Restructuring of the Debtor
Summary: Restructuring can be defined as a set of measures that are applied in an economic entity (company or entrepreneur) that has fallen into financial difficulties. These measures do not apply only to the field of finance, but also to the entire business of the company or entrepreneur. We distinguish financial and operational restructuring, which are the two most common forms of this institute. Financial restructuring refers to redefining the relationship between company as a debtor and a creditors. On the other hand, operational restructuring involves optimizing the production process, increasing productivity, eliminating inefficiencies, and other measures. Also, we distinguish formal (court proceedings) and informal (debtors-creditors agreement) approach in defining restructuring. In Republic of Srpska, Act of Bankruptcy regulates the restructuring process in which the debtor’s status is defined, as well as its relationship with the creditors, in order to continue the activity. This paper criticizes the method of regulating this institute, bearing in mind that there is no clear difference between this procedure and the reorganization proceeding. In addition, author analyzes of the regulation of this institute (consensual financial restructuring) in Serbia and Croatia.
Key words: financial restructuring, operational restructuring, insolvency, debtor, creditors, agreement.
Rezime: Restrukturiranje možemo definisati kao skup mera koje se primenjuju u okviru privrednog subjekta koji je zapao u finansijske teškoće. Te mere se ne odnose, samo, na oblast finansija, već i na celokupno poslovanje privrednog subjekta. Razlikujemo finansijsko i operativno restrukturiranje, koja su dva najčešća oblika ovog instituta. Finansijsko restrukturiranje se odnosi na redefinisanje odnosa između privrednog subjekta kao dužnika i poverilaca. Sa druge strane, operativno restrukturiranje obuhvata optimizaciju procesa proizvodnje, povećanje produktivnosti, eliminisanje neefikasnosti, kao i druge mere. Takođe, razlikujemo formalni (vođenje sudskog postupka) i neformalni (dogovor dužnika i poverilaca) pristup u definisanju restrukturiranja. Zakon o stečaju Republike Srpske reguliše postupak restrukturiranja u kome se definiše status dužnika, kao i njegov odnos prema poveriocima, a u cilju nastavka obavljanja delatnosti. U radu se kritikuje način regulisanja ovog instituta, imajući u vidu da nije određena jasna razlika između ovog postupka i postupka reorganizacije. Osim toga, u radu se posvećuje pažnja regulisanju ovog instituta (sporazumno finansijsko restrukturiranje) i u Srbiji i Hrvatskoj.
Ključne reči: finansijsko restrukturiranje, operativno restrukturiranje, insolventnost, dužnik, poverioci, sporazum.