In 2019 we completed a Study on account blocking in Western Balkan countries (Bosnia and Herzegovina, Montenegro, North Macedonia and Serbia) and its impact on corporate reorganisation and restructuring in these countries.

The Study, led by the Legal Transition Team and experts at Moravčević Vojnović i Partneri in cooperation with Schoenherr, identified how to transition away from reliance on bills of exchange as a quasi-security instrument towards more conventional security over cash arrangements in order to promote the greater use of consensual reorganisation and restructuring. Study was presented to country authorities in the Western Balkans and other international organisations, including the European Commission, the IMF and USAID. It has been used by the EBRD as the basis for policy dialogue with Western Balkan authorities, since the continued reliance on bills of exchange as a form of quasi-security undermines the prospect of developing a business restructuring culture. An article published on Law in transition 2018 provides some further insights into this project.