Iva Kuna: “Some Thoughts on Insolvency Proceedings of Corporate Groups Reflection on Case Agrokor”

This article is based on a paper presented by Prof. Dubravka Aksamovic, an associate professor at the Faculty of Law in Osijek, Croatia. The presentation was given at the EU Business Law Forum in Gyor, Hungary, in June 2017. The paper could be read in the publication of the aforementioned Forum that will be published in the second half of 2017.

 

Intro

The so called case Agrokor[1] took place in the beginning of 2017 when the word about Agrokor’s collapse was spread. What in the beginning seemed only as a rumour brought severe problems to the Republic of Croatia, but also to its neighbouring countries – Slovenia, Bosnia and Serbia in which Agrokor as a parent company has its subsidiaries and employs lots of their citizens. The main question was: what would happen to all the subsidiaries (in Croatia, Slovenia, Bosnia and Serbia) if a parent company Agrokor collapsed, would they be forced to undergo the insolvency proceeding as well? The answer to this question can be found in the new Insolvency regulation[2] that came into force in June 2017 and for the first time introduced the chapter on Insolvency Proceedings of Members of a Group of Companies[3]. According to that, this article will briefly reflect on the situation before the enactment of the new Insolvency regulation, on the new provisions of insolvency of group of companies and on the possible scenario of Agrokor’s insolvency[4].

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Davit Jaiani: “Draft report for Symposium at Tbilisi State University –‘Cold War International Law’”

Last October, British Telegraph[i] reported –  ‘Russia and the West have entered a new Cold War that could lead to growing confrontations across the globe, as Vladimir Putin challenges American international hegemony’.

In the same piece, ex-head of international treaties department of the Russian MoD pointed out that – “If we talk about the last Cold War, we are currently somewhere between the erection of the Berlin Wall and the Cuban Missile crisis,”[ii]  

Cutting crossroads in occupied Abkhazia and ongoing process of erection of barbed wire fences in the heart of Georgia, occupied South Ossetia, will definitely fit in this comparison also.

Other than that, the Ukrainian territory of Crimea was annexed by the Russian Federation in March 2014, followed by the hybrid warfare in the eastern parts of the country. On the same year Edward Lucas, London based journalist, ex chief of the Economist magazine Moscow bureau, publishes his book – The New Cold War: Putin’s Russia and the Threat to the West[iii]

Not accidental might be that, the very comprehensive and highly visited website, providing information and analysis of the war in Ukraine is titled – New Cold War.org.[iv] 

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Katarina Đurđenić:”Rethinking the New EU Prospectus Regime on Croatian Example”

Introductory note: The information that follow have been presented in a research paper of Đurđenić, Krunić and Simić; Prospekt vrijednosnih papira – gdje smo i kamo idemo; Pravo u gospodarstvu; 2016/2; p. 281-305.

 

Prospectus is a document that should provide investors all the necessary information on the company that issues securities in which they plan to invest as well as all the necessary information on these securities. Securities can come in different forms but the most common are stocks and bonds. Prospectus usually needs to be published before offering securities to the public or admitting them to trading.

Till recently, the Directive 2003/71/EC defined when it is necessary to publish a prospectus and what are the exemptions thereof, what is the procedure of its approval and who bares the responsibility for the stated data. In Croatia, this directive has been implemented through the provisions of Capital Markets Act (Zakon o tržištu kapitala). The mere content of the certain prospectus is determined by a special legislative act, namely by Regulation (EC) No 809/2004 that implements the mentioned directive.

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