Načrt finančnega prestrukturiranja in materialna konsolidacija na primeru Agrokorja

Kosec, Tilen (author), Simoneti, Marko (mentor), Oblak, Ana (co-mentor)

Prestrukturiranje Agrokorja predstavlja specifičen primer reševanja položaja insolventnosti, saj temelji na zakonu, ki je bil pravzaprav napisan za zgolj en primer, tj. Agrokorja. Še preden je bil sprejet načrt finančnega prestrukturiranja oz. poravnava, se je postopek izredne uprave, izhajajoč iz Lex Agrokorja, poskušalo priznati tudi v Sloveniji. Priznanje bi imelo za posledico to, da bi bil prepovedan postopek izvršbe ali zavarovanja Agrokorjevega premoženja v Sloveniji, kar pa so predvsem delnice v najbolj vredni družbi v skupini, Mercatorju. Sodišči sta priznanje zavrnili, saj sta ugotovili obstoj materialne konsolidacije, ki v prvi vrsti prebija ločenost pravnih osebnosti družb v skupini, ter nasprotovanje javnemu redu zaradi kršenja načela enakopravnega obravnavanja upnikov. Cilj magistrske naloge je tako potrditev hipoteze o obstoju materialne konsolidacije, prav tako pa so obravnavani še drugi instituti, ki posegajo v načelo enakopravnega obravnavanja upnikov. Sodišči sta priznanje postopka izredne uprave zavrnili zaradi določil Lex Agrokorja, zato je uvodoma omenjeni zakon podrobno predstavljen. V zvezi z institutom materialne konsolidacije sta se sodišči sklicevali na UNCITRAL-ove smernice, ki so tako vključene v nalogi. Na podlagi predstavitve sklepov in poglavitnih delov poravnave za primer Agrokorja je opravljena analiza končnega načina prestrukturiranja skozi prizmo glavnih argumentov sodišč. Avtor ugotovi obstoj materialne konsolidacije pri oblikah poplačil, ne pa tudi pri določitvi višine poplačila posamezne terjatve upnika, zaradi česar meni, da bi takšen način materialne konsolidacije moral biti dopusten, saj prinaša pomembne koristi. Dodatno tudi potrdi oz. ovrže druge posege v enakopravno obravnavo upnikov. V zaključku apelira domačega zakonodajalca, da zakonsko uredi vprašanje insolventnosti skupin.

• Language: Slovenian
• Keywords: Agrokor, materialna konsolidacija, ločena pravna osebnost gospodarske družbe, načelo enakopravnega obravnavanja upnikov, poravnava, skupina gospodarskih družb, Lex Agrokor, UNCITRAL
• Work type: Master's thesis/paper
• Organization: PF - Faculty of Law
• Year: 2020
• PID: 20.500.12556/RUL-121401
• COBISS.SI-ID: 32526851
• Publication date in RUL: 08.10.2020

Secondary language

• Language: English
• Title: Financial Restructuring Plan and Substantive Consolidation in the Case of Agrokor

Abstract

The restructuring of Agrokor represents a specific case of resolving the insolvency situation, as it is based on a law that was actually written for only one case, i.e. Agrokor. Even before the financial restructuring plan or the Settlement Plan was adopted, the extraordinary administration proceeding, based on the Lex Agrokor, was also sought to be recognized in Slovenia. The recognition would have the consequence that the claim enforcement and security proceeding on Agrokor's property in Slovenia would be prohibited, most of which are shares in the most valuable company in the group, Mercator. The courts refused to recognize it, finding the existence of substantive consolidation, which primarily violates the corporate separateness of legal entities in a group of companies, and opposition to public order for violating the principle of equal treatment of creditors. The aim of the master thesis is to confirm the hypothesis of the existence of substantive consolidation, and other institutes that interfere with the principle of equal treatment of creditors are also discussed. The courts refused to recognize the extraordinary administration procedure due to the provisions of Lex Agrokor which is presented in detail. With regard to the institute of substantive consolidation, the courts referred to the UNCITRAL guidelines, which are thus included in my thesis. Based on the presentation of the conclusions and the main parts of the Settlement Plan in the case of Agrokor, an analysis of the final method of restructuring is performed through the prism of the main arguments of the courts. The author establishes the existence of material consolidation in the forms of repayments, but not in determining the amount of repayments of an individual creditor's claim, which is why he believes that such a method of substantive consolidation should be permissible, as it brings significant benefits. Additionally, it also confirms or rejects other interferences in the equal treatment of creditors. In conclusion, he appeals to the domestic legislator to regulate the issue of insolvency of groups.

• Keywords: Agrokor, Substantive Consolidation, Corporate Separateness of Legal Entities, the Principle of Equal Treatment of Creditors, Settlement Plan, Group of Companies, Lex Agrokor, UNCITRAL