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Stečaj gospodarske družbe je oblika najslabšega poplačila upnikov, kjer se s prenehanjem družbe izgubijo njena delovna mesta, strokovno-tehnološka jedra, dolgoletne poslovne izkušnje in pravice intelektualne lastnine. Gospodarsko okolje izgubi poslovni subjekt, kar vpliva na vzpostavljene distribucijske verige, konkurenčnost poslovnega okolja, brezposelnost in dodatno breme javne blagajne. Iz teh razlogov velja v situacijah, ko iz poslovno-finančnih analiz izhaja donosen podjem insolventne družbe, postopati na način, da se to zdravo poslovno jedro ohrani. Trenutna slovenska insolvenčna zakonodaja omogoča širok spekter učinkovitih načinov za ohranitev zdravega poslovnega jedra družbe. V okviru postopka prisilne poravnave se kot oblika ukrepa finančnega prestrukturiranja dolžnika ponuja možnost izvedbe izčlenitve premoženja, ki predstavlja rentabilen del podjema, na novo družbo. Znotraj stečajnega postopka se zdravo jedro lahko proda kot poslovna celota, kar povečuje stečajno maso in poplačilo upnikov dolžnika. Alternativo sodnemu sistemu predstavljajo zunajsodni postopki prestrukturiranja, ki s široko mero kreativnosti dosegajo taiste pravne učinke izločitve zdravih jeder. Nenazadnje se ohranitev zdravih jeder lahko izvede v okviru hibridnih postopkov s predhodno sklenitvijo zunajsodnega sporazuma o finančnem prestrukturiranju dolžnika in kasnejšo sodno potrditvijo le-tega. Avtor skozi magistrsko delo podrobno predstavi vse sodne in zunajsodne pravne institute, ki omogočajo oblikovanje in izločitev zdravih poslovnih jeder insolventne gospodarske družbe ter med predmetnimi instituti vzpostavi primerjalno analizo. V zaključku avtor preko različnih pravnih načinov oblikovanja in prodaje zdravih poslovnih jeder izpostavi ključne zakonske rešitve obstoječega sistema in se opredeli do optimalnega načina ohranitve zdravih poslovnih jeder. Bankruptcy is a form of the worst repayment of creditors, where the liquidation of the company is followed by the loss of its jobs, professional and technological cores, know-how and intellectual property rights. The economic environment loses a business entity, which affects the established distribution chains, the competitiveness of the business environment, its unemployment rate and presents a variety of additional costs to the Treasury. For these reasons, where a profitable part of an insolvent company derives from its financial and legal due diligence, it is important to proceed in such a way to preserve this viable business core. The current Slovenian insolvency legislation provides a wide range of effective ways to preserve a profitable part of an insolvent company. As part of the compulsory settlement procedure, the financial restructuring plan may determine a spin-off to be carried out by establishing a new company or several new companies as a restructuring measure, thus preserving the viable business core. Within the bankruptcy proceedings, a viable business core may be sold as an asset or share deal. This increases the bankruptcy estate and thus the repayment of the debtor’s creditors. An alternative to the judicial system is the out-of-court restructuring procedure, where no limits for solving financial difficulties apply and which achieves the same legal effects of preserving a profitable part of an insolvent company. Finally, the preservation of viable business cores can be carried out in the context of hybrid procedures with prior (out-of-court) conclusion of a master restructuring agreement and its subsequent judicial enforcement as s pre-packed deal. Throughout the master’s thesis, the author presents, in detail, all the judicial and out-of-court legal institutes that enable the formation and preservation of profitable parts of an insolvent company and establish a comparative analysis between the respectful institutes. Finally, by going through various legal methods of formation and selling of profitable parts of an insolvent company, the author highlights key legal solutions of the existing system and defines the optimal way of preserving viable business cores. |
