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Kriza v svetovnem gospodarstvu in bančnem sistemu je povzročila pri večjem številu gospodarskih družb likvidnostne težave, ki so bodisi kratkoročne ali dolgoročne narave. Obilica zunanjih in notranjih vplivov krize je povzročila neravnovesje v poslovanju družb, ki je najbolj obremenilo prav denarni tok. Izhod iz težav predstavlja prestrukturiranje, ki je lahko finančno ali pa vsebuje tudi elemente poslovnega prestrukturiranja. Finančna prestrukturiranja običajno predstavljajo dogovor med dolžnikom in upniki, kar opredelimo kot prostovoljna prestrukturiranja, ki zagotavljajo obstanek in nadaljevanje dejavnosti dolžnika. Če so težave dolžnika dolgoročne, se prestrukturiranje lahko izvede v skladu z insolvenčno zakonodajo, kar lahko pomeni tudi prenehanje poslovanja, ali pa nadaljevanje poslovanja v skrčenem obsegu. Prostovoljna finančna prestrukturiranja v slovenskem gospodarskem prostoru so uveljavljena le nekaj let, tako da je tudi zakonska podlaga bila urejena šele v letu 2013, nadgradnja zakonodaje v obliki Slovenskih načel finančnega prestrukturiranja dolgov v gospodarstvu pa šele v letu 2014. Tudi uspešno izvedenih prostovoljnih finančnih prestrukturiranj ni veliko, tako da se tudi dobra poslovna praksa na tem področju šele vzpostavlja. Magistrska naloga prikazuje pomanjkljivosti izvedenih prestrukturiranj pred uveljavitvijo zakonodaje, načel in prakse, hkrati pa prikazuje kako bi se prestrukturiranja lahko izvedla bolje. Namen magistrske naloge je bil na konkretnem primeru družbe UNIOR d.d. predstaviti pomanjkljivosti prestrukturiranja izvedenega v letu 2013, pred sprejetjem zakonskih podlag in Slovenskih načel finančnega prestrukturiranja dolgov v gospodarstvu. V nalogi je tudi prikazana veljavna zakonodaja in poslovna praksa v Sloveniji, Nemčiji, Združenih državah Amerike ter predpisane smernice in načela s strani Evropske unije, Združenih narodov in Mednarodnega denarnega sklada. V prvem delu naloge so prikazana teoretična izhodišča razlogov za izvedbo finančnega prestrukturiranja, predstavitev Slovenskih načel finančnega prestrukturiranja dolgov v gospodarstvu in primerjava domače in tuje zakonske ureditve ter smernice mednarodnih inštitucij. Glavni cilj empiričnega dela raziskave pa je usmerjen v primerjavo izvedenega finančnega prestrukturiranja v družbi UNIOR d.d. s kasneje sprejetimi Slovenskimi načeli finančnega prestrukturiranja dolgov v gospodarstvu in zakonskimi ureditvami. Izvedba raziskave je potrdila obe zastavljeni hipotezi in sicer, da ima proučevano finančno prestrukturiranje precej pomanjkljivosti, hkrati pa je bilo prestrukturiranje v danem trenutku za zagotovitev nadaljnjega obstoja družbe nujno izvesti. Za uspešno izvedbo preventivnega finančnega prestrukturiranja je potrebno postopek prestrukturiranja začeti pravočasno, pri njem morajo aktivno sodelovati tako dolžnik kot upniki, pomembno predpostavko pa predstavlja tudi kvalitetno izdelan načrt finančnega prestrukturiranja. The crisis in world economy and in banking system has caused liquidity difficulties, either of short-term or long-term nature, at a large number of companies. A great amount of external and internal influences of the crisis has led to an imbalance at business activities of corporations, mainly burdening the cash flow itself. The way out of difficulties is represented by restructuring, being financial or also containing elements of business restructuring. Financial restructurings are usually agreements between a debtor and creditors, defined as voluntary restructurings, which ensure the existence and continuation of debtor's activities. If the difficulties of the debtor are of a long-term nature, the restructuring can be executed due to insolvency legislation, which can end up as a cessation of activities or a continuation of activities in a limited extent. The voluntary financial restructurings in Slovenian economic environment have been implemented only a couple of years, as the legal foundation was set not before 2013, and the upgrading of legislation in the form of Slovenian Principles of Financial Restructuring of Corporate Debt not before 2014. There are also not many successfully implemented voluntary financial restructurings, therefore a good business practice in this field is still in its foundation. This Master's thesis shows weaknesses of implemented restructurings before the implementation of legislation, principles and practice and at the same time it shows how the restructurings could have been implemented better. The aim of the Master's thesis was to present the weaknesses of restructuring, implemented in 2013, on a particular case of the shareholder's company UNIOR before the adoption of legal foundations and Slovenian Principles of Financial Restructuring of Corporate Debt. The thesis also presents the legislation in force and the business practice in Slovenia, in Germany, in the United States of America as well as directives and principles, determinated by the European Union, United Nations and the International Monetary Fund. The first part of the thesis shows theoretical starting-points of the reasons for implementation of financial restructuring, the presentation of Slovenian Principles of Financial Restructuring of Corporate Debt and the comparison of domestic and foreign legal regulations and directives of international institutions. The main aim of the empirical part of the survey is focused on the comparison of the implemented financial restructuring in the shareholder's company UNIOR with the later adopted Slovenian Principles of Financial Restructuring of Corporate Debt and legal regulations. The performed survey has confirmed both set up hypothesis, namely, that the examined financial restructuring has a lot of weaknesses, and at the same time, that it was urgent in that particular moment to execute the restructuring to ensure the further existence of the company. For a successful implementation of preventive financial restructuring it is necessary to start the procedure of restructuring at the right time, whereby the debtor and the creditors have to actively take part in it and a very important assumption is also a qualitatively prepared financial restructuring plan. |
