The Agency conducts all activities regarding supervision over the bankruptcy administrators’ scope of work as entrusted assignments, pursuant to Article 3 of The Law on Bankruptcy Supervision Agency (Official Gazette of the republic of Serbia no. 84/04). The aim is to provide terms under which the bankruptcy administrators can perform their duties rightfully and on time. Bankruptcy administrators’ obligation to deliver written reports and other information every month enables the Agency to check, among other things, two important requests placed before the bankruptcy administrator by the provisions of the law, and they are:

• Did the bankruptcy administrator ask and receive approval from other participants of the bankruptcy proceedings?

• Did the bankruptcy administrator deliver information to other participants in bankruptcy proceedings on time, in all cases determined by the Law on Bankruptcy proceedings and other regulations concerning the matter?

In cases where the bankruptcy administrator does not perform his duties in accordance with the law, national standards for management of bankrupt’s estate and code of ethics, the Agency may revoke the license before the three-year validity expires.

If the license is revoked, then the Agency will remove the bankruptcy administrator from the registry of bankruptcy administrators based on effectiveness of such a decision.

Bankruptcy administrator whose license is revoked may not acquire a new license within a five year period based on effectiveness of such a decision.