Professional Supervision Procedure
The Law Amending the Law on Bankruptcy Supervision Agency regulates more closely the conduct of professional supervision.
Professional supervision includes:
- 1) Review and analysis of reports and other documents that the bankruptcy administrator is required to submit under the regulations governing bankruptcy, or as requested by the Agency;
- 2) Direct supervision, by visiting bankruptcy administrators’ offices and reviewing documents, business books, databases, statements of accounts, correspondence, etc;
- 3) Taking statements from bankruptcy administrators and persons employed or engaged in bankruptcy administrators’ offices, as well as from persons employed with the debtor or otherwise engaged in the bankruptcy proceeding, unless such persons are under a statutory or other regulatory obligation to keep confidential the business or other secret;
- 4) Performing other activities that the Agency may deem necessary for conducting professional supervision.
The duties of a Supervisor may be performed by a person being employed in the Agency and meeting the following requirements:
- 1) Having a university degree;
- 2) Having at least three-year working experience;
- 3) Having passed the bankruptcy administrator licensing examination.
The provisions of Article 3c of this Law provide that the bankruptcy administrator and persons employed or engaged in the office of the bankruptcy administrator must:
- 1) Enable the Supervisor an unimpeded performance of tasks referred to in Article 3a of this Law;
- 2) In a procedure before the Disciplinary Panel, provide all necessary data and enable access to all documents of relevance for the conduct of the proceeding.
Revocation of bankruptcy administrator licence and striking off the list of bankruptcy administrators is prescribed under Article 3h of this Law and may occur if the bankruptcy administrator:
- 1) Files a request to be stricken off the List of Bankruptcy Administrators;
- 2) Ceases to hold citizenship of the Republic of Serbia;
- 3) Is deprived of contractual capacity by a final decision;
- 4) Is charged, by absolute judgement, for criminal offence that makes him untrustworthy to act as a bankruptcy administrator or a criminal offence carrying a penalty exceeding five years’ imprisonment.
Article 3i of this Law provides that the provisions of the law governing administrative proceedings shall apply accordingly to the procedure of professional supervision, unless otherwise prescribed by this Law.