Justice Minister Orsat Miljenic said the amendments were in line with the principle of creditor's autonomy. The owner of the money decides, which means that creditors will decide on many more things than now, and workers' rights will be much better protected, he said.
Under the law on financial operations, bankruptcy no longer enables resumption of business, which is dealt with during a settlement procedure. The bankruptcy plan will no longer be adopted by the debtor but by creditors. The amendments once again enable the sale of the debtor which in turn enables the resumption of business.
The amendments introduce a 60-day deadline for the bankruptcy procedure, make it impossible to withdraw a motion to file for bankruptcy, and establish that claims for unpaid salaries must be determined during the bankruptcy procedure.
Miljenic also said that amendments to the Companies Act were also being drawn up and should be completed by year's end, and that amendments to the law on the register of companies would soon be moved.