Post by Stephanie Klein of The Sader Law Firm
With business bankruptcies already underway thanks to the evolving new system, the next phase of development in Serbian bankruptcy policy is now focused on businesses financially backed by sole proprietorships.
As Serbia continues to grow and formalize its records and banking laws, the delegates were especially interested in exploring what a mature bankruptcy system can provide not only for Serbian business, but for individual citizens. In a meeting with The Sader Law Firm in Kansas City, Missouri, Assistant Minister of Economy Marko Radovic noted how the inclusion of individually-owned businesses into Serbia’s bankruptcy policy could pave the way for consumer bankruptcies-- an area of policy he hopes to prioritize soon. Topics related to student loan forgiveness and other personal bankruptcy matters were a highlight of the session.
The delegates also visited the US Bankruptcy Court and met with both lawmakers and litigators during their five-day visit to Kansas City, which was hosted locally by non-profit Global Ties KC.
Radovic, along with fellow delegates, spent a total of three weeks in the United States, also making stops in Washington D.C., New York and Reno, Nevada. Radovic believes the trip will inform the next steps in bankruptcy policy for Serbia, and marked new areas of knowledge and experience in bankruptcy law for himself and his colleagues.
“Participation in the IVLP exchange was a unique opportunity, “he said. “Visits to various cities in the USA gave us the chance to feel the spirit of the U.S. bankruptcy system, especially as it concerns small and medium-sized enterprises.