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Article 1
This Law shall govern the conditions and procedure for bankruptcy and liquidation of banks, insurance companies and financial leasing companies.
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Article 2
Bankruptcy procedure shall be initiated over a bank and an insurance company by a decision of a competent court on initiation of the bankruptcy procedure, adopted on the basis of the decision of the National Bank of Serbia on fulfilment of conditions for initiation of the bankruptcy procedure over a bank, and/or an insurance company.
Bankruptcy procedure over a bank and an insurance company shall be conducted also at the proposal of a liquidator upon determining that the assets of the liquidation debtor are insufficient to settle all claims of creditors.
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Article 3
Liquidation procedure shall be initiated over a bank and an insurance company by a decision of a competent court on initiation of the bankruptcy procedure, adopted on the basis of the decision of the National Bank of Serbia on fulfilment of conditions for initiation of the liquidation procedure over a bank, and/or an insurance company.
