Basic Features and Legal Nature of Pre Pack Reorganization (Pre-Prepared Reorganization Plan) in Serbian Legislation - with reference to the relationship between bankruptcy and reorganization proceedings / Osnovne karakteristike i pravna priroda pre pack reorganizacije (unapred pripremljenog plana reorganizacije) u zakonodavstvu Srbije

Abstract

The proceeding of the reorganization represent the possible continuation of work of the debtor, if debtor successfully carries out a reorganization plan, that is the most important document of this procedure.But, apart from the “ordinary” reorganization plan, the Serbian legislation regulates, also, pre-prepared reorganization plan.This plan shall be submitted together with the proposal for the initiation of bankruptcy proceedings.Thedetermination of a legal nature,i.e., answering the question, what is a pre-prepared reorganization plan, is impossible without a definition of the legal nature of „ordinary” reorganization plan.Does the plan has an imperative nature, or it is a contract between the debtor and creditors?For correct determination of the legal nature of these institutions, it is necessary to determine the relationship of the reorganization proceedings and the bankruptcy proceedings, and the relationship plan of reorganization and bankruptcy proceedings.In this paper, author analyzes four issues that are relevant to the determination of the legal nature of a pre-prepared reorganization plan:1) Status of the bankruptcy proceeding after the initiation of the reorganization proceeding; 2) Status of the reorganization plan to the bankruptcy proceeding; 3) Whether, after the completion of the reorganization plan, the bankruptcy procedure is suspended or concluded; and 4) Whether, in the event of default or suspension of a reorganization plan, when the bankruptcy process is restarting, implement all the actions of the bankruptcy proceedings.Authordefines the conclusion that this document has a contractual character.