Abstract
In contemporary conditions of an operation of business entities, the importance and significance of bankruptcy and the bankruptcy procedure are indisputable. The establishment of debtor-creditor relations in business operations of legal entities and individuals may lead to the risk of the debtor in a certain business not being able to meet the obligation he/ she has assumed. The roots of bankruptcy as a commercial law institution can be traced as far back as Roman law. The bankruptcy issues in Serbia are governed by the Bankruptcy Law of 2009. According to the importance and essence of the topic of the paper, the subject of the paper analysis refers to the concept and characteristics of bankruptcy as an important commercial law institution. It also includes the aims of bankruptcy and the criteria for its classification, as well as the question of the fundamental assumptions for the implementation of bankruptcy law rules, and the options available to bankruptcy debtors in situations when the causes of bankruptcy are met. The paper focuses in particular on a legal treatment of the initiation and implementation of bankruptcy against legal entities in Republic of Serbia.
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