Republic of Serbia Financial Sector Assessment Program Update : Corporate and Household Debt Restructuring

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作者：

International Monetary Fund

来源地址：

http://hdl.handle.net/10986/28121

关键词：

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;  Report;  Rapport;  Informe; 

年份：

2009

出版地：

Washington,USA

语种：

English

摘要：

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.