Nina Vuković

In the case of unsettled relations between Debtor and Creditor, majority of which are based on unpaid invoices, Execution procedure is the procedure where Creditor can  initiate Court procedure submitting the Execution proposal based on, so called AUTHENTIC DOCUMENT.

As authentic document eligible for triggering Execution procedure are deemed:

– bill of exchange and check of domestic or foreign entity, with protest if needed for establishment of claim;

–  excerpt from Central registry of securities with account report for the account of lawful owner of stakes and financial market instruments and their Emission Decision;

– invoice of a domestic or foreign entity, with an advice of delivery note or other written proof that the executive debtor has been informed of his obligation;

– excerpt from the business books on performed utility or related services;

– calculation or excerpt from the business books for claiming the fee for the public media service;

– public document that creates an executive financial obligation;

– Bank guarantee;

– letter of credit;

– a notarized statement of the executive debtor authorizing the bank to transfer money from his account to the account of the executive creditor;

– calculation of interest with proof of maturity and claim value;

– temporary or completed situation on performed construction works;

– calculation of remuneration and reimbursement of attorney’s fees.

The Court decides on the Execution proposal on the basis of an authentic document, and the public collector decides on the Execution proposal on the basis of an executive or authentic document in order to settle receivables from communal services and related activities. The Court shall decide on the Execution proposal within eight days period from the day of receipt of the proposal.  When the Execution decision is reached, if the debtor does not file an objection within the given deadline, the selected public collector shall proceed with the enforcement of Execution procedure.

The Execution proposal on the basis of an authentic document will determine the identification data of the executive creditor and the executive debtor, the authentic document, the receivables of the executive creditor, one mean or one object or several means and objects of execution or the request to determine the execution on the entire property of the executive debtor and other data and documents necessary for the reaching of the Execution decision and later enforcement of the execution procedure.

The Execution proposal on the basis of an authentic document also contains a request for the Court to oblige the executive debtor to settle the executive creditor’s claim with execution procedure costs within eight days, and in bill of exchange disputes within five days from the date of delivery of the decision, and a request to determine execution procedure for the purpose of settling receivables of the executive creditor and the costs of the execution procedure if the executive debtor does not act in accordance with the previous procedure.

The executive creditor is obliged to submit with the Execution proposal, the original version of an authentic document, certified copy or transcript, as well as to appoint a specific competent public executor for the enforcement of the execution procedure.

The executive creditor may, during the entire execution procedure, and even after Execution decision has become final, withdraw the Execution proposal without the consent of the executive debtor. In that case, the execution procedure is suspended. The executive creditor is allowed to resubmit the Execution proposal.

For all further inquiries, do not hesitate to contact us at of****@nv****.rs