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PATAKYOVÁ, M., DURAČINSKÁ, J.:
Individual vs. common Interest of Creditors in the restructuring Process.
Právny obzor, 101, 2018, č. 5, s. 455 – 474.
Abstract. 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 analyzes at the same time
the legal
nature of the restructuring plan. The article is based on the decisions of the
Constitutional
Court of the SR (hereinafter referred to as the “Constitutional Court”).
Key words: restructuring, restructuring plan, community of creditors, test of
creditor’s
common interest/ test of the best interest of creditors, duty of loyalty of
creditors, selfgovernment
of creditors, principle of universality
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ISSN 2729-9228
(online)
ISSN 0032-6984
(print)
THEORETICAL REVIEW FOR ISSUES OF STATE AND LAW.
Právny obzor is peer-reviewed journal and is indexed in SCOPUS and HeinOnline database (INDEX TO FOREIGN LEGAL PERIODICALS).
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