director - Ministarstvo finansija

Enfocement of claims
BULLETIN OF THE MINISTRY OF FINANCE/JANUARY-MARCH 2006
ter "Durmitor", "Špiro Dacić" - Bijelo Polje,
"19 decembar" - Podgorica, "Obod genex" -
Cetinje, Jugooceanija - Kotor).
In accordance with the said, if the debtor
is not able to settle the credit within fixed
terms, the Ministry of Finance mostly
proposes to enforce the claims through property
sale and payment of funds to the account
of Treasury. But, in certain cases in
the interest of the Government and its bodies,
a part of property is taken over for the
public institutions' needs. Thus, Hotel
"Park" was taken over from HTP "Boka" -
Herceg Novi for the needs of the Ministry of
Interior - Regional Center for Underwater
Mine Clearance, to the amount of
2.423.341,00 eur, two facilities HTP "Bjelasica"
Kolašin were assumed for the needs of
the National park "Biogradska gora" and secondary
school "Braća Selić" in Kolašin to
the aggregate value of about 180.000,00 eur,
business premises of "Lovćeninvest" Podgorica
in Malo Brdo were taken for the needs
of Institute for Accounting and Auditing
etc.
In the course of enforcement the Ministry
of Finance pays special attention to enforcement
of claims assumed from Montenegrobank,
especially because it is the
World Bank's requirement and condition to
obtain special privileges in relation to credit
funds withdrawal.
Enforcement of claims is done mostly
through the following procedures:
1. In case of debtors in bankruptcy,
Milodarka Novosel
the Ministry of Finance decided to enforce
claims pursuant to the Law on Economic
Companies Insolvency, according to which
secured creditors have enforcement priority.
In that way, through bankruptcy the claim
to the amount of (219.000,00 eur) was
enforced against HTP "Fjord" - Kotor, started
enforcement of claims against HTP "Ulcinjska
rivijera" in bankruptcy proceeding
(1,7 mil. eur collected), SKI Center "Durmitor"
(778.900,00 eur collected), against
company "Špiro Dacić" - Bijelo Polje Polje
585.000,00 eur collected, and as regards the
companies "Vukman Kruščić" and "Eksportdrvo"
- Kolašin the property was transferred
to the Government to the amount exceeding
500.000,00 eur etc.
2. As regards a number of debtors
the debt was restructured, but the registered
trust is to be kept until the debt is completely
repaid, what is the case with company
HTP "Primorje" - Tivat, TUP "Brskovo" -
Bijelo Polje, "Ekozeta" - Podgorica, company
"Merkur" - Budva, company "Mehanik trade"
- Nikšić, "Budvanske rivijere" - Budva,
"Beranke" - Berane, "Primorke" - Bar, etc.
3. As regards a number of debtors,
which have mutual obligations and claims,
the debt is settled by means of mutual
offsetting, what is the case with comapany
HTP "Plavsko jezero" - Plav, "Vektra" - Podgorica.
There are also debt offsetting proposals
in relation to some other debtors.
4. The greatest part of debt is recovered
by encumbered assets sale. Aiming at a
more efficient sale, the Ministry of Finance
established a Commission for Sale, composed
of representatives of the Ministry, debtors
and relevant Ministry, which was a
proposer of credit funds allocation. So far,
in this manner were sold facility "Mali stadion"
- property of the Sports Center - Nikšić
(debt due to the Budget 34.000,00 eur
and Tax Administration 110.000,00 eur),
Hotel "Mojkovac" ownership HTP "Mojkovac"
(debt recovered to the amount of
129.000,00 eur), facility "Vukman Kruščić" -
Mojkovac (debt recovered to the amount of
48.000,00 eur) , Autocamp "Ciparis" (debt
recovered to the amount of 626.996,00
eur), company HTP "Boka" motel "Palas"
was sold and debt recovered to the amount
of 215.356,00 eur.
We note that a part of property is sold
for foreign currency savings bonds of citizens,
what is of special importance in order
to disburden the budget of the Republic on
this basis, what was especially considered in
the Bulletin No. 2.
Finally, it can be concluded that Contract
on Fiduciary Transfer of Immovable
Property Ownership Right, which was concluded
pursuant to the law and registered
in the Real Estate Register, is the best instrument
of debt security, what 2004 and
2005, over 4,0 mil. eur of claims were enforced
only on this basis, while the value of property
transferred to the Government of
the Republic of Montenegro exceeds 10,0
mil. eur and its sale is expected in the current
year. Therefore, the Ministry of Finance
is well organized to enforce the claims on
this basis and it will continue these activities
also in 2006.
Of course, financial support to economy
was approved in order to maintain certain
economic entities in the past period.
Therefore, in the debt collection procedure
it takes into account not to bring into danger
the debtors' interests in the privatization
and economic recovery period.
SECTOR FOR CORPORATE SERVICES
AND PROPERTY-LEGAL AFFAIRS
Independent Adviser,
MILODARKA NOVOSEL
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