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ქეთევან ბეთანელი, მაიკ ს. მასბაუმი - საკორპორაციო სამართალი საქართველოში PDF
ქეთევან ბეთანელი, მაიკ ს. მასბაუმი - საკორპორაციო სამართალი საქართველოში PDF
ქეთევან ბეთანელი, მაიკ ს. მასბაუმი - საკორპორაციო სამართალი საქართველოში PDF
a. Sesavali
axla, rodesac kanonis miRebidan TiTqmis aTi welia gasuli, saqarTvelos kanonm-
deblobis evropul kanonmdeblobasTan daaxloebis procesi axal fazaSi Sedis. saqar-
Tvelos mTavrobam SeimuSava kanonmdeblobebis harmonizaciis erovnuli programa,
romelic unda ganxorcieldes da swored es gaxda mizezi kanonis mokle analitikuri
mimoxilvisa evropul da saerTaSoriso samewarmeo normebTan Sedarebis safuZvelze.
ra Tqma unda, aq ganxiluli aspeqtebi aranairad ar SeiZleba amomwuravad miviCnioT,
piriqiT, isini SerCeulni arian erovnuli programis mosalodneli ganxorcielebis
CarCoebSi politikuri debatebis wamowyebisaTvis.
am miznebisaTvis, sadac es mizanSewonili iqneba, moviSveliebT evropuli kavSiris
samewarmeo samarTlis maregulirebel direqtivebs mokle da saSualo vadiani miznebis
misaRwevad. amasTan, unda gvaxsovdes, rom evropul kavSirSi samewarmeo samarTali
mxolod garkveul donezea harmonizebuli. misi udidesi nawili jer kidev wevri
saxelmwifoebis eqskluziur kompetenciaSi eqceva.
amasTanave, statiaSi warmodgenili miTiTebebi saerTaSoriso standartebze, ZiriTa-
dad, eyrdnoba gardamavali ekonomikis mqone qveynebisaTvis dadgenil samewarmeo samarTlis
zogad principebs, romlebic 1999 wels gamoaqveyna ekonomikuri TanamSromlobisa da
ganviTarebis organizaciis (OECD) mier Camoyalibebulma samuSao jgufma. jgufSi
Sediodnen safrangeTis, germaniis, ruseTisa da amerikis SeerTebuli Statebis samewarmeo
samarTlis eqspertebi, romelTa mizani iyo gardamavali ekonomikis mqone qveynebis
samewarmeo samarTlis kanonmdeblebisaTvis konsultaciebis gaweva da samarTlis am dargis
ganviTarebis gzebis SeTavazeba. winamdebare statiis pirveli nawili samewarmeo samarTlis
zogad aspeqtebs eZRvneba; meore nawilSi ganxilulia saqarTvelos kanonmdeblobiT
gaTvaliswinebuli sazogadoebaTa konkretuli organizaciul-samarTlebrivi formebi.
b. zogadi debulebani
Tu partniori iuridiuli piria, misi gauqmeba, aseve wesdebiT gansazRvruli sxva safuZv-
lebi. sazogadoebis daSlis Semdeg misi arseboba ar sruldeba, aramed iwyeba salikvidacio
procedura. likvidatorebi arian partniorebi, romelTa Sesabamis valdebulebebs
gansazRvravs mewarmeTa Sesaxeb kanonis me-14 muxli. unda moxdes sazogadoebis qonebis
fulad formaSi gadayvana; misi saboloo ganawileba ki moxdeba saboloo balansis Sedgenis
Semdeg partniorTa wilebis mixedviT, rodesac kompaniis likvidacia dasruldeba.
axali partnioris Semosvla saWiroebs cvlilebas wesdebaSi. wili emateba mas da yvela
sxva partniors, amasTan, aqtivebis erTjeradi gadacema ar aris aucilebeli. piriqiT
xdeba partnioris gasvlis SemTxvevaSi, romelic SesaZlebelia iyos wesdebis gauqmebis an
am partnioris qonebaze gakotrebis saqmis warmoebis gaxsnis Sedegi (mewarmeTa Sesaxeb
kanonis 31-e muxli, 1-li punqti). am dros darCenili partniorebi valdebulni arian,
gaaTavisuflon igi sazogadoebis valebisagan da gadauxadon is, rasac igi sazogadoebis
likvidaciis SemTxvevaSi miiRebda (mewarmeTa Sesaxeb kanonis 31-e muxli, me-2 punqti).
partniors SeuZlia gaasxvisos Tavisi wili kapitali, Tu wesdebiT daSvebulia gasxviseba,
an danarCeni partniorebi ganacxadeben Tanxmobas; Sedegad, axali partniori ikavebs Zveli
partnioris adgils (mewarmeTa Sesaxeb kanonis 30-e muxli). partniorebi SeiZleba
gairicxon sasamarTlos gadawyvetilebiT, Tu isini ganzrax an uxeSi gaufrTxileblobiT
daarRveven sazogadoebis winaSe maTze dakisrebul arsebiT movaleobas da sxva
partniorebi moiTxoven amas (mewarmeTa Sesaxeb kanonis 31-e muxli, me-2 punqti).
Tu erT-erTi partnioris gardacvalebis Semdeg sazogadoeba agrZelebs arsebobas,
memkvidreebs 33-e muxlis safuZvelze ufleba aqvT, moiTxovon Sesabamisi kompensacia.
a seTi moTxovna SesaZloa SeizRudos wesdebiT. am SemTxvevaSi gardacvlili
partnioris wili daemateba sxva darCenil partniorebs.
e. komandituri sazogadoeba
v. saaqcio sazogadoeba
mewarmeTa Sesaxeb kanonis 51-e muxlis 1-li punqtis Tanaxmad, saaqcio sazogadoeba
(Aktiengesellschaft) aris iuridiuli piri, romlis sawesdebo kapitali dayofilia erTi da
imave nominaluri Rirebulebis aqciebad. kanoni iTvaliswinebs aqciebis saxelobiT formas,
romelTa gadacema xdeba xelSekrulebis an indosamentis meSveobiT. aqciebi gaicema mflo-
belis saxelze da registrirdeba saaqcio sazogadoebis aqciaTa reestrSi. aqciaTa gadacema
SeiZleba SezRuduli iyos da saWiroebdes sazogadoebis Tanxmobas. mewarmeTa Sesaxeb
kanonis 51-e muxlis me-2 punqti ar iTvaliswinebs warmomdgenis (sawarmdgenlo) aqciebis
gacemis SesaZleblobas, rac garkveuli riskisagan icavs investorebs. aqciebi SeiZleba
iyos privilegirebuli an Cveulebrivi da Tavisuflad gadacemadi an vinkulirebuli.
suri saerTo samarTlis tradiciiT ki, dividendebis gacema SeiZleba gamoyenebul iqnes
aseve im fondebis aqcionerebze gasanawilebladac, romlebic sazogadoebas aRar sWirdeba
sameurneo saqmianobisaTvis da sazogadoebis kapitalis struqturis Sesacvlelad. mewar-
meTa Sesaxeb kanonSi es sakiTxi ar aris regulirebuli. am SemTxvevaSi SesaZloa sasargeblo
iyos dabalansebuli midgoma. amdenad, standartuli wesi SesaZlebelia iTvaliswinebdes
dividendebis saxiT mxolod warsulSi miRebuli, dagrovili, iseve rogorc mimdinare,
mogebis ganawilebas. sazogadoebas ufleba unda hqondes wesdebaSi dividendebis
ganawilebis ufro mkacri wesebis gansazRvrisa, raTa metad miizidos kreditorebi.
mizanSewonili iqneboda iseTi wesis SemoReba, romliTac dividendebis gadaxdis
uflebamosileba mieniWeba direqtorTa sabWos an aqcionerebs (ix. 54-e muxlis me-6 punqti
da 57-e muxlis me-5 punqti). zog qveyanaSi dividendebis gadaxdis Sesaxeb gadawyvetilebis
miRebis eqskluziuri uflebamosileba direqtorTa sabWos ekuTvnis, xolo aqcionerTa
Tanxmoba saWiro ar aris da maT arc ufleba ara aqvT, mosTxovon kompanias dividendebis
gadaxda. sxva qveynebSi ki aqcionerebi dividendebis gadaxdis sakiTxs amtkiceben wliur
krebaze, Tumca gardamavali ekonomikis qveynebSi direqtorTa sabWosac SeiZleba
hqondes droebiTi dividendebis gacemis ufleba wina wlis mogebidan an `avansad~ Semdegi
dividendebis damtkicebamde. amasTan, unda ganisazRvros is safuZvlebi, romelze
dayrdnobiTac direqtorTa sabWo miiRebs gadawyvetilebas dividendebis gadaxdis an
argadaxdis Sesaxeb. am konteqstSi mizanSewonilia ganisazRvros wesi, romlis Tanaxmadac
aqcionerebs, kompaniis mier dividendebis gacemaze garkveuli SezRudvebis
gaTvaliswinebiT, mieniWebaT wliuri dividendebis odenobis gansazRvris ufleba,
miuxedavad im riskisa, rom aqcionerebi moindomeben dividendebis ufro didi odenobis
dadgenas, vidre kompanias SeuZlia gadaixados.
mewarmeTa Sesaxeb kanonis debulebebisagan gansxvavebiT, meore direqtivis Tanaxmad,
aqcionerebze ar SeiZleba ganawildes dividendebi, Tu bolo finansuri wlis daxurvis
TariRisaTvis kompaniis wliur angariSSi dafiqsirebuli wminda aqtivebis Rirebuleba
xelmoweril kapitals mimatebuli xeluxlebel rezervebze (romelTa ganawileba ar
SeiZleba kanonisa da wesdebis Sesabamisad) naklebia, an dividendebis ganawilebis
SemTxvevaSi aRmoCndeba masze naklebi. Tu dividendebi mainc gaica, aqcionerma ukan
unda daabrunos masze gacemuli dividendebi. direqtivaSi mocemulia xelmowerili
kapitalis mniSvnelovani danakargis definicia, romlis drosac saWiroa saerTo krebis
mowveva, sadac gadawydeba kompaniis likvidaciis an mdgomareobis gamosasworeblad
sxva RonisZiebebis gatarebis sakiTxi. direqtiva aseve iTvaliswinebs aqcionerTa
upiratesi Sesyidvis uflebebs, rodesac kompania axali aqciebis gamoSvebas apirebs.
kapitalis SenarCunebasTan dakavSirebuli kidev erTi mniSvnelovani sakiTxi,
romelsac saqarTvelos kanoni ar aregulirebs, aris balansis dadgena aqcionerebze
dividendebis ganawilebasa da kompaniis mogebebsa da aqtivebs Soris. saqarTvelos
kanonisagan gansxvavebiT, aRniSnuli direqtivis debulebebis mixedviT, Tu kompanias
ar miuRia mogeba, an misi aqtivebi xelmoweril kapitalsa da rezervebze naklebia,
dividendebis gadaxda ar unda moxdes. winaaRmdeg SemTxvevaSi gadaxda unda
ganxorcieldes kompaniis xelmowerili kapitalisa da rezervebis xarjze, rac
gamoiwvevs maT Semcirebas da uaryofiTad imoqmedebs kreditorebis winaSe kompaniis
gadaxdisunarianobaze, vinaidan es aqtivebi sesxis uzrunvelyofas emsaxureba.
direqtiviT mowesrigebul kidev erT sakiTxs, romelic sajaro SezRuduli
pasuxismgeblobis kompaniaTa aqcionerebis interesebis dacvas emsaxureba, da romlis
T. daskvna