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2004, vol. 41, iss. 9-12, pp. 123-137
Sole proprietorships’ bankruptcy according to the newly adopted Bankruptcy Procedure Code
University of Belgrade, Faculty of Law
Keywords: sole proprietorship’s bankruptcy; deregulation; personal management in bankruptcy; discharge; bankruptcy exemptions; family and inheritance relations
Abstract
After two and a half decades, individual bankruptcy has been introduced into our legislature. The Bankruptcy Procedure Code broadened the scope of possible subjects of bankruptcy proceedings with sole proprietorships. At this moment, other individuals are excluded from the bankruptcy procedure, but it is reasonable to predict that in the future every person will be encompassed by the Bankruptcy Code provisions. Although our Bankruptcy Code recognizes individual bankruptcy, there is almost no distinction in comparison to corporate bankruptcy. This could potentially create a lot of questionable situations in our judicial practice and legal theory such as: inadequate discharge provisions, non-existing property exemptions, lack of regulation regarding family and inheritance relations, and incomplete personal management procedure. Taking into consideration all the limitations of the new legislature, it can be concluded that the benefit of introducing sole proprietorship’s bankruptcy will be highly dubious and there will be an urge to change this part of Bankruptcy Procedure Code in the foreseeable future. Present situation will have a very negative impact on individual bankruptcy development in our country.
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article language: Serbian
document type: Paper
published in SCIndeks: 02/06/2007