Pursuant to the current legislation, no admin-
istrative or court taxes should be paid by a credi- tor for participation in the restructuring proceed- ing. Creditors bear their own attorney (or similar) fees and costs in the restructuring proceeding.
What are the most important issues relat- ing to the new proceedings? There has been much criticism of the newly- adopted legislation. The biggest concerns repre- sent legal gaps caused by drafting deficiencies of the new law. In particular, it is unclear whether one creditor may dispute another creditor’s claim or whether this right is reserved for the debtor and the settlement committee only. Furthermore, it is yet to be determined what happens to the creditors whose claims have been disputed in the restructuring proceeding: do they exercise their rights in a separate court proceeding against the debtor? In addition, many practitioners and scholars
object to the somewhat controversial dualism of the restructuring process which is regulated as partly administrative and partly as a court pro-
issue relating to the Croatian bankruptcy proceeding is its effectiveness and duration
“ ” The main
ceeding. Precedents and possible changes to the legislation are expected to solve these initial prob- lems. Since the new restructuring legislation has
been in force for only three months and the pro- ceedings have just been initiated it remains to be seen how banks will react. In previous years, there have been restructuring attempts through bank- ruptcy proceedings; however in most cases these were unsuccessful due to slow and inert reaction of creditors and debtors. The experience is that restructuring becomes successful only if banks are proactive, react immediately and are open for dia- logue with debtor’s administration.
How do stays on payments of insolvent companies to creditors work in Croatia? The general principle is an automatic stay on pay- ments to creditors once the debtor becomes insol- vent and throughout the insolvency period. The law prescribes exceptions to this principle, howev- er, and allows payments that are necessary to keep the business running: for example, electricity, water supplies and other operative costs, supply
About the author Anita Krizmanic predominately advises clients on bankruptcy and restructuring as well as transportation and insurance matters. In complex bankruptcy and restructuring she acts as a team leader for the office. She also provides counselling in commercial, corporate, financing and other related matters, mainly to international clients. Her job description includes acting as correspondent for international law firms in various international transactions, representing clients before all courts in complex disputes. She is listed as permanent correspondent for Croatia by Protection and Indemnity Clubs.
Krizmanic joined Law Offices Macesic & Partners in 2000. She is a member of the Croatian Bar
Association. She is a local partner and contributor of Doing Business, a co-publication of the World Bank and the International Finance Corporation for 2009, 2010, 2011, 2012 and 2013 for resolving insolvency.
Contact information
Anita Krizmanic Macesic & Partners
Pod Kastelom 4 PO Box 366 51 000 Rijeka T: +385 51 215 010 F: +385 51 215 030
About the author Ivana Manovelo advises domestic and international, mostly corporate, clients on insolvency, restructuring, energy, commercial, banking, real- estate and civil matters. She co-represented a large international oil trader in a high-profile case before an international court of arbitration in a complex energy dispute. She is experienced in advising and representing international companies and domestic banks in insolvency and restructuring proceedings. Manovelo joined Law Offices Macesic & Partners immediately after graduating law in 2006. She is a member of the Croatian Bar Association
Contact information
Ivana Manovelo Macesic & Partners
Pod Kastelom 4 PO Box 366 51 000 Rijeka T: +385 51 215 010 F: +385 51 215 030
and a Court Interpreter for English appointed by the president of the County Court in Rijeka. She is a co-author of contributions on energy law issues for the Croatia chapter in International Law Office –Energy & Natural Resources Newsletter,Getting the Deal Through –Electricity Regulation and Gas Regulation, ABA Section of International Law, The International Lawyer andENR Global Report.
014
IFLR|RESTRUCTURING & INSOLVENCY
www.iflr.com
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52