{"id":61260,"date":"2023-12-08T20:24:58","date_gmt":"2023-12-08T11:24:58","guid":{"rendered":"https:\/\/monolith.law\/cs\/?p=61260"},"modified":"2024-03-26T07:14:36","modified_gmt":"2024-03-25T22:14:36","slug":"investment-contract-liquidation-provision","status":"publish","type":"post","link":"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-liquidation-provision","title":{"rendered":"Co je ustanoven\u00ed o p\u0159edpokl\u00e1dan\u00e9m vyrovn\u00e1n\u00ed v investi\u010dn\u00ed smlouv\u011b"},"content":{"rendered":"\n<p>V investi\u010dn\u00edch smlouv\u00e1ch m\u016f\u017ee b\u00fdt stanovena klauzule naz\u00fdvan\u00e1 &#8220;fiktivn\u00ed likvida\u010dn\u00ed klauzule&#8221; (japonsk\u00e1 &#8220;Minaoshi Seisan J\u014dk\u014d&#8221;). Existuje mnoho aspekt\u016f, kter\u00e9 je t\u0159eba zv\u00e1\u017eit ohledn\u011b fiktivn\u00ed likvida\u010dn\u00ed klauzule, jako je to, kdy by m\u011bla b\u00fdt stanovena, a jak\u00fd by m\u011bl b\u00fdt jej\u00ed obsah. V tomto \u010dl\u00e1nku vysv\u011btl\u00edme fiktivn\u00ed likvida\u010dn\u00ed klauzule v investi\u010dn\u00edch smlouv\u00e1ch.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/importance-and-necessity-of-investment-contract\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/importance-and-necessity-of-investment-contract[ja]<\/a><\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_53 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-liquidation-provision\/#Co_je_to_dolozka_o_povazovanem_likvidaci\" title=\"Co je to dolo\u017eka o pova\u017eovan\u00e9m likvidaci\">Co je to dolo\u017eka o pova\u017eovan\u00e9m likvidaci<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-liquidation-provision\/#Ucel_dolozky_o_fiktivni_likvidaci\" title=\"\u00da\u010del dolo\u017eky o fiktivn\u00ed likvidaci\">\u00da\u010del dolo\u017eky o fiktivn\u00ed likvidaci<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-liquidation-provision\/#O_ucinnosti_dolozky_o_fiktivni_likvidaci\" title=\"O \u00fa\u010dinnosti dolo\u017eky o fiktivn\u00ed likvidaci\">O \u00fa\u010dinnosti dolo\u017eky o fiktivn\u00ed likvidaci<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-liquidation-provision\/#O_subjektu_ustanoveni_o_fiktivni_likvidaci\" title=\"O subjektu ustanoven\u00ed o fiktivn\u00ed likvidaci\">O subjektu ustanoven\u00ed o fiktivn\u00ed likvidaci<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-liquidation-provision\/#Podminky_pro_aktivaci_klauzule_o_povazovanem_vyrovnani\" title=\"Podm\u00ednky pro aktivaci klauzule o pova\u017eovan\u00e9m vyrovn\u00e1n\u00ed\">Podm\u00ednky pro aktivaci klauzule o pova\u017eovan\u00e9m vyrovn\u00e1n\u00ed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-liquidation-provision\/#Rozdeleni_protiplneni_podle_klauzule_o_domnelem_likvidacnim_zustatku\" title=\"Rozd\u011blen\u00ed protipln\u011bn\u00ed podle klauzule o domn\u011bl\u00e9m likvida\u010dn\u00edm z\u016fstatku\">Rozd\u011blen\u00ed protipln\u011bn\u00ed podle klauzule o domn\u011bl\u00e9m likvida\u010dn\u00edm z\u016fstatku<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-liquidation-provision\/#Je_nutne_stanovit_klauzuli_o_fiktivni_likvidaci_v_investicnich_smlouvach_nebo_smlouvach_mezi_akcionari\" title=\"Je nutn\u00e9 stanovit klauzuli o fiktivn\u00ed likvidaci v investi\u010dn\u00edch smlouv\u00e1ch nebo smlouv\u00e1ch mezi akcion\u00e1\u0159i?\">Je nutn\u00e9 stanovit klauzuli o fiktivn\u00ed likvidaci v investi\u010dn\u00edch smlouv\u00e1ch nebo smlouv\u00e1ch mezi akcion\u00e1\u0159i?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-liquidation-provision\/#Priklad_ustanoveni_o_fiktivni_likvidaci\" title=\"P\u0159\u00edklad ustanoven\u00ed o fiktivn\u00ed likvidaci\">P\u0159\u00edklad ustanoven\u00ed o fiktivn\u00ed likvidaci<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/monolith.law\/cs\/general-corporate\/investment-contract-liquidation-provision\/#Shrnuti\" title=\"Shrnut\u00ed\">Shrnut\u00ed<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Co_je_to_dolozka_o_povazovanem_likvidaci\"><\/span>Co je to dolo\u017eka o pova\u017eovan\u00e9m likvidaci<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2019\/11\/pixta_44301860_M-1024x684.jpg\" alt=\"\" class=\"wp-image-5863\" \/><figcaption class=\"wp-element-caption\">Vysv\u011btl\u00edme, co je to dolo\u017eka o pova\u017eovan\u00e9m likvidaci.<\/figcaption><\/figure>\n\n\n\n<p>Dolo\u017eka o pova\u017eovan\u00e9m likvidaci (Deemed Liquidation) je ustanoven\u00ed, kter\u00e9 stanovuje, \u017ee v p\u0159\u00edpad\u011b, kdy dojde k M&amp;A u vyd\u00e1vaj\u00edc\u00ed spole\u010dnosti, je tato spole\u010dnost pova\u017eov\u00e1na za likvidovanou a distribuuje se mezi investory. V investi\u010dn\u00edch smlouv\u00e1ch a podobn\u00fdch dokumentech, pokud je stanovena dolo\u017eka o pova\u017eovan\u00e9m likvidaci, akcion\u00e1\u0159i, na kter\u00e9 se tato dolo\u017eka vztahuje, mohou p\u0159i M&amp;A p\u0159ij\u00edmat v\u00fdnosy p\u0159ednostn\u011b p\u0159ed ostatn\u00edmi akcion\u00e1\u0159i.<\/p>\n\n\n\n<p>Obecn\u011b plat\u00ed, \u017ee pokud je uzn\u00e1no pr\u00e1vo na p\u0159ednostn\u00ed distribuci zbytkov\u00e9ho majetku, \u010dasto je stanoveno, \u017ee v\u00fdnosy z\u00edskan\u00e9 z M&amp;A budou distribuov\u00e1ny stejn\u00fdm zp\u016fsobem jako distribuce zbytkov\u00e9ho majetku.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ucel_dolozky_o_fiktivni_likvidaci\"><\/span>\u00da\u010del dolo\u017eky o fiktivn\u00ed likvidaci<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Hlavn\u00edm \u00fa\u010delem stanoven\u00ed dolo\u017eky o fiktivn\u00ed likvidaci je chr\u00e1nit pr\u00e1va a z\u00e1jmy akcion\u00e1\u0159\u016f, jako jsou rizikov\u00e9 kapit\u00e1lov\u00e9 spole\u010dnosti (VC), kte\u0159\u00ed akcie z\u00edskali za vy\u0161\u0161\u00ed n\u00e1kupn\u00ed cenu ne\u017e zakladatel\u00e9 nebo ti, kte\u0159\u00ed se pod\u00edleli na zalo\u017een\u00ed spole\u010dnosti. I kdy\u017e se startupy sna\u017e\u00ed o IPO, v\u011bt\u0161ina z nich toho nedos\u00e1hne a \u010dasto jsou p\u0159evzaty jin\u00fdmi spole\u010dnostmi nebo se st\u00e1vaj\u00ed sou\u010d\u00e1st\u00ed jin\u00fdch spole\u010dnost\u00ed, co\u017e vede k mnoha p\u0159\u00edpad\u016fm f\u00faz\u00ed a akvizic (M&amp;A). Pokud dojde k M&amp;A, a pokud je kompenzace rozd\u011blena podle pod\u00edlu na akci\u00edch, je mo\u017en\u00e9, \u017ee VC, kter\u00e9 z\u00edskaly akcie za vy\u0161\u0161\u00ed n\u00e1kupn\u00ed cenu, utrp\u00ed velk\u00e9 ztr\u00e1ty.<\/p>\n\n\n\n<p>Nap\u0159\u00edklad, v p\u0159\u00edpad\u011b spole\u010dnosti, kter\u00e1 vydala 10 000 akci\u00ed, zakladatel\u00e9 nebo ti, kte\u0159\u00ed se pod\u00edleli na zalo\u017een\u00ed spole\u010dnosti, z\u00edskali 9000 akci\u00ed (90% pod\u00edl na akci\u00edch) za cenu 10 000 korun za akcii. Tak\u017ee n\u00e1kupn\u00ed cena akci\u00ed je 90 milion\u016f korun.<\/p>\n\n\n\n<p>Na druhou stranu, pokud VC z\u00edskaj\u00ed 1000 akci\u00ed (10% pod\u00edl na akci\u00edch) za cenu 100 000 korun za akcii, n\u00e1kupn\u00ed cena akci\u00ed je 100 milion\u016f korun. Pot\u00e9, co startup roste a objev\u00ed se mo\u017enost M&amp;A s tr\u017en\u00ed kapitalizac\u00ed 500 milion\u016f korun. V tomto p\u0159\u00edpad\u011b, pokud zakladatel\u00e9 nebo ti, kte\u0159\u00ed se pod\u00edleli na zalo\u017een\u00ed spole\u010dnosti, mohou dostat distribuci podle sv\u00e9ho pod\u00edlu na akci\u00edch, mohou dostat distribuci 450 milion\u016f korun, a zisk je 360 milion\u016f korun po ode\u010dten\u00ed n\u00e1kupn\u00ed ceny akci\u00ed, kter\u00e1 je 90 milion\u016f korun.<\/p>\n\n\n\n<p>Na druhou stranu, pro VC, pokud dostanou distribuci podle sv\u00e9ho pod\u00edlu na akci\u00edch, dostanou distribuci 50 milion\u016f korun, ale n\u00e1kupn\u00ed cena akci\u00ed je 100 milion\u016f korun, tak\u017ee v\u00fdsledkem je ztr\u00e1ta 50 milion\u016f korun. Jako zakladatel\u00e9 nebo ti, kte\u0159\u00ed se pod\u00edleli na zalo\u017een\u00ed spole\u010dnosti, mohou z\u00edskat zisk 360 milion\u016f korun, tak\u017ee je mo\u017en\u00e9, \u017ee budou realizovat M&amp;A i p\u0159es ztr\u00e1ty pro VC. Hlavn\u00edm \u00fa\u010delem dolo\u017eky o fiktivn\u00ed likvidaci je chr\u00e1nit pr\u00e1va a z\u00e1jmy VC, kter\u00e9 by mohly utrp\u011bt ztr\u00e1ty v d\u016fsledku v\u00fd\u0161e uveden\u00fdch situac\u00ed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"O_ucinnosti_dolozky_o_fiktivni_likvidaci\"><\/span>O \u00fa\u010dinnosti dolo\u017eky o fiktivn\u00ed likvidaci<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/monolith.law\/wp-content\/uploads\/2019\/11\/pixta_50890496_M-1024x597.jpg\" alt=\"\" class=\"wp-image-5865\" \/><figcaption class=\"wp-element-caption\"> <br>Hlavn\u00edm \u00fa\u010delem stanoven\u00ed dolo\u017eky o fiktivn\u00ed likvidaci je chr\u00e1nit pr\u00e1va a z\u00e1jmy akcion\u00e1\u0159\u016f, jako jsou VC, kte\u0159\u00ed akcie z\u00edskali za vy\u0161\u0161\u00ed cenu ne\u017e zakladatel\u00e9 nebo ti, kte\u0159\u00ed se pod\u00edleli od zalo\u017een\u00ed spole\u010dnosti.<\/figcaption><\/figure>\n\n\n\n<p>Dolo\u017eka o fiktivn\u00ed likvidaci, jak bylo uvedeno v\u00fd\u0161e, je obecn\u011b stanovena v p\u0159\u00edpad\u011b, kdy m\u00e1 n\u011bkdo p\u0159ednostn\u00ed pr\u00e1vo na distribuci zbytkov\u00e9ho majetku, tak\u017ee kompenzace z\u00edskan\u00e1 prost\u0159ednictv\u00edm M&amp;A je distribuov\u00e1na stejn\u00fdm zp\u016fsobem jako distribuce zbytkov\u00e9ho majetku. V takov\u00e9m p\u0159\u00edpad\u011b se p\u0159edpokl\u00e1d\u00e1, \u017ee spole\u010dnost byla zlikvidov\u00e1na a distribuce se prov\u00e1d\u00ed stejn\u00fdm zp\u016fsobem jako distribuce zbytkov\u00e9ho majetku, tak\u017ee druh akci\u00ed s preferen\u010dn\u00edmi pr\u00e1vy na zbytkov\u00fd majetek m\u016f\u017ee p\u0159ijmout distribuci kompenzace z\u00edskan\u00e9 prost\u0159ednictv\u00edm M&amp;A jako prvn\u00ed.<\/p>\n\n\n\n<p>Pokud nen\u00ed stanovena dolo\u017eka o fiktivn\u00ed likvidaci, akcion\u00e1\u0159i s preferen\u010dn\u00edm pr\u00e1vem na distribuci zbytkov\u00e9ho majetku mohou p\u0159ijmout preferen\u010dn\u00ed platbu v p\u0159\u00edpad\u011b, \u017ee spole\u010dnost je rozpu\u0161t\u011bna nebo zlikvidov\u00e1na, ale v p\u0159\u00edpad\u011b akvizice nebo f\u00faze atd. M&amp;A, nemohou p\u0159ijmout preferen\u010dn\u00ed distribuci.<\/p>\n\n\n\n<p>Takto \u00fa\u010dinnost dolo\u017eky o fiktivn\u00ed likvidaci umo\u017e\u0148uje akcion\u00e1\u0159\u016fm s preferen\u010dn\u00edm pr\u00e1vem na distribuci zbytkov\u00e9ho majetku p\u0159ijmout preferen\u010dn\u00ed distribuci i v p\u0159\u00edpad\u011b, \u017ee dojde k akvizici nebo f\u00fazi atd. M&amp;A.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"O_subjektu_ustanoveni_o_fiktivni_likvidaci\"><\/span>O subjektu ustanoven\u00ed o fiktivn\u00ed likvidaci<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Je d\u016fle\u017eit\u00e9 jasn\u011b definovat subjekt ustanoven\u00ed o fiktivn\u00ed likvidaci, pokud takov\u00e9 ustanoven\u00ed stanov\u00edte. Nap\u0159\u00edklad, i kdy\u017e mluv\u00edme obecn\u011b o M&amp;A, m\u016f\u017eeme zv\u00e1\u017eit r\u016fzn\u00e9 metody, jako je p\u0159evod akci\u00ed, p\u0159ijet\u00ed nov\u00fdch akci\u00ed, v\u00fdm\u011bna akci\u00ed, p\u0159evod podnik\u00e1n\u00ed, f\u00faze nebo rozd\u011blen\u00ed spole\u010dnosti. Proto, pokud nen\u00ed subjekt ustanoven\u00ed o fiktivn\u00ed likvidaci jasn\u011b definov\u00e1n, m\u016f\u017ee to mezi stranami v\u00e9st k spor\u016fm.<\/p>\n\n\n\n<p>Je t\u0159eba poznamenat, \u017ee v p\u0159\u00edpad\u011b M&amp;A, jako je p\u0159evod podnik\u00e1n\u00ed nebo rozd\u011blen\u00ed spole\u010dnosti, bude cena M&amp;A rozd\u011blena spole\u010dnosti, nikoli akcion\u00e1\u0159\u016fm. Proto nem\u016f\u017ee b\u00fdt stanoveno jako ustanoven\u00ed o fiktivn\u00ed likvidaci a je nutn\u00e9 stanovit ustanoven\u00ed, kter\u00e9 ur\u010duje rozd\u011blen\u00ed akcion\u00e1\u0159\u016fm.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Podminky_pro_aktivaci_klauzule_o_povazovanem_vyrovnani\"><\/span>Podm\u00ednky pro aktivaci klauzule o pova\u017eovan\u00e9m vyrovn\u00e1n\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>V\u00fd\u0161e jsme vysv\u011btlili, na co se vztahuje klauzule o pova\u017eovan\u00e9m vyrovn\u00e1n\u00ed, ale je tak\u00e9 nutn\u00e9 jasn\u011b stanovit podm\u00ednky pro jej\u00ed aktivaci. Nap\u0159\u00edklad, v p\u0159\u00edpad\u011b c\u00edlen\u00e9ho M&amp;A m\u016f\u017ee b\u00fdt uva\u017eov\u00e1no o stanoven\u00ed, \u017ee klauzule o vyrovn\u00e1n\u00ed se uplatn\u00ed pouze v p\u0159\u00edpad\u011b, \u017ee tr\u017en\u00ed kapitalizace p\u0159ekro\u010d\u00ed ur\u010ditou hodnotu. Co se t\u00fd\u010de podm\u00ednek pro aktivaci, je t\u0159eba d\u016fkladn\u011b zv\u00e1\u017eit situaci, jako je tr\u017en\u00ed kapitalizace, n\u00e1kupn\u00ed cena akci\u00ed akcion\u00e1\u0159\u016f jako je VC atd., a pod\u00edl akci\u00ed jednotliv\u00fdch akcion\u00e1\u0159\u016f.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Rozdeleni_protiplneni_podle_klauzule_o_domnelem_likvidacnim_zustatku\"><\/span>Rozd\u011blen\u00ed protipln\u011bn\u00ed podle klauzule o domn\u011bl\u00e9m likvida\u010dn\u00edm z\u016fstatku<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Jak bylo uvedeno v\u00fd\u0161e, v p\u0159\u00edpad\u011b klauzule o domn\u011bl\u00e9m likvida\u010dn\u00edm z\u016fstatku je obecn\u011b p\u0159i rozd\u011blov\u00e1n\u00ed zbytkov\u00e9ho majetku uzn\u00e1v\u00e1na p\u0159ednostn\u00ed pr\u00e1va. Proto je \u010dasto stanoveno, \u017ee protipln\u011bn\u00ed z\u00edskan\u00e9 prost\u0159ednictv\u00edm M&amp;A bude rozd\u011bleno stejn\u00fdm zp\u016fsobem jako zbytkov\u00fd majetek. Rozd\u011blen\u00ed protipln\u011bn\u00ed se tedy st\u00e1v\u00e1 podobn\u00fdm rozd\u011blen\u00ed zbytkov\u00e9ho majetku.<\/p>\n\n\n\n<p>Av\u0161ak, v p\u0159\u00edpad\u011b klauzule o domn\u011bl\u00e9m likvida\u010dn\u00edm z\u016fstatku, nen\u00ed nutn\u00e9 v\u017edy stanovit rozd\u011blen\u00ed protipln\u011bn\u00ed stejn\u00fdm zp\u016fsobem jako rozd\u011blen\u00ed zbytkov\u00e9ho majetku. Je tak\u00e9 mo\u017en\u00e9 stanovit rozd\u011blen\u00ed protipln\u011bn\u00ed odli\u0161n\u00fdm zp\u016fsobem. V tomto p\u0159\u00edpad\u011b je tak\u00e9 ot\u00e1zkou, jak by m\u011blo b\u00fdt dan\u011b z tohoto protipln\u011bn\u00ed pova\u017eov\u00e1ny. Proto, pokud se rozhodnete rozd\u011blit protipln\u011bn\u00ed odli\u0161n\u00fdm zp\u016fsobem ne\u017e zbytkov\u00fd majetek, je t\u0159eba vz\u00edt v \u00favahu tak\u00e9 da\u0148ov\u00e9 ot\u00e1zky p\u0159i stanovov\u00e1n\u00ed pravidel.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Je_nutne_stanovit_klauzuli_o_fiktivni_likvidaci_v_investicnich_smlouvach_nebo_smlouvach_mezi_akcionari\"><\/span>Je nutn\u00e9 stanovit klauzuli o fiktivn\u00ed likvidaci v investi\u010dn\u00edch smlouv\u00e1ch nebo smlouv\u00e1ch mezi akcion\u00e1\u0159i?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Co se t\u00fd\u010de klauzule o fiktivn\u00ed likvidaci, diskutuje se, zda je mo\u017en\u00e9 ji stanovit nejen prost\u0159ednictv\u00edm &#8220;smlouvy&#8221;, jako je investi\u010dn\u00ed smlouva nebo smlouva mezi akcion\u00e1\u0159i, ale tak\u00e9 v &#8220;stanov\u00e1ch&#8221;. Pokud jde o akcie s klauzul\u00ed o fiktivn\u00ed likvidaci, existuje negativn\u00ed n\u00e1zor na to, \u017ee je mo\u017en\u00e9 je stanovit ve stanov\u00e1ch, proto\u017ee na z\u00e1klad\u011b zn\u011bn\u00ed \u010dl\u00e1nku 108 Japonsk\u00e9ho z\u00e1kona o spole\u010dnostech (Company Act), kter\u00fd stanovuje obsah akci\u00ed, neodpov\u00edd\u00e1 \u010dl\u00e1nku 108 Japonsk\u00e9ho z\u00e1kona o spole\u010dnostech.<\/p>\n\n\n\n<p>Nav\u00edc, v b\u0159eznu 2018 (rok 30 \u00e9ry Heisei), Ministerstvo hospod\u00e1\u0159stv\u00ed, obchodu a pr\u016fmyslu uvedlo na stran\u011b 50 sv\u00e9ho dokumentu &#8220;Hlavn\u00ed body k zv\u00e1\u017een\u00ed p\u0159i smlouv\u00e1ch t\u00fdkaj\u00edc\u00edch se zdrav\u00fdch rizikov\u00fdch investic v na\u0161\u00ed zemi&#8221;, \u017ee &#8220;fiktivn\u00ed likvidace je stanovena jako smluvn\u00ed klauzule, kter\u00e1 je dohodnuta dobrovoln\u011b. Jin\u00fdmi slovy, na rozd\u00edl od preferen\u010dn\u00edch dividend a preferen\u010dn\u00ed distribuce zbytkov\u00e9ho majetku, kter\u00e9 maj\u00ed \u00fa\u010dinky na v\u0161echny akcion\u00e1\u0159e na z\u00e1klad\u011b \u00fa\u010dinnosti stanov, p\u0159in\u00e1\u0161\u00ed preferen\u010dn\u00ed distribuci investor\u016fm jako \u00fa\u010dinek smlouvy.&#8221;<\/p>\n\n\n\n<p>Z tohoto z\u00e1pisu lze usuzovat, \u017ee Ministerstvo hospod\u00e1\u0159stv\u00ed, obchodu a pr\u016fmyslu pova\u017euje klauzuli o fiktivn\u00ed likvidaci za n\u011bco, co je stanoveno prost\u0159ednictv\u00edm smlouvy, nikoli stanov.<\/p>\n\n\n\n<p><a href=\"https:\/\/monolith.law\/corporate\/issuance-of-class-shares\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/monolith.law\/corporate\/issuance-of-class-shares[ja]<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Priklad_ustanoveni_o_fiktivni_likvidaci\"><\/span>P\u0159\u00edklad ustanoven\u00ed o fiktivn\u00ed likvidaci<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Co se t\u00fd\u010de p\u0159\u00edkladu ustanoven\u00ed o fiktivn\u00ed likvidaci, m\u016f\u017eeme nap\u0159\u00edklad uva\u017eovat o n\u00e1sleduj\u00edc\u00edm ustanoven\u00ed.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>\u010cl\u00e1nek \u25cb (Ustanoven\u00ed o fiktivn\u00ed likvidaci)<\/p>\n\n\n\n<p>Smluvn\u00ed strany souhlas\u00ed, \u017ee cena, kterou obdr\u017e\u00ed ka\u017ed\u00fd akcion\u00e1\u0159 za akvizici podniku, bude vypo\u010d\u00edt\u00e1na stejn\u00fdm zp\u016fsobem jako je vypo\u010d\u00edt\u00e1v\u00e1no rozd\u011blen\u00ed zbytkov\u00e9ho majetku stanoven\u00e9ho ve stanov\u00e1ch.<\/p>\n<\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Shrnuti\"><\/span>Shrnut\u00ed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>V\u00fd\u0161e jsme vysv\u011btlili klauzuli o domn\u011bl\u00e9m vyrovn\u00e1n\u00ed v investi\u010dn\u00edch smlouv\u00e1ch. P\u0159edpokl\u00e1d\u00e1me, \u017ee mnoho startup\u016f bude b\u011bhem vyjedn\u00e1v\u00e1n\u00ed o investi\u010dn\u00edch smlouv\u00e1ch s VC a podobn\u00fdmi subjekty \u010dasto nar\u00e1\u017eet na n\u00e1vrhy na za\u010dlen\u011bn\u00ed klauzule o domn\u011bl\u00e9m vyrovn\u00e1n\u00ed. Aby startupy mohly p\u0159ijmout investice od VC a podobn\u00fdch subjekt\u016f, mus\u00ed vyhov\u011bt jejich po\u017eadavk\u016fm. Je v\u0161ak d\u016fle\u017eit\u00e9 pe\u010dliv\u011b zv\u00e1\u017eit obsah klauzule o domn\u011bl\u00e9m vyrovn\u00e1n\u00ed, aby se v budoucnu nestali nev\u00fdhodou. Vzhledem k tomu, \u017ee pro posouzen\u00ed klauzule o domn\u011bl\u00e9m vyrovn\u00e1n\u00ed je vy\u017eadov\u00e1na odborn\u00e1 znalost, je vhodn\u00e9 z\u00edskat radu od odborn\u00edka, jako je pr\u00e1vn\u00edk.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>V investi\u010dn\u00edch smlouv\u00e1ch m\u016f\u017ee b\u00fdt stanovena klauzule naz\u00fdvan\u00e1 &#8220;fiktivn\u00ed likvida\u010dn\u00ed klauzule&#8221; (japonsk\u00e1 &#8220;Minaoshi Seisan J\u014dk\u014d&#8221;). Existuje mnoho aspekt\u016f, kter\u00e9 je t\u0159eba zv\u00e1\u017eit oh [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":63206,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[24,28],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61260"}],"collection":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/comments?post=61260"}],"version-history":[{"count":2,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61260\/revisions"}],"predecessor-version":[{"id":63207,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61260\/revisions\/63207"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media\/63206"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media?parent=61260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/categories?post=61260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/tags?post=61260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}