Bankruptcy and liquidation
Completed bankruptcy and liquidation proceedings

Completed bankruptcy and liquidation proceedings

Banks

  1. Kombanka a.d. Beograd, in bankruptcy
  2. Monteks banka a.d. Beograd, in bankruptcy
  3. AIK banka a.d. Senta, in bankruptcy
  4. YU EKI banka a.d. Beograd, in bankruptcy
  5. Srpska komercijalna banka a.d. Niš, in bankruptcy
  6. Gold Internacional banka a.d. Beograd, in bankruptcy
  7. Valjevska banka a.d. Valjevo, in bankruptcy
  8. Kontrol banka a.d. Beograd, in bankruptcy
  9. BC BANK CREDIT a.d. Beograd, in bankruptcy
  10. Šabačka banka a.d. Šabac, in bankruptcy
  11. Bankruptcy estate of BB Slavija banka a.d. Beograd

Insurance companies

  1. Plava tačka-SLO a.d.o.Beograd, in liquidation
  2. Agroosiguranje a.d.o. Beograd, in liquidation
  3. Autonena a.d.o. Beograd, in liquidation
  4. Kosmet a.d.o. Beograd, in bankruptcy
  5. Osiguranje Plus a.d.o. Beograd, in liquidation
  6. A.D. za osiguranje “Dinara” Beograd, in bankruptcy
  7. Strela osiguranje a.d. in bankruptcy, Valjevo
  8. Ekos osiguranje a.d. in bankruptcy, Beograd

Other financial organizations

  1. Zemljoradnička štedno kreditna zadruga AGRO KASA a.d. Beograd, in liquidation
  2. Štedno-kreditna organizacija "Denarius" a.d. Beograd, in bankuptcy
  3. Štedno-kreditna organizacija "AIK VRANJE" a.d. Vranje, in liquidation
  4. Štedno-kreditna zadruga samostalnih privrednika Srbije a.d. Beograd, in bankruptcy

Proceedings resumed against a portion of the bankruptcy/liquidation estate

Banks

  1. MB banka a.d. Niš, in liquidation
  2. Privredna banka a.d. Novi Sad, in bankruptcy

Insurance companies

  1. Plava tačka a.d.o. Beograd, in liquidation
  2. Libertas a.d.o. Beograd, in liquidation
  3. Top gan a.d.o. Čačak, in liquidation

Completed bankruptcy and liquidation proceedings

Banks

  1. Kombanka a.d. Beograd, in bankruptcy

    By the decision of the Commercial Court of Belgrade V-St-57/2007 of 19 June 2007, bankruptcy proceedings were instituted over the bank. Deposit Insurance Agency was appointed as bankruptcy administrator. Note that the bank was under liquidation proceedings starting from 19 July 1996.

    On 31 March 2008, Bankruptcy Panel rendered the decision determining the main distribution, which became final and irrevocable on 9 April 2008 and the payout to creditors was made in the percentage of settlement of 9,01% by 24 April 2008.

    Bankruptcy proceedings over Kombanka were closed by the decision of the Commercial Court of Belgrade dated 28 May 2008. This decision became effective on 2 July 2008.

  2. Monteks banka a.d. Beograd, in bankruptcy

    By the Decision of the Commercial Court of Belgrade, V-St-63/2007 of 5 July 2007, bankruptcy proceedings were instituted over the bank. Deposit Insurance Agency was appointed as bankruptcy administrator. Note that liquidation proceedings over the bank were previously instituted on 4 November 1998.

    After the initial bankruptcy balance sheet was made, it was concluded that the only property of this bankrupt was a real estate in the Republic of Montenegro and that it was the subject of a lawsuit with uncertain outcome. All reported claims were examined. Established bank’s liabilities amount to over RSD 500 million.

    A proposal for closing of the bankruptcy proceedings was submitted to the Commercial Court of Belgrade. On 1 April 2009 the decision was rendered by which the bankruptcy proceedings over the bank were closed. This decision became final and irrevocable on 1 June 2009.

  3. AIK banka a.d. Senta, in bankruptcy

    By the decision of the Commercial Court of Subotica, St-2/2008 of 9 January 2008, bankruptcy proceedings were instituted over the bank. Deposit Insurance Agency was appointed as bankruptcy administrator. The Bank was under liquidation proceedings from 3 November 2000.

    During the liquidation proceedings, all creditors’ claims were examined, debtor’s property was liquidated, and creditors with secured claims were satisfied.

    Pursuant to the ruling on main distribution of 9 June 2008, creditors of the 3rd payout grade were settled in the amount of 15.22% or over RSD 17 million. By this ruling it was concluded that there are no creditors of the 1st and 2nd payout grade. To the creditors of the III payout grade were also transferred the recovered receivables based on the deposits with the Jugobanka New York Agency, commensurately with the established receivables. Total established creditors’ receivables amount to more than RSD 150 million.

    As the bank collected receivables from its debtors subsequently, the bankruptcy administrator filed a proposal for subsequent distribution of the bankruptcy estate which was distributed and disbursed to creditors in the amount of 1,58% per creditor, on the basis of the additional ruling dated 3 September 2009, by which the bankruptcy proceedings over the bank were closed.

  4. "YU EKI BANKA" a.d. Beograd, in bankruptcy

    By the Decision of the Commercial Court of Belgrade V-St-2/09 dated 12 January 2009, bankruptcy proceedings were instituted over'' YU EKI BANKA '' а.d., Beograd. The bankruptcy proceedings over the debtor were preceded by the liquidation proceedings which started on 3 October 2001. Note that the liquidation proceedings over this bank under competence of the Commercial Court of Belgrade lasted for almost 9 years. During this period all bank’s assets were spent.

    After the claims were reported and examined, their total was established in the amount of cca RSD 100 million. Since the bank had neither cash assets, nor other significant property, close of the bankruptcy proceedings and transfer of the existing property (12 sets of coins) and bank’s claims in lawsuits were proposed.

    On 8 December 2009 was rendered the decision V-St-2/09 on closure of the bankruptcy proceedings over the debtor.

  5. Srpska komercijalna banka a.d. Niš, in bankruptcy

    The liquidation proceedings over the Srpska komercaijalna banka a.d. Niš were instituted by the decision of the Commercial Court of Niš dated 12 April 2002, and the bankruptcy proceedings were initiated by the decision of the same court of 24 November 2004, upon proposal of the Deposit Insurance Agency as liquidation administrator.

    During 2007 was carried out the main distribution of the Srpska komercijalna banka a.d. Niš,in bankruptcy, by which all the Bank’s creditors were paid out in the amount of 100%. At the end of 2008 the Agency proposed transfer of the entire surplus of the bankruptcy estate to previous shareholders in the amount of RSD 100 million. At the same time and in accordance with positive regulations, the Agency proposed to the bankruptcy panel of the Commercial Court of Niš a compensation for successful conduct and close of the bankruptcy proceedings, which resulted in a surplus of the bankruptcy estate.

    But the Commercial Court of Niš, beyond common practice, rendered a decision ordering the Agency to continue with the conduct of proceedings for the account of former shareholders, without compensation and reimbursement of costs. On the account of this Bank remained RSD 11.6 million, of which RSD 8.1 million belong to previous shareholders – legal entities, which were liquidated in the meantime, i.e. erased from the registry, for which there is no evidence that they are legal successors.

    The Agency had filed an appeal, but the High Commercial Court confirmed the decision in the 1st degree. On 7 December 2009, Commercial Court of Niš rendered the decision on the finalisation of the proceedings, ordering the Agency to carry out the transfer of the remaining funds amounting to RSD 8.1 million to the court deposit, and to transfer the remaining amount of RSD 3.5 million to former shareholders, commensurately with their stakes. Compensation for the Agency as bankruptcy administrator was not allowed. The Agency did not file an appeal against this decision, so that it is expected that the decision becomes final and irrevocable.

  6. Gold Internacional banka a.d. Beograd, in bankruptcy

    The bankruptcy proceedings against Gold Internacional banka a.d. Beograd were initiated by the Ruling of the Commercial Court of Belgrade No. V-St-92/08 of 9 October 2008. The opening of the bankruptcy proceedings was preceded by the liquidation proceedings which started on 12 October 1998, under the supervision of the Commercial Court of Belgrade.

    In accordance with the Ruling on the Main Distribution, 2 creditors were satisfied in full, in the total amount of RSD 175,571.25, whereas 28 creditors received a dividend of 24% of their reported claims, in the total amount of RSD 5,397,327.82.

    RSD 279,114.35 was deposited with the Commercial Court of Belgrade as a provision for the unpaid dividends to 15 creditors, which amounted to 2.40% of their reported claims.

    By the Ruling of the Commercial Court of Belgrade of 22 March 2013, the bankruptcy proceedings against Gold Internacional banka were completed. The Ruling was amended on 24 May 2013, instructing the resumption of the bankruptcy proceedings against the bank’s estate amounting to RSD 815,174.14.

  7. Valjevska banka a.d. Valjevo, in bankruptcy

    The bankruptcy proceedings against Valjevska banka a.d. Valjevo, in liquidation were initiated on 24 November 2004 by the Ruling of the Commercial Court of Valjevo, No. St. 589/04. The proceedings were conducted under the Law on Rehabilitation, Bankruptcy and Liquidation of Banks and the Law on Forced Settlement in Bankruptcy and Liquidation.

    In the course of the bankruptcy proceedings, 827 proofs of claims were submitted by the deadline. Having arranged for 3 main distributions in 2005, 2007 and 2008, respectively, the bankruptcy administrator managed to satisfy the 1st ranking creditors in full by disbursing the total of RSD 230 million. The 2nd-ranking creditors were satisfied by 12.6% of the allowed claimed principals plus the accrued interest as at 15 September 2013.

    The bankruptcy proceedings were closed by the Ruling of the Commercial Court of Valjevo No. St. 15/10 of 31 October 2014.

  8. Kontrol banka a.d. Beograd, in bankruptcy

    The bankruptcy proceedings against Control banka were initiated on 30 January 2007 by the Ruling of the Commercial Court of Belgrade, No. V St 11/07. The same Ruling suspended the liquidation proceedings against the bank, opened on 18 June 2001.

    The bankruptcy proceedings against the bank were closed on 17 October 2014 by the Ruling of the Commercial Court of Belgrade. The same Ruling instructed the resumption of the bankruptcy proceedings against a portion of the bank’s estate consisting of the provisions for loss contingency related to a pending lawsuit, provisions for the expenses of the bankruptcy proceedings, liabilities of the estate until the completion of the proceedings and onwards, and the provisions for the corporate tax until the annual account for 2014 is prepared.

    During the bankruptcy proceedings against Control banka, one main distribution and three additional distributions were arranged, and the creditors were satisfied in full for the amount of the principals. On 28 February 2014, the Commercial Court of Belgrade approved the payment of the accrued interest to the bank’s creditors.

    The final hearing took place on 17 October 2014.

  9. BC BANK CREDIT a.d. Beograd, in bankruptcy

    By the Ruling of the Commercial Court of Belgrade, XII-St-26/08 of 6 May 2008, bankruptcy proceedings were instituted over "BC BANK CREDIT" a.d. Beograd. Institution of the bankruptcy proceedings over the debtor preceded the liquidation proceedings which lasted from 24 August 2001.

    The Commercial Court of Belgrade passed the Ruling No. 1. St. 132/2010 of 28 January 2015, adopting the closing balance sheet of the bankrupt debtor as of 30 September 2014 and concluding the bankruptcy proceeding against the bank. The unsettled obligations of the bankruptcy proceeding were determined to be RSD 11,274,480.47, whereas the obligations stemming from the allowed claims of creditors amounted to RSD 150.806.266,05.

  10. Šabačka banka a.d. Šabac, in bankruptcy

    By the Resolution of the Commercial Court of Valjevo St 11/10 of 18 June 2015, the Deposit Insurance Agency was appointed as the bankruptcy administrator of the bank.

    The final hearing related to the BB ''Šabačka banka'' a.d in bankruptcy, Šabac was held on 11 December 2015. On the same day, as per the Resolution of the Commercial Court of Valjevo St 11/10, the bankruptcy proceeding against the bank was completed.

    Having received the notification from the Central Registry of Securities of the located property of the bankrupt debtor, namely, the shares of the issuer Tržišta novca a.d. Beograd, worth RSD 134,550, the bankruptcy administrator proposed the Resolution ST.br. 11/10 of 26 February 2016 on the subsequent distribution of the estate. After the distribution, on 4 April 2016, the bank was deleted from the business registry.

  11. Bankruptcy estate of BB Slavija banka a.d. Beograd
  12. By virtue of the Ruling of the Commercial Court of Belgrade 2 St 242/2010 of 16 July 2015, the insolvency proceedings against the bankruptcy estate of the debtor Beogradska banka Slavija banka a.d. Beograd were completed.

    On 30 May 2016, the Deposit Insurance Agency was relieved of its duty as the bankruptcy administrator of the debtor.

Insurance companies

  1. Plava tačka-SLO a.d.o. Beograd, in liquidation

    Liquidation proceedings over joint-stock insurance company ''Plava tacka Slo'' were instituted by the decision of the Commercial Court of Belgrade, VI L.no.875/04 of 24 January 2005, and by the Decision VI L.no.875/04 dated 26 August 2005 of the same court, Deposit Insurance Agency was appointed as liquidation administrator.

    The hearing for examination of claims was held on 24 November 2005, and by the Decision of the Commercial Court of Belgrade of 28 December 2005 was allowed the payout from the liquidation estate for the purpose of settlement of the creditors’ claims, namely the amount of RSD 58,203.48 was paid to the creditor - A.D. “Plava tacka osiguranje” in liquidation and the amount of RSD 15,357.84 to the creditor - Tax Administration Novi Beograd.

    Liquidation proceedings over this insurance company were closed by the decision of the Commercial Court of Belgrade dated 17 January 2006 and the remaining assets were transferred to the founders of the company.

  2. A.D. za osiguranje "Agroosiguranje", in liquidation, Beograd.

    Liquidation proceedings over joint-stock insurance company „AGROOSIGURANJE“ were instituted by the decision of the Commercial Court of Belgrade VIII-L-904/04 dated 27 December 2004, , and by the decision of the same liquidation panel of 21 January 2005, Deposit Insurance Agency was appointed as liquidation administrator.

    Totally 36 reported claims were examined, amounting to RSD 27.6 million. Oh that number 27 claims were recognized entirely or partially amounting to RSD 12.2 million with the statutory default interest, and the amount of RSD 15.4 million with the statutory default interest was refuted fully or partially. According to the ruling on main distribution dated 21 June 2006, RSD 11.7 million were paid and subsequently RSD 528 thousand for two claims were paid out from provisioned funds. Totally RSD 12.2 million were paid out.

    The liquidation proceedings over this company were closed by the decision of the Commercial Court of Belgrade dated 15 November 2006, and the rest of liquidation estate was paid to the shareholders, which resulted in full completion of the liquidation proceedings.

  3. A.D. za osiguranje "Auto Nena", in liquidation, Beograd.

    The liquidation proceedings over this insurance company were instituted by the decision of the Commercial Court of Belgrade VI-L-26/05 dated 2 February 2005. Totally 527 claims were reported to the court, of which number 326 were entirely recognized, partially 104 and 75 claims were entirely refuted at the examination hearing held on 10 January 2006.

    Total financial assets of this insurance company before the payment of the established claims amounted to RSD 91.6 million. After the decision on main compounding became valid and irrevocable, the payment of claims of all creditors (437) occurred, whose claims were established final and irrevocable. Based on this a total of RSD 65.6 million were paid by the company. Of 42 lawsuits filed after the first examination hearing, 21 were ended with a valid and irrevocable decision of the court. There are 21 ongoing lawsuits, with the total litigated amount (principal debt and interest) of RSD 17.7 million.

    Deposit Insurance Agency, as liquidation administrator, filed for close of the liquidation proceedings over this debtor seeking continuation of the liquidation toward a part of the liquidation debtor’s estate corresponding to the amount of provisions for litigated amounts, interest and costs of lawsuit and liquidation proceedings amounting to RSD 19 million, with a proviso to the shareholders that any surplus undistributed estate of the liquidation debtor’s estate in excess of the specified amount would be compensated through real estate, movable property, money, equity shares in other legal entities and account receivables, commensurately with their equity holdings in the liquidation debtor.

    Liquidation proceedings over this joint-stock company were closed by the decision VI-L-26/05 of the Commercial Court of Belgrade dated 12 February 2007. Since in the meantime all lawsuits were ended with final and irrevocable decisions, the liquidation proceedings over the insurance company “Auto-Nena” were concluded.

  4. A.D. za osiguranje "Kosmet", in bankruptcy, Beograd

    Bankruptcy proceedings over the joint-stock insurance company ”Kosmet“, Belgrade, were instituted by the decision I St 52/2007 of the Commercial Court of Belgrade dated 1 June 2007. Prior to the institution of the bankruptcy proceedings, the liquidation proceedings were instituted over this company by the decision of the Commercial Court of Belgrade XI L 905/04 dated 28 December 2004.

    After the examination of reported claims had been carried out, the procedure of compounding was conducted. The financial assets amounting to RSD 3,003,303.16 were paid out to the creditors whose claims were found grounded by final and irrevocable court decisions, which is 19.545951% of the established claims. Financial assets for non-completed lawsuits upon appeals for establishing are provisioned in the same percentage.

    Bankruptcy proceedings over the stipulated insurance company were closed by the decision of the Commercial Court VI St 52/2007 dated 23 December 2008. It was concluded by the same decision that the remaining assets of the bankruptcy estate, totally amounting to RSD 9,562,794.05, provisioned for the settlement of creditors whose claims were refuted and who filed lawsuits for establishing of claims, as well as for the costs of these lawsuits amounting to RSD 1,300,000.00, are to be transferred to the account of the Association of Serbian Insurers-Guarantee Fund.

  5. A.D. za osiguranje "Osiguranje plus", in liquidation, Beograd

    Liquidation proceedings over the joint-stock insurance company “Osiguranje plus” were instituted by the decision of the Commercial Court VIII-L-9/06 dated 2 September 2005. A total of 145 claims were reported, of which 94 were recognized entirely, 22 were partially recognized, 28 were refuted and 1 was established by court settlement. The debtor’s total established liabilities amounted to RSD 15.7 million.

    As 85 reported and established claims were withdrawn before and after the submission of the draft document on compounding, the liquidation debtor paid out the remaining established debts in accordance with the Decision on main compounding, in the amount of RSD 3.7 million with accrued interest. By 4 April 2007, the company paid out 26 registered claims in accordance with the Ruling on main compounding, while 5 further claims were withdrawn. As the total value of the company’s assets is RSD 18.6 million and taking into account the fact that all creditors were paid out, provisioning for ongoing lawsuits was set in the amount of RSD 5.8 million and EUR 32.4 thousand.

    Liquidation proceedings over this company were closed by the decision of the Commercial Court of Belgrade VIII-L-9/06 dated 5 June 2007. Receivables arisen from court proceedings were transferred to the shareholders, accounts with the banks were closed and the court deposit for provisioned assets for completion of court proceedings was opened in the amount of RSD 5,764,000. Movable and immovable properties were transferred to the shareholders, as well as receivables arisen from court proceedings in which the legal predecessor of the company “Osiguranje plus” is a party. The liquidation administrator was ordered to file a proposal for its removal within 20 days, which was carried out. Accordingly, the Agency was removed from the function of liquidation administrator, and further proceedings are conducted by the shareholders.

  6. A.D. za osiguranje “Dinara” Beograd, in bankruptcy

    The liquidation proceedings against the insurance company were initiated by the Ruling of the Commercial Court of Belgrade No. XIII-L-907/04 of 30 December 2004. The Deposit Insurance Agency was appointed as the liquidator.

    The bankruptcy proceedings were opened by the Ruling of the same court, No. XIII-St. 49/07 on 21 May 2007 as the insurance company did not have sufficient assets to satisfy all creditors in full. After the realisation of all assets of the insurance company, creditors of the 1st, 2nd and the 3rd ranks were paid in full in 2007 and 2008. All MTPL liabilities were also serviced in full. By the end of 2008, the 4th ranking creditors were paid the dividends in the amount of up to 80% of their allowed claims.

    A subsequent distribution of assets was arranged following several successful litigations, allowing for the full satisfaction of all creditors.

    Bankruptcy proceedings against Dinara were closed by the Ruling of the Commercial Court of Belgrade No. 15 St-110/2010 of 4 July 2013.

  7. Strela osiguranje a.d. in bankruptcy, Valjevo

    By virtue of the Order of the Commercial Court of Valjevo No. 23/2005 of 26 May 2005, the insurance company Strela osiguranje was placed in liquidation. Two years later, the same court decided to initiate the bankruptcy proceedings against the debtor by its Order No. 3/07 of 9 February 2007. The Deposit Insurance Agency was appointed as the liquidation and bankruptcy administrator, respectively.

    In the course of the proceedings, 751 proofs of debt were examined, totalling RSD 488 million. The creditors ranked in the first and the second class were paid in full, whereas 81.36% of the allowed claims was paid to the creditors in the third class.

    The Commercial Court of Valjevo issued the Order No. 22/10 of 8 December 2016, concluding the bankruptcy proceedings against Strela osiguranje a.d. in bankruptcy, Valjevo.

  8. Ekos osiguranje a.d. Beograd, in bankruptcy

    By virtue of the Order of the Commercial Court of Belgrade No. XIII L 19/15 of 31 January 2005, the insurance company Ekos was placed in liquidation. On 28 July 2005, the Commercial Court of Belgrade issued the Order No. XIII St 218/05, initiating the bankruptcy proceeding against the company. The proceeding was suspended by the Judgment of the Supreme Court No. 1674/05 of 1 June 2005 after the recall of the Resolution of the Governor of the National Bank of Serbia as a result of the lawsuit filed by Ekos osiguranje.

    On 24 August 2005, the Commercial Court issued the Order No. XVI-L 116/05 opening the liquidation proceedings. Since the assets in the possession of the debtor were insufficient to compensate all creditors in full, the same court made the Order 13 St. 30/07 of 30 March 2007, initiating bankruptcy proceeding against Ekos osiguranje.

    In the course of the proceeding, all 2,911 claims were examined, totaling RSD 1.02 billion, out of which RSD 495.6 was allowed. The creditors of the second and third payment rank were partially satisfied in the process.

    The bankruptcy proceeding against Ekos osiguranje was closed by the the Order of the Commercial Court of Belgrade No. 9 St 104/2010 of 28 February 2017. godine.

Other financial organizations

  1. Zemljoradnička štedno kreditna zadruga "Agro kasa" a.d, Beograd, in liquidation
    (Farmers’ Savings and Credit Cooperative ''Agro kasa'' a.d, Beograd, in liquidation)

    Liquidation proceedings over this legal entity were instituted by the decision of the Commercial Court of Belgrade dated 8 January 2007.

    It was established during the liquidation proceedings over this cooperative that there were no creditors who registered their receivables and there were no outstanding receivables, as well as that the liquidation debtor has neither property, nor cash on the account, so that the liquidation administrator proposed to the Commercial Court of Belgrade to close the liquidation proceedings.

    On 19 June 2007 relevant liquidation panel of the Commercial Court of Belgrade made the decision on close of the liquidation proceedings over the cooperative “Agro kasa” Beograd, in liquidation.

  2. Štedno-kreditna organizacija "Denarius" a.d. Beograd, in bankruptcy

    Liquidation proceedings over this cooperative were instituted by the decision of the Commercial Court of Belgrade dated 8 January 2007. Upon drawing up the opening liquidation balance sheet it was concluded that the liabilities of the liquidation debtor exceeded the real value of the property, so that the conditions for initiation of the bankruptcy proceedings were met. Commercial Court of Belgrade rendered a decision on institution of the bankruptcy proceedings over the debtor on 26 October 2007. On 28 January 2015, the Commercial Court of Belgrade passed the Ruling No. 1. St. 119/2010 concluding the bankruptcy proceeding against the savings and credit cooperative. According to the Ruling, RSD 74,618.78 is provisioned to cover the costs incurred until the removal of the bankruptcy administrator, and the deposit of RSD 2.328,25 is transferred to the court to cover the unpaid claims of creditors that have ceased to exist or have been struck from the register of companies. Rights to collect the receivables from the remaining debtors of the cooperative have been transferred to the bankruptcy creditors of the 3rd priority rank. A portion of the claims from the debtors of the cooperative have been transferred to the Republic of Serbia.

  3. Štedno-kreditna organizacija "AIK VRANJE" a.d. Vranje, in liquidation

    The Commercial Court of Leskovac opened the liquidation proceedings against the savings and credit organisation AIK Vranje on 20 November 2009.

    By the Ruling of the Commercial Court of Leskovac No. L.1/2010 of 26 December 2014, the liquidation proceeding against the savings and credit organisation was concluded and the court determined the distribution of undistributed portion of the liquidation estate to the shareholders. Any claims from the shareholders that are also the debtors of the AIK Vranje, in liquidation will be settled by setting off the mutual debts and claims. The pecuniary portion of the liquidation estate belonging to the shareholders which have been struck from the business registry or to those that have not submitted any identification data relevant for the repayment will be deposited with the court or with a commercial bank for subsequent settlement. The liquidator (Deposit Insurance Agency) will be removed upon the finalisation of the pending enforcement procedures and litigations followed by a possible subsequent distribution of the estate.

  4. Štedno-kreditna zadruga samostalnih privrednika Srbije a.d. Beograd, in bankruptcy

    The cooperative was placed in liquidation by virtue of the resolution of the Commercial Court of Belgrade of 4 January 2007.

    On 28 November 2007, the Commercial Court of Belgrade ordered the initiation of the bankruptcy proceedings.

    On 12 February 2009, the resolution on the main distribution of the debtor's estate was adopted. As a result of the increased asset recovery, the creditors were repaid in full and the surplus could be transferred to the shareholders.

    As per the Resolution of the Commercial Court of Belgrade of 9 March 2016, the surplus was distributed to the shareholders, the final report of the bankruptcy administrator was adopted and the proceeding against the cooperative was completed.

Proceedings which are continued over a portion of the bankruptcy/liquidation estate

Banks

  1. MB banka a.d. Niš, in liquidation

    Liquidation proceedings over MB banka a.d. Niš were instituted by the decision of Commercial Court of I L-1/2006 of 3 April 2006. DIA carried out all statutory activities: all registered claims were examined and main compounding was performed. Since all liabilities were settled to the creditors which claims were established, DIA had to transfer the surplus of the liquidation estate to former shareholders. The non-existence of the book of shareholders of this bank was concluded during this process.

    The entire property, rights, claims and liabilities of the Kapital banka a.d. Beograd u likvidaciji (in liquidation) were transferred to MB Banka a.d. Niš, as an assuming bank, by the decision of the Commercial Court of Belgrade VII L375/04 dated 17 February 2005. Shortly afterwards the National Bank of Serbia introduced measures over MB Banka a.d. Niš, so that the debt conversion towards the shareholders of Kapital banka into the shares of MB Banka a.d. Niš was not carried out.

    Legal basis for this decision was the Contract on transfer of property, rights and liabilities of the Kapital banka a.d. u likvidaciji to the MB Banka a.d. Niš, which was approved by the shareholders of MB Banka, as well as by majority shareholders of Kapital banka. It should be noted that Deposit Insurance Agency, in the capacity of liquidation administrator at the time of rendering of this decision, did not approve of the stated Contract.

    Based on this and for the purpose of resolution of the problem with former shareholders of Kapital banka a.d. Beograd, auditing company KPMG was hired by the decision of the Commercial Court of Niš IL 1/07 of 9 December 2008, for the purpose of evaluation of the rest of liquidation estate of MB Banka a.d. Niš u likvidaciji, with evaluation of holdings of all shareholders in that rest, as well as for the purpose of audit of the Annual Account as at 31 December 2008. Republic of Serbia is one of the shareholders of MB Banka a.d. Niš.

    KPMG submitted the Evaluation Report to the liquidation administrator of MB Banka a.d. Niš u likvidaciji on 21 February 2009. The stated Report was the basis for drafting of the Financial Statement for 2008 and for drawing up of tax balance. Majority shareholders and Solicitor General Office, as a representative of the Republic of Serbia, gave consent on KPMG’s Evaluation Report. Accordingly, the transfer of shareholders’ capital from off-balance records into the share capital of MB Banka a.d. Niš in liquidation was carried out in the MB bank’s ledger books.

    Liquidation proceedings over this bank were closed by the decision of the Commercial Court of Niš I L-1/07 of 17 June 2009. In view of ongoing lawsuits, the liquidation proceedings were continued by the same decision over a portion of the liquidation estate, so that over RSD 400 million were provisioned for that purpose. Transfer of the surplus of liquidation estate was also performed, i.e: cash, fixed assets, claims and shareholdings in other legal entities were transferred to the shareholders in the total amount of ca RSD 2 billion. RSD 94.7 million were transferred to the Republic of Serbia as one of the shareholders.

  2. Privredna banka a.d. Novi Sad, in bankruptcy

    The bankruptcy proceedings against Privredna banka a.d. Novi Sad were initiated by the Ruling of the Commercial Court of Novi Sad on 10 October 2001. At the hearings held in 2002, all proofs of debt were examined and the priority ranks determined. In 2004, dividends were paid to all 1st ranking creditors.

    On 29 March 2011, the Commercial Court in Novi Sad ruled to suspend the bankruptcy proceedings against the bank and resume the proceedings against the bank’s estate. By this Ruling, the remaining estate worth RSD 129.7 million was transferred to the Republic of Serbia as the only remaining 1st ranking creditor.

Insurance companies

  1. A.D. za osiguranje "Plava tačka", in liquidation, Beograd.

    Liquidation proceedings over this insurance company were instituted by the decision of the Commercial Court of Belgrade V-L-15/2006 dated 9 December 2004.

    Commercial Court of Belgrade established the main compounding of the liquidation estate by its decision V-L-15/2006 dated 20 November 2007. After this decision became final and irrevocable, all creditors whose claims were established were paid out (299), on which basis RSD 42,173,728.30 were paid.

    Liquidation proceedings over this insurance company were closed by the decision of the Commercial Court of Belgrade V-L-15/2006 of 22 January 2008, and proceedings were continued over a portion of the liquidation estate amounting to RSD 82,039,912.66 for litigated amounts, interest and lawsuit costs, for 62 ongoing lawsuits, with return of surplus undistributed estate of the liquidation debtor’s estate in excess of the specified amount to the shareholders.

    51 lawsuits were resolved as at 31 December 2009, and 11 lawsuits amounting to RSD 27,420,897.80 were ongoing. A need for provisioning for lawsuits was reduced by resolving these lawsuits, so that the Commercial Court made 4 rulings on return of surplus of the liquidation estate.

  2. A.D. za osiguranje "Libertas", in liquidation, Beograd

    Liquidation proceedings over this insurance company were instituted by the decision of the Commercial Court of Belgrade V-L-15/2006 dated 9 December 2004.

    Commercial Court of Belgrade established the main compounding of the liquidation estate by its decision V-L-15/2006 dated 20 November 2007. After this decision became final and irrevocable, all creditors whose claims were established were paid out (299), on which basis RSD 42,173,728.30 were paid.

    Liquidation proceedings over this insurance company were closed by the decision of the Commercial Court of Belgrade V-L-15/2006 of 22 January 2008, and proceedings were continued over a portion of the liquidation estate amounting to RSD 82,039,912.66 for litigated amounts, interest and lawsuit costs, for 62 ongoing lawsuits, with return of surplus undistributed estate of the liquidation debtor’s estate in excess of the specified amount to the shareholders.

    51 lawsuits were resolved as at 31 December 2009, and 11 lawsuits amounting to RSD 27,420,897.80 were ongoing. A need for provisioning for lawsuits was reduced by resolving these lawsuits, so that the Commercial Court made 4 rulings on return of surplus of the liquidation estate.

  3. A.D. za osiguranje "Top Gan", in liquidation, Čačak

    Liquidation proceedings over this company were instituted by the decision of Commercial Court of Belgrade L-14/05 dated 23 February 2005. During the proceedings, a total of 674 claims were received. Total receivables were worth RSD 341.2 million, of which RSD 100 million were established and recognized, RSD 241.2 million were refuted and 9 claims for RSD 2.1 million were rejected. There are 72 ongoing lawsuits for refuted claims.

    As of the date of institution of liquidation proceedings, the balance of the bank accounts of this insurance company included a deposit in the amount of RSD 17.5 million, equipment and fixed assets worth RSD 6.9 million, equity holdings in other legal entities in the amount of RSD 72.8 million and receivables from debtors in the amount of RSD 325.4 million, of which RSD 65.4 million were recovered during the proceedings. On the basis of offsetting with the debtors of the liquidation debtor, funds in the amount of RSD 89.4 million were received. Costs incurred during liquidation proceedings amounted to RSD 18.2 million.

    After the examination of received claims, provision of funds for debt payment and provisioning for refuted claims in cases where action to establish liability was filed, the Commercial Court of Čačak passed on 27 June 2007 the Decision on main compounding.

    Liquidation proceedings over this joint-stock company were closed by the decision of the Commercial Court of Čačak L-14/05 dated 16 July 2007. Funds in the amount of RSD 45.3 million for payments of claims under lawsuits and amount of RSD 14.7 million for settlement of other established claims were provisioned, and undistributed surplus of the liquidation estate was returned to the shareholders commensurately with their stakes in the liquidation debtor’s equity.