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30 Law Theory & Prac. 1 (2013)

handle is hein.journals/ltyape30 and id is 1 raw text is: aktuelna tema UDK: 347.736 Marijana DuklC Mijatovi* BIBLID: 0352-3713 (2013); 30, (1-3): 1-13 ORIGINALNI NAUCNI RAD THE LEGAL POSITION OF SECURED CREDITORS IN FINANCIAL RESTURING AND BANCRUPTY ABSTRACT: The legal position of secured creditors in financial restructu- ring and bankruptcy is a necessary and essential topic in legal and economic reality for both legal theoreticians and practitioners, particularly nowadays when a wave of global recession has caused difficulties in business and payment. Banks as the largest secured creditors are mostly affected with these difficulties in business. The author of this paper pointed out the mo- dalities of treatment and payment in a proceeding of financial restructuring for secured creditors as well as the most important segments and solutions of protection of secured creditors represented in both the local bankruptcy law and business and court practice. Key words: secured creditors, financial restructuring, bankruptcy. I Secured creditors' rights 1. Secured creditors, concept and legislation. Lien is the most common mean of securing monetary demands and, as that, it appears as the most widespread model of protection for secured credi- tors. It is the role where, in business practice, banks usually appear. With the contract for collateral security, the debtor or some third party /pledger/ com- mits himself to the creditor /pledgee/ to hand over some movable property * Associate Professor and Vice Dean for Science and International Cooperation, the Faculty of Law for commerce and judiciary, University of Business Academy in Novi Sad 1