Regulatory Alerts2004-08-19
Added · Updated
Law Governing Relations Between the Federal Republic of Yugoslavia and Original Debtors or Guarantors Toward Paris and London Club Creditors
The Federal Republic of Yugoslavia enacted this law to assume and reschedule liabilities toward Paris Club and London Club creditors while restructuring the obligations of domestic banks and legal entities. The legislation mandates that banks convert their debts into voting shares held by the state, which are subsequently transferred to member republics for eventual sale to generate funds for debt repayment. Legal entities are required to settle new liabilities with domestic banks or provide irrevocable guarantees to member republics, ensuring the federal government can meet its international creditor agreements.
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