Compulsory settlement
BANK ACCOUNTS BLOCKED?
JUDICIAL ENFORCEMENT IN PROGRESS?
LONGER DELAY IN PAYMENT OF SALARIES TO EMPLOYEES?
UNSETTLED TAX LIABILITIES AND DUTIES FOR EMPLOYEES?
INSOLVENT POSITION OF COMPANY!!!???
DO YOU WANT TO REHABILITATE YOUR COMPANY?
DO NOT BE PASIVE IN ELIMINATING OF THE CAUSES FOR ARRISED SITUATION!
DO NOT RISK CRIMINAL AND INDEMNITY LIABILITY OF MANAGEMENT!
The basic purpose of the compulsory settlement is rehabilitation of the insolvent debtor with the purpose of maintaining and continuing of his operations and better repayment of the creditors from the one that they would have received in case of debtor’s bankruptcy proceeding. The compulsory settlement mainly comprises financial restructuring, yet within of the compulsory settlement proceeding but others restructuring measures (business, personnel, organizational …) are usually carried out within compulsory settlement proceeding. The compulsory settlement is regulated with the Financial operations, insolvency proceedings and compulsory dissolution act (ZFPPIPP, Zakon o finančnem poslovanju, postopkih zaradi insolventnosti in prisilnem prenehanju) and is proceeded under the court surveillance.
A proposal for the introduction of the compulsory settlement proceeding may be submitted by the debtor, by the debtor’s personally liable shareholder or also by the creditors, who jointly hold over 20 per cent of all financial claims against the debtor, as disclosed in the debtor's last published annual report. On the initiation of the proceeding is decided by the court. On the success of the compulsory settlement is decided by the creditors by voting. If the compulsory settlement restructures the claims of creditors of different categories (ordinary, financial, rights to separate satisfaction, exclusion rights) they vote separate, according to the category of the claims they hold. The creditors, who are holders of ordinary claims, must confirm the proposal for the compulsory settlement with 60 % of all ordinary and recognised claims against the debtor, whereat the finally confirmed compulsory settlement applies to all ordinary creditors.
Regarding the content of the proposal of the compulsory settlement the most common proposal is to agree to reduce and postpone the maturity of the debtor’s obligations In the case of a capital company, financial restructuring can also be carried out in the form of an increase in share capital with new in-kind contributions, the subject of which is creditors' claims against the debtor, or with new cash contributions.
Regarding to the special situation and problem of the insolvent debtor the Financial operations, insolvency proceedings and compulsory dissolution act (ZFPPIPP) also enables some »special« compulsory settlement proceedings (like compulsory settlement, which is limited on restructuring of ordinary financial claims, compulsory settlement with restructuring of secured claims, compulsory settlement restructuring with spin-off, repeated compulsory settlement).
Do not hesitate with adoption and execution of measures, prescribed and allowed by the relevant legislation for the companies and other business entities that are in troubles or insolvent!
For the preparation of all necessary in connection with the proposal for the introduction of the compulsory settlement proceeding contact as soon as possible professionals for restructuring of business entities – the company SKUPINA VERITAS d.o.o.
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