Osiguranje uspješnog poslovanja putem učinkovitog restrukturiranja kroz stečaj
Ensuring Successful Business through Effective Restructuring out of Bankruptcy Proceedings

Summary/Abstract: This paper studies, still underutilized, application of the possibility of restructuring of a firm even after entering bankruptcy proceedings. The aim is to investigate and describe how the development and use of a quality restructuring plan can help a firm recover and achieve competitive results again. At the same time, restructuring through entering bankruptcy proceedings and re-growing the business is an extremely demanding process. However, many stakeholders have advantages from it, so accordingly, the restructuring of the business should not only be in the interest of the owners but also of a large number of primary and secondary stakeholders. Also, the aim is to present the importance and connection of the implementation of quality corporate governance with continuous monitoring of financial indicators. The empirical analysis was conducted based on an in-depth semi-structured interview with the CEO who made contribution to the overall restructuring of the company, and the thorough overview of the business was supported by analysis using Altman Z-score and BEX models. The analyzed example exhibits that when the firm operates in accordance with the mechanisms of corporate governance, it will reduce its existential threat to a minimum. In addition to effective corporate governance, continuous financial analysis that can warn of potential difficulties and indicate problems in a timely manner is crucial. The selected trading company is an excellent example of how successful restructuring of a firm can help achieve significant success for both the firm owners, as well as for the society as a whole.

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