My master's thesis focuses on a relatively new instrument for securing receivables in our legal order – the »izvršnica«. It was introduced by the legislator in response to a widely spread payment indiscipline between economic operators in Slovenia.
In the first part I briefly describe the issue of payment indiscipline and business practice in Slovenia emphasising the analysis of the use of the »izvršnica« instrument. I conclude that the presented instrument in Slovenia is not used as often as expected. Then I list a set of reasons that in my opinion are crucial for its relatively infrequent use, focusing on one in particular, which I describe critically and in detail in the last chapter.
A comprehensive review of the regulation as well as the characteristics of »izvršnica« instrument and the procedures that may be conducted on its basis is followed by a review of potential risks for the debtor in the role of issuer of that instrument, as well as for the party, which is supposedly insufficiently protected.
The entire concept of the »izvršnica« instrument comes from the Croatian instrument of »zadužnica«. Thus I further chronologically describe its development and the regulation in Croatia. I use the findings to critically compare the Slovenian and Croatian instruments, which are similar in many ways, yet very different in others.
The position on the permission to use the »izvršnica« instrument for securing financial receivables in Slovenia after almost a decade is still dissenting. I portray the scarce judicial practice, which adopts different decisions, while the banks do not even allow such use, nor do they use the instrument themselves. However, a few non-banking subjects in practice use the »izvršnica« instrument in different ways also for securing financial receivables, although more comprehensive solutions would be more appropriate. These could eliminate the uncertain state that had been in my opinion created without any real reason.