“Lex Agrokor” Declared Constitutional

ZAGREB, May 8, 2018 – The Constitutional Court on Tuesday announced that the law on emergency receivership in systemically important companies, dubbed “Lex Agrokor”, is in accordance with the Constitution.

According to the material the press received before the news conference, which Constitutional Court President Miroslav Šeparović scheduled for later on Tuesday, shows that the court did not support proposals, submitted by a total of 12 physical and legal entities, to launch the process of assessing the constitutionality of regulations of the said law.

The court has also obtained the opinions of the government and constitutional experts of the Zagreb Law School.

Three Constitutional Court judges gave dissenting opinions.

The said law, aimed at protecting the sustainability of business operations of vital companies, was adopted by the Croatian Parliament on 6 April.

To be considered systemically important, a company must have more than 5,000 employees and liabilities exceeding 7.5 billion kuna. All companies meeting the said criteria and facing financial difficulties will be given the same legal framework for further action.

 

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