COMPARATIVE ANALYSIS OF THE CONTENS OF THE FINANCIAL RESTRUCTURING PLANS

Gospodarska kriza se v Sloveniji že od leta 2008 odraža v vse številnejših insolventnih težavah podjetij. S tem sovpada uveljavitev Zakona o finančnem poslovanju, postopkih zaradi insolventnosti in prisilnem prenehanju. Ta je prinesel slovenskim ocenjevalcem vrednosti podjetij novo vlogo v postopku prisilne poravnave, in sicer podajanje mnenja o obstoju materialno-pravnih predpostavk za začetek postopka prisilne poravnave. Tako je postalo poročilo pooblaščenega ocenjevalca vrednosti obvezna sestavina vloge za začetek postopka prisilne poravnave. V načrtu finančnega prestrukturiranja dolžnik predstavi poglavitne ukrepe finančnega prestrukturiranja, kot so: racionalizacija poslovnih procesov in s tem stroškov, izboljšanje izterjave neplačanih terjatev, prodaja poslovno nepotrebnega premoženja. Z izvedbo teh ukrepov bo priskrbljen prihodnji denarni tok, ki ga dolžnik potrebuje za poplačilo terjatev upnikov. V poročilu pooblaščeni ocenjevalec vrednosti podjetij presoja verjetnosti uresničitve načrta finančnega prestrukturiranja (uspešne izvedbe ukrepov). S podanim mnenjem pooblaščenega ocenjevalca vrednosti upniki pridobijo potrebne informacije za odločitev, ali bodo potrdili prisilno poravnavo ali pa glasovali proti in s tem sprožili začetek uvedbe stečajnega postopka. Pooblaščeni ocenjevalci vrednosti so pri ocenjevanju vrednosti insolventnih podjetij zavezani k upoštevanju pravil stroke in smernic cen storitev pri ocenjevanju vrednosti, ki jih določata in nadzirata Slovenski inštitut za revizijo in Agencija za javni nadzor nad revidiranjem. Kljub strokovnemu znanju in pridobljenim izkušnjam se v njihovih poročilih še vedno pojavljajo nepravilnosti, ki sta jih Slovenski inštitut za revizijo in Agencija za javni nadzor nad revidiranjem ugotovila ob nadzorih.Since the beginning of 2008 the economic depression has been reflected in the increasing number of companies’ insolvency problems. The enforcement of the Financial Operations, Insolvency Proceedings and Compulsory Dissolution Act coincides with that. The latter has brought a new role to the appraisers of companies’ value in the process of compulsory settlement proceedings, namely, by delivering an opinion regarding the existence of substantive assumptions for the beginning of compulsory settlement proceedings. The report of an authorised business appraiser has, thus, become a mandatory item of the application for the beginning of compulsory settlement proceedings. The enforcement of Insolvency Law is extremely complex in daily use, especially due to the still increased dynamic and unstable economic environment. With the introduction of insolvency proceedings, the creditor’s interest comes to the fore. In the Financial Restructuring Plan, the debtor presents the principal financial restructuring measures, such as: business process rationalisation and, thus, costs, improved outstanding receivables collection and sale of unnecessary business assets. With these measures taken, the future cash flow which is needed by the debtor to repay the creditors\u27 claims is provided. In the report, the authorised business appraiser assesses the probability of financial restructuring plan realisation (the successful implementation of measures). After the given opinion of the authorised value appraiser the creditors gain the necessary information to make a decision whether to affirm the compulsory settlement proceedings or to vote against it and, therefore, initiate the commencement of bankruptcy proceedings. The authorised business appraisers are bound to comply with the rules of their profession and service price guidelines (determined and controlled by the Slovenian Institute of Auditors and the Agency for Public Oversight of Auditing) when assessing the value of insolvent companies. Despite their expertise and gained experiences, the irregularities discovered by the Slovenian Institute of Auditors and Agency for Public Oversight of Auditing during their supervision still appear in the above-mentioned reports