Podgorica (MINA-BUSINESS) - The council of the Central Bank of Montenegro (CBCG) decided on Monday to renew a licence to Montenegrobanka and initiate bankruptcy procedures in Jugobanka Podgorica. During the administration rule, imposed by the central bank in Montenegrobanka, this commercial bank has completed its rationalisation, collected bad debts, rescheduled some other debts and restored liquidity. As far as Jugobanka was concerned, the administrative rule produced no positive results. Jugobanka is still having a big debt burden. It has remained insolvent and has no possibility of a quick collection of claims from its debtors. Jugobanka Podgorica was part of Jugobanka Beograd, one of four banks in Serbia closed last January by the National Bank of Yugoslavia due to massive debts.