| Sažetak | U Republici Hrvatskoj mogućnost trenutnog ovladavanja uznapredovalom, nerijetko dugotrajnom
krizom, proizlazi iz zakonodavnog okvira, a nalazi se u institutu predstečaja. Predstečaj predstavlja
izvanparnični postupak koji omogućava, u prvom redu, financijsko restrukturiranje poduzeću koje je
nelikvidno i/ili insolventno, a radi uređivanja njegovog pravnog položaja i njegova odnosa prema
vjerovnicima te održavanja njegove djelatnosti. Istraživanje u ovom radu obuhvatilo je analizu okolnosti
koje su prethodile pokretanju predstečaja, analizu predstečajnog plana restrukturiranja te provedbu istog
na slučaju društva Spačva d.d., inicijalno predviđenog kao pozitivan primjer predstečajnog postupka, te
društva Varteks d.d., inicijalno predviđenog kao negativan primjer predstečajnog postupka. Cilj
istraživanja bio je utvrditi svrhu predstečaja kao instrumenta strateškog upravljanja krizom te
opravdanost provedenih procesa restrukturiranja. Temeljem provedenih analiza zaključak je kako je
predstečaj poželjan instrument za trenutno i kratkotrajno ovladavanje krizom koji je u slučaju krize koja
je zahvatila društvo Spačva d.d. omogućio uspješan strateški zaokret u okviru kojeg se društvo
oslobodilo neprofitabilnih segmenata, financijski konsolidiralo i promijenilo vlasničku strukturu, a što
je sve omogućilo investicijski potencijal te pretpostavke za dugoročno uspješno i održivo poslovanje. U
slučaju Varteksa d.d. mogućnosti predstečaja kao instrumenta strateškog upravljanja krizom nisu
iskorištene. Društvo nije značajno financijski restrukturiralo obveze niti je poduzelo mjere koje
pretpostavljaju strateški zaokret. Dodatno, ovaj slučaj primjer je koji potvrđuje nedorečenost
zakonodavnog okvira predstečaja s obzirom da je nad Varteksom predstečaj otvoren kada za isti više
nije bio sposoban, odnosno kada je već bio spreman za stečaj. Pretpostavka uspješnog strateškog
zaokreta je potencijal ostvarivanja profitabilnosti na dugi rok, a što neučinkoviti, i industrijski
nekonkurentni poslovni modeli nisu u stanju postići. Kada se tome pridoda i činjenica prezaduženosti
evidentno je kako je predstečajni postupak preskup scenarij u situaciji u kojoj ulaganja nužna za
postizanje učinkovitijeg poslovnog modela i konkurentske snage izostaju dok se financijski resursi
iscrpljuju u korist sustavnog gašenja požara. Predstečaj, iako poželjan instrument za trenutno
ovladavanje krizom, u ovom je obliku nedostatan za postizanje dugoročnog efekta jer samostalno neće
postići otklanjanje uzroka krize, već će samo zamaskirati neke od simptoma uvažavajući činjenicu da je
u okviru predstečaja naglasak samo na financijskom restrukturiranju. Dok god se zakonodavni okvir ne
unaprijedi, odgovornost je jedino na menadžmentu i vlasnicima da shvate kako samo financijsko
restrukturiranje neće omogućiti dugoročnu održivost i uspješnost, već da je za isto potrebno suočiti se s
uzrocima krize i na operativnoj razini, ovladati njima i stvoriti dugoročno učinkovito i profitabilno
poslovanje. |
| Sažetak (engleski) | The possibility of immediate control over an advanced and often long-going crisis – in the Republic of
Croatia – derives from the legislative framework and is located in the institute of pre-bankruptcy. Pre-bankruptcy
represents an extra-judicial procedure that enables, first and foremost, financial restructuring
of an illiquid and/or insolvent company – all in order to regulate its own legal position as well as its
relation to creditors – while maintaining its activity. The research that was undertaken in this work
includes the analysis of the circumstances that preceded the initiation of the pre-bankruptcy, the analysis
of the pre-bankruptcy restructuration plan and its implementation in two different companies. One being
Spačva d.d., initially considered as a positive example of pre-bankruptcy proceedings, and the other one
being Varteks d.d initially thought to be an example of the poorly executed pre-bankruptcy procedure.
The goal of this research was to determine the existence of the purpose of the pre-bankruptcy instruments
seen as instruments of strategic crisis management as well as the justification of the restructuring
processes that were carried out. Based on the conducted analyses, the conclusion can be drawn that the
pre-bankruptcy is the preferred instrument for immediate and short-term crisis management. This proved
to be a successful way of dealing with the crisis that affected Spačva d.d. as it enabled a successful
strategic turnaround and allowed the company to cut loose its unprofitable segments, financially
consolidate and change its ownership structure. As a result, investment potential was enabled, setting
preconditions for long-term successful and sustainable business. On the other hand, in the case of
Varteks d.d. the opportunities of the pre-bankruptcy as an instrument of strategic crisis management
have not been exploited. The Company failed to undergo substantial financial restructuration of its
liabilities or take any measures that imply a decisive turnaround. Furthermore, this case is an example
of a poorly regulated legislative framework of the pre-bankruptcy institute since it was even possible to
implement pre-bankruptcy procedures in Varteks d.d. to begin with. At this point, the company was no
longer capable of forgoing pre-bankruptcy rather it was ready to file for bankruptcy instead. The premise
of a successful strategic turnaround is the potential to achieve long-term profitability which inefficient
and industry-uncompetitive business models are incapable of accomplishing. When the fact of overindebtedness
is added to this situation, it becomes clear that the pre-bankruptcy procedure is too
expensive. Especially considering that the investments needed to achieve a more efficient and
competitive business model are lacking and instead, the existing financial resources are depleted in
favour of putting down fires as they appear. Pre-bankruptcy, although a desirable instrument for
immediate crisis management, in this form, is not sufficient in achieving a long-term effect since, if used
alone, will not manage to accomplish a complete reconstruction of the problems that caused the crisis
in the first place. In this case – and bearing in mind that within the pre-bankruptcy procedure, the
emphasis is only on financial restructuring – it will, however, mask some of the symptoms of the crisis
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without tackling the root of it. Until the legislative framework is improved, the sole responsibility falls
on the management and owners to understand that financial restructuring alone will not ensure longterm
sustainability and success. Rather, it is also necessary to tackle and manage the cause of the crisis
on the operational level. This way, the crisis can be contained, controlled, and long-term profitability
and efficiency of the business can be achieved. |
