Development of pre-bankruptcy settlement solution at Financial Agency

Public sector

The joint CROZ/FINA team did a great work within a short deadline, set by FINA’s Management Board in accordance with legal requirements, and successfully implemented software solution for supporting pre-bankruptcy settlements with all defined functionalities. The level of cooperation was exemplary, as evidenced by the array of functionalities realized within an extremely short period.

Željko PavićBoard Member, Financial Agency

Published 2015-12-01 17:19:39

In cooperation with Financial Agency (FINA), and in accordance with the 2012 Financial Business and Pre-Bankruptcy Settlement Act, company CROZ developed an IT solution to support pre-bankruptcy settlements. Project lead is Republic of Croatia, Ministry of Finance, while FINA was chosen as a partner due to its enormous experience on similar projects, as well as necessary know-hows and the infrastructure. The main goal of the project is to enable companies to resolve their insolvency problems as simple as possible, and to ensure long-term survival. In such a way, debtors that have become insolvent are given a chance to implement financial restructuring, and to become solvent, and the creditors receive a more favorable terms for settlement of claims rather than the terms they would receive in case of a regular bankruptcy procedure.

The council handles individual cases, and the system provides them necessary information and helps with the process of reaching decisions that will be published on FINA’s web page, in order for all parties in the procedure to have the necessary information for participating in the process.

At the center of the system architecture is IBM BPM platform for development and execution of business applications, which for documentation repository uses Alfresco Document Management system, and DB2 database for storing data on individual cases. The main advantage of this service is its functionality, which significantly helps the councils the decision-making process. The functionality includes the use of templates which are auto-filled by the application, then by the council, then are converted into PDF format, saved in Alfresco, and published on the web site.

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