20.500.12556/RUL-186706 Varstvo upnikov v postopkih zmanjšanja osnovnega kapitala (magistrsko diplomsko delo) Protection of creditors in share capital reduction procedures Magistrska naloga obravnava varstvo upnikov pri zmanjšanju osnovnega kapitala v delniški družbi (d. d.) in družbi z omejeno odgovornostjo (d. o. o.), in sicer v postopku rednega in poenostavljenega zmanjšanja osnovnega kapitala, ter postopka slednjega z umikom delnic oziroma poslovnih deležev. Izhodišče raziskave predstavlja načelo ohranitve osnovnega kapitala, ki kot eno temeljnih načel prava kapitalskih družb zagotavlja varstvo upnikov in omejuje posege v premoženje družbe, namenjeno kritju njenih obveznosti. Ker zmanjšanje osnovnega kapitala neposredno vpliva na obseg jamstvene mase družbe, se postavlja vprašanje ustreznosti zakonskih mehanizmov za zaščito upnikov. Naloga analizira razlike med posameznimi postopki in njihovo utemeljenost z vidika varstva upnikov. Pozornost je najprej namenjena mehanizmom varstva upnikov pri rednem zmanjšanju osnovnega kapitala, kjer ZGD-1 vzpostavlja najintenzivnejši sistem varstva upnikov. Ta vključuje sistem preventivnega (ex-ante) in naknadnega (ex-post) varstva prek pravice do zavarovanja oziroma poplačila terjatev, izplačilne prepovedi ter instituta registrske zapore. Redni postopek zmanjšanja osnovnega kapitala dovoljuje poseg v temeljno prepoved znotraj načela ohranitve osnovnega kapitala, to je prepoved vračila vložkov. Nadalje obravnavam poenostavljeno zmanjšanje osnovnega kapitala, katerega temeljni namen je sanacija družbe. Varstvo upnikov zatorej temelji zlasti na vezanosti sproščenih sredstev in bilančno pravnih omejitvah, pri čemer opozarjam na normativno vrzel v 380. členu ZGD-1, ki omogoča obvod pravil, namenjenih varstvu upnikov. Nenazadnje obravnavam zmanjšanje osnovnega kapitala z umikom delnic oziroma poslovnih deležev, kjer se obseg varstva upnikov prilagaja načinu izvedbe umika in značilnostim d.d. in d.o.o. V tem okviru je obravnavana problematika ureditve smiselne uporabe določb o d.d. pri ureditvi d. o. o. glede na razlike med delnico in poslovnim deležem. Ker se slovenska ureditev zmanjšanja osnovnega kapitala ter varstva upnikov pri slednjem v pomembnem delu zgleduje po nemškem pravu, naloga vključuje tudi primerjalno pravno analizo nemške ureditve. Primerjava omogoča boljše razumevanje temeljnih konceptov varstva upnikov in identifikacijo rešitev, ki jih slovenski zakonodajalec ni v celoti prevzel oziroma jih je uredil drugače. Na tej podlagi so izpostavljene prednosti in pomanjkljivosti veljavne slovenske ureditve ter podani predlogi za njeno izboljšanje, zlasti na področju poenostavljenega zmanjšanja osnovnega kapitala in zmanjšanja osnovnega kapitala z umikom poslovnih deležev pri d.o.o. This master's thesis focuses on protection of creditors in the procedures of a share capital reduction both in stock corporation (d. d.) and limited liability company (d. o. o.), namely ordinary and simplified capital reduction, and capital reduction through the withdrawal of stocks or business shares. The research is based on the principle of capital maintenance, which constitutes one of the fundamental principles of company law and serves to protect creditors by restricting distributions from the company's assets designated for the satisfaction of its obligations. Since a reduction of share capital directly affects the company's guarantee fund, the adequacy of the legal mechanisms designed to protect creditors becomes a matter of particular importance. The thesis analyses the differences between the individual procedures and assesses their justification from the perspective of creditor protection. Firstly, attention is devoted to creditor protection mechanisms in ordinary capital reduction, where the Slovenian Companies Act (ZGD-1) establishes the most comprehensive system of protection. This procedure combines preventive (ex-ante) and subsequent (ex-post) safeguards, including creditors’ rights to security or satisfaction of claims, restrictions on distributions, and the institution of the registration blockade. Ordinary capital reduction allows for a derogation from one of the core prohibitions inherent in the principle of capital maintenance, namely the prohibition on the repayment of shareholders' contributions. The thesis further examines simplified capital reduction, which primary purpose is the financial restructuring of the company and where creditor protection is particularly based on the allocation of released funds and accounting restrictions. In this context, special attention is drawn to a regulatory gap in Article 380 of ZGD-1, which may allow circumvention of rules intended to protect creditors. Lastly, creditor protection is analyzed in relation to capital reduction through withdrawal of stocks or business shares, where the scope of protection depends on the method of withdrawal and the characteristics of stock corporation and limited liability company. Within this framework, the thesis addresses the issue of the mutatis mutandis application of rules governing stock corporations to limited liability companies and highlights the difficulties arising from the fundamental differences between stocks and business shares. As the Slovenian regulation of capital reduction and creditor protection is largely modelled on German company law, the thesis also includes a comparative analysis of the German legal framework. This comparison facilitates a deeper understanding of the underlying concepts of creditor protection and identifies solutions that have either not been fully adopted by the Slovenian legislator or have been implemented differently. On this basis, the thesis evaluates the strengths and weaknesses of the current Slovenian regulation and proposes possible improvements, particularly with regard to simplified capital reduction and capital reduction through withdrawal of business shares in limited liability companies. osnovni kapital zmanjšanje osnovnega kapitala varstvo upnikov redno zmanjšanje osnovnega kapitala poenostavljeno zmanjšanje osnovnega kapitala umik delnic umik poslovnih deležev. share capital share capital reduction protection of creditors ordinary share capital reduction simplified share capital reduction withdrawal of stocks withdrawal of business shares. true false false Z. Jeram Slovenski jezik Angleški jezik Magistrsko delo/naloga 2026-09-04 09:00:07 2026-09-04 09:00:20 2026-09-08 14:04:52 0000-00-00 00:00:00 2026 0 Ljubljana 0 Ljubljana 1 spletni vir (1 datoteka PDF (41 str.)) 0000-00-00 Zaloznikova Objavljeno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 347.7(043.2) 140973 290400515 29855.pdf 29855.pdf 1 7ABA77D8499BBFE4213887F667886EC0 13ee3d6ce6e55dc83bce3d4eb6dc8cf3c201619dda2fff8d8cfcc9f46464472c 4fa87b88-a82e-11f1-8bc5-0050569b8976 https://repozitorij.uni-lj.si/Dokument.php?lang=slv&id=246043 Pravna fakulteta 0 0 0