TFL Vsebine / Revija Pravnik

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Načelo absolutnih prednosti (angl. absolute priority rule) je temeljno načelo insolvenčnega prava, ki določa, da morajo biti v insolvenčnih postopkih najprej v celoti poplačani vsi upniki, preden lahko premoženje ali poplačilo prejmejo družbeniki dolžnika. Poleg tega to načelo določa, da nižje razvrščeni razredi upnikov niso upravičeni do poplačila, dokler višje razvrščeni razredi niso poplačani v celoti. Na pomen tega pravila sta že leta 1928 opozorila Bonbright in Bergeman. Dosledna uporaba načela absolutnih prednosti v stečajnih postopkih je teoretično nesporna, ekonomsko učinkovita in povsem logična. Zato glede njegove uporabe v teh postopkih praviloma ni dilem. Nasprotno pa razlogi za dosledno uporabo tega načela v postopkih reorganizacije niso tako jasni in prepričljivi. Mednarodna literatura na to temo je obsežna, vendar so med avtorji še vedno precejšnja nesoglasja glede vprašanja, ali je stroga uporaba načela ekonomsko učinkovita tudi v postopkih finančnega prestrukturiranja. Ta članek prispeva k razpravi na dveh ravneh: prvič, z jasnim pregledom teorij o vlogi načela absolutnih prednosti v postopkih finančnega prestrukturiranja, in drugič, z dodatnimi spoznanji iz slovenske zakonodaje ter empirično analizo prakse v Sloveniji.

The absolute priority rule is a fundamental rule of corporate bankruptcy law providing that, in the event of a bankruptcy proceeding, all creditors must be paid in full before equity holders retain any position in the reorganised debtor or are entitled to any payment in liquidation. The rule also requires that all senior creditors be paid in full before junior creditors can collect on outstanding debts. This rule was first noted by Bonbright and Bergeman in 1928. In liquidation cases, the role of the rule is internationally undisputed as an effective and perfectly logical one, and there are no dilemmas regarding its application. The rule simply restates the idea of a stratified ownership structure in which one has bargained to be paid before others. On the other hand, the case for the absolute priority rule in reorganisation proceedings is not as clear or strong. There has been an extensive law and economics debate on the subject, but there is still considerable disagreement as to whether potential exceptions to the absolute priority rule could be justified on the basis of economic efficiency. The author attempts to add to the already abundant literature on the absolute priority rule by adding insights from Slovenian legislation and presenting empirical insights from Slovenian cases.

The Absolute Priority Rule