NSTLaw and BDO have advised Copper Mining and Smelting Complex Bor (the "RTB Bor Group") on the largest pre-packaged restructuring plan in Serbian history. According to NSTLaw, the commercial court in Zajecar, Serbia, adopted the PPRP involving the four companies of RTB Bor, with a value of restructured debt exceeding EUR 1.2 billion.
The Government of the Republic of Serbia enacted a new package of energy-related bylaws in June 2016, which, inter alia, regulate acquiring the status of privileged power producer and temporary privileged power producer, incentives granted to privileged power producers and the content of power purchase agreements between guaranteed suppliers and privileged power producers.
On 11 July 2016, The National Bank of Serbia adopted amendments to three by-laws of the Law on Banks (Risk Management Decision, Decision on the Classification of Bank Balance Sheet Assets and Off-balance Sheet Items and the Decision on Reporting Requirements for Banks), and in doing so, took a significant step towards effectuating the implementation of the strategies on resolving non-performing loans and the action plan rendered by the Government of the Republic of Serbia and the National Bank of Serbia in cooperation with the IMF, World Bank and EBRD – adopted at the end of last year.
The Negotiation Chapter 23 (hereinafter: “Chapter 23”) for Serbia’s accession to the European Union was finally opened on 18 July 2016. This Chapter is part of the acquis communautaire and it is dedicated to the Judiciary and Fundamental Rights, which is strongly related to the issue of consistency of courts’ practice in Serbia.
Bid rigging in public procurement has caught significant attention of the Serbian Competition Commission (the “Commission“) in the past year. Following several letters of complaint from the public authorities and the Republic Commission for Protection of Bidders` Rights, regarding alleged cases of bid rigging involving companies from the same undertaking, the Commission has issued an official opinion on the matter (the “Opinion”).
Negotiation Chapters 23 and 24 have been opened at the Third Intergovernmental Conference between the European Union and Serbia, which was held on 18 July 2016. Chapter 23 is related to judiciary and fundamental rights and Chapter 24 is dealing with justice, freedom and security. Opening of these significant chapters is a big step for Serbia toward the European Union.
At the beginning of this year the Central Register of Temporary Restrictions of Rights of Entities Registered with the Serbian Business Registers Agency Act (RS Official Gazette No 12/2015) (hereinafter: “Act”) entered into force and on 1 June 2016 it became applicable so the Central Register of Temporary Restrictions of Rights of Entities registered with the Serbian Business Registers Agency (hereinafter: “The Central Register”) commenced with its function.