Prodaja podjetja. Obvladovanje tveganj: med pogodbeno svobodo in zakonskimi omejitvami.

Dolžan, Luka (author), Juhart, Miha (mentor)

V magistrski nalogi obravnavam pogodbene mehanizme, ki jih imata stranki na voljo glede upravljanja s tveganji, povezanimi s prodajo podjetja. Kritično analiziram zakonsko ureditev (njene omejitve in pomanjkljivosti), posebno pozornost pa namenjam avtonomiji strank in možnostim pogodbenega obvladovanja tveganj. Naloga ima tri ključne poudarke: učinkovito vodenje postopka prodaje, izmenjava informacij in mehanizmi obvladovanja tveganj v prodajni pogodbi. Cilj naloge je preko kritične ocene uveljavljenih rešitev bralcu posredovati praktične napotke, kdaj in na kakšen način je določeno vprašanje (tveganje) najbolje obravnavati. Vsebina naloge najprej vključuje predstavitev in primerjavo obeh modelov prodaje podjetja (prodajo premoženja in prodajo deleža), nato je na kratko orisan postopek prodaje. V nadaljevanju je raziskana izmenjava informacij s poudarkom na pogodbi o nerazkrivanju informacij. Predstavljena sta tudi pismo o nameri in skrbni pregled podjetja. Glavni del naloge pa je namenjen pogodbenim tehnikam obvladovanja tveganj, ki jih imata stranki na voljo pri izbranih kategorijah pogodbenih določb (jamstva, zaveze in pogoji v povezavi z odstopno pravico in določbami o povrnitvi škode); raziskana je predvsem medsebojna povezanost teh kategorij. Pravno razmerje strank pri prodaji podjetja tvori kompleksen in medsebojno povezan sistem, ki zahteva razumevanje in predvidevanje najrazličnejših možnih posledic ter njihovo pravočasno obravnavo. Končni rezultat je sicer vedno odvisen od konkretnih okoliščin, vendar ugotovitve tega dela predstavljajo most med teorijo in prakso, s tem pa obema poloma omogočajo boljši vpogled v drugo stran. Praktični pristop pri iskanju novih rešitev, ki upošteva oba, je glavna vrednost tega dela, saj tako za teorijo kot prakso predstavlja uporabno orodje pri oceni pravnih posledic posameznih poslovnih odločitev in ponuja možnosti za izboljšave.

• Language: Slovenian
• Keywords: Prodaja podjetja, pogodba o prodaji deleža, pogodba o prodaji premoženja, postopek prodaje, izmenjava informacij, pogodba o nerazkrivanju informacij, pismo o nameri, skrbni pregled, mehanizmi obvladovanja tveganj.
• Work type: Master's thesis/paper
• Organization: PF - Faculty of Law
• Year: 2017
• PID: 20.500.12556/RUL-96751
• COBISS.SI-ID: 15849297
• Publication date in RUL: 14.10.2017

Secondary language

• Language: English
• Title: Sale of business. Allocating risk: between freedom of contract and statutory restrictions.

Abstract

In this thesis, I address contractual mechanisms that parties have at their disposal to manage risks related to the sale of business. I critically assess the relevant law (its limits and pitfalls) with special attention devoted to parties' autonomy and possibilities of contractual risk allocation. Three key aspects are addressed in detail: Efficient sale process management, information exchange and contractual risk allocation mechanisms. By analysing and critically evaluating current solutions, the aim of the thesis is to offer the reader practical advice on when and how a particular issue (or risk) can be optimally addressed. The structure of the thesis is as follows: It begins with a comparative presentation of the two models of business sale (share and asset deals) and continues to briefly sketch the process of sale. Next, it investigates information exchange, focusing on confidentiality agreement. Letter of intent and due diligence are also briefly described. The main part of the thesis is devoted to contractual risk allocating techniques that parties have at their disposal within selected categories of provisions of a typical purchase and sale agreement (representations, covenants and conditions in connection to termination and indemnity provisions); most notably, the interplay between these categories is thoroughly investigated. Legal relationship of the parties involved in sale of business forms a complex and interconnected system, which demands an understanding and anticipation of a broad spectrum of possible outcomes as well as their timely consideration. Certainly, the main part of the final result always depends on actual circumstances, but the findings of this thesis bridge the gap between theory and practice, and provide both poles with an insight to the other's reasoning. Applying a »practical approach« towards finding new solutions, taking into consideration both of them, presents the main value of this thesis, since it provides practitioners as well as scholars a useful tool for assessing legal implications of individual business arrangements and offers possibilities for improvements.

• Keywords: Sale of business, share purchase agreement, asset purchase agreement, process management, information exchange, confidentiality agreement, letter of intent, due diligence, risk allocation mechanisms.