Factors of successfully implemented compulsory settlement

Aktualna finančna problematika je bila povod, da je osrednja tema doktorske disertacije analiza ključnih dejavnikov, ki vplivajo na uspešno izvedeno prisilno poravnavo. Dejavnikov, ki vplivajo na reševanje podjetja iz krize, je mnogo, zato smo v doktorski disertaciji poskušali opredeliti dejavnike, ki so ključni. Slednje smo razdelili v dve skupini, na notranje in zunanje dejavnike. Zunanji dejavniki so neodvisni od podjetja, medtem ko so notranji dejavniki tisti, ki nastanejo v podjetju. V doktorski disertaciji smo opredelili dejavnike, ki vplivajo na potrditev prisilne poravnave in pa tudi na dejavnike, ki vplivajo na dokončno poplačilo upnikov in s tem trajno odpravo vzrokov insolventnosti. V okviru zunanjih dejavnikov smo analizirali ključne makroekonomske dejavnike, to so gibanje BDP, inflacije in obrestnih mer. Analizirali smo tudi vpliv kreditnega krča in bančnega sistema na gibanje števila prisilnih poravnav. Zakonodaja je prav tako izredno pomemben zunanji dejavnik, ki vpliva na uspešnost postopkov zaradi insolventnosti, zaradi česar smo v doktorski disertaciji naredili tudi primerjavo insolvenčne zakonodaje med Slovenijo, Nemčijo in ZDA. Med notranjimi dejavniki, ki vplivajo na uspešno izvedbo prisilne poravnave, so rok za poplačilo upnikov in višina poplačila, ki ga dolžnik predlaga z načrtom finančnega prestrukturiranja. V sklopu notranjih dejavnikov smo analizirali še velikost podjetja, finančni položaj podjetja pred začetkom prisilne poravnave, dogovor med dolžnikom in ločitvenimi upniki o prestrukturiranju njihovih terjatev, čas odreagiranja na krizo, poslovno prestrukturiranje v okviru izvajanja ukrepov tekom prisilne poravnave in konverzijo terjatev v lastniške deleže. Pomemben notranji dejavnik pri reševanju krize v podjetju pa je tudi psihološki vidik, ki vključuje komunikacijo med deležniki družbe, sposobnost medsebojnega sodelovanja in čustvene inteligence poslovodstva dolžnika. V empiričnem delu doktorske disertacije smo s kvantitativnimi metodami raziskovanja preverili zastavljene hipoteze, ki se nanašajo na obdobje od uvedbe prisilne poravnave pa do njene potrditve ali zavrnitve. Na podlagi vzorca 82 podjetij smo analizirali vpliv določenih zunanjih in notranjih dejavnikov na potrditev prisilne poravnave za obdobje 2008-2013. Pri tem smo ugotovili negativno korelacijo med gibanjem BDP in številom potrjenih prisilnih poravnav, pozitivno korelacijo med gibanjem inflacije in potrjenimi prisilnimi poravnavami ter pozitivno korelacijo med gibanjem obrestne mere in potrjenimi prisilnimi poravnavami. Pri notranjih dejavnikih smo potrdili, da krajši kot je rok za poplačilo upnikov in višje kot je predlagano poplačilo upnikov, večja je verjetnost, da bo prisilna poravnava potrjena. Večja podjetja imajo tudi večje možnosti za preživetje krize, saj imajo boljšo pogajalsko pozicijo. Drugi sklop hipotez, ki so se nanašale na celotno obdobje trajanja prisilne poravnave, kar pomeni tudi do dokončnega zaključka prisilne poravnave in s tem dokončnega poplačila upnikov, pa smo preverili s kvalitativno metodo raziskovanja, natančneje s študijo primera. Analiza fokusne skupine 6 slovenskih podjetij je pokazala, da so za uspešno izvedeno prisilno poravnavo ključni dejavniki dogovor med dolžnikom in navadnimi ter ločitvenimi upniki o prestrukturiranju njihovih terjatev (finančno prestrukturiranje), konverzija terjatev v lastniške deleže podjetja oziroma prevzem upravljanja s strani upnikov (lastniško prestrukturiranje) in izvajanje ukrepov poslovnega prestrukturiranja. V celotnem poteku reševanja krize v podjetju ima psihologija izredno pomembno vlogo.Due to the current financial issues, the main topic of my doctoral dissertation is analysis of factors of successfully implemented compulsory settlement. There are many factors influencing crisis resolution in a company therefore in our doctoral dissertation we have identified key factors. We have divided factors in two groups on external and internal factors. External factors are independent of the company, while internal factors derive from the company. In Slovenia many companies are trying to avoid bankruptcy by filing of a petition for compulsory settlement, but only rare are successful in terms of final payment of creditors. In doctoral dissertation we have identified factors influencing confirmation of compulsory settlement and also factors influencing final payment of creditors and long-term elimination of causes of insolvency. Within group of external factors we have analysed key macroeconomic factors which are movement of GDP, inflation and interest rates. Moreover we have analysed influence of credit crunch on the number of compulsory settlement procedures. Legislation is also one of the most important factors when talking of successfully implemented compulsory settlement. For that reason we have made comparison of insolvency legislation between Slovenia, Germany and USA. Within group of internal factors we have identified deadline and amount of payment of creditors defined in a plan of reorganization. Further we have analysed following internal factors: the size of a company, financial position of a company before filing of compulsory settlement, agreements between debtor and secured creditors about restructuring of their claims, reaction time to the crisis, business restructuring within compulsory settlement procedure and debt for equity swap. Very important internal factor is also psychological point of view which includes communication between stakeholders, ability of cooperation and emotional intelligence of management. In empirical part of doctoral dissertation we have used quantitative research methods to test hypothesis which refer to the period from filing of a petition to confirmation or rejection of plan of reorganization. Based on sample of 82 Slovenian companies we have analysed influence of previously mentioned external and internal factors on confirmation of compulsory settlement for period 2008-2013. We have found out negative correlation between movement of GDP and number of confirmed compulsory settlements, positive correlation between movement of inflation and number of confirmed compulsory settlements and positive correlation between movement of interest rate and number of confirmed compulsory settlements. We have also confirmed that shorter the deadline and higher percentage of payment of creditor the higher is the probability of confirmation of compulsory settlement. Larger companies has also better possibilities for surviving the crisis because of better negotiating position with creditors. In the second part of the research we used qualitative method of case study to test hypothesis which refer to the period from filing of a petition to the final payment of creditors. Case studies of 6 Slovenian companies have shown that key factors for successfully implemented compulsory settlement are agreement between debtor and secured creditors about restructuring their claims (financial restructuring), debt for equity swap or with other words taking over the management of a company by creditors (ownership restructuring) and implementation of measures of business restructuring. Throughout the entire procedure psychology is also one of the key factors which determine a successful compulsory settlement

Factors of a Successfully Implemented Compulsory Settlement

In Slovenia, many companies try to avoid bankruptcy with the introduction of a compulsory settlement procedure, but only a handful of companies successfully complete the compulsory settlement in the sense of a final repayment of creditors in accordance with the adopted financial restructuring plan. The article identified the factors affecting the confirmation of a compulsory settlement as well as the factors affecting the final repayment of creditors and, thus, permanently eliminated the causes of insolvency. The factors were divided into internal and external, whereby the impact of factors on a successfully completed compulsory settlement was verified using quantitative and qualitative research methods