Montenegro Financial Sector Assessment Program : Framework for Nonperforming Loans Workout and Insolvency and Creditor Rights
This Technical Note (TN) examines the current state of NPLs in Montenegro, assesses the regulatory and supervisory framework as well as the insolvency and creditor rights regime, and makes recommendations for strengthening the framework. The analys...
| Main Authors: | , , |
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| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2016
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2016/04/26216738/montenegro-financial-sector-assessment-program-framework-nonperforming-loans-workout-insolvency-creditor-rights-technical-note http://hdl.handle.net/10986/24128 |
| Summary: | This Technical Note (TN) examines the
current state of NPLs in Montenegro, assesses the regulatory
and supervisory framework as well as the insolvency and
creditor rights regime, and makes recommendations for
strengthening the framework. The analysis was carried out as
part of the 2015 Financial Sector Assessment Program (FSAP),
and was based on the legal and regulatory framework in
place, the supervisory practices employed, and other
conditions as they existed as of September 2015. The TN
evaluates the legal, regulatory, and supervisory regimes in
four key areas: (i) creditor rights and enforcement systems
(for secured and unsecured credit); (ii) debt recovery and
informal enterprise workout practices; (iii) formal
insolvency system (liquidation and reorganization
proceedings); and (iv) effectiveness of the relevant
institutional, regulatory and supervisory frameworks in
implementing laws, regulations, and supervisory requirements
in this area. In addition, the TN assesses recent efforts at
NPL resolution, including the implementation of a newly
enacted law on voluntary out-of-court restructuring, and the
role of special purpose vehicles. |
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