Bankruptcy and liquidation
Ongoing bankruptcy and liquidation proceedings

Banks

  1. Beogradska banka a.d. Beograd, in bankruptcy
  2. Investbanka a.d. Beograd, in bankruptcy
  3. Jugobanka a.d. Beograd, ustečaju
  4. Beobanka a.d. Beograd, in bankruptcy
  5. JIK banka a.d. Beograd, in bankruptcy
  6. Astra banka a.d. Beograd, in bankruptcy
  7. Borska banka a.d. Bor, in bankruptcy
  8. Kreditno-eksportna banka a.d. Beograd, in liquidation
  9. Raj banka a.d. Beograd, in bankruptcy
  10. Medifarm banka a.d. Beograd, in bankruptcy
  11. Kosovska banka d.d. Beograd, in bankruptcy
  12. Poljoprivredna banka Agrobanka a.d. in administration, in bankruptcy
  13. Nova Agrobanka a.d. Beograd, in bankruptcy
  14. MB “Union banka” a.d. Beograd, in bankruptcy
  15. Razvojna banka Vojvodine a.d. Novi Sad, in bankruptcy
  16. Privredna banka Beograd a.d. Beograd, in bankruptcy
  17. Univerzal banka a.d. Beograd, in bankruptcy
  18. Resavska banka DPRM a.d. Despotovac, in bankruptcy
  19. Loznička banka a.d. Loznica, in bankruptcy
  20. Textil bank a.d. in bankruptcy
  21. International Investment Bank a.d. Beograd, in liquidation

Insurance companies

  1. Balkan osiguranje a.d.o. Beograd, in bankruptcy
  2. Ekos osiguranje a.d.o. Beograd, in bankruptcy
  3. Evropa osiguranje a.d.o. Beograd, in bankruptcy
  4. Imperial a.d.o. Beograd, in bankruptcy
  5. Morava osiguranje a.d.o. Beograd, in liquidation
  6. Sim osiguranje a.d.o. Beograd, in bankruptcy
  7. Takovo osiguranje, a.d.o. Kragujevac, in liquidation

Other financial organizations

  1. Železnička štedno kreditna zadruga -1891- a.d, Beograd, in liquidation

Banks

  1. Beogradska banka a.d. Beograd, in bankruptcy
    Address: Knez Mihailova 2, Belgrade
    Tel: 381 11 3281-792
    Agency's Trustee: Snežana Bujas

    Bankruptcy proceedings over Beogradska banka a.d. Beograd were instituted by the decision of the Commercial Court of Belgrade IV St 16/2002 dated 3 January 2002.

    The bank had 22 commercial banks in Serbia in its system. As the bank with a broad mandate, Beogradska banka assumed obligations to foreign creditors on behalf of the entire commercial system of banks. The bank also had two business units – in Cyprus and in New York. The business units are also in liquidation, under the supervision of the Cypriot and New York authorities, respectively. In both proceedings, the domicile regulations apply. In addition, Beogradska banka also owns shares of the banks with mixed ownership abroad, out of which BFY Paris and AY London are also undergoing liquidation and administration. All the above adds to the complexity of the bankruptcy proceedings against Beogradska banka.

    In the course of the bankruptcy proceedings against Beogradska banka, 1,302 claims were registered by bankruptcy creditors. Since the institution of bankruptcy over this bank five hearings for examination of creditors’ claims have been held, at which 1,258 claims were examined.

    The registered claims from Beogradska banka a.d. Beograd in bankruptcy amount to EUR 3.28 billion. Claims amounting to EUR 137.61 million have been established at the hearings held so far, which is with accrued interest EUR 195.92 million as at 31 December 2009. Claims amounting to EUR 2.5 billion have been disallowed.

    Beogradska banka paid 100% of established claims of the first payout grade in the amount of ca RSD 2.28 million.

    Receivables upon complaints for establishing, which were filed by the creditors against Beogradska banka a.d. Beograd in bankruptcy amount to EUR 145.11 million, and with pertaining interest to EUR 187.69 million as at 31 December 2009.

    Bankruptcy administrator has not stated his opinion regarding 43 registered receivables, which mainly relate to creditors’ claims arisen from operations of the agencies Cyprus and New York, whose total net amount, without interest as at 31 December 2009, is cca. EUR 600 million. According to the preliminary opinion, receivables amounting to EUR 302 million of the said amount could be allowed.

    National Bank of Serbia has a share of 51%, Banque Franco Yougoslavein liquidation 11% and Westacre Investments Inc. 9 % in total claims of creditors of Beogradska Banka. Since certain liabilities of Beogradska banka may be settled and some court proceedings upon complaints for establishment of receivables could end during the following period, and depending on the completion of the liquidation proceedings against the NY Agency, the share of the 10 largest creditors of Beogradska banka a.d. Beograd in bankruptcy may change.

    From the institution of the bankruptcy proceedings until 31 December 2009, Beogradska banka in bankruptcy generated an inflow of funds based on dividends and sale of equity holdings in other legal entities amounting to RSD 182.2 million and EUR 40.900.

    The immovable property of the total surface area of 906.61 m2 worth RSD 53 million was sold during the bankruptcy proceedings against Beogradska banka.

    As at 31 December 2009, Beogradska banka a.d. Beograd in bankrupcy owned the following real properties: the office building “Palata Albanija” of the surface area of 3.752.36 m2 and 1.882.32m2 in Sremska No. 5. The total surface area of 2.249.54 m2 is under lease.

    Since the institution of the bankruptcy proceedings against Beogradska banka, 337 lawsuits have been launched. In 164 of these, Beogradska banka in bankruptcy acts as the plaintiff, and in 173 as the defendant. Out of the 173 lawsuits brought against it, Beogradska banka won 26 and lost 3. In 2009, Beogradska banka was involved in 83 lawsuits as the plaintiff, out of which 19 were filed by Beogradska banka to determine its rights, and 64 for other reasons. By 2009, 110 lawsuits were filed to determine the rights of parties. Beogradska banka won 50, lost 10, whereas 34 lawsuits were dropped by the plaintiffs. Presently, rights of the parties involved are presently being determined in 16 legal disputes. As of 31 December 2009, the disputed claims of creditors totaled EUR 188 million (EUR 145 million plus the accrued interest).

    In light of the above, the completion of the bankruptcy proceedings against Beogradska banka depends mainly on the finalization of the liquidation of the Cypriot and NY business units, respectively, the liquidation of BFY and AY, the completion of the bankruptcy proceedings against the banks which are the debtors of Beogradska banka in bankruptcy, such as Beobanka and Investbanka, as well as on the privatization and bankruptcy of other legal entities which have outstanding debts to Beogradska banka in bankruptcy.

  2. Investbanka a.d. Beograd in bankruptcy
    Address: Sremska3-5, Belgrade
    Tel: 381 11 3281-743
    Agency's Trustee: Gordana Dinić

    Bankruptcy proceedings against Investbanka a.d. Beograd were instituted by the decision of the Commercial Court of Belgrade IV St 10/2002 dated 3 January 2002.

    Bankruptcy administrator has stated its opinion on 5.273 claims out of 5.321 totally reported, at seven hearings held so far. Outside scheduled hearings Commercial Court of Belgrade made decisions on 36 reported claims. In this way totally 5.309 registered claims were resolved.

    There are still 11 registered claims remaining to be resolved, of which the most important in terms of volume and amount are the claims reported by Development Fund of the RoS, National Bank of Serbia, Beogradska banka a.d. Beograd, in bankruptcy, which relates to the agencies New York and Cyprus. Out of hearings bankruptcy administrator stated its opinion regarding 36 claims and decisions on 31 excluding claims were made at hearings and outside scheduled hearings.

    Among the largest creditors of Investbanka a.d. Beograd, in bankruptcy are: Beogradska banka a.d. Beograd, in bankruptcy, with a share of 76%, National Bank of Serbia with a share of 11% and Ministry of Finance with 2 % in total claims.

    Based on 17 Decisions on the distribution of the bankruptcy estate, creditors of the first payout grade were fully satisfied (those with receivables based on payment operations of citizens and RSD savings), and 100% of principal debt of the established claims on the basis of old foreign currency savings of citizens, totally amounting to EUR 58 million. Accrued interest in the amount of EUR 6.9 million remains to be settled.

    A total of established claims for creditors of the second payout grade amount to ca EUR 50.0 million.

    A total of refuted claims amounts to ca EUR 357.0 million. There are still 10 ongoing lawsuits regarding refuted claims. Bankruptcy administrator has not presented its opinion on 36 registered claims. 56.048.20 m2 of office premises for a total price of RSD 2.2 billion and EUR 8.5 million were sold as of the institution of the bankruptcy proceedings. Besides, through compensation with the Republic of Serbia four buildings were sold at the price of EUR 14.7 million.

    An inflow of assets amounting to RSD 358 million was generated through sale of fixed assets, shares, equity holdings, paintings and vehicles.

    The bank has mainly leased the unsold office premises and it has generated an inflow of RSD 519 million from these activities so far.

    Currently, it is not possible to estimate a period necessary for close of the bankruptcy proceedings for the following reasons:

    • uncertainty of recovery from enterprises whose privatization has not been finished yet or has not even started;
    • uncertainty of recovery from the Bank’s largest debtors, and in connection with long-lasting and difficult lawsuits which are still in progress and in which the claims are secured through mortgages;
    • uncertainty of successful sale of the remaining real estates of the Bank, since these are mainly non-booked buildings, on unattractive locations or buildings in a bad condition;
    • uncertain success of sale of the Bank’s real estate in the Republic of Slovenia (execution for this property is in progress, upon judgment from 1995) and for five office premises in the Republic of Croatia with the total area of ca. 1,250 m2, on which the Republic of Croatia registered ownership with no legal basis, and for which the lawsuit is still in progress;
    • 20 ongoing lawsuits upon refuted claims from hearings held so far;
    • number of active law suits, totally 61, in which the Bank is a plaintiff, is also significant both in terms of required amount and diversity of litigated basis;
    • especially uncertain time period is required for further presentation of the bankruptcy administrator’s opinions regarding remaining registered claims, since they are in connection with Beogradska banka, Development Fund of RoS and National Bank of Serbia and are still being reconciled, or it is irrational to present opinion on them, because it would result in new lawsuits, and they cannot be reconciled before settlement of foreign currency debt with the National Bank of Serbia and Republic of Serbia.

  3. Jugobanka a.d. Beograd in bankruptcy
    Address: Kralja Petra 19, Belgrade
    Tel: 381 11 2637-800
    Agency's Trustee: Rada Divac

    Bankruptcy proceedings over Jugobanka a.d. Beograd were instituted by the decision of Commercial Court of Belgrade IV St 22/2002 dated 3 January 2002.

    Jugobanka a.d. Beograd had a prominent role in the commercial transactions with foreign countries within the banking system of the SFRY and later FRY. This makes the bankruptcy proceedings against the Bank extremely complex.

    From the announcement on institution of bankruptcy proceedings, 3.458 claims of domestic and foreign creditors were reported to Jugobanka a.d. Beograd, totally amounting to ca EUR 2 billion. 3.201 claims were reported within the statutory term and 257 claims were not reported within the prescribed period.

    At seven examination hearings, previously held before the Commercial Court of Belgrade, bankruptcy administrator presented its opinion regarding 3.438 reported claims totally amounting to EUR 1.8 billion. Bankruptcy administrator stated its opinion in full for 3.428 claims, partially for 10 claims, and for 20 claims it has not stated its opinion.

    Bankruptcy administrator has not stated its opinion on registered claims in the amount of EUR 264 million. These claims are mainly those reported by the National Bank of Serbia based on Paris and London Clubs of creditors and relate to the territory of Kosovo and Metohija, as well as the reported claims from the operations of Jugobanka Agency New York. Of a total of 3.458 registered claims, those based on main debt and interest accrued by 31 December 2009 were allowed, totally amounting to EUR 114.7 million, included claims reported by creditors of the first payout grade. In the first half of 2008 three secured claims have been recognized by final and irrevocable court decisions.

    The largest creditors of Jugobanka a.d. Beograd, in bankruptcy are: Ministry of finance of the RoS with a share of 32% in total claims, National Bank of Serbia with a share of 31% and Komercijalna banka a.d. Beograd with 5 % in total claims. Shares of the ten largest creditors are subject to changes, due to the fact that the lawsuits with high amounts of refuted claims are still in progress.

    First payout grade of creditors was settled 100% by the beginning of 2008 in relation to claims which have been established with final and irrevocable court decisions. These claims included main debt and accrued interest amounting to ca EUR 39.1 million and RSD 228.4 million. One secured creditor has also been settled in the amount of RSD 55 million.

    The liabilities towards creditors of the second payout grade, recognized by final and irrevocable court decisions, amount with accrued interest to ca EUR 72.8 million as at 31 December 2009. However, there are still ongoing lawsuits based on actions filed for establishing of reported claims in the amount of ca EUR 390 million.

    Of 117 real properties which the Bank had at the beginning of the bankruptcy, 84 estates with the total area of 30.925,62 m2 have been sold so far, totally amounting to RSD 2.4 billion.

    Currently it is not possible to envisage precisely when the bankruptcy proceedings over the Bank could be completed, for the following reasons:

    • Regarding claims refuted at the hearings previously held before the Commercial Court of Belgrade, foreign and domestic creditors initiated lawsuits and there are currently 22ongoing lawsuits worth ca. EUR 387.5million,oh which the largest litigated amount is that of Mytilineus Holdings s.a. Athens in the amount of EUR 32 million of debt principal, and more than EUR 40 million with accrued interest, which requires a certain provisioning of funds for payment of some creditors from the second payout grade of creditors in case of negative outcome of these disputes;
    • Course and efficiency of development of the separate bankruptcy proceedings over the Agency New York of Jugobanka. After the settlement completed in 2009, the institution of the bankruptcy proceedings over this organizational part of the Bank is pending. The claims registered by creditors of this organizational part before the Commercial Court of Belgrade cannot be taken into consideration, until registration of claims after the institution of proceedings in the USA is enabled. It is rather high amount of claims worth EUR 75.6 million, which were reported by 20 creditors;
    • Regulation of relations regarding claims reported by the banks – former members of the Jugobanka system and legal entities with head offices registered in the territories of former republics of the SFRY;
    • Regulation of debtor-creditor relations regarding important claims from legal entities from the province of Kosovo and Metohija;
    • The Bank is not in a position to influence significantly collection of claims from business entities which undergo restructuring (9) and privatization by public tender (24) and public auction (7), which depends on dynamics and efficiency of progress of these processes and in accordance with application of legal regulations treating this area;
    • Large number of lawsuits against individuals – Bank’s debtors (ca. 2.000);
    • There is large number of ongoing lawsuits against Bank's debtors before different courts in the Republic of Serbia. The recovery shall depend on the outcome of these lawsuits and level of debtors' liquidity;
    • Regulation of the status of real properties owned by the Bank in former republics of the SFRY, especially in Croatia, which transferred these immovable properties by means of legal regulations to its ownership, or they have been sold and purchased, so that they are now owned by other legal entities;
    • Bank filed actions regarding claims in the Republic of Croatia amounting to almost ca EUR 200 million, i.e: claims from Slatinska banka (EUR 17 mil.), for real estates in which former main branches in Croatia were situated (ca. EUR 70 mil.), on the basis of claims from debtors (EUR 90 mil.) and on the basis of the Paris club of creditors (EUR 23 mil.).

  4. Beobanka a.d. Beograd in bankruptcy
    Address: Carice Milice 2, Belgrade
    Tel: 381 11 2620-853
    Agency's Trustee: Katarina Krstić

    Bankruptcy proceedings over Beobanka a.d Beograd were instituted by the decision of Commercial Court of Belgrade IV St 4/2002 dated 3 January 2002.

    From the institution of the bankruptcy proceedings, 3.697 claims of domestic and foreign creditors were reported to Beobanka a.d. Beograd in bankruptcy, of which number 2.865 claims were reported within the prescribed period and 832 reported claims were late. By successive payments until the beginning of 2008, Beobanka a.d. Beograd, in bankruptcy settled in full its liabilities towards the Republic of Serbia as creditor of the first payout grade, i.e. on the basis of old foreign currency savings of citizens in the amount of EUR 90.946.432,31 and on the basis of payment operations of citizens in the amount of RSD 934.768.646. Claims of citizens belonging to the first payout grade are settled as well.

    In the first half of 2009 Beobanka started first partial payment from the bankruptcy estate of Beobanka for the purpose of settlement of creditors of the second payout grade in the amount of 14% of recognized claims. Principal debt with interest accrued until 31 March 2009 was paid to the creditors, amounting to RSD 2.712.295.279,00.

    Further payment to the creditors shall be made upon establishment of the bankruptcy estate. The further partial compounding to the creditors of the second payout grade is planned to occur in the first half of 2011.

    From the institution of bankruptcy proceedings over Beobanka to 31 December 2009, the bankruptcy estate in the amount of RSD 15.9 billion was liquidated, of which RSD 10.9 billion through recovery of claims, RSD 3.52 billion through sale of real estates and stakes, on the basis of lease RSD 545 million, through term depositing of the bankruptcy estate (interest revenues) RSD 807 million, RSD 139 million through refunding of lease costs and other revenues.

    Among largest creditors of Beobanka a.d Beograd, in bankruptcy are: Beogradska banka a.d. Beograd, in bankruptcy, with a share of 50%, National Bank of Serbia with a share of 19 % and Ministry of finance with a share of 17% in total claims.

    Of totally 141 properties owned by the Bank on the date of institution of the bankruptcy proceedings 129 estates were sold until 31.12.2009, with the total area of 33.173,09 m2 and on this basis RSD 1.9 billion were generated. Besides, through compensation with the Republic of Serbia three buildings were transferred to the state on the basis of old foreign currency savings of citizens, i.e: building at Zeleni Venac No. 16., with the surface area of 2,980 m2 worth EUR 3.923.142 and 18 Zeleni venac Str., with area of 8.301 m2 worth EUR 9.209.152.

    Reasons for the fact that the bankruptcy proceedings over Beobanka a.d. are still in progress and that in this moment it cannot be foreseen when it shall be completed are the following:

    • The Bank is not in a position to significantly influence the recovery of claims from business entities which undergo restructuring or privatization, which depends on dynamics and efficiency of these processes, and in accordance with application of legal regulations treating this field. There are a lot of ongoing lawsuits against Bank’s debtors before different courts in the Republic of Serbia and recovery of claims will depend on their outcome and a level of liquidity of debtors. The level of recovery shall also be influenced by the outcome of the bankruptcy proceedings over the Bank’s debtors, to which the Bank reported claims timely.
    • The Bank undertook all necessary measures during the bankruptcy proceedings regarding recovery of claims from individuals and legal entities, including the measures of forced recovery. It is necessary to emphasize that the Bank was significantly limited in the process of recovery of claims from the legal entities from the aspect of possibility of recovery, since it was not enabled to apply the forced measures of recovery from business entities which are under restructuring or in the processes of tender and auction sales, which in accordance with legal regulations treating privatization. The Bank faces the same problem with recovery of claims from legal entities under which, in the meantime, were instituted bankruptcy proceedings.
    • The Bank faces the problem of irregular address data in recovery from individuals, which is further problem in realization of recovery.

  5. JIK banka a.d. Beograd, in bankruptcy
    Address: Carice Milice 2, Belgrade
    Tel: 381 11 2620-853
    Agency's Trustee: Katarina Krstić

    Bankruptcy proceedings against JIK banka were instituted by the decision of Commercial Court of Belgrade dated 7 April 2005 and prior to that liquidation proceedings were instituted over this bank by the decision of the same court of 26 July 2001, and the Agency was appointed as liquidation administrator by the decision of this court dated 11 March 2004.

    The established claims of JIK banka a.d. Beograd, in bankruptcy, towards the Republic odf Serbia as creditor of the first payout grade on the basis of the old foreign currency savings of citizens amount to EUR 22.6 million with accrued interest as at 31 December 2009. On this basis and by 31.12.2008, EUR 2.5 million, i.e. 12 % of the established claims were transferred to the Republic of Serbia.

    JIK banka a.d. Beograd in bankruptcy does not have sufficient assets to settle the Republic of Serbia as largest creditor. The problem for close of the proceedings is recovery of claims from legal entities, as well as unresolved ownership and legal status of the immovable property.

    JIK banka in bankruptcy owns 8 properties. Especially important is the building in Belgrade, 34 Terazije Str., which is the subject of a lawsuit with the related bank, Izvozno kreditna banka in bankruptcy, the resolution of which is expected during this year, which would be followed by the sale of the building. In addition to this, incomes are also expected from the sale of facilities – business complex of the company “Takovo” whose sale is performed in the executive court procedure which is under competence of the Municipal Court of Čačak.

    The resolution of debtor-creditor relationship with the Republic Directorate for Commodity Reserves, which owes USD 15 million to this bank, is expected to occur during June 2010. If previous consent of the Republic Solicitor General’s Office, i.e. Republic of Serbia – Ministry of finance is obtained, the liabilities of JIK Banka towards the Republic of Serbia would be reduced by the transfer of claims which JIK Banka has towards the Republic Directorate for Commodity Reserves to the Republic of Serbia.

    Since this Bank does not have sufficient assets for settlement of creditors of the first payout grade in case the decision on close of the proceedings over Slavija banka becomes final and irrevocable, the same court practice would apply and finalization of the proceedings would be proposed by transferring entire assets to the Republic of Serbia as creditor of the first payout grade.

  6. Astra banka a.d Beograd in bankruptcy
    Address: Mihaila Bogićevića 7, Belgrade
    Tel: 381 11 6305-631
    Agency's Trustee: Ratomir Vasiljević

    By the Ruling of the Commercial Court of Belgrade of 10 November 2008, liquidation proceedings over Astra banka were suspended, which lasted with interruptions from 16 November 2001, and bankruptcy proceedings were instituted. Deposit Insurance Agency was appointed as liquidation administrator on 31 August 2006.

    Seven examination hearings were held at which 4.603 reported claims of creditors were examined. Total amount of reported claims is RSD 23.106 billion, of which amount RSD 3,576 billion were fully or partially recognized (with interests ca RSD 7,4 billion) and fully or partially refuted RSD 19,570 billion. Provisioning for claims in lawsuits amount to over RSD 14 billion. Claims of creditors of the third payout grade are mainly under lawsuits. The largest single creditors of the bank are P.D ''Mobtel'', Tax administration and Public Enterprise ''Železnice Srbije''

    As at 31 December 2009 the Bank’s bankruptcy estate amounted to RSD 3.2 billion. The problem for finalization of the bankruptcy proceedings and establishment of the bankruptcy estate are several court decisions upon refuted claims. Claims arisen from court decisions for 60 creditors – physical persons are to be emphasized, for which extremely high amounts were established due to inadequate calculation of savings interests. For example, by one of the valid and irrevocable decisions, interest of 10% per month until the date of payment was established for one saver, which would mean that, for the deposit of RSD 10.000, that saver has the right to the sum amounting to RSD 13 billion by applying this kind of calculation. In such case the Bank filed requests for revision of judgments as well as requests for protection of legality, for the purpose of protection of the bankruptcy estate of the debtor and the position of other creditors involved in the proceedings.

    The Bank’s assets in the amount of RSD 2 billion have been realised so far. After the remaining debtor’s assets have been realised and final and irrevocable decisions upon refuted claims have been made, the payment of creditors shall occur.

  7. Borska banka a.d Bor, in bankruptcy
    Address: Bor, Moše Pijade 16, Bor
    Tel: 381 30 424-666
    Agency's Trustee: Bernardica Jovanoski

    The bankruptcy proceedings against Borska banka a.d. Bor were initiated on 13 February 2004 by the Ruling of the Commercial Court of Zaječar St 124/04.

    At previous five examination hearings bankruptcy administrator presented its opinion on justifiability of all 1.488 reported claims.

    The largest creditors of Borska banka a.d. Bor u stečaju are NIS Jugopetrol, in the amount of RSD 16.3 million, Elektrotimok Zaječar, in the amount of RSD 16.2 million, Beogradska banka a.d. Beograd, u stečaju, in the amount of RSD 787 million, National Bank of Serbia, in the amount of RSD 588 million, Mytilineus Holdings s.a. Athens, in the amount of RSD 310 million, Ministry of finance – Tax administration, branch of Bor, in the amount of RSD 20.5 million.

    Total liabilities of the Bank with the accrued interest amount to ca. RSD 3.5 billion. Commercial Court of Zaječar made the Decision on main compounding on 30.11.2009, in accordance with which the creditors of the II payout grade were settles in the amount of RSD 259.5 million, i.e. 10% of the recognized claims.

    During the bankruptcy proceedings over Borska banka a.d Bor, in bankruptcy before the Commercial Court of Zaječar, 168 lawsuits have been resolved so far in favor of the bankruptcy debtor and are worth RSD 3.9 million.

    The biggest obstacle for finalization of the bankruptcy proceedings over Borska banka is status of the company RTB Bor, from which Borska banka claims the amount of more than EUR 150 million. Depending on the level of recovery of claims of Borska banka from RTB Bor, the amount of bankruptcy estate shall be established and, accordingly, the percentage of settlement of creditors commensurately with the established claims.

  8. Kreditno-eksportna banka a.d. Beograd, in liquidation
    Address: Palmira Toljatija 5/II, Belgrade
    Tel: 381 11 3192-129
    Agency's Trustee: Novica Krstić

    Liquidation proceedings over Kreditno-eksportna banka were instituted by the decision of Commercial Court of Belgrade VI-L-118/05 dated 11 May 2006 and the Deposit Insurance Agency was appointed as liquidation administrator.

    During 2008 all creditors whose claims were established were paid out, except for two creditors who filed actions for establishment of claims and for whose claims were made provisions. Liquidation administrator was ordered by the decision of the Commercial Court of Belgrade of 6 August 2008 to transfer cash assets obtained through recovery of claims to the shareholders of Kreditno-eksportna banka in liquidation, as well as all funds to be paid in to the account of the liquidation debtor. It was also ordered by the stipulated decision that all documentation proving the right of disposal over the assets should be transferred to the shareholders of the Bank.

    By the conclusion of liquidation panel dated 9 June 2009, the transfer of a portion of cash assets to the shareholders was blocked, in the amount of RSD 142 million, until the lawsuit filed by the Development Fund of the Republic of Serbia against the shareholders is finalized.

    Due to this and other ongoing lawsuits, as well as due to the court procedure before the Special Department of the District Court of Belgrade which relates to the purchase of the Bank’s office building by Beogradski eskontni centar in bankruptcy, it is uncertain to forecast finalization of the liquidation proceedings over this Bank.

  9. Raj banka a.d Beograd, in bankruptcy
    Address: Mihaila Bogićevića 7, Belgrade
    Tel: 381 11 7614 451, 7614 175
    Agency's Trustee: Branko Jugović

    Bankruptcy proceedings over Raj banka were instituted by the decision of Commercial Court of Belgrade VI-St-92/2007 of 14 November 2007. Institution of the bankrupcty proceedings over the debtor was preceded by the liquidation proceedings which lasted from 22 December 2004. During these two processes 834 reported claims were examined. Total liabilities of the Bank on all bases amount to ca RSD 550 million, whereas the total assets of the bank amount to RSD 480 million.

    The decision on main compounding of the bankruptcy debtor’s assets was made on 18 September 2008. After this decision became final and irrevocable in December 2009, settlement of creditors of the first payout grade in the amount of 100 % occurred. Provision of assets for one creditor of the first payout grade was made whose claim is under lawsuit (physical person, a lawsuit based on the deposit amounting to more than EUR 700,000). All creditors of the third payout grade were settled in the amount of 8.17% and adequate provisioning of assets for refuted claims of creditors of the third payout grade was performed.

    Depending on encashment of real estates, recovery of claims and outcome of lawsuits, during 2010 shall occur the subsequent compounding of the bankruptcy estate. Since it is expected that the sale of the Bank’s properties shall lead to increase of the bankruptcy estate by ca RSD 80 million, the subsequent compounding would follow.

    Three ongoing lawsuits in which the Bank was sued and for which the assets amounting to EUR 1 million were provisioned, are the obstacle for finalization of the bankruptcy proceedings. (''Titan'' d.o.o, Beograd, a physical person and former shareholders from Bulgaria).

  10. Medifarm banka a.d. Beograd, in bankruptcy
    Address: Kralja Petra 19, Belgrade
    Tel: 381 11 2632-554
    Agency's Trustee: Zvonko Burić

    By the Decision of Commercial Court of Belgrade, XIII-St-4/07 of 24 January 2007, bankruptcy proceedings were instituted against Medifarm banka a.d. Belgrade. Liquidation proceedings over this bank were instituted under competence of Commercial Court of Belgrade on 19 July 1996.

    Bankruptcy administrator presented its opinion on justifiability of 49 reported claims at three hearings held. The recognized claims of creditors with accrued interest amounted to RSD 3.22 billion as at 31 December 2009.

    During the bankruptcy proceedings, legal actions were undertaken and lawsuits instituted from which can be expected a recovery of receivables in favor of Medifarm banka a.d. Beograd, in bankruptcy. The value of these lawsuits is around RSD 2 billion. The bankruptcy administrator will resume the legal activities with a view to recover the receivables and form the bankruptcy estate needed for settling finally and irrevocably recognized bank’s liabilities.

  11. Kosovska banka d.d. Beograd, in bankruptcy
    Address: Kralja Petra 19, Belgrade
    Tel: +381 11 2637-800
    Agency’s Trustee: Zvonko Burić

    Bankruptcy proceedings against Kosovska banka d.d. were initiated on 13 December 1990 by the Ruling of the former District Commercial Court (now the Commercial Court) of Belgrade. By the Ruling of the Commercial Court of 1 November 2011, the Deposit Insurance Agency was appointed as the bankruptcy administrator of Kosovska banka d.d. in bankruptcy.

  12. Poljoprivredna banka Agrobanka a.d. in bankruptcy
    Address: Sremska 3-5, Belgrade
    Tel: +381 11 2021-221
    Agency’s Trustee: Rako Božović

    Bankruptcy proceedings against the bank were initiated by the Ruling of the Commercial Court of Belgrade No. 9 St. 3718/2012 of 20 June 2012. The notification of the opening of the bankruptcy proceedings was published in Official Gazette of the RoS, No. 63/2012 of 29 June 2012. The Deposit Insurance Agency was appointed as the bankruptcy administrator of PB Agrobanka a.d.

  13. Nova Agrobanka a.d. Beograd, in bankruptcy
    Address: Sremska 3-5, Belgrade
    Tel: +381 11 2021-104, 2021-102
    www.nova-agrobanka.rs
    Agency’s Trustee: Gordana Dinić

    Bankruptcy proceedings against the bank were initiated by the Ruling of the Commercial Court of Belgrade No. 9 St. 4794/2012 of 29 October 2012. The notification of the opening of the bankruptcy proceedings was published in Official Gazette of the RoS, No. 109/2012 of 16 November 2012. The Deposit Insurance Agency was appointed as the bankruptcy administrator of Nova Agrobanka a.d. Beograd.

  14. MB “Union banka” a.d. Beograd, in bankruptcy
    Address: Mihaila Bogićevića 7, Belgrade
    Tel: +381 11 7610-166, 7610-325
    Agency’s Trustee: Ratomir Vasiljević

    Bankruptcy proceedings against the bank were initiated by the Ruling of the Commercial Court of Belgrade No. 12 St. 4797/2012 of 1 November 2012. The notification of the opening of the bankruptcy proceedings was published in Official Gazette of the RoS, No. 110/2012 of 20 November 2012. The Deposit Insurance Agency was appointed as the bankruptcy administrator of MB “Union banka”. The bankruptcy proceedings were preceded by the liquidation proceedings against the bank from 2 March 2001, under the supervision of the Commercial Court of Belgrade.

  15. Razvojna banka Vojvodine a.d. Novi Sad, in bankruptcy
    Address: Stražilovska 4, Novi Sad
    Tel: +381 21 4894-551, 4894-552
    www.rbv.rs
    Agency’s Trustee: Radovan Ivetić

    The bankruptcy proceedings against the bank were initiated by the Ruling of the Commercial Court of Novi Sad No. 1 St. 30/2013 of 8 April 2013. The Deposit Insurance Agency was appointed as the bankruptcy administrator.

  16. Privredna banka Beograd a.d. Beograd, in bankruptcy
    Address: Bulevar kralja Aleksandra 70, Belgrade
    Tel: +381 11 3816 400
    www.pbb-banka.com
    Agency’s Trustee: Novak Stajić

    The bankruptcy proceedings against the bank were initiated by the Ruling of the Commercial Court of Belgrade No. 9 St. 138/2013 of 28 October 2013. The Deposit Insurance Agency was appointed as the bankruptcy administrator.

  17. Univerzal banka a.d. Beograd, in bankruptcy
    Address: Ferancuska 29, Belgrade
    Tel: +381 11 2022-605, +381 11/2022-720
    www.ubbad.rs
    Agency’s Trustee: Nebojša Anđelković

    Bankruptcy proceedings against the bank were initiated by the Ruling of the Commercial Court of Belgrade No. 11 St. 19/2014 of 3 February 2014. The notification of the opening of the bankruptcy proceedings was published in Official Gazette of the RoS, No. 14/2014 of 7 February 2014. The Deposit Insurance Agency was appointed as the bankruptcy administrator of Univerzal banka a.d. Beograd.

  18. Resavska banka DPRM a.d. Despotovac, in bankruptcy
    Address: Knez Mihailova 2, 11000 Belgrade
    Tel: +381 11 2075-149
    Agency’s Trustee: Slavica Spasić

    By the Order of the Commercial Court of Kragujevac, posl br. 1 St 550/2001 of 1 April 2015, the Deposit Insurance Agency was appointed as the bankruptcy administrator of the bank.

  19. Loznička banka a.d. Loznica, u stečaju
    Address: Knez Mihailova 2, 11000 Belgrade
    Tel: +381 11 2075-117
    Agency’s Trustee: Snežana Bujas

    By the Order of the Commercial Court of Valjevo No. St 10/10 of 8 June 2015, the Deposit Insurance Agency was appointed as the bankruptcy administrator of the bank.

  20. Textil bank a.d. in bankruptcy
    Address: Knez Mihailova 2, 11000 Belgrade
    Tel: +381 63 303 368
    Agency’s Trustee: Mihajlo Gaćeša

    By the Order of the Commercial Court of Belgrade 4 St 35/10 of 19 October 2016, the Deposit Insurance Agency was appointed as the bankruptcy administrator of the bank.

  21. International Investment Bank a.d. Beograd, in liquidation
    Agency's Trustee: Jasmina Mirković

    By the Order of the Commercial Court of Belgrade 3. L – 5/2010 (L-16/02) of 3 April 2017, the Deposit Insurance Agency was appointed as the liquidation administrator of the bank.

Insurance companies

  1. Joint-stock insurance company ''Balkan osiguranje'', in bankruptcy
    Address: Sremska 3-5, Belgrade
    Tel: 381 (0)11/20 21 221
    Agency’s Trustee: Rako Božović

    Liquidation proceedings over the joint-stock insurance company ''Balkan osiguranje'' of Belgrade were instituted by the Ruling of Commercial Court of Belgrade, XV-L-21/05 of 21 February 2005. Deposit Insurance Agency was appointed as liquidation administrator by the decision of the Commercial Court of Belgrade XV-L-21/05 dated 25 August 2005. After interruption of the proceedings, a new decision was made on institution of the liquidation proceedings no. XII-L-10/06 of 8 August 2006.

    Since the assets of the liquidation debtor were not sufficient to settle all creditors fully, Commercial Court of Belgrade made the decision VI-ST-28/07 dated 23 March 2007 initiating bankruptcy proceedings against this company.

    After the reported claims were examined, it was established that the liabilities with interests and provisions on the basis of lawsuits amount to RSD 95 million. Through the insight into the documentation of the company, it was concluded that the liabilities of the founders and shareholders towards the bankruptcy debtor amount to more than RSD 100 million. There are seventeen ongoing lawsuits regarding recovery of the stated amount. Further course of the bankruptcy proceedings, i.e. submission of proposal for main compounding and close of the proceedings shall depend on recovery of the stated claims as well as on the further encashment of the assets. The largest debtor against whom a lawsuit was filed for the usurped real estate is the former owner of the insurance company, who was litigated for the amount of over RSD 80 million.

    During 2009, through recovery of claims in the court procedure over the property of debtor’s related parties, recovery of about RSD 25 million was made. Of this amount, RSD 9 million were returned to the Deposit Insurance Agency for the loan approved by the Decision of the Agency’s Board of directors and Decision of the Commercial Court of Belgrade dated 21.05.2008 in the amount of RSD 11.6 million. Costs of the bankruptcy proceedings were settled by the rest of money.

  2. Joint-stock insurance company "Ekos", in bankruptcy
    Address: Mihaila Bogićevića 7, Beograd
    Tel: 011/66 49 016
    Agency’s Trustee: Novica Krstić

    Liquidation proceedings were instituted based on the Ruling of the Commercial Court of Belgrade, number XVI-L-116/05 оf 31 January 2005. By the Commercial Court’s Ruling number XVI-L-116/05 of 24 August 2005, the Deposit Insurance Agency was appointed as liquidator. By the Court’s Ruling XIII-St.30/07 оf 30 March 2007, bankruptcy proceedings were instituted since the debtor in bankruptcy did not have sufficient property to settle all creditors fully.

    The amount of ca RSD 390 million was recognized at the examination hearings in the liquidation and bankruptcy proceedings. Draft Decision on main distribution envisages payment to creditors at the level of about 6% оf the established claims. As a provisioning for pending lawsuits, the amount of about RSD 15 million was allocated. Both movable and immovable properties were sold. Still uncertain is a recovery of the claims from related persons of the shareholders of the debtor in bankruptcy worth about RSD 140 million. The insurance company has on its accounts the funds amounting to ca RSD 26 million.

  3. Joint-stock insurance company "Evropa osiguranje", in bankruptcy
    Address: Beograd, Mihaila Bogićevića 7, Belgrade
    Tel: 381 11 6305 631
    Agency's Trustee: Vasilj Vasiljević

    Liquidation proceedings were opened based on the Ruling of the Commercial Court of Belgrade, IV L 25/05 оf 1 February 2005. By the Ruling of the Commercial Court of Belgrade, VIL 26/05 оf 26 August 2005, the Deposit Insurance Agency was designated as the liquidator and after it was established in the liquidation proceedings that there are no sufficient assets for 100% payment of all creditors, the bankruptcy proceedings were instituted over this company upon Agency’s proposal and by the Ruling of the Commercial Court of Belgrade dated 12 March 2009.

    Eleven hearings have been held so far at which 7,000 reported claims were examined. Total value of all the reported claims is more than RSD 2 billion, of which amount was recognized, together with the pertaining interest, over one billion dinars. Taking into account the assets provisioned for the lawsuits, as well as other costs related with the proceedings, total liabilities of the debtor in liquidation amount to over RSD 1.8 billion.

    The property of the bankruptcy debtor is estimated to ca RSD 1.6 million (cash, assets invested in securities, claims from debtors, movable and immovable property).

  4. Joint-stock insurance company ''Imperial'', in bankruptcy
    Address: Palmira Toljatija 5/II, Belgrade
    Tel: 381 11 3192-798
    Agency's Trustee: Zoran Ćulibrk

    The first liquidation proceedings were instituted by the Ruling of the Commercial Court of Belgrade VIII - L 27/05 of 26 January 2005. By the Ruling of the Commercial Court of Belgrade were suspended the liquidation proceedings over the insurance company, and pursuant to the new Ruling of the same Court, XV-L number 27/05 оf 08 August 2005 liquidation proceedings were instituted again and at the same time Agency was appointed as liquidation administrator.

    As liquidator concluded that the property was not sufficient to settle the creditors, a proposal was filed with the Commercial Court to institute bankruptcy proceedings. Bankruptcy proceedings were instituted pursuant to the Ruling of Commercial Court of Belgrade dated 25 April 2007.

    In the hearings held so far, 5.300 reported claims have been examined. It was established that the liabilities of the insurance company based on the recognized claims, mainly MTPL’s, at this moment amount to RSD 867 million, whereas total liabilities of the company amount to ca RSD 1.3 billion. Total assets of the company, i.e. real estates and claims from debtors of the company, amounts to ca RSD 150 million. Recovery of claims from the affiliated parties – shareholders of the insurance company, ''Imperos'' and ''Imper trade'' is uncertain, and the stated claims comprise the largest portion of the debtor’s property.

    In case the existing claims are recovered and debtor’s property is sold, the debtor’s creditors could be settled in the amount of 11%. The rest of liabilities based on MTPL’s shall be paid out at the expense of the Guarantee Fund.

  5. Joint-stock insurance company ''Morava'', in liquidation
    Address: Pariske komune 26, Belgrade
    Tel: 381 11 3660 658, 3660 690
    Agency's Trustee: Rako Božović

    By the Ruling of the Commercial Court of Belgrade, V-L-8/06 of 12 July 2006, liquidation proceedings were instituted over the Joint-stock Insurance Company ''Morava osiguranje''. The Deposit Insurance Agency was appointed as liquidator. Upon completion of the activities as envisaged by the Law on Bankruptcy Proceedings and the processing of all reported claims, the liquidator filed a proposal for the main distribution of the liquidation estate. Upon the decision on main compounding has become final and irrevocable, all creditors were settled in 2008. The liquidator made the provisioning of RSD 29 million for the lawsuits under refuted claims.

    The extension of the liquidation proceedings was caused, among other reasons, by three lawsuits in which a party is one of the insurance company’s shareholders, ''KJUBI MAKEDONIJA'' a.d.o. The lawsuits are filed for the purpose of annulment of the sales and purchase agreement on sale of own shares of the A.D. za osiguranje „Morava“ to the company "Moravakomerc".

    After these lawsuits have been ended and the final list of shareholders established, distribution of the surplus of liquidation estate in the amount of more than RSD 200 million would occur and the liquidation proceedings over this insurance company would be closed.

  6. Joint-stock insurance company "SIM", in bankruptcy
    Address: Sremska 3-5, Belgrade
    Tel: 381 11 3281-698
    Agency's Trustee: Rako Božović

    Liquidation proceedings were instituted based on the Ruling of the Commercial Court of Belgrade, VI-L-3/06 of 25 April 2006. By the Ruling of the same Court, VI-St.45/07 of 30 April 2007, bankruptcy proceedings were opened. As all activities envisaged by the Law had been carried out, on 12 December 2008 was filed a proposal for the main distribution. On 24 February 2009 the decision on main distribution of the bankruptcy estate became final and irrevocable and payment of creditors started.

    RSD 56.6 million was paid to the creditors of the second payout grade, by which amount they were settled 100%, whereas the creditors of the third payout grade were settled in the amount of 9.89%. The assets amounting to more than RSD 40 million were provisioned for the creditors with refuted claims based on MTPL contracts, who filed a lawsuit for the establishment of refuted claims.

    There are 172 pending lawsuits for establishment of refuted claims. RSD 27 million are provisioned for these lawsuits. Debtor’s bankruptcy estate currently amounts to more than RSD 150 million.

  7. A.D. za osiguranje “Takovo”, in liquidation
    Address: Dr Zorana Đinđića 15a, Kragujevac
    Tel: +381 34 303-000
    www.takovo-osiguranje.rs
    Agency’s Trustee: Snežana Dimitrijević

    By the Ruling of the Commercial Court of Kragujevac, No. 1.L.1/2014 of 31 July 2014, the liquidation proceedings were initiated against the insurance company Takovo. The notification of the opening of the liquidation proceedings was published in Official Gazette of the RoS, No. 086/2014 of 15 August 2014. The Deposit Insurance Agency was appointed as the liquidator.

    Other financial organizations

    1. Železnička štedno kreditna zadruga ''1891'' a.d. Beograd, in liquidation
      Address: Gavrila Principa 60, Belgrade
      Tel: +381 11 6687-755
      Agency's Trustee: Pero Radović

      Liquidation proceedings over this cooperative were instituted by the decision of the Commecial Court of Belgrade dated 04 January 2007. After the processing of all reported claims (over 30,000) and assessment of the amount necessary for paying the established claims, the total liability of cooperative was established in the amount of RSD 315 million.

      Taking into account the assets available to the cooperative and that there are several thousands of established claims, on 9 July 2008 was filed a proposal for partial distribution of the liquidation estate. A proposal for main distribution of the liquidation estate was filed on 12 December 2008. By the end of 2009 were paid RSD 280 million on these bases.

      Total liquidation estate amounts to over RSD 300 million. Taking into account the remaining liabilities based on unpaid established claims, provisions for lawsuits and costs of the proceedings, the expected surplus of liquidation estate after settlement of all these liabilities, would amount to RSD ca 140 million. Further obstacle for finalization of the liquidation proceedings over the cooperative is the status of ownership over the cooperative’s property which is still unresloved.