Pravno-ekonomska analiza prodaje Merkur Trgovine v stečaju

magistrsko diplomsko delo

Kristjan Bezgovšek (Author), Marko Simoneti (Mentor)

Abstract

V poslovni praksi velja načelo, da se premoženje najbolj optimalno proda, če je postopek prodaje prilagojen vrsti premoženja in se opravi na poslovno običajni način. V primeru prodaje kontrolnega paketa delnic ali velikih sklopov opredmetenega premoženja podjetja se ta praviloma izvede v skladu z mednarodno uveljavljeno strukturo transakcije Mergers and Acquistions (M&A). Do prodaje navedenega premoženja lahko pride tudi v stečaju, kjer pa je postopek zaradi prisilne narave in varstva upnikov urejen zelo togo in specifično in se močno razlikuje od običajne strukture transakcije M&A ter posledično ne prinaša vedno najbolj optimalnih rezultatov, zato je za uresničevanja načela najugodnejšega poplačila upnikov, natančneje, da bi se dosegla najvišja prodajna cena, smiselno postopek prodaje v stečaju približati poslovno običajnemu. Temeljno vprašanje, ki se pri tem pojavi, pa je, v kolikšni meri se dejansko postopek prodaje po ZFPPIPP razlikuje od poslovno običajnega, kakšno približevanje trenutna zakonodaja dopušča ter kje so potrebne spremembe v zakonodaji. Naloga primerja oba tipa postopka prodaje, ugotavlja, kako izbrati in strukturirati najoptimalnejši način prodaje v stečajnem postopku ter nakazuje nekatere možnosti za izboljšanje učinkovitosti oziroma predlaga spremembe v zakonodaji. Na koncu ugotovitve aplicira na analizo prodaje Merkur Trgovine, kjer je šlo za stečajno prodajo stoodstotnega deleža stečajnega dolžnika Merkur, trgovina in storitve d.d. v družbi Merkur Trgovina d.d., ki je nastala kot posledica izčlenitve dolžnikovega zdravega jedra v prisilni poravnavi.

Keywords

prodaja premoženja stečajnega dolžnika;standardna struktura transakcije M&A;prodaja kontrolnega paketa delnic;izčlenitev zdravega jedra;stečaj;Merkur Trgovina d.d.;ZFPPIPP;

Data

Language:	Slovenian
Year of publishing:	2020
Typology:	2.09 - Master's Thesis
Organization:	UL PF - Faculty of Law
Publisher:	[K. Bezgovšek]
UDC:	347.736(043.2)
COBISS:	30785795
Views:	475
Downloads:	154
Average score:	0 (0 votes)
Metadata:

Other data

Secondary language:	English
Secondary title:	Legal and economic analysis of the bankruptcy sale of Merkur Trgovina
Secondary abstract:	In business practice, the principle applies that assets are sold optimally if the sale process is adapted to the type of assets and is carried out in the usual business manner. In the case of the sale of a controlling stake or large sets of an enterprise's property, this is generally carried out in accordance with the internationally established Mergers and Acquisitions (M&A) transaction structure. The sale of these assets can also occur in bankruptcy, where due to the coercive nature and protection of creditors the procedure is very rigid and specific and differs greatly from the usual structure of the M&A transaction and, consequently, does not always bring the most optimal results. Therefore, in order to implement the principle of the most favorable repayment of creditors, more precisely, in order to achieve a higher selling price, it makes sense to bring the sale process in bankruptcy closer to "business-as-usual". The fundamental question that at this point arises is to what extent the actual sales process under the ZFPPIPP differs from the business-as-usual one, what approximation the current legislation allows and where changes in the legislation are needed. The thesis compares both types of sales process, determines how to choose and structure the most optimal way of selling in bankruptcy proceedings, and indicates some possibilities for improving efficiency or even proposes changes in legislation. At the end, theoretical findings are applied to the analysis of the sale of Merkur Trgovina, where there was a bankruptcy sale of a 100% share owned by a bankruptcy debtor Merkur, trgovina in storitve d.d. in the company Merkur Trgovina d.d., which arose as a result of the spin-off of the debtor's healthy bussines core in the compulsory settlement.
Secondary keywords:	sale of the bankruptcy debtor's assets;standard M&A transaction structure;sale of a controlling stake;spin-off of a healthy bussines core;bankruptcy;Merkur Trgovina d.d.;ZFPPIPP;
Type (COBISS):	Master's thesis/paper
Study programme:	0
Embargo end date (OpenAIRE):	1970-01-01
Thesis comment:	Univ. v Ljubljani, Pravna fak.
Pages:	92 str.
ID:	12046524