Regional Forum on Insolvency held in Budva

Regional Forum on Insolvency held in Budva

BUDVA – 7-8 October 2019 – EURoL 2 in cooperation with the Centre for Training in Judiciary and State Prosecution (JTC) organized a two-day Regional Forum on the topic of Insolvency.

The Regional Conference on Insolvency gathered around 40 representatives of the judiciary from 6 countries of the Region: Bosnia and Herzegovina, Croatia , North Macedonia,  Serbia and Slovenia together with Montenegro,  as well as experts from the European Union and the region,  and representatives of the organizers  and of the MNE ministry of justice,  in order to discuss the challenges and opportunities for improving cooperation and legislation in the area of insolvency and exchange experiences on the best practice in this area. Montenegro members of the  Chamber of the  bankruptcy managers were present as well, upon their kind request.

Participants were welcomed by Ms. Vesna Medenica, President of the Supreme Court of Montenegro who stated that: “Particular challenge in the work of judges are bankruptcy cases, of which there were almost one thousand in the previous year (994). In 59 percent of cases, bankruptcy proceedings last up to three months, which indicates that bankruptcy proceedings are conducted in an efficient and cost-effective manner, with the aim of settling all creditors. The reasons for the longer duration of certain proceedings are the inability to cash-in debtors’ assets, so in some proceedings the advertisement for the sale of the bankruptcy debtors’ assets is advertised several times, because there is no interest of potential buyers, which is why the completion of the procedure cannot be foreseen”.

Ms. Maria Grazia Benedetti, Deputy Team Leader of EURoL 2, stated that: ‘’The EURoL 2 project, funded by EU,  is here to support the Montenegrin institutions in getting familiar with  the international and European standards that any Countries  should implement, on the path to joining the EU”.

Mrs. Senka Danilovic, Head of the SC of the Centre for Education in Judiciary and State  Prosecution expressed her gratitude for the excellent cooperation with EURoL 2 and the opportunity to organize the event with the participation of recognized international experts in the area of insolvency. Ms. Danilovic also said that: “Data from the Commercial Court Annual Report indicated that in 2018, bankruptcy was initiated in 556 companies. In 2017, it was initiated in 644 companies. It is the duty of the courts to respond appropriately to all these procedures and to contribute to creating a good investment climate and economic development. ‘’

During the Conference, international experts/speakers engaged by EURoL 2 Project, Mr. Luciano Panzani, Head of the Appellate Court in Rome, Mr. Miodrag Djordjevic, Vice-President of the Supreme Court of the Republic of Slovenia, Mr. Mario Vukelić, president of the High Commercial Court of the Republic of Croatia spoke about: International and European legislative framework and standards related to insolvency and prospects for insolvency proceedings; International Insolvency, Cooperation and Communication in Cross-Border Insolvency; Restructuring and the second chance, pre-insolvency proceedings; Bank Insolvency, characteristics of the procedure, legal consequences of opening bank insolvency; Nomination of the bankruptcy manager, while national experts engaged by JTC, Ms. Marijana Pavićević and Ms. Lidija Ivanović, Judges of the Appellate Court of Montenegro, spoke more about the Procedure and legal consequences of the sale of the debtor as a legal entity, Insolvency, discretionary and extraordinary creditors; Refutation of the legal actions of the bankruptcy debtor from the Montenegrin practice.

Regional Forum has been evaluated by all of the participants and the experts as a great opportunity for exchanging experiences and learning about the situation and practice of judicial authorities in the area of insolvency proceedings. Special gratitude was expressed by Montenegrin judges, who were introduced not only with same or similar solutions in Countries from the region, but also with EU and international standards, since this area is still being developed and harmonized with EU legislative framework in order to fulfil the requirements towards Montenegro’s path to EU.

For more information on the seminar, please see the Supreme Court of Montenegro website link

and JTC website link

and the Vijesti newspaper article  and RTCG

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