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Tuesday, May 28, 2024
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Empowering enforcement systems for enhanced economic performance in Montenegro

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At a roundtable organized by the Chamber of Judicial Executors, there was a shared sentiment that the reinforcement of the enforcement system should remain a priority to foster a more conducive economic environment.

The Chamber of Judicial Executors, in partnership with the Chamber of Commerce (PKCG) and with support from the Dutch organization CILC’s BESP project, convened a roundtable titled “Achieving a More Liquid Economy” to mark the ten-year anniversary of judicial executors’ work. The event, held at the Hilton Hotel, aimed to engage with Montenegrin entrepreneurs, who are among the primary stakeholders in enforcement proceedings.

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Vidak Latković, President of the Chamber of Judicial Executors, expressed the Chamber’s intent to commence a series of events commemorating the association’s milestone by initiating dialogue with Montenegro’s business community, particularly those most commonly involved as creditors in enforcement actions.

As a contributor to the Judiciary Reform Strategy and its corresponding action plan, the Chamber proposed and received approval to conduct an analysis of judicial executors’ performance from 2014 to the present year. This collaborative effort with the Ministry of Justice and external consultants seeks to scrutinize the handling of pending cases.

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“The groundwork for this analysis has already begun, and the insights shared today will serve as invaluable inputs,” Latković affirmed.

Despite encountering operational challenges, judicial executors have managed to streamline enforcement processes, leading to improved compliance with obligations and reduced enforcement durations.

“A swift and effective enforcement process, executed in accordance with the law, is fundamental for upholding the rule of law, particularly ensuring legal certainty,” the statement asserted.

Internal reports indicate that as of March 31 this year, judicial executors had received 719,140 cases, successfully resolving nearly 400,000 of them. This represents over 55 percent of cases resolved. They have handled cases valued at approximately 2.75 billion EUR, collecting nearly 600 million EUR in claims.

“This equates to resolving almost three-fifths of cases and satisfying nearly a quarter of total claims,” the statement highlighted.

Despite Montenegro’s conservative legislative framework and various challenges, the efficiency of judicial executors’ work remains comparable to that of many European counterparts.

While insolvency, once a primary concern for Montenegrin companies, has declined in significance according to PKCG data, rising mutual indebtedness underscores the need for continued improvements in enforcement procedures to address the persistent issue of economic insolvency effectively.

“Efficient enforcement procedures are essential for a thriving economy, fostering a favorable business climate and attracting new investments,” the statement concluded.

Mladen Grdinić, President of the Commercial Court, echoed the sentiment, emphasizing the ongoing need for reforms, particularly in public sale procedures and the dissemination of public announcements through electronic platforms.

According to CBCG data, the number of blocked companies increased from 16,510 last year to 17,040 as of March 31 this year.

In conclusion, all speakers affirmed the significance of introducing judicial enforcement activities as a positive step forward.

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