Republic of Serbia Financial Sector Assessment Program Update : Corporate and Household Debt Restructuring
Nonperforming Loans (NPLs) in the banking system constituted 16.5 percent of total loans, owing primarily to the corporate sector. The Credit Bureau, maintained by the Association of Serbian Banks, also discloses dramatic increases in corporate and...
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| Format: | Report |
| Language: | English en_US |
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Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/996791468103149002/Serbia-Corporate-and-household-debt-restructuring-technical-note http://hdl.handle.net/10986/28121 |
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okr-10986-28121 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
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English en_US |
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ACCURATE INFORMATION ACTIONS BY CREDITORS ADMINISTRATIVE COSTS AFFECTED CREDITORS AGRICULTURAL LOANS ARREARAGES ASSET MANAGEMENT ASSET MANAGEMENT COMPANY ASSET SALES ASSETS AUCTION PROCEDURES BALANCE SHEET BANK ACCOUNTS BANK CREDITORS BANK CREDITS BANK DEBT BANKING SYSTEM BANKRUPTCY BANKRUPTCY CASES BANKRUPTCY COMMENCEMENT BANKRUPTCY LAW BANKRUPTCY LAW AMENDMENTS BANKRUPTCY LAWS BANKRUPTCY PETITION BANKRUPTCY PROCESS BILLS OF EXCHANGE BORROWER CADASTRE CAPITAL MARKETS CASH COLLATERAL CASH MANAGEMENT CLAIM CLASSES OF CREDITORS COLLATERAL COLLECTION OF DEBTS COMMERCIAL COURT COMPANY LAW CORPORATE BANKRUPTCY CORPORATE DEBT CORPORATE DEBTS CORPORATE DISTRESS CORPORATE FINANCIAL DISTRESS CORPORATE FRAUD CORPORATE INSOLVENCY CORPORATE INSOLVENCY LAW CORPORATE LAW CORPORATE REORGANIZATIONS CORPORATE WORKOUT COURT AGREEMENTS COURT APPROVAL COURT DECISIONS COURT PRACTICES COURT PROCEEDINGS COURT RULINGS COURT SYSTEM CREDIT BUREAU CREDIT CULTURE CREDIT PROVIDERS CREDITOR CREDITOR APPROVAL CREDITOR BODY CREDITOR CLAIMS CREDITOR PASSIVITY CREDITOR PROTECTIONS CREDITOR RIGHTS CREDITOR RIGHTS SYSTEMS CREDITORS CREDITORS COMMITTEE CREDITS DEBT COLLECTION DEBT FORGIVENESS DEBT RECOVERY DEBT RESCHEDULING DEBT RESOLUTION DEBT RESTRUCTURING DEBT RESTRUCTURING MECHANISMS DEBTOR DEBTORS DEBTS DEFAULTS DEPOSIT DEPOSIT INSURANCE DEPOSIT INSURANCE FUND DISPOSITION DISPOSITIONS DISSOLUTION DISTRESSED ASSETS DISTRESSED COMPANIES DISTRESSED ENTERPRISES DISTRIBUTIONS TO CREDITORS EFFECTIVE INSOLVENCY ENFORCEMENT MECHANISMS ENFORCEMENT METHODS ENFORCEMENT PROCEDURE ENFORCEMENT PROCEDURES ENFORCEMENT RIGHTS ENFORCEMENT SYSTEMS EQUITY SWAPS ESTATE EVENT OF DEFAULT EXISTING CREDIT FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DIFFICULTY FINANCIAL DISTRESS FINANCIAL HEALTH FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL PROBLEMS FINANCIAL STATEMENTS FORECLOSURE PROCEDURES FORECLOSURE PROCESS FOREIGN BANK FOREIGN INVESTMENT FORMAL BANKRUPTCY FORMAL INSOLVENCY FRAUD FRAUDULENT TRANSFERS GOOD FAITH HOLDING HOUSEHOLD DEBT IMMOVABLE PROPERTY INDEBTEDNESS INFORMAL ARRANGEMENTS INFORMAL WORKOUT INFORMAL WORKOUT PROCEDURES INJUNCTIONS INSOLVENCY INSOLVENCY CASES INSOLVENCY LAWS INSOLVENCY MECHANISMS INSOLVENCY PROCESS INTERNATIONAL BANK INVOLUNTARY BANKRUPTCY JUDGMENT JUDICIAL FORECLOSURE JUDICIAL FORECLOSURES JUDICIAL RESOLUTION LAND AS COLLATERAL LAND OWNERSHIP LAND RECORDS LEGAL ENVIRONMENT LEGAL FRAMEWORK LEGAL PROCEEDINGS LEGAL REMEDIES LEGAL SYSTEM LEGAL SYSTEMS LEGITIMATE CLAIMS LENDER LENDERS LIABILITY LIQUIDATION LIQUIDITY LOAN LOAN LOSS LOAN MARKET MAJORITY OF CREDITORS MINORITY CREDITORS MONETARY FUND MORTGAGE MORTGAGE FORECLOSURE MORTGAGES MOVABLE ASSETS NATIONAL BANK NEGOTIATION NEGOTIATIONS NONPERFORMING LOANS NPL OPEN BANK ORDERLY EXIT OUT-OF-COURT SETTLEMENTS OUT-OF-COURT WORKOUT OVERDUE DEBT OWNERSHIP DATA OWNERSHIP RIGHTS PAYMENT OBLIGATIONS PENALTIES PENDING BANKRUPTCY PETITIONING CREDITORS PLEDGE LAW PLEDGES POSSESSION POSSIBLE BANKRUPTCY PRIOR LAW PRIVATE REGISTRY PROCEDURES FOR BANKRUPTCY PROPERTY RIGHTS PUBLIC AUCTIONS RECEIVER RECEIVERS RECEIVERSHIP RECOVERY RATE RECOVERY RATES REGISTRY SYSTEM REGULATORY FRAMEWORKS REORGANIZATION REORGANIZATION PLAN REORGANIZATION PLANS REORGANIZATION PROCEDURE REORGANIZATION PROCEDURES REORGANIZATION PROCESS REORGANIZATIONS REPAYMENT REPRESENTATIVE OF CREDITORS RESOLUTION MECHANISMS RESTRUCTURING PLAN RETAIL DEBT RIGHTS OF CREDITORS SETTLEMENT SIMILARLY SITUATED CREDITORS SMALL BUSINESSES SOLVENT STATE BANKS TOTAL DEBT TRANSPARENCY WORKOUT WORKOUT AGREEMENTS WORKOUTS WRIT OF EXECUTION |
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ACCURATE INFORMATION ACTIONS BY CREDITORS ADMINISTRATIVE COSTS AFFECTED CREDITORS AGRICULTURAL LOANS ARREARAGES ASSET MANAGEMENT ASSET MANAGEMENT COMPANY ASSET SALES ASSETS AUCTION PROCEDURES BALANCE SHEET BANK ACCOUNTS BANK CREDITORS BANK CREDITS BANK DEBT BANKING SYSTEM BANKRUPTCY BANKRUPTCY CASES BANKRUPTCY COMMENCEMENT BANKRUPTCY LAW BANKRUPTCY LAW AMENDMENTS BANKRUPTCY LAWS BANKRUPTCY PETITION BANKRUPTCY PROCESS BILLS OF EXCHANGE BORROWER CADASTRE CAPITAL MARKETS CASH COLLATERAL CASH MANAGEMENT CLAIM CLASSES OF CREDITORS COLLATERAL COLLECTION OF DEBTS COMMERCIAL COURT COMPANY LAW CORPORATE BANKRUPTCY CORPORATE DEBT CORPORATE DEBTS CORPORATE DISTRESS CORPORATE FINANCIAL DISTRESS CORPORATE FRAUD CORPORATE INSOLVENCY CORPORATE INSOLVENCY LAW CORPORATE LAW CORPORATE REORGANIZATIONS CORPORATE WORKOUT COURT AGREEMENTS COURT APPROVAL COURT DECISIONS COURT PRACTICES COURT PROCEEDINGS COURT RULINGS COURT SYSTEM CREDIT BUREAU CREDIT CULTURE CREDIT PROVIDERS CREDITOR CREDITOR APPROVAL CREDITOR BODY CREDITOR CLAIMS CREDITOR PASSIVITY CREDITOR PROTECTIONS CREDITOR RIGHTS CREDITOR RIGHTS SYSTEMS CREDITORS CREDITORS COMMITTEE CREDITS DEBT COLLECTION DEBT FORGIVENESS DEBT RECOVERY DEBT RESCHEDULING DEBT RESOLUTION DEBT RESTRUCTURING DEBT RESTRUCTURING MECHANISMS DEBTOR DEBTORS DEBTS DEFAULTS DEPOSIT DEPOSIT INSURANCE DEPOSIT INSURANCE FUND DISPOSITION DISPOSITIONS DISSOLUTION DISTRESSED ASSETS DISTRESSED COMPANIES DISTRESSED ENTERPRISES DISTRIBUTIONS TO CREDITORS EFFECTIVE INSOLVENCY ENFORCEMENT MECHANISMS ENFORCEMENT METHODS ENFORCEMENT PROCEDURE ENFORCEMENT PROCEDURES ENFORCEMENT RIGHTS ENFORCEMENT SYSTEMS EQUITY SWAPS ESTATE EVENT OF DEFAULT EXISTING CREDIT FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DIFFICULTY FINANCIAL DISTRESS FINANCIAL HEALTH FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL PROBLEMS FINANCIAL STATEMENTS FORECLOSURE PROCEDURES FORECLOSURE PROCESS FOREIGN BANK FOREIGN INVESTMENT FORMAL BANKRUPTCY FORMAL INSOLVENCY FRAUD FRAUDULENT TRANSFERS GOOD FAITH HOLDING HOUSEHOLD DEBT IMMOVABLE PROPERTY INDEBTEDNESS INFORMAL ARRANGEMENTS INFORMAL WORKOUT INFORMAL WORKOUT PROCEDURES INJUNCTIONS INSOLVENCY INSOLVENCY CASES INSOLVENCY LAWS INSOLVENCY MECHANISMS INSOLVENCY PROCESS INTERNATIONAL BANK INVOLUNTARY BANKRUPTCY JUDGMENT JUDICIAL FORECLOSURE JUDICIAL FORECLOSURES JUDICIAL RESOLUTION LAND AS COLLATERAL LAND OWNERSHIP LAND RECORDS LEGAL ENVIRONMENT LEGAL FRAMEWORK LEGAL PROCEEDINGS LEGAL REMEDIES LEGAL SYSTEM LEGAL SYSTEMS LEGITIMATE CLAIMS LENDER LENDERS LIABILITY LIQUIDATION LIQUIDITY LOAN LOAN LOSS LOAN MARKET MAJORITY OF CREDITORS MINORITY CREDITORS MONETARY FUND MORTGAGE MORTGAGE FORECLOSURE MORTGAGES MOVABLE ASSETS NATIONAL BANK NEGOTIATION NEGOTIATIONS NONPERFORMING LOANS NPL OPEN BANK ORDERLY EXIT OUT-OF-COURT SETTLEMENTS OUT-OF-COURT WORKOUT OVERDUE DEBT OWNERSHIP DATA OWNERSHIP RIGHTS PAYMENT OBLIGATIONS PENALTIES PENDING BANKRUPTCY PETITIONING CREDITORS PLEDGE LAW PLEDGES POSSESSION POSSIBLE BANKRUPTCY PRIOR LAW PRIVATE REGISTRY PROCEDURES FOR BANKRUPTCY PROPERTY RIGHTS PUBLIC AUCTIONS RECEIVER RECEIVERS RECEIVERSHIP RECOVERY RATE RECOVERY RATES REGISTRY SYSTEM REGULATORY FRAMEWORKS REORGANIZATION REORGANIZATION PLAN REORGANIZATION PLANS REORGANIZATION PROCEDURE REORGANIZATION PROCEDURES REORGANIZATION PROCESS REORGANIZATIONS REPAYMENT REPRESENTATIVE OF CREDITORS RESOLUTION MECHANISMS RESTRUCTURING PLAN RETAIL DEBT RIGHTS OF CREDITORS SETTLEMENT SIMILARLY SITUATED CREDITORS SMALL BUSINESSES SOLVENT STATE BANKS TOTAL DEBT TRANSPARENCY WORKOUT WORKOUT AGREEMENTS WORKOUTS WRIT OF EXECUTION International Monetary Fund World Bank Republic of Serbia Financial Sector Assessment Program Update : Corporate and Household Debt Restructuring |
| geographic_facet |
Europe and Central Asia Serbia |
| description |
Nonperforming Loans (NPLs) in the
banking system constituted 16.5 percent of total loans,
owing primarily to the corporate sector. The Credit Bureau,
maintained by the Association of Serbian Banks, also
discloses dramatic increases in corporate and retail
defaults over the past year. NPL resolution and loan loss
mitigation is hampered by a still evolving but uneven
collateral and enforcement framework that complicates
restructuring and leads to delays and lower recoveries in
execution procedures. Corporate debt resolution is further
complicated by a pattern of corporate misconduct designed to
circumvent a creditor's legitimate enforcement rights.
This is particularly acute in response to account blockages.
In an effort to survive, business owners frequently engage
in a pattern of corporate fraud to avoid their legitimate
obligations by creating alter ego or shell companies through
which to conduct their ongoing business activities, with all
funds passing through the new legal entity. That entity is
free from debt and can open bank accounts, engage in
contracts, and carry on business as usual using the
corporate assets of the prior legal entity under cleverly
disguised lease or contractual use obligations. In most
modern economies, such practices constitute fraud or
fraudulent transfers that can carry stiff penalties,
including loss of business privileges. Other reported abuses
include applying for voluntary dissolution during which the
owner or a friendly receiver continues to operate the
business for years in an apparent wind-down of
the business, while ignoring creditor claims. |
| format |
Report |
| author |
International Monetary Fund World Bank |
| author_facet |
International Monetary Fund World Bank |
| author_sort |
International Monetary Fund |
| title |
Republic of Serbia Financial Sector Assessment Program Update : Corporate and Household Debt Restructuring |
| title_short |
Republic of Serbia Financial Sector Assessment Program Update : Corporate and Household Debt Restructuring |
| title_full |
Republic of Serbia Financial Sector Assessment Program Update : Corporate and Household Debt Restructuring |
| title_fullStr |
Republic of Serbia Financial Sector Assessment Program Update : Corporate and Household Debt Restructuring |
| title_full_unstemmed |
Republic of Serbia Financial Sector Assessment Program Update : Corporate and Household Debt Restructuring |
| title_sort |
republic of serbia financial sector assessment program update : corporate and household debt restructuring |
| publisher |
Washington, DC |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/996791468103149002/Serbia-Corporate-and-household-debt-restructuring-technical-note http://hdl.handle.net/10986/28121 |
| _version_ |
1764465697367261184 |
| spelling |
okr-10986-281212021-04-23T14:04:45Z Republic of Serbia Financial Sector Assessment Program Update : Corporate and Household Debt Restructuring International Monetary Fund World Bank ACCURATE INFORMATION ACTIONS BY CREDITORS ADMINISTRATIVE COSTS AFFECTED CREDITORS AGRICULTURAL LOANS ARREARAGES ASSET MANAGEMENT ASSET MANAGEMENT COMPANY ASSET SALES ASSETS AUCTION PROCEDURES BALANCE SHEET BANK ACCOUNTS BANK CREDITORS BANK CREDITS BANK DEBT BANKING SYSTEM BANKRUPTCY BANKRUPTCY CASES BANKRUPTCY COMMENCEMENT BANKRUPTCY LAW BANKRUPTCY LAW AMENDMENTS BANKRUPTCY LAWS BANKRUPTCY PETITION BANKRUPTCY PROCESS BILLS OF EXCHANGE BORROWER CADASTRE CAPITAL MARKETS CASH COLLATERAL CASH MANAGEMENT CLAIM CLASSES OF CREDITORS COLLATERAL COLLECTION OF DEBTS COMMERCIAL COURT COMPANY LAW CORPORATE BANKRUPTCY CORPORATE DEBT CORPORATE DEBTS CORPORATE DISTRESS CORPORATE FINANCIAL DISTRESS CORPORATE FRAUD CORPORATE INSOLVENCY CORPORATE INSOLVENCY LAW CORPORATE LAW CORPORATE REORGANIZATIONS CORPORATE WORKOUT COURT AGREEMENTS COURT APPROVAL COURT DECISIONS COURT PRACTICES COURT PROCEEDINGS COURT RULINGS COURT SYSTEM CREDIT BUREAU CREDIT CULTURE CREDIT PROVIDERS CREDITOR CREDITOR APPROVAL CREDITOR BODY CREDITOR CLAIMS CREDITOR PASSIVITY CREDITOR PROTECTIONS CREDITOR RIGHTS CREDITOR RIGHTS SYSTEMS CREDITORS CREDITORS COMMITTEE CREDITS DEBT COLLECTION DEBT FORGIVENESS DEBT RECOVERY DEBT RESCHEDULING DEBT RESOLUTION DEBT RESTRUCTURING DEBT RESTRUCTURING MECHANISMS DEBTOR DEBTORS DEBTS DEFAULTS DEPOSIT DEPOSIT INSURANCE DEPOSIT INSURANCE FUND DISPOSITION DISPOSITIONS DISSOLUTION DISTRESSED ASSETS DISTRESSED COMPANIES DISTRESSED ENTERPRISES DISTRIBUTIONS TO CREDITORS EFFECTIVE INSOLVENCY ENFORCEMENT MECHANISMS ENFORCEMENT METHODS ENFORCEMENT PROCEDURE ENFORCEMENT PROCEDURES ENFORCEMENT RIGHTS ENFORCEMENT SYSTEMS EQUITY SWAPS ESTATE EVENT OF DEFAULT EXISTING CREDIT FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DIFFICULTY FINANCIAL DISTRESS FINANCIAL HEALTH FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIARIES FINANCIAL PROBLEMS FINANCIAL STATEMENTS FORECLOSURE PROCEDURES FORECLOSURE PROCESS FOREIGN BANK FOREIGN INVESTMENT FORMAL BANKRUPTCY FORMAL INSOLVENCY FRAUD FRAUDULENT TRANSFERS GOOD FAITH HOLDING HOUSEHOLD DEBT IMMOVABLE PROPERTY INDEBTEDNESS INFORMAL ARRANGEMENTS INFORMAL WORKOUT INFORMAL WORKOUT PROCEDURES INJUNCTIONS INSOLVENCY INSOLVENCY CASES INSOLVENCY LAWS INSOLVENCY MECHANISMS INSOLVENCY PROCESS INTERNATIONAL BANK INVOLUNTARY BANKRUPTCY JUDGMENT JUDICIAL FORECLOSURE JUDICIAL FORECLOSURES JUDICIAL RESOLUTION LAND AS COLLATERAL LAND OWNERSHIP LAND RECORDS LEGAL ENVIRONMENT LEGAL FRAMEWORK LEGAL PROCEEDINGS LEGAL REMEDIES LEGAL SYSTEM LEGAL SYSTEMS LEGITIMATE CLAIMS LENDER LENDERS LIABILITY LIQUIDATION LIQUIDITY LOAN LOAN LOSS LOAN MARKET MAJORITY OF CREDITORS MINORITY CREDITORS MONETARY FUND MORTGAGE MORTGAGE FORECLOSURE MORTGAGES MOVABLE ASSETS NATIONAL BANK NEGOTIATION NEGOTIATIONS NONPERFORMING LOANS NPL OPEN BANK ORDERLY EXIT OUT-OF-COURT SETTLEMENTS OUT-OF-COURT WORKOUT OVERDUE DEBT OWNERSHIP DATA OWNERSHIP RIGHTS PAYMENT OBLIGATIONS PENALTIES PENDING BANKRUPTCY PETITIONING CREDITORS PLEDGE LAW PLEDGES POSSESSION POSSIBLE BANKRUPTCY PRIOR LAW PRIVATE REGISTRY PROCEDURES FOR BANKRUPTCY PROPERTY RIGHTS PUBLIC AUCTIONS RECEIVER RECEIVERS RECEIVERSHIP RECOVERY RATE RECOVERY RATES REGISTRY SYSTEM REGULATORY FRAMEWORKS REORGANIZATION REORGANIZATION PLAN REORGANIZATION PLANS REORGANIZATION PROCEDURE REORGANIZATION PROCEDURES REORGANIZATION PROCESS REORGANIZATIONS REPAYMENT REPRESENTATIVE OF CREDITORS RESOLUTION MECHANISMS RESTRUCTURING PLAN RETAIL DEBT RIGHTS OF CREDITORS SETTLEMENT SIMILARLY SITUATED CREDITORS SMALL BUSINESSES SOLVENT STATE BANKS TOTAL DEBT TRANSPARENCY WORKOUT WORKOUT AGREEMENTS WORKOUTS WRIT OF EXECUTION Nonperforming Loans (NPLs) in the banking system constituted 16.5 percent of total loans, owing primarily to the corporate sector. The Credit Bureau, maintained by the Association of Serbian Banks, also discloses dramatic increases in corporate and retail defaults over the past year. NPL resolution and loan loss mitigation is hampered by a still evolving but uneven collateral and enforcement framework that complicates restructuring and leads to delays and lower recoveries in execution procedures. Corporate debt resolution is further complicated by a pattern of corporate misconduct designed to circumvent a creditor's legitimate enforcement rights. This is particularly acute in response to account blockages. In an effort to survive, business owners frequently engage in a pattern of corporate fraud to avoid their legitimate obligations by creating alter ego or shell companies through which to conduct their ongoing business activities, with all funds passing through the new legal entity. That entity is free from debt and can open bank accounts, engage in contracts, and carry on business as usual using the corporate assets of the prior legal entity under cleverly disguised lease or contractual use obligations. In most modern economies, such practices constitute fraud or fraudulent transfers that can carry stiff penalties, including loss of business privileges. Other reported abuses include applying for voluntary dissolution during which the owner or a friendly receiver continues to operate the business for years in an apparent wind-down of the business, while ignoring creditor claims. 2017-09-06T19:57:31Z 2017-09-06T19:57:31Z 2009-10 Report http://documents.worldbank.org/curated/en/996791468103149002/Serbia-Corporate-and-household-debt-restructuring-technical-note http://hdl.handle.net/10986/28121 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC Economic & Sector Work :: Financial Sector Assessment Program Economic & Sector Work Europe and Central Asia Serbia |