Bill on amendments of the Bankruptcy Law

The Government of Montenegro enacted a Bill on amendments of the Bankruptcy Law.

The Government of Montenegro enacted a Bill on amendments of the Bankruptcy Law, in an effort to make the bankruptcy proceedings more efficient and straightforward, but it also offers significant amendments to the provisions regulating bankruptcy administrators’ appointment and status.

Derails on amendments are given by our Montenegro Partners Lana Vukmirović Mišić and  Dina Kardović, as follows:

  1. Changes to the institute of a bankruptcy administrator
  2. Formation of a Registry on Bankruptcy Entities
  3. Clarifications to the provisions which have been differently interpreted in the past
  4. Efforts to make the proceedings more efficient

In addition, other notable amendments are seen as problematic, such as the Status of the fiduciary creditors, the Deadline for secured creditors to report the claims, as well as Transitional provisions.

The full article can be found HERE.

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