Finansiering av företag under rekonstruktion
In this study, company reconstructions and the financing of current accounts hereof are analysed from a perspective of insolvency law. The purpose with a company reconstruction is to maintain the operations of the company despite the insolvency of the mandator. In contrast to bankruptcy proceedings the person liable for payment stays in charge of the operations. However, this person is not allowed to sign for new loans, issue pledges of security for these loans or in any other way enter new obligations without the approval from the temporary company reconstructor. Besides providing for a successful reconstruction the reconstructor also has to consider the interests of creditors, especially to maintain the preferential order of the creditor's claims, keeping them unchanged in case of a formal bankruptcy. This study investigates the attitudes of creditors to company reconstructions, what incentives they have to participate and finally in what way this influences the debtors control over cash flows and the possibilities to finance the company in this particular situation.The main findings from this study conclude that creditors' incentives to participate in the financing partially depends on what attitude they have and their eventual distribution in case of a formal bankruptcy process. The reconstructor's ability to maintain the internal preferential order is crucial to maintain the credibility of the reconstruction institution. In case debtors do not estimate the economic value of bankruptcy higher than keeping the business relations intact, they are in favour of the reconstruction alternative. This study also implies that the collective of creditors through the reconstructor exercise a considerable control of the daily operations but not to an extent influencing the debtors management of the company.