearly indicate in its correspondence with = third=20 parties that the enterprise is in the process of = restructuring.

Article = 12
Privatization Agency=20 shall, in cases pursuant to Article 5, of this = Decree,=20 demand from the restructuring enterprise to = submit the=20 restructuring program along with the = corresponding=20 decision of the competent body within 90 days = from the=20 day of receiving the decision of Privatization = Agency on=20 restructuring.
The Agency may decide to draw = up the=20 restructuring program for the entity to be=20 privatized.

Article 13
The = restructuring=20 program shall contain information, particularly=20 about:
1. restructuring enterprise;
2. = business=20 activities of the restructuring = enterprise;
3. value=20 of capital and assets;
4. amount of debts and = methods=20 of debts payment;
5. likelihood of achieving = a=20 successful restructuring;
6. welfare = program;
7.=20 plan of privatization;
8. other information = relevant=20 for implementation of = restructuring.

Article=20 14
The restructuring program may contain = provisions=20 that the claims of the creditors that have been = written=20 off for the purpose of Article 3, item 3, of = this Decree=20 shall be settled, prior to any allocation of = proceeds=20 under Article 60 of the Law on Privatization, = from the=20 proceeds obtained through the sale of capital or = assets=20 in the process of privatization, in such way = that the=20 creditors with secured claims will have the = priority in=20 settlement of the claims.
Pursuant to = paragraph 1 of=20 this Article, the creditors whose claims are not = secured=20 shall be paid from the proceeds obtained through = the=20 capital or property sale in the process of=20 privatization, in accordance with their pro rata = portion=20 in the total amount of unsecured claims, prior = to any=20 allocation of proceeds under Article 60 of the = Law on=20 Privatization.

Article 15
The = restructuring=20 program may contain other information relevant = to the=20 implementation of restructuring=20 procedure.

Article 16
The = restructuring=20 program is considered to be adopted if the = program is=20 voted by one or more creditors or their = authorized=20 representatives whose claims exceed 50 percent = of the=20 total amount of claims against the restructuring = enterprise.

Article 17
The majority = creditor=20 for the purpose of Article 16 of this Decree is = one or=20 more creditors whose total amount of claims = exceeds 50=20 percent of the total amount of debt of the = restructuring=20 enterprise.

Article 18
The = restructuring=20 program adopted by the majority creditor shall = be=20 binding upon the enterprise and its bodies,=20 Privatization Agency and all creditors of the=20 enterprise.

Article 19
The = restructuring=20 enterprise submits the restructuring program to = the=20 Privatization Agency within the term and in the = manner=20 prescribed by Article 12 of this = Decree.

Article=20 20
If the restructuring program is not = adopted by the=20 creditors or their authorized representatives = whose=20 claims exceed 50 percent of the total amount of = claims=20 against the restructuring enterprise, the = Privatization=20 Agency may:
1. initiate a new restructuring=20 procedure;
2. suggest amendments of the = restructuring=20 program;
3. initiate the bankruptcy = proceedings or=20 liquidation proceedings;
4. take such other = measures=20 that would enable the capital or property sale = of the=20 restructuring enterprise;
5. implement itself = the=20 restructuring procedure in accordance with = Article 19,=20 of the Law on Privatization.

Article = 21
If the=20 restructuring program is prepared in accordance = with the=20 Law and this Decree, the Privatization Agency = shall=20 render a decision on accepting the program = within 30=20 days from the program filing = date.

Article=20 22
If the Privatization Agency evaluates that = it is=20 necessary to send back the restructuring program = to be=20 corrected or amended, the Privatization Agency = shall=20 send back the restructuring program proposal, = along with=20 the explanation in writing within 30 days from = the=20 program filing date.

Article 23
The = enterprise=20 undergoing restructuring shall implement the=20 restructuring procedure in full compliance with = the=20 restructuring program.

Article 24
The=20 Privatization Agency supervises the = implementation of=20 the restructuring process.

Article = 25
If=20 during the implementation of restructuring in = accordance=20 with the restructuring program, new = circumstances emerge=20 that make implementation of a restructuring = program=20 impossible, wholly or in part, the Privatization = Agency=20 may:
1. take measures to enable the = implementation of=20 restructuring procedure;
2. submit a new=20 restructuring program by initiating a new = restructuring=20 procedure;
3. suggest amendments of the=20 restructuring program within current = restructuring=20 procedure.

Article 26
The provisions = of this=20 Decree governing the contents and adoption of = the=20 restructuring program shall be applied to = adoption of a=20 new restructuring program or amendments of the = current=20 restructuring program under the provision of = Article=20 25.

Article 27
This Decree shall come = in=20 effect on the following day from the day of = publication=20 in the "Official Gazette of the Republic of=20 Serbia".

05 number 110-151/2002
In = Belgrade, January 15, = 2002

=A9 2001 All=20 rights reserved
Ministry of economy and=20 privatization
Government of the Republic of = Serbia=20 =

Ministry Of Economy - Government Of The Republic = Of=20 Serbia
=A9 2003 - http://www.studiomatic.net/