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INDIVIDUÁLNY VS. SPOLOČNÝ ZÁUJEM VERITEĽOV V REŠTRUKTURALIZAČNOM KONANÍ

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Patakyová M., Duračinská J.
Právny obzor. Teoretický časopis pre otázky štátu a práva (Juridical Review. Theoretical journal for the questions of state and law)
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2018
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vol. 101
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issue 5
455 – 474
EN
The basic prerequisite for the success of the restructuring is an approved restructuring plan, the acceptance and confirmation of which by court must meet the legal criteria. One of the criteria is the compliance of the restructuring plan with the common interest of the creditors, which is however not defined by law. However, the interests of individual creditors are different, while the shareholders as creditors are in a different position in the process of restructuring. The article is focused on criteria that are applied to a test of creditors’ common interest in respect of conflicts of interest between creditors, and a relationship between the test of creditors’ common interest and the test of the best interest of creditors. With regard to the process of approving the restructuring plan, we also focused on the nature of the creditor’s community and on the legitimacy of the way in which the restructuring plan is approved, whether the creditors with different interests are obliged to be loyal to each other in that community. The article analyses the legal nature of the restructuring plan at the same time. The article is based on the decisions of the Constitutional Court of the SR (hereinafter referred to as the “Constitutional Court”).
2

RELEVANTNOSŤ NÁRODNÉHO PODNIKOVÉHO FINANČNÉHO VÝKAZNÍCTVA V SLOVENSKEJ REPUBLIKE Z POHĽADU VERITEĽOV AKO NEPRIVILEGOVANÝCH POUŽÍVATEĽOV

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Tumpach M., Manová E., Meluchová J.
Ekonomický časopis (Journal of Economics)
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2014
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vol. 62
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issue 5
495 – 507
EN
There are different groups of external users of business information, whose needs are more often in mutual contradiction. As a result, data about the business transactions, events and conditions need to be presented in the form of general purpose financial statements. Since 1946 the accounting rules in Slovakia has been prescribed by the government in a very detailed way. Because the government itself is one of the parties interested in such information, we have been examining whether the current system of business financial reporting could be relevant also for parties, which have not such privileged status. Our study has been focused on the assessment of the impact of available financial reporting data on the decisions taken by the creditors.
3
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HOW CAN SHAREHOLDERS AND CREDITORS LOWER THE AGENCY COSTS?

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Jerzemowska M.
Prace i Materiały Wydziału Zarządzania Uniwersytetu Gdańskiego
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2011
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vol. 2
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issue 1
353-364
EN
The main aim of the paper is to characterize agency costs and to point out how the actions undertaken by shareholders and creditors may limit them. Agency costs may be limited by the use of external and internal monitoring and by aligning the interests of shareholders and managers. The roles of effective and diversified boards, managerial remuneration and the quality of corporate governance reports in decreasing agency costs are pointed out. The level of debt and the use of protective covenants are also discussed as they may play an important role in solving agency problems. Other means of lowering agency costs include the securitization of debt, changing the level of dividend payments and share repurchases, the implementation of a principle against wrongful trading and the introduction of professional responsibility requirements for managers. The appropriate use of these mechanisms should reduce the agency costs and ultimately increase the value of the firm.
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