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ODI has advised SKB Banka D.D. Ljubljana as a financial creditor on the court-sanctioned procedure of preventive restructuring of approximately EUR 200 million of financial debt of the DZS Group companies Delo Prodaja, d.d., Terme Catez d.d., and DZS d.d.

Almost a year and a half after Poland’s Restructuring Law entered into force, introducing a clear separation between restructuring and bankruptcy, now is a good time to review its affects.

As of 1 July 2017, an amendment to the Bankruptcy and Liquidation Proceedings Act will enter into force, aiming at close the loopholes and consolidating the case law. The amendment clarifies the provisions on the disputing of the claim by the debtor and on the statutory requirements of the payment reminder to be sent by the creditor. The regulations on the option right and the transfer of rights and claims for security purposes will also be amended.

Reorganization was introduced in Serbian bankruptcy legislation in 2010 and is very often used to restructure claims, as it provides an opportunity for a debtor to continue operating if the settlement proposed through a reorganization plan is more favorable to creditors than liquidation.

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