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Amendments to the Law on Enforcement and Security

09Aug

On 26 July 2019 Serbian Parliament adopted Amendments to the Law on Enforcement and Security (“Official Gazette of RS”, No. 54/2019) (the “Law”), which entered into force on 3 August 2019. Its application is postponed until 1st January 2020, except for the “independent articles” of the subject Law.

Articles from 166 to 170 of the Law shall be applicable from the date of entering into force of Law on enforcement and security – from 3 August 2019. The most important change which immediately applies, and which can jeopardize the rights of the enforcement creditors is proscribed by Article 166. Subject Article imposes an obligation on the enforcement creditor, in the enforcement proceedings initiated on the accounts of the enforcement debtor, to propose a change of means and object of execution within 8 days from the day the Law enters into force, if the accounts of enforcement debtor have been in a blockade for more than three years.

Therefore, in this particular situation, it is necessary that each enforcement creditor, until 12th August 2019, notifies public bailiff on change of means and object of the execution. Otherwise the consequences of missing the deadline is suspension of enforcement proceedings.