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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 32
Enforcement of claims BULLETIN OF THE MINISTRY OF FINANCE/JANUARY-MARCH 2006 Enforcement of claims by the Government of the Republic of Montenegro in Court procedures Following organization and status changes of: Jugobanka AD Podgorica, Montenegrobanka AD Podgorica, Bank for Development of Montenegro and Republic Directorate for Commodity Reserves, the Government of the Republic of Montenegro - Ministry of Finance assumed the claims, which are due to these legal entities against their clients on the basis of realized debenture arrangements. Ministry of Finance by the nature of its competence enforces also claims of the Government on the basis of credit funds approved from the Budget of the Republic of Montenegro. In the past activities in relation to enforcement of these claims, the Ministry of Finance consolidated all the assumed claims with the same debtor - according to all mentioned basis so that 370 legal entities - debtors were entered in the Ministry of Finance database. Such approach provides for the best debt management and offers the biggest number of possibilities to resolve and collect the claims, what represents special interest for the Republic and of course the end debtor. While reviewing the status of debt, the Ministry of Finance stated that credit beneficiaries did not settle their claims although the agreed term became due. Therefore, the Ministry decided to process court procedures in the jurisdiction of the territory of the Republic of Montenegro, as one of the models of due claims enforcement. Pursuant to the Law on Public Prosecutor, the Public Prosecutor represents the Republic in the property-legal disputes. The Ministry of Finance and Public Prosecutor established permanent cooperation, through offering advice and proposals, due dilligence testing, submitting requested documentation, etc. By application of the Law on Foreign Debt and Old Foreign Exchange Savings, Law on Budget and Law on Economic Enterprizes Insolvency, the Ministry of Finance undertook several activities until the end of 2005 in order to enforce the aforementioned creditors' claims through court procedures to the total amount of 3.403.601,47 eur. The cases were submitted to the Public Prosecutor in order to institute civil and enforcement proceedings in the competent courts. The claims against debtors which bunkruptcy proceedings and property sale for the purpose of enforcement of claims to the amount of 20.049.926,35 eur are still pending in the competent courts in the territory of the Republic of Montenegro. This was reported to the competent courts by the Government of the Republic of Montenegro ("Autoprevozno" - Nikšić, "Gornji Ibar" - Rožaje, "Jadran - Perast" - Perast, Pilana - Danilovgrad, ŠP A.D. "Šumarstvo" - Rožaje, "Velimir Jakić" - Pljevlja, Coal Mine - Berane, "Šuplja stijena" - Pljevlja, ŠIK "Bor" - Plav, ŠIP "Berane" - Berane, "Beranka" - Berane etc.). This amount includes also claims on the basis of foreign credits extended by the international credit institutions. But, having in mind that these are generally unsecured credits and bad financial standing of end users to repay credits, the collection procedure will be relatively long and the outcome will be uncertain. According to the Ministry of Finance records, the Government of the Republic of Montenegro claims, which have been settled so far by the final court decision, amount to 606.609,22 eur ("Veleprodaja" - Berane, "Ribarstvo" - Rijeka Crnojevića, Directorate of Public Works of Montenegro - Podgorica, Sugar Factory "Kovin"). In addition, the statement of claim was adopted in the first instance procedure in relation to the cases "Iling" - Kolašin and "Maestraltours" - Budva to the total amount of 169.782,30eur. Claims of the Republic of Montenegro include also credits extended by the Employment Bureau, from the Republic's funds, through Montenegrobank and as self-employment Project. 32.343,00 eur have been collected on that basis so far. Aiming at a more efficient enforcement of claims, the Government of the Republic of Montenegro approved conclusion of the Contract on Debt Restructuring with debtors under favourable conditions (longer repayment period, lower interest rate). Conclusion of these contacts begun in late 2005 and it will continue in the course of 2006. Ministry of Finance will, within the Sector for Corporative and Property Legal Affairs, proceed to pay great attention to and take necessary activities in order to successfully and promptly enforce the aforementioned claims. Senior Advisor GORDANA VUKOSLAVČEVIĆ 33
Page 3 and 4: REPUBLIC OF MONTENEGRO MINISTRY OF
Page 5 and 6: TABLE OF CONTENTS BULLETIN OF THE M
Page 7 and 8: Introduction BULLETIN OF THE MINIST
Page 9 and 10: PROJECT "1000 HOUSING CREDITS” BU
Page 11 and 12: PROJECT "1000 HOUSING CREDITS” BU
Page 13 and 14: Guidebook to the tax system BULLETI
Page 21 and 22: Budget suficit BULLETIN OF THE MINI
Page 23 and 24: Budget suficit BULLETIN OF THE MINI
Page 25 and 26: Tax administration BULLETIN OF THE
Page 27 and 28: Public debt BULLETIN OF THE MINISTR
Page 29 and 30: World Bank and Relations with the W
Page 31 and 32: State aid BULLETIN OF THE MINISTRY
Page 33: Enforcement of claims BULLETIN OF T
Page 37 and 38: Functioning of the games of chance
Page 39 and 40: Agenda of the Ministry of Finance B
Page 41 and 42: Agenda of the Ministry of Finance B
Page 43 and 44: Activities of the minister BULLETIN
Page 45 and 46: Macrofiscal report BULLETIN OF THE

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