The present Law shall govern the conditions and procedure for administrative bank management, as well as the conditions and procedure for bankruptcy and liquidation of banks and insurance companies.

The bank administrative management procedure shall be conducted in relation to a bank whose general meeting's decision for its dissolution has been approved by the National Bank of Serbia and in relation to a bank whose operating licence has been revoked by the National Bank of Serbia.
The administrative bank management procedure referred to in paragraph 1 of this Article shall be conducted by the deposit insurance agency established under a special law (hereinafter: the Agency), which was appointed as the bank administrator by the National Bank of Serbia under its decision approving the general meeting's decision for that bank's dissolution or its decision revoking the bank's operating permit

Bankruptcy proceedings shall be conducted in relation to any bank, the operating licence of which has been revoked by the National Bank of Serbia in conformity with the law governing banks and the competent court has rendered the decision instituting the bankruptcy proceedings against that bank at the Agency's recommendation.
Bankruptcy proceedings shall be conducted in relation to an insurance company, the insurance business licence of which has been revoked by the National Bank of Serbia in conformity with the law governing insurance.
Bankruptcy proceedings in relation to a bank or insurance company* may also be conducted at the recommendation of the Receiver, when it is established that the assets of the bankruptcy debtor involved are not big enough to cover the claims of all creditors.

 

Liquidation proceedings shall be conducted in relation to a bank the operating licence of which has been revoked by the National Bank of Serbia in conformity with the law dealing with banks and the competent court has rendered the decision instituting the liquidation proceedings at the Agency's recommendation.
Liquidation proceedings shall be conducted in relation to any insurance company the insurance business licence of which has been revoked by the National Bank of Serbia in conformity with the law governing insurance, which has rendered the decision on the insurance company's liquidation because the requirements for instituting the bankruptcy proceedings have not been met, and the competent court has rendered the decision instituting liquidation proceedings in relation to that insurance company at the recommendation of the National Bank of Serbia.