Legal and economic aspects on bankruptcy reorganizations

Postoje objektivni razlozi da se veruje da živimo u ključnom periodu kriza i turbulentnih promena, te su teškoće u poslovanju privrednog društva redovna pojava. Najčešći problemi sa kojima se privredna društva suočavaju su nemogućnost plaćanja ili izvršavanja obaveza prema trećim licima tj. svojim poveriocima. Kada privredni subjekt nije u mogućnosti da izmiri svoje obaveze, poverioci i treća lica ne mogu redovnim putem da naplate svoja potraživanja i tada dolazi do stečaja. Mnogo je definicija stečaja, jedna od njih govori da je to stanje proglašeno od strane suda u kome se, s jedne strane nalazi dužnik, koji ne izvršava plaćanje prema poveriocima ili mu je imovina nedovoljna da se iz nje namire potraživanja svih poverilaca, a sa druge strane, poverioci čija su potraživanja ugrožena obustavom plaćanja ili prezaduženošću njihovog zajedničkog dužnika. Danas, privredni subjekat, u skladu sa odredbama kompanijskog zakona, za sve svoje obaveze odgovara svojom imovinom, tako da u situaciji kada postane nesposoban za plaćanje ima uglavnom dve alternative, bankrotstvo ili eventualno, mogućnost reorganizacije ako njegovi poverioci procene da je to celishodnije. Cilj stečaja je da se pod uticajem ekonomskih zakona tržišta uklanjaju iz privrednog života oni privredni subjekti koji svojim poslovanjem ne postižu ni minimum rentabilnosti i koji su nesposobni za normalan rad i poslovanje. Stečajni postupak se može pokrenuti samo kada su ispunjeni uslovi propisani zakonom, materijalno-pravni i formalno-pravni. Međutim, ukoliko se utvrdi da je imovina toliko umanjena da dugovi prelaze ukupnu vrednost imovine, onda se pribegava stečaju kao jedinoj mogućoj opciji. Reorganizacija stečajnog dužnika je noviji institut našeg stečajnog prava, transformacije dužnika i to pravnoorganizacione, upravljačke i finansijske. Institut reorganizacije zasniva se na ugovoru dužnika sa poveriocima, pružajući mu priliku da se ekonomski oporavi i izbegne bankrotstvo tj. brisanje iz registra pravnih lica, a omogućava povoljnije namirenje potraživanja.There are objective reasons to believe that we live in a crucial period of time of crises and turbulent changes such that problems in company's business activities occur regularly. Specifically, the most common problems companies encounter include insolvency or inability to pay debts to third parties that is, to their creditors. When a company fails to fulfill its liabilities, its creditors and third parties cannot collect the receivables in a regular process and this is where the company goes bunkrupt. There are many definitions of bunkruptcy and one of them defines it as a status declared by the court, with a debtor unable to pay debts to the creditor from its own resources on the one hand, and creditors whose claims are compromised by the suspension of payments or overdebtness of their common debtor on the other hand. Today, a company shall be, in compliance with the corporal law, liable for any of its obligations to the full extent of its assets thus usually having two possibilities in case of insolvency that is, to go bunkrupt or to restructure if its creditors consider it more appropriate. Bunkruptcy is aimed to remove from economy those business entities which are unable to achieve at least a minimum solvency and maintain regular operation and business under the conditions of the laws of market. A bunkruptcy process can begin only when both the substantive and procedural requirements set by the law are met. However, in case the value of assests is decreased to an extent that debts exceed a total value of assets, then bunkruptcy is exercised as the only possible option. Planning for bunkruptcy as a new legal institution ecompasses the structure of a debtor-in-possession; it exceeds enforced settlement agreements. Restructuring of the debtor-in-possession is also a new institution in our bunkruptcy law, legal organisational, managerial and financial transformations of the debtor. Restructuring as an instituion is based on an agreement between the debtor and the creditors, which offers an opportunity for the debtor to recover economically and avoid bunkruptcy that is, deletion from the business registers agency and also for more suitable debt settlement

Significance and development preconditions of commodity exchange trade with agricultural products in Serbia

The aim of this paper is to determine the importance and necessary prerequisites for the development of futures trading with agricultural products in Serbia. Developed futures market allows participants in the agribusiness sector secure trade and provides an important instrument in the management of business risk. Price fluctuations of agricultural products have been particularly pronounced in recent decades, which has led to the rapid development of futures trading with agricultural products. According to the results in this paper, despite the existence of the legal basis for the establishment of this market, it did not occur primarily due to deficiencies in the legal frame. The establishment of the above markets is of great importance for agrosektor in Serbia primarily due to the need for risk management changes in the prices of agricultural products in the future. In order to establish a futures trading with agricultural products, it is necessary to establish an appropriate legal framework, as well as to improve the overall business environment, which is important for this market

Dominant factors of SMEs failure – Multi-group Confirmatory Factor Analysis

The paper aims to provide empirical clarification over some key failure factors of Small and Medium-sized Enterprises (SMEs), and also analysis of the similarities and differences in factors' relations in the Republic of Serbia and Visegrad countries. The SMEs' failures factors have been accessed from the point of view of SMEs owners and managers whose opinions were collected through a questionnaire disseminated in five countries (Hungary, Czech Republic, Slovak Republic, Poland and the Republic of Serbia). On the other hand, for the research presented in this paper, the data from Hungary, the Czech Republic and the Republic of Serbia were used. The structural equation model was developed and analyzed to confirm the reliability of the conceptual model, using multi-group confirmatory factor analysis (MGCFA) for comparative measurements on the observed data from different countries. The result showed the existence of differences in opinions of SMEs owners and managers concerning failure factors in examined countries

Developing the objective and the scope of the ecological footprint assessment project

Besides technological and economic aspects, environmental segments are gaining equal importance in planning, realization and control of contemporary project ventures. This manuscript is presenting the frame and the scope of the project for the ecological footprint assessment. The realization of some phases of this project has already begun, while most of the remaining phases are still at the preparation stage

INTRODUCTION TO THE VISEGRAD FUND PROJECT: HOW TO PREVENT SMEs FROM FAILURE (Actions based on comparative analysis in Visegrad countries and Serbia)

This issue of Serbian Journal of Management (SJM 14(2) 2019), is dedicated to one very important challenge of contemporary entrepreneurship, that is condensed in single question: How to prevent SMEs from failure ? The articles published in this issue are all addressing different aspects of entrepreneurial activities that can lead to successful and/or unsuccessful operations. Part of the articles pubished in this issue are directly presenting the results of the project: HOW TO PREVENT SMEs FROM FAILURE (Actions based on comparative analysis in Visegrad countries and Serbia), which was financially supported by the International Visegrad Fund. During the projects, researchers from all four Visegrad group countries, as well as researchers from Serbia, were analysing SMEs from their regions, which suffered from some degree of financial distress or have failed in the past. The main purpose of this investigation was to analyse and identify the most important business factors that can lead to failure of the SMEs businesses. Obtained results are presented in this issue. On the other hand, part of the manuscripts in this issue are invited from the authors who are also investigating the SMEs operation and are dealing the factors of success of the entrepreneurial activities, in the region outside Visegrad group or Serbia. The main motive of this issue is to address this highly important challenge - SMEs successful operations

Modelling health care customer satisfaction: evidence from Serbia

Customer loyalty, with satisfaction of customers as its main precondition, has long been regarded as an overarching goal of service businesses. With the proliferation of health care providers, which brought about rising competitive pressures on the market, the issue of how to satisfy and keep patients has been attracting increasing attention of researchers and health care management. Therefore, this study aims to examine the antecedents of patient satisfaction and its direct and mediated impact on patients’ behavioural intentions in thus far under-studied context of emerging economy’s health care system. The study has been conducted in a primary health care setting, on a convenience sample of 300 patients, by means of structured questionnaire. The application of structural equation modelling (SEM) revealed direct impact of health care service quality on patient satisfaction and its mediated impact on satisfaction, via perceived value of health care services. In addition to direct influence of satisfaction on patients’ behavioural intentions, its total effect on positive intentions of patients is increased by the impact of patient commitment to a health care provider, which, as evidenced by this study’s findings, increases with patient’s rising trust into a health care provider. Implications for theory and practice are discussed and further research directions are provided

Antecedents and outcomes of retailer reputation: Evidence from an emerging economy

Over previous years the construct of corporate reputation has received much attention among academics and business practitioners. Whereas researchers' interests have been mainly pointed to the implications of good corporate reputation, its antecedents have largely been understudied. Moreover, majority of previous research took part in the context of the U.S. and Western Europe, leaving service industries in emerging economies rather neglected area. Hoping to fill this void in marketing knowledge, the objective of this study is to propose and empirically examine a model of retailer reputation, by incorporating the construct into the framework of established relationships among key service evaluation constructs. Conceptual model has been examined on a sample of Serbian grocery retail customers by means of structural equation modeling (SEM). Results of the study point to significant effect of service quality and value on retailer reputation and the direct impact of reputation on customer loyalty. Limitations of the study have been discussed and directions for future research are provided

SMEs' digitalization impact on economic development

The accelerated development of information and communication technologies has caused notable changes in all spheres of life and business. In order to contribute to their own economic goals and the economy in general, companies are forced to embrace technological innovations. This study aims to test a hypothesis that the digitalization of business operations in small and medium-sized enterprises (SMEs) positively influences economic development. Since the degree of digitization is a complex phenomenon, it is approached through several quantitative indicators. The data from the Eurostat database were used for the research. The analysis results obtained using the structural equations modeling confirm the positive relationship between the level of digitization of SMEs and gross domestic product (GDP)

Effects of strategic control in relation supplier – costumer

The aim of this paper is to examine relational relationship between supplier and buyers, that has to go through control system as last step in Strategic Management apply. The view of this paper was from the supplier aspect, so that can perform control on consumers and develop relational relationship. This paper is presenting the research results which we conduct using questionnaires among numerous suppliers on the territory of Bor. Data collect in this questionnaires was processed with adequate statistical methods used of software packages SPSS v.18 and LISREL v.8.8 based on we derive appropriate conclusions