Personal insolvency : an entrepreneur’s perspective in Serbian law

Opačić, Ana and Čolović, Vladimir and Šarac, Jovan (2013) Personal insolvency : an entrepreneur’s perspective in Serbian law. In: Education and Employment Opportunities for Entrepreneurs. Faculty of Business Economics and Enterpreneurship, Belgrade, pp. 265-277. ISBN 978-86-6069-096-0

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Abstract

Personal insolvency, in terms of a possibility of initiating insolvency proceedings against natural persons, represents a new concept in Serbian law, for both the legislation itself and the public. Having in mind official statistical data that report an increasing trend in credit indebtedness not only for businesses but for natural persons as well, followed by an increasing trend in late payments, the Serbian legislation will inevitably have to face the challenge of implementing this concept. This article outlines the principal characteristics of this concept aiming to introduce to broader professional community advantages of its implementation, not only for business entities by ensuring legal security but for the society as a whole, by applying a social method. Furthermore, using a comparative law method, the authors sought to provide some basic guidelines for future legislative challenges in terms of regulating entrepreneur insolvency, which the Serbian legislators will inevitably face, taking into consideration experiences of the considered reference countries, particularly the respective regulations in countries in the region.

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