Position and Role of Creditors in the Judicial Restructuring Procedure Cover Image

Положај и улога повјерилаца у поступку судског реструктурирања
Position and Role of Creditors in the Judicial Restructuring Procedure

Author(s): Đorđe Perišić
Subject(s): Law, Constitution, Jurisprudence
Published by: Правни факултет Универзитета у Источном Сарајеву
Keywords: Creditors; Restructuring; Restructuring plan; Interest of creditors;
Summary/Abstract: In this paper, the author deals with the position of creditors in the process of judicial restructuring, as a framework that offers the possibility to change the relationship between creditors and debtors in financial difficulties. Creditors in this procedure enjoy a special status, because the protection of their interests is one of the goals of the procedure. However, the means and the way it is done puts them in a worse position than the one they have in bankruptcy proceedings. At this point we will highlight that: the role of the court and the commissioner in the proceedings is overemphasized, there are no creditor bodies such as the board of creditors, nor are the creditors classified in the appropriate ranks. The author puts in the foreground the provisions of the Insolvency law of the Republic of Srpska which refers to judicial restructuring. Of the comparative legislation, the Croatian Insolvency Act, the German Insolvency Code and the Bankruptcy Code of the United States of America were consulted. The legal regulation of restructuring is important for the economy of each country, for its stability, productivity, competitiveness, but it is also far-reaching from the social aspect. In that sense, the law of the Republika Srpska is keeping pace with the legal development in this area, which is shown by the recent legal regulation of out-of-court restructuring, which is a world trend, but also a request coming from the European Union.

  • Page Range: 374-391
  • Page Count: 18
  • Publication Year: 2021
  • Language: Serbian