Avtorja v prispevku obravnavata dopustnost različnih oblik finančne asistence med družbo in njenimi družbeniki oziroma delničarji. Predstavljena je ureditev v slovenskem pravu družb, vključno z ...aktualno slovensko in nemško sodno prakso. Njuna temeljna ugotovitev je, da je posojila družbe družbenikom (posojila upstream) treba presojati z vidika kogentnih splošnih pravil o ohranjanju kapitala, enako pa velja tudi za zavarovanja za posojila tretjih oseb, na primer bank. Finančna asistenca je dopustna le, kolikor ne pomeni prepovedanega vračila vložka. Izpostavljata tudi posebnosti, ki veljajo v primerih koncernsko povezanih družb.
Autori u radu obrađuju dopustivost različitih oblika financijske asistencije između trgovačkog društva i njegovih članova, odnosno dioničara. Prikazano je pravno uređenje u slovenskom pravu društava te aktualna slovenska i njemačka sudska praksa. Temeljni je zaključak da zajmove društva članovima (up-stream zajmovi) treba prosuđivati sukladno prisilnim općim pravilima o očuvanju kapitala društva, a isto vrijedi i za davanje osiguranja za zajmove trećih osoba, primjerice banaka. Financijska asistencija će biti dopuštena samo ako ne predstavlja zabranjeni povrat uloga u društvo. Također se obrađuju posebnosti koje vrijede u slučajevima koncernsko povezanih društava.
U radu se
obrađuju transakcije kod kojih se stjecanje dionica financira
zaduživanjem ciljnog društva (LBO transakcije), ukazujući na otvorena pitanja u
njihovoj primjeni. Autori se posebno osvrću na ...primjenu propisa o povezanim
društvima te na provođenje statusne promjene pripajanja kod LBO transakcija.
Budući da je praksa pokazala da se LBO transakcije često koriste u postupcima
preuzimanja, autori u zasebnom poglavlju obrađuju korištenje ovih transkacija u
tim postupcima. U radu se analizira europski regulatorni okvir uređenja LBO
transakcija te se iznose i uspoređuju rješenja hrvatskoga, slovenskog i
talijanskog prava. Uspoređujući rješenja istraženih pravnih poredaka uočeno je
da su sva tri istražena pravna poretka različito uredila ove transakcije. Dok
su Hrvatska i Italija uredile LBO transakcije na način kako ih uređuje Druga
direktiva u pravu društava, slovenski je zakonodavac znatno pooštrio uvjete za
korištenje ovih transakcija, odnosno de facto onemogućio njihovo korištenje.
Temeljem rezultata provedenoga istraživanja, autori zaključno daju prijedloge
rješenja de lege ferenda.
The article analyzes leveraged buyout transactions, pointing out to the open issues in their application. Authors highlight the application of provisions concerning group of companies as well as mergers and acquisitions in LBO transactions. Furthermore, since business practice has shown that LBOs are often used in takeovers, authors analyze the application of LBOs in takeover procedures. In addition, the article
analyzes the European regulatory framework for the regulation of LBOs and compares the adopted solutions in Croatian, Slovenian and Italian law. Comparing the solutions of these three legislations, authors conclude that there are significant differences between them. While Croatia and Italy adopted the provisions of Second Company Law Directive, Slovenian legislator significantly tightened the conditions for using LBOs and de facto precluded their application. In conclusion, authors evaluate the consequences of the adopted provisions and looks for appropriate solutions de lege ferenda.
The transfer of the company’s registered office Prelič, Saša; Prostor, Jerneja
Zbornik Pravnog fakulteta Sveučilišta u Rijeci,
01/2016, Letnik:
37, Številka:
1
Journal Article, Web Resource
Odprti dostop
In the light of the relevant case law of The Court of Justice of the EU it is emphasized that the cross-border transfer of company’s registered office (and its real seat) must be permitted in ...accordance with the Treaty on the Functioning of the EU. Nevertheless, the Fourteenth Company law Directive should be adopted for the reasons of legal certainty and it should determine, whether the transfer of the registered office (without transfer of company’s real seat) to another Member State is admissible or not. Furthermore, the authors discuss the cross-border restructuring of the company, which in addition to relocation of the registered office also includes a change of its legal form. The Court of Justice of the EU has not yet decided on such cross-border restructuring, nevertheless it should be allowed based of the freedom of establishment (cross-border formal transformation).
Z vidika privlačnosti poslovanja družb
v določeni državi se te med seboj razlikujejo glede na stopnjo razvitosti
pravne ureditve, predvsem s korpo- racijskega in davčnega področja,
funkcionalnosti le-te v poslovnem okolju, kar vključuje stopnjo pravne
varnosti in učinkovitosti sodnih ter upravnih postopkov in posledičen ugled
države,1 pomembne okoliščine so prisotnost usposobljenega kadra,2 stopnja
njegove inovativnosti in učinkovitosti, strošek dela, velikost trga, prav
tako infrastrukturna ureditev in danosti z vidika logistike3 nasploh. Čezmejna
mobilnost se v današnjih časih izkaže kot nujna predpostavka za poslovno
uspešnost družb oziroma celo kot pogoj za njihov obstoj na trgu. Pogodba o
delovanju Evropske unije (PDEU)4 daje družbam pravico do svobodnega
ustanavljanja, ki v skladu s sodno prakso Sodišča EU poleg čezmejnih
združitev5 vključuje prenos statutarnega in dejanskega sedeža družbe, pa
tudi čezmejno formalno statusno preoblikovanje družbe – torej spremembo
pravnoorganizacijske oblike družbe, v kateri družba posluje in je skladna s
pravom domače države članice, v drugo pravnoorganizacijsko obliko po pravu
države članice gostiteljice. S tem so družbam poleg poslovanja v
nadnacionalni pravnoorganizacijski obliki evropske delniške družbe (Societas
Europaea – SE) zagotovljeni mehanizmi, s katerimi si lahko poenostavijo,
skrajšajo in pocenijo postopek čezmejnega prestrukturiranja.
In this article, the author considers transfer of assets as one of legally regulated forms of corporate restructuring that enables local self-governing authority (or the Republic of Slovenia) to ...acquire a company with its assets and liabilities by way of universal legal succession, and therefore bring about corporate status restructuring. Transfer of assets is discussed with regard to Slovenia’s corporate regulation, both in terms of procedural rules, as well as in terms of protection of interests of the shareholders and creditors of the company, which transfers the assets.
Autori u radu obrađuju dopustivost različitih oblika financijske asistencije između trgovačkog društva i njegovih članova, odnosno dioničara. Prikazano je pravno uređenje u slovenskom pravu društava ...te aktualna slovenska i njemačka sudska praksa. Temeljni je zaključak da zajmove društva članovima (up-stream zajmovi) treba prosuđivati sukladno prisilnim općim pravilima o očuvanju kapitala društva, a isto vrijedi i za davanje osiguranja za zajmove trećih osoba, primjerice
banaka. Financijska asistencija će biti dopuštena samo ako ne predstavlja zabranjeni povrat uloga u društvo. Također se obrađuju posebnosti koje vrijede u slučajevima koncernsko povezanih društava.
V članku avtorja obravnavata uveljavitev in odpravo zakonskega spregleda pravne osebnosti, ki je bil v Republiki Sloveniji uveden v letu 1999, opravljen pa v letu 2011. Razprava odpre vprašanje o ...smiselnosti instituta, saj v pravni stroki še vedno ni soglasja o tej specifičnosti slovenskega prava družb.
The present paper deals with the amendments to the Slovenian Companies Act especially in regard to company reorganizations by the implementation of Directive 2009/109/EC in 2012. This Directive ...envisaged simplification of merger and division procedures of companies by: a) simplifying information requirements for notification to shareholders prior to an assembly which decides on the merger or division, especially in cases of the so-called group mergers and divisions; b) identifying unnecessary duplication of producing specific reports, if such reports are prepared under other provisions and c) liberalization of the conditions of Internet use and other devices for electronic communication. In addition, the authors deal with the procedures of merger by acquisition and merger by formation of a new company in Slovenian law.
The fr eedom of establishment, provided by the Treaty on the Functioning of the European Union, is a suitable legal basis for effective cross-border corporate restructuring of companies in European ...Union. There are some possible methods to exercise this freedom, specially regulated with secondary acts, like cross-border mergers and the establishment and economic operation in the legal form of Societas Europaea, whereas the cross-border transfer of the company (its seat) shall be in the light of the case law of the Court of Justice of the European Union admitted on the basis of the Treaty on the Functioning of the European Union. Companies therefore in their intention for cross-border mobility do not need to reconstruct by using the general provisions on establishment and liquidation of companies and through the way of singular succession. There are possibilities, regulated on the EU level, through which companies shall emigrate or spread their business activities to other Member States much simpler and with less cost on the basis of universal succession. The regulation of procedures and the advantages of the mentioned reconstruction methods will be analysed in this article.
Article deals with the ex lege lifting the corporate veil, more precisely with its introduction in 1999 and its abolition in 2011. The discussion opens up the issues relating to reasonableness of the ...mentioned institution, since there is still no consent to this specific Slovene legislation in legal doctrine.
The present paper deals with the amendments to the Slovenian Companies Act especially in regard to company reorganizations by the implementation of Directive 2009/109/EC in 2012. This Directive ...envisaged simplification of merger and division procedures of companies by: a) simplifying information requirements for notification to shareholders prior to an assembly which decides on the merger or division, especially in cases of the so-called group mergers and divisions; b) identifying unnecessary duplication of producing specific reports, if such reports are prepared under other provisions and c) liberalization of the conditions of Internet use and other devices for electronic communication. In addition, the authors deal with the procedures of merger by acquisition and merger by formation of a new company in Slovenian law.
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