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“Too big to fail”? The Agrokor case and its impact on West Balkan economies
International Insolvency Review ( IF 0.5 ) Pub Date : 2019-03-22 , DOI: 10.1002/iir.1327
Djuro Djuric 1 , Vladimir Jovanovic 2
Affiliation  

From about April 2017, Agrokor became the main economic topic in the Balkans. Once the greatest pride of the Croatian economy, it became a serious problem for its government. Its systemic importance for the country and the region required an immediate legislative solution. The Government had Parliament pass a special law intended to save this company. The special law on the procedure of extraordinary administration in companies of systemic importance adopted in April 2017 is an interesting example, because it introduced a new insolvency procedure titled “extraordinary administration” clearly following the example of the Italian Legge Marzano, which was adopted in order to save the Parmalat group in 2003. It also represents an example of a collision of legislation in the case of cross‐border insolvency proceedings inside and outside of the European Union, where different jurisdictions have diverging standpoints on the question of its recognition as a foreign insolvency procedure. However, once the rescue proceedings began, numerous (and some dubious) interests of the different stakeholders came to the light. The government tried not only to rescue the company and its assets throughout the Balkans region but also to acquire control of it. This was especially visible through the prerogatives of the extraordinary commissioner, formally appointed by the court, but in fact a government official. Creditors at risk, mainly Russian and Italian banks, filed lawsuits to prevent the selling of the debtor's assets. At the end, the majority creditors called to vote on the settlement agreement became the new owners of the company. However, Agrokor is still far from the end of the crisis. It has more than 60,000 employees in the region and their destiny depends on the outcome of the crisis. In more recent times, the case also revealed major political scandals.

中文翻译:

“太大而不能倒”?Agrokor案及其对西巴尔干经济的影响

从2017年4月左右开始,Agrokor成为巴尔干地区的主要经济话题。曾经是克罗地亚经济的最大骄傲,但对它的政府来说却成了一个严重的问题。它对国家和地区的系统重要性需要立即立法解决。政府已通过议会通过一项旨在拯救该公司的特别法律。2017年4月通过的关于具有系统重要性的公司特别行政程序的特别法是一个有趣的例子,因为该法明确引入了新的破产程序,称为“特别行政”,以意大利列格·马尔扎诺(Legge Marzano)的做法为例,该法被依次采用。在2003年拯救了Parmalat组。这也代表了在欧盟内部和外部进行跨境破产程序时立法冲突的例子,在该程序中,不同司法管辖区在承认其为外国破产程序这一问题上有不同的立场。但是,一旦开始救援程序,就会发现不同利益相关者的众多(和一些可疑)利益。政府不仅试图在整个巴尔干地区抢救该公司及其资产,还试图获得对该公司的控制权。通过法院正式任命的特别专员的特权,尤其是政府官员的特权,这一点尤其明显。有风险的债权人,主要是俄罗斯和意大利的银行,提起诉讼,以防止出售债务人的资产。在最后,被要求对和解协议进行表决的多数债权人成为公司的新所有者。但是,Agrokor距离危机的尽头还很遥远。它在该地区拥有60,000多名员工,他们的命运取决于危机的结果。最近,此案还显示出重大的政治丑闻。
更新日期:2019-03-22
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