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April 21, 2003 - Monday |
Receivership and privatisation for revamping economy
Belgrade - Receivership and privatisation will help the revival of Serbia's economy and play an important role in creating the private sector, said Serbian Minister of Economy and Privatisation Aleksandar Vlahovic presenting a draft law on receivership at the Serbian Chamber of Commerce, the Tanjug news agency reported.
Explaining the difference between receivership and privatisation, Vlahovic said that privatisation targets companies which have market potential and can be privatised by selling capital. On the other hand, said Vlahovic, receivership includes companies that lost their position in the market and have significant financial and business problems. Such companies cannot be privatised and their property is sold to settle liabilities with creditors.
The draft law on receivership, to be debated in the parliament in May, will allow for a quick and efficient receivership procedure, Vlahovic said, adding that receivership will grant a new opportunity for troubled companies.
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