Moratorium and priority new financing in insolvency proceedings

Moratorij in prednostno novo financiranje sta v osnovi vira dolžniškega financiranja za insolventne družbe v postopkih finančne reorganizacije. Moratorij upnikom prepreči, da bi proti dolžniku, ki je v insolvenčnem postopku (postopku likvidacije ali prestrukturiranja), sprožili individualne izvršilne postopke za poplačilo svojih terjatev, kar omogoči ohranitev vrednosti dolžnikovega podjetja, obenem pa zagotavlja enakopravno obravnavo upnikov. Dolžnik, ki se prestrukturira, se tako lažje posveti finančni reorganizaciji in tudi pridobivanju financiranja zanjo. Likvidna sredstva so nujna za poplačilo dolžnikovih sprotnih obveznosti, kar je pogoj za nadaljevanje poslovanja in uspešno prestrukturiranje. V zvezi s tem je izjemno pomemben institut prednostnega novega financiranja, ki upnikom, ki dolžniku zagotovijo sveža sredstva v formalnem postopku prestrukturiranja, v primeru kasnejšega stečajnega postopka nad dolžnikom omogoča prednostno poplačilo po pravilih o plačilu stroškov postopka. V magistrski nalogi so uvodoma predstavljene splošne značilnosti moratorija in prednostnega novega financiranja v insolvenčnih postopkih, v nadaljevanju pa je celovito obravnavana slovenska ureditev obeh institutov vključno s predlaganimi spremembami, ki jih vsebuje predlog ZFPPIPP-H. Sledi primerjalnopravna analiza ureditve moratorija in prednostnega novega financiranja v ZDA, Združenem kraljestvu, Nemčiji in Franciji, pri čemer je posebna pozornost namenjena morebitnim spremembam zakonodaj zaradi odziva na povečano tveganje insolventnosti zaradi epidemije COVID-19.Moratorium and priority new financing are basically a source of debt financing for insolvent companies in financial reorganization proceedings. Moratorium prevents creditors from initiating individual enforcement proceedings against a debtor in an insolvency (liquidation or restructuring) proceeding to repay their claims, which allows the value of the debtor\u27s company to be maintained while ensuring equal treatment of creditors. The debtor, who is being restructured, thus more easily devotes itself to financial reorganization as well as to obtaining financing for it. Liquid assets are necessary to repay the debtor\u27s current liabilities, which is a condition for the continuation of operations and successful restructuring. In this context, the concept of priority new financing is extremely important, since it allows creditors who provide fresh funds to the debtor in a formal restructuring procedure a prioritized payment of their claims in the event of a subsequent bankruptcy proceeding over the debtor, according to the rules on the payment of costs. The master\u27s thesis first introduces the general characteristics of the moratorium and priority new financing in insolvency proceedings, and then discusses the Slovenian regulation of both institutes, including the proposed changes contained in the proposal of »ZFPPIPP-H.« This is followed by a comparative analysis of the moratorium and priority new financing regime in the US, UK, Germany and France, with particular attention devoted to possible legislative changes in response to the increased risk of insolvency due to the COVID-19 epidemic