The common concept of the newly adopted Law on Yugoslavia the Terms for the Settlement of Financial Obligations in Professional Dealings the "Law" is that all expenses between companies have to be settled within 60 times and where the person in debt is a topic from the community industry, the highest possible decided interval for expenses is 45 times.
The Law foresees some exclusions from this common concept for companies and for the community industry, as well as for the companies in the re orientating continuing. The exclusions are as follows:
Exceptions for company entities:
Installment expenses - transaction interval is 90 times, whereby at least 50% of the monetary obligation has to be paid within the first half of the decided transaction period;
Financial institution assurance - where the person in debt provides a bank assurance (unconditional, permanent and due on first demand without the right to object), the events are totally able to believe the fact different transaction times than offered under the Law (longer than 60 days);
Invoice of return assured by the lender - where the person in debt provides a bill of return assured by the lender, the events are totally able to believe the fact different transaction times than offered with the Law (longer than 60 days).
Exceptions for the community sector:
The only exception for community industry topics is where the person in debt is the Republic Wellness Insurance coverage Finance or the user of the assets of the Republic Wellness Insurance coverage Finance. For these topics the highest possible transaction interval is 90 times. The intention of the Business Law is to reduce the highest possible interval for expenses of the Republic Wellness Insurance coverage Finance in a stepwise manner, until a 90 times highest possible interval is reached. The Law provides for the following scheme:
Exceptions for organizations during the re orientating procedure:
Until 14 Jan 2014, the Law shall not implement to organizations within a re orientating continuing i.e. to commercial transactions where the person in debt is topic to a re orientating.
In all other cases, the common concept of highest possible 60 times transaction interval for companies and 45 times highest possible transaction interval for community industry shall implement.
The Law foresees some exclusions from this common concept for companies and for the community industry, as well as for the companies in the re orientating continuing. The exclusions are as follows:
Exceptions for company entities:
Installment expenses - transaction interval is 90 times, whereby at least 50% of the monetary obligation has to be paid within the first half of the decided transaction period;
Financial institution assurance - where the person in debt provides a bank assurance (unconditional, permanent and due on first demand without the right to object), the events are totally able to believe the fact different transaction times than offered under the Law (longer than 60 days);
Invoice of return assured by the lender - where the person in debt provides a bill of return assured by the lender, the events are totally able to believe the fact different transaction times than offered with the Law (longer than 60 days).
Exceptions for the community sector:
The only exception for community industry topics is where the person in debt is the Republic Wellness Insurance coverage Finance or the user of the assets of the Republic Wellness Insurance coverage Finance. For these topics the highest possible transaction interval is 90 times. The intention of the Business Law is to reduce the highest possible interval for expenses of the Republic Wellness Insurance coverage Finance in a stepwise manner, until a 90 times highest possible interval is reached. The Law provides for the following scheme:
- From 31 April 2013 until 31 Dec 2013 the highest possible transaction interval shall not surpass 150 days;
- From 1st Jan 2014 until 31 Dec 2014 the highest possible transaction interval shall not surpass 120 days;
- From 1st Jan 2015 onwards, the highest possible transaction interval shall not surpass 90 times.
Exceptions for organizations during the re orientating procedure:
Until 14 Jan 2014, the Law shall not implement to organizations within a re orientating continuing i.e. to commercial transactions where the person in debt is topic to a re orientating.
In all other cases, the common concept of highest possible 60 times transaction interval for companies and 45 times highest possible transaction interval for community industry shall implement.
