Bankruptcy

Set of banking laws adopted in parliament

BELGRADE -- The National Assembly in Belgrade adopted on Tuesday a set of six laws to strengthen bank control.

The legislation introduces early intervention mechanisms for the National Bank of Serbia (NBS) to act in case a bank is facing problems.

Deputies also passed amendments to the Law on Public Procurements.

BELGRADE - The Privatisation Agency will initiate on Tuesday the bankruptcy proceedings in 70 government companies that do not have any employees, head of the agency Ljubomir Subara has stated.

According to the action plan the Serbian government adopted on Saturday, 188 companies from the agency's list for privatisation will go bankrupt.

BELGRADE - The Serbian government has secured the funds needed for compensation packages for around 5,000 employees of 188 of its companies that will file for bankruptcy, the Ministry of Economy said on Saturday.

The government adopted earlier an action plan for the completion of the privatisation in those 188 companies, which states that they will declare bankruptcy.

BELGRADE - The Serbian government adopted on Saturday an action plan for starting bankruptcy proceedings in 188 companies under the jurisdiction of the Privatisation Agency.

Bankruptcy proceedings will be initiated in companies that do not produce anything anymore, are not interesting to any potential investors and cannot be sustained.

Russia?s tourism giant Tez Tour?s Turkish unit Alkan Group has requested for the suspension of bankruptcy for over 322 million Turkish Liras ($136.3 million) of debts due to the economic problems in Russia and Egypt. The company brought over 1 million tourists to Turkey last year.

The International Monetary Fund on Monday wrote to the Romanian authorities expressing concern that without adequately assessing its impact and consulting all stakeholders, passage of a personal insolvency law could encourage financial indiscipline.

Referring to the latest electricity supply crisis between grid firm DEDA? and some of Turkey?s southeastern municipalities due to unpaid debts, Energy Minister Taner Y?ld?z said Turkey?s southeastern province of Diyarbak?r?s Metropolitan Municipality could not just say they will not pay their debts.

By Evgenia Tzortzi

British celebrity chef Jamie Oliver, a.k.a. the ?Naked Chef,? has not found what he had hoped for with his ?Jamie?s Italian? restaurant in Istanbul, which is seeking a suspension of bankruptcy from a court that has ruled for an injunction, according to sources.

By Prokopis Hatzinikolaou