The Law on Deadlines for Measuring Monetary Obligations in Commercial Transactions prescribes deadlines for settling monetary obligations between the public sector and economic entities. The aim of passing this law is to prevent the possibility of non-payment of financial obligations. Therefore, this law and the provisions of the Law on Enforcement and Security give the creditor the opportunity to collect his claim in the enforcement procedure if the debtor does not fulfill his obligation.
Article 3 of the Law on Deadlines for Measuring Financial Obligations in Commercial Transactions stipulates that the deadline for settling financial obligations cannot be longer than 60 days. What does this actually mean and how does the prescribed provision work in practice? This essentially means that the deadline for settling the financial obligation starts from the day when the debtor received the invoice from the creditor or if it is not possible to determine the date of receipt of the invoice, the deadline for fulfilling the obligation starts from the day when the creditor fulfilled his obligation.
One of the specific features of this law and the possibilities it provides to the creditor is that based on Article 5, the creditor has the right to demand compensation from the debtor for delay in fulfilling the financial obligation in the amount of 20,000.00 RSD.
Our law office with great success in this area of law provides assistance to clients by drawing up warnings before the lawsuit, then submitting proposals for execution and all other legally prescribed actions, all with the aim of successfully collecting debt claims of our clients.
Article 299 et seq. Of the Law on Enforcement and Security stipulates that enforcement for the purpose of settling a monetary claim against an enforcement debtor who is a legal entity, entrepreneur or natural person performing an activity will be carried out by a forced collection organization. The National Bank of Serbia (at the proposal of the executive creditor) on all dinar and foreign currency funds on the accounts of the executive debtor. After the competent Public Bailiff issues a Decision on Enforcement, the National Bank of Serbia orders the banks to block the accounts of the enforcement debtor, and to transfer the seized funds to the account of the enforcement creditor in the amount of his claim. According to the Law on Enforcement and Security, in practice it has been shown that this is the fastest way to collect creditors’ claims, and our office successfully represents clients in these proceedings. If you have a similar problem, feel free to contact our office where we will teach you in more detail what your rights are and how you can exercise them.