TFL Vsebine / Revija SIR*IUS

The role of the auditor in mergers and divisions, Part I.

V prvem delu dvodelne obravnave vloge revizorja pri materialnih statusnih preoblikovanjih izhajamo iz dejstva, da združitve in delitve omogočajo prenos premoženja, obveznosti in pravnih razmerij z učinkom univerzalnega oziroma delnega univerzalnega pravnega nasledstva, ne da bi bilo potrebno soglasje posameznih upnikov. Zato takšno preoblikovanje lahko bistveno spremeni osebo dolžnika, sestavo njegovega premoženja in jamstveno maso, iz katere upniki pričakujejo poplačilo. V pričujočem članku so najprej razmejene posamezne oblike združitev in delitev ter analizirani njihovi različni učinki na položaj upnikov. Posebna pozornost je namenjena delitvam, pri katerih se poleg premoženja in obveznosti lahko razdelijo tudi funkcionalno povezani sklopi sredstev, ki ustvarjajo denarne tokove. Družba lahko po preoblikovanju izpolnjuje kapitalske zahteve, čeprav se zaradi strukture njenega premoženja in dejavnosti lahko poveča tveganje insolventnosti. V nadaljevanju so analizirani individualni in institucionalni mehanizmi varstva upnikov po ZGD-1, zlasti pravica do zavarovanja, posebna solidarna odgovornost pri delitvah ter pravila o zagotavljanju in ohranjanju kapitala. Prispevek obravnava tudi meje naknadnega varstva po že izvedeni delitvi. Ugotovitve prvega dela prispevka so podlaga za drugi del, v katerem bodo obravnavane posamezne revizijske funkcije ter vprašanje, kdaj insolvenčno tveganje postane relevantno za revizorjevo presojo.

This article is the first part of a two-part analysis of the auditor’s role in mergers and divisions. It starts from the fact that such corporate transformations enable assets, liabilities and legal relationships to be transferred by universal or partial universal succession without the consent of individual creditors. As a result, a transformation may substantially alter the identity of the debtor, the composition of its assets and the pool of assets available to satisfy creditors. The article first distinguishes between the main forms of mergers and divisions and examines their differing effects on creditors. Particular attention is paid to divisions, where not only assets and liabilities but also functionally connected groups of assets generating cash flows may be separated. A company may therefore satisfy the applicable capital requirements immediately after the transformation while the structure of its assets and operations does not ensure its future ability to meet obligations as they fall due. The article then analyses the individual and institutional mechanisms of creditor protection under the Slovenian company law, in particular the right to obtain security, the special regime of joint and several liability in divisions, and the rules on capital formation and maintenance. It also considers the limits of ex post creditor protection once a division has taken effect. These findings provide the foundation for Part II, which examines the different audit functions and the circumstances in which insolvency risk becomes relevant to the auditor’s assessment.