COMPARATIVE ANALYSIS OF THE PRESUMPTIONS FOR THE RECOGNITION OF THE FOREIFGN DECISIONS ON INSTITUTING INSOLVENCY PROCEEDINGS ACCORDING TO CROATIAN AND SERBIAN LAW

Abstract

This paper will comparatively consider and analyze presumptions for recognition of foreign decisions instituting bankruptcy/insolvency proceedings in Croatian and Serbian law, in order to see and determine the differences made in insolvency proceedings of those two states. We chose to go through those two jurisdictions since they both formed different approaches, after the disintegration process of SFRY, in their insolvency rules, when each state obtained its independence. We would also like to pay attention here to the relations of aforementioned laws and the way they were influenced by relevant legal documents considering comparative insolvency law approach, such as European Regulation on Insolvency Proceedings and UNCITRAL’s Model Law on Cross-Border Insolvency, and to try to determine the reasons why two neighboring countries which shared similar historical development through five decades of the 20th century, are now developing completely opposite notions of adoption of insolvency law institutes and what factors were influential in this process. We would try to point out advantages and disadvantages in application of these laws especially in the field of presumptions for recognition of foreign decisions instituting bankruptcy/insolvency proceedings in Croatian and Serbian law, since trying to deal with the bigger amount of data would be inappropriate for the concept of this work, but we will try to put all that in the European framework and actual international framework of laws and regulations made in the field of insolvency law.