Posteriorno in apriorno varstvo v koncernskem pravu : magistrsko delo

Kolšek, Ajda

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Title:	Posteriorno in apriorno varstvo v koncernskem pravu : magistrsko delo
Authors:	ID Kolšek, Ajda (Author) ID Prelič, Saša (Mentor) More about this mentor...
Files:	MAG_Kolsek_Ajda_2026.pdf (1,61 MB) MD5: AD18890FE43B49CB72319CEC20A08E81
Language:	Slovenian
Work type:	Master's thesis/paper
Typology:	2.09 - Master's Thesis
Organization:	PF - Faculty of Law
Abstract:	Magistrsko delo obravnava varstveno funkcijo prava povezanih družb v razmerjih med obvladujočo in odvisno družbo, povezanima v dejanski ali pogodbeni koncern, ter analizira (ne)učinkovitost varstvenih mehanizmov v slovenskem pravnem redu. Analiza izhaja iz ugotovitve, da v koncernskem pravu kot specialnem podsistemu korporacijskega prava zaradi asimetrije moči med povezanimi družbami obstaja povečano tveganje za zlorabo obvladujočega vpliva s strani obvladujoče družbe, ki se lahko realizira v prikrajšanju odvisne družbe, njenih manjšinskih družbenikov in/ali upnikov. V tem okviru delo obravnava dva temeljna varstvena režima: posteriorno varstvo, značilno za dejanski koncern, in apriorno varstvo, značilno za pogodbeni koncern. Slovensko koncernsko pravo zajema razmeroma kompleksen in premišljen nabor varstvenih mehanizmov, pri čemer ureditev v procesu pridobivanja kontrole in ob njeni pridobitvi vzpostavlja "dvostopenjski model varstva". Ta se uresničuje v okviru prevzemnega in koncernskega prava. Prevzemnopravna pravila, ki učinkujejo v fazi pridobivanja kontrole, zagotavljajo transparentnost postopkov, enakopravno obravnavo imetnikov vrednostnih papirjev in možnost izstopa, s čimer opravljajo preventivno varovalno funkcijo. Po vzpostavitvi trajnejšega razmerja odvisnosti pa v ospredje stopijo posebna varstvena pravila koncernskega prava. Na normativni ravni pravni področji tako delujeta koherentno in komplementarno ter zasledujeta enoten cilj, tj. učinkovito varstvo šibkejših subjektov v asimetričnem razmerju. Kljub navidezni celovitosti pozitivnopravne ureditve navedenih pravnih področij magistrsko delo opozarja na pomembne praktične omejitve učinkovitosti varstvenih mehanizmov. Kompleksnost ureditve, izrazita informacijska asimetrija, zahtevno dokazovanje škodljivega vpliva, visoki stroški in dolgotrajnost sodnih postopkov namreč bistveno omejujejo dejansko uveljavljanje pravic in s tem zmanjšujejo praktično uporabo varstvenih mehanizmov koncernskega prava. Poleg tega relativno nizko število sodnih primerov dodatno zmanjšuje stopnjo pravne predvidljivosti, kar upravičence odvrača od uveljavljanja zahtevkov oz. sprožitve postopkov in hkrati zavira oblikovanje ustaljene sodne prakse. Posledično se varstvo v praksi pogosto izkaže kot omejeno, kar odpira vprašanje dejanske učinkovitosti pravnega sistema in njegove zmožnosti zagotavljanja zaščite šibkejših subjektov.
Keywords:	pravo povezanih družb, koncernski konflikt, dejanski koncern, pogodbeni koncern, posteriorni varstveni mehanizmi, apriorni varstveni mehanizmi, prevzemno pravo, obseg dopustnega vpliva, odškodninska odgovornost, uveljavljanje zahtevkov, pravna učinkovitost
Place of publishing:	Maribor
Place of performance:	Maribor
Publisher:	A. Kolšek
Year of publishing:	2026
Number of pages:	1 spletni vir (1 datoteka PDF (80 str.))
PID:	20.500.12556/DKUM-97846
UDC:	347.736:005.35(043.3)
COBISS.SI-ID:	279880195
Publication date in DKUM:	29.05.2026
Views:	191
Downloads:	63
Metadata:
Categories:	PF
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Licences

License:	CC BY-NC-ND 4.0, Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International

Link:	http://creativecommons.org/licenses/by-nc-nd/4.0/
Description:	The most restrictive Creative Commons license. This only allows people to download and share the work for no commercial gain and for no other purposes.
Licensing start date:	19.04.2026

Secondary language

Language:	English
Title:	Ex post and ex ante protection in corporate group law
Abstract:	This master’s thesis examines the protective function of the law of affiliated companies in relationships between a controlling and a dependent company, linked within either a de facto group or a contractual group, and analyses the (in)effectiveness of protective mechanisms within the Slovenian legal order. The analysis proceeds from the premise that, within group law as a specialised subsystem of corporate law, the asymmetry of power between affiliated companies gives rise to an increased risk of abuse of controlling influence by the controlling company, which may materialise in detriment to the dependent company, its minority shareholders and/or its creditors. In this context, the thesis addresses two fundamental protective regimes: ex post protection, characteristic of a de facto group, and ex ante protection, characteristic of a contractual group. Slovenian group law comprises a relatively complex and carefully structured set of protective mechanisms. In regulating both the process of acquiring control and the moment of its acquisition, the legal framework establishes a “two-tier model of protection.” This model operates within the spheres of takeover law and group law. Takeover rules, which apply in the phase of acquiring control, ensure procedural transparency, equal treatment of holders of securities, and the possibility of exit, thereby performing a preventive protective function. Once a more permanent relationship of dependence has been established, specific protective rules of group law come to the fore. At the normative level, these two areas of law thus operate in a coherent and complementary manner, pursuing a common objective, namely the effective protection of weaker parties within an asymmetric relationship. Notwithstanding the apparent comprehensiveness of the positive legal framework governing these areas, the thesis highlights significant practical limitations affecting the effectiveness of the protective mechanisms. The complexity of the regulation, pronounced information asymmetries, the demanding burden of proving detrimental influence, and the high costs and protracted duration of judicial proceedings substantially restrict the effective enforcement of rights, thereby diminishing the practical operation of group law’s protective mechanisms. Moreover, the relatively limited number of judicial decisions further reduces legal predictability, discouraging entitled parties from pursuing claims or initiating proceedings and, at the same time, impeding the development of consistent case law. As a result, protection in practice frequently proves to be limited, raising questions as to the actual effectiveness of the legal system and its capacity to ensure the protection of weaker parties.
Keywords:	corporate group law, corporate group conflict, factual groups, contractual groups, ex post protective mechanisms, ex ante protective mechanisms, takeover law, scope of permissible influence, liability for damages, enforcement of claims, legal effectiveness

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