Bankruptcy Supervision Agency (BSA) - Serbia

The reform of bankruptcy legislation in Serbia began with the enactment of the new Law on Bankruptcy Procedure (‘Official Gazette of RS’ No. 84/04), which became applicable as of 2 February 2005. In addition to a number of new features that this law introduced into the Serbian bankruptcy system, it provided for the setting up of the Bankruptcy Supervision Agency (BSA). Under the Law on Bankruptcy Supervision Agency (‘Official Gazette of RS’ No 84/04, of 24 July 2004, and No 104/09) the BSA was established, which began operating on 24 February 2005, to monitor the development of bankruptcy administrator profession and maintain oversight over the work of licensed bankruptcy administrators.

The new regulations governing bankruptcy which were adopted in 2010, and in particular the Law on Bankruptcy (‘Official Gazette of RS’ No 104/09) and the Law Amending the Law on BSA (‘Official Gazette of RS’ No 104/09), define more clearly the position, rights and obligations of the BSA, as well as the powers within the scope of the BSA duties as a regulatory body, particularly in relation to its supervisory task, in which way the legal gaps and problems identified in practical implementation of previous regulations will be eliminated.