David Gajić1
VALORISATION AND APPRAISAL OF DIGITAL 
CORPORATE RECORDS IN INSOLVENT COMPANIES 
DURING THE FINANCIAL CRISIS (2008-2018)
Abstract
This study analyses the currently existing system of evaluation and storage of digital 
archival records created by Slovenian companies over which the insolvency proceedings 
were initiated in the period of financial crisis (from 2008 onwards). The author analyses 
175 insolvency proceedings which he had direct access to. The analysed bankruptcy pro-
cedures were applied by various private companies, like limited trade companies, joint 
stock companies etc.
The fundamental hypothesis emphasized by the author is that the valorisation and se-
lection of electronic archival material is properly regulated both at the level of legal and 
by-law regulation, as well as at the level of implementation of legal solutions. In the 
case of confirmation of the basic hypothesis, a secondary hypothesis is set, according to 
which it is established that the permanent preservation and conservation of corporate 
digital archival records, such as cultural monuments, is adequately taken care of.
The analysis notes a discrepancy between the legal regulation of the area and the exist-
ing situation. The period under consideration represents the peak of the economic crisis, 
which is also seen as the second transition period starting in 2008. This period empow-
ers the new legislation in both fields; the archives area and insolvency proceedings. 
Research is based on the quantitative research method, more specifically, on the de-
scriptive method. The researcher described and observed phenomena, categorized and 
synthesized them.
Research confirmed that there is a tangible discrepancy between the positive regula-
tion dealing with the evaluation, appraisal and preservation of archival material and 
the practical application of material norms in the case of economic entities on which 
bankruptcy proceedings have been initiated.
The analysis considers a representative sample; it concludes that the digital archival ma-
terial found in companies fell victim to the lack of implementation of legal solutions.
Key words: digitised corporate records, conflict between public and private interest, 
valorisation and appraisal of digitised corporate records, bankruptcy, insolvency.
1 David Gajić, Is a student of the 2nd year of the III. Bologna degree, at Alma Mater, Europea, has a univer-
sity law degree and has a twenty year experience in corporate law issues as well as managing private 
companies. In the last ten years he was dealing mainly with the bankruptcy procedures mostly in Slove-
nia but also in Croatia, Italy, Serbia and Bosnia and Hercegovina. E mail: david.gajic@almamater.si
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1. INTRODUCTION
The subject research deals with two areas: insolvency and the area of corporate elec-
tronic archival material.
When dealing with the area of insolvency, it is first necessary to highlight the impor-
tance of the economic crisis, which violently affected the Slovenian economy in the pe-
riod 2008-2018.
The bankruptcy of the American bank Lehman Brothers, which occurred on 14 Septem-
ber 2008, is considered as the trigger for the collapse of the global financial system. 
The collapse of one of the largest US investment banks was a sign of the tightening of 
lending conditions on the financial market. Banks were no longer willing to lend money 
to other banks (Štiblar, 2008). The event is seen as the beginning of the global economic 
crisis, which lasted almost a decade. A crisis indicates uncertain yet significant positions 
over a long period of time. It refers to many areas of natural, social, economic and other 
processes, which have different dimensions (Dubrovski, 2004).
A few months after the outbreak of the financial instability in the USA, due to strong 
global interdependence, the first negative economic impacts could also be felt in Eu-
rope. Due to the pronounced export orientation of production processes, the Slovenian 
economy relatively quickly felt the strong negative effect of the economic crisis. It hit 
the automotive and metal industries and the construction industry the most, especially 
small and medium-sized enterprises (Zorc, 2013).
Liquidity problems, reduced income, late payment of wages, declaration of insolvency 
and then the introduction of forced settlement and bankruptcies... this was the fate of 
several Slovenian companies from 2008 to 2018, when there was a noticeable trend 
of decreasing bankruptcy proceedings. In 2008, twice as many bankruptcy proceedings 
were recorded as in 2007. In 2009, there were 54 percent more bankruptcy proceedings 
than in 2008. (Dobovišek, 2012) The table below shows that the effects of the economic 
crisis were evident from 2012 onwards, when the number of initiated bankruptcy pro-
ceedings increased significantly (AJPES, 2022).
 
FIGURE 1: Number of insolvency proceedings opened in 2009 to 2021
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The revision of the insolvency legislation was one of the consolidation measures of 
the Slovenian economy. Financial Operations, Insolvency Proceedings, and Compulso-
ry Dissolution Act (ZFPPIPP, 2021) was adopted at the end of the year 2007 and largely 
used from 1.10.2008 onwards. Since then, the law has been amended several times. 
Two authentic interpretations of the law were also accepted (Cepec, 2016). The law was 
adopted in light of the coming economic crisis and the modernization of the regulation 
of insolvency proceedings, taking into account the needs of a developed economy. The 
previously valid insolvency legislation was adopted in 1993, when the Slovenian econ-
omy was just preparing for new market conditions. The expert public was of the opinion 
that the previously applicable law was too kind to the debtor and that it did not fully 
consider the interests of creditors (Cepec, 2016).
In Slovenia it is possible to identify the following Insolvency procedures such as compul-
sory settlement procedure, simplified compulsory settlement procedure and bankrupt-
cy procedure (Plavšak, 2013). For the purposes of the subject research, the author, in the 
analysis of insolvency legislation, will limit himself to two institutes, which are crucial 
for the subject research, namely the institute of the court, which conducts bankruptcy 
proceedings, and the institute of the (bankruptcy) administrator as a procedural body of 
the court leading the bankruptcy procedure.
In accordance with the provisions of Article 51 of the ZFPPIPP (2021), the district court 
has real jurisdiction to make decisions in insolvency proceedings. The court is the fun-
damental body, as it conducts bankruptcy proceedings by issuing decisions, orders and 
instructions. The latter are intended for the bankruptcy administrator and are manda-
tory for him (ZFPPIPP, 2021, Article 101). Pursuant to the provisions of Article 97 of the 
ZFPPIPP (2021), the administrator is the authority of the insolvency procedure, which in 
this procedure carries out its powers and tasks specified in the law in order to protect 
and realize the interests of creditors. The second paragraph of Article 97 of the ZFPPIPP 
(2021) stipulates that the administrator in bankruptcy proceedings manages the affairs 
of the insolvent debtor and represents him:
• in procedural and other legal actions related to the examination of claims;
• in procedural and other actions related to contesting the legal actions of the insolvent 
debtor taken prior,
• in legal transactions and other actions necessary for the liquidation of the bankruptcy 
propriety,
• in exercising resignation and other rights acquired by the insolvent debtor as a legal 
consequence of the initiation of bankruptcy proceedings, and
• in other legal transactions that the insolvent debtor may perform in accordance with 
this law.
The first paragraph of Article 98 of the ZFPPIPP (2021) stipulates that the manager must 
perform his duties and responsibilities in accordance:
• with this law and the regulations issued on its basis,
• with other laws applicable to the insolvent debtor and regulations issued on their basis,
• with the rules of the profession of persons who, as agents, perform business for other 
persons.
The aforementioned authorities of the bankruptcy proceedings are “supposedly” 
also the creators of archival records according to the regulations governed by archi-
val legislation. In the given case, when applying the linguistic interpretation of the 
mentioned provisions of the ZFPPIPP, it is not clear whether the administrator, as a 
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procedural body of the court, is competent to carry out the activities required by the 
archival legislation.
Almost at the same time, the archival legislation also underwent a thorough overhaul, 
namely with the adoption of the umbrella Act:2 “Protection of Documents and Archives 
and Archival Institutions Act” (ZVDAGA, 2006, 2014), which entered into force in 2006 
and was revised in 2014 (Melik & Jeraj, 2015). In 2016, the3 “Act Regulating Archives Con-
taining Personal Data from Medical Records” was also adopted (ZAGOPP, 2016). On the 
basis of ZVDAGA, the following by-laws have been adopted:
• Regulation on the protection of documentary and archival material4 (UVDAG, 2017);
• Rules on the work of inter-archival working groups5 (2016)
• Rulebook on determining the retention periods of documentary material in the public 
administration6 (2019);
• Rulebook on determining compensation for the costs of using, preserving and restor-
ing archival material and the storage of private archival material in archives perform-
ing archival public service7 (2017);
• Rulebook on uniform technological requirements for capturing and storing material 
in digital format8 (2020);
• Rules on professional qualifications for working with documentary material9 (2016);
• Rules on professional exams and the acquisition of academic titles in the field of the 
protection of archives10 (2017);
• Rules for the valorization of persons under private law who have acquired the status 
of operating in the public interest on the basis of the law11 (2016)
The subject research will be limited to four areas in the analysis of legal and by-laws 
regulations.
The first area represents private archival records, part of which are the corporate dig-
itised archival records. Another area is the regulation of valorisation and appraisal of 
digitised archival records. The third area is the treatment of private (digitised) archival 
records in the event of the termination of a legal entity under private law. The last key 
area is the handling of conflict between public and private interest.
In the Republic of Slovenia, there are not many archival experts who deal with the stor-
age and use of private archival records. The findings of Klasinc, who was one of the few 
who dealt with this area in detail, only confirm this. Klasinc notes that the area under con-
sideration was neglected mainly in the countries of real socialism, namely because of the 
specific relationship of this social arrangement to private property, where the prevailing 
view was that the only suitable form of property is public property (Klasinc, 2007).
2 Slo. Zakon o varstvu dokumentarnega in arhivskega gradiva ter arhivih (2006, 2014)
3 Slo. Zakon o arhivskem gradivu, ki vsebuje osebne podatke o zdravljenju pacienta (2016)
4 Slo. Uredba o varstvu dokumentarnega in arhivskega gradiva (2017)
5 Slo. Pravilnik o delu medarhivskih delovnih skupin (2016)
6 Slo. Pravilnik o določanju rokov hrambe dokumentarnega gradiva v javni upravi (2016)
7 Slo. Pravilnik o določitvi nadomestila stroškov uporabe, konserviranja in restavriranja arhivskega gradi-
va in hrambe zasebnega arhivskega gradiva v arhivih, ki opravljajo arhivsko javno službo (2017)
8 Slo. Pravilnik o enotnih tehnoloških zahtevah za zajem in hrambo gradiva v digitalni obliki (2020)
9 Slo. Pravilnik o strokovni usposobljenosti za delo z dokumentarnim gradivom (2016)
10 Slo. Pravilnik o strokovnih izpitih in pridobivanju strokovnih nazivov na področju varstva arhivskega 
gradiva (2017)
11 Slo. Pravilnik za valorizacijo oseb zasebnega prava, ki so na podlagi zakona pridobile status delovanja v 
javnem interesu (2016)
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The research area deals with conservation of private archival records that is created dur-
ing business operations of commercial companies and, as a subsystem, corporate digit-
ised archival records. 
In the second article, ZVDAGA (2006, 2014) states that archival corporate records are 
corporate records of legal entities under private law, which has the characteristics 
of archival records and is defined as archival records on the basis of ZVDAGA or a 
decision of the state archive. At the request of the competent archive, the person 
who stores private archival corporate records (in digital form) must report on the 
conservation method (ZVDAGA, 2006, 2014, Article 37). Private archival records are 
owned by persons or legal entities. The acknowledgment of corporate records in 
private ownership, which is assumed to have the characteristics of archival records, 
is carried out by the competent archives. On the basis of the performed recording, 
the archive declares private records, which has the characteristics of archival re-
cords, to be archival records by decision. The State Archives keeps a record of issued 
decisions and determines the detailed method of recording and competent archives 
for individual areas of private archival records (ZVDAGA, 2006, 2014, Article 44). If 
it is determined that private archival records are in danger of being destroyed or 
damaged, the competent archive is notified (ZVDAGA, 2006, 2014, Article 49). The 
state provides in the state budget the funds necessary to promote the protection of 
private archival records (ZVDAGA, 2006, 2014, Article 50). Archives acquire archival 
records either with remunerative or non-remunerative legal transactions (e.g. pur-
chase, gift, will) in the case of private archival records, or if the competent archive 
determines that private records has the characteristics of private archival records, 
either with by taking private archival records for safekeeping (ZVDAGA, 2006, 2014, 
Article 61). In case it is found out that the private archival records are in danger of be-
ing destroyed or damaged, the inspector may by decision determine the conditions 
for the storage, preservation or restoration of the private archival records, but also 
the obligation to hand over the private archival records to the competent archive 
for a certain period of time until the danger ceases (ZVDAGA, 2006, 2014, Article 78).
The records created in the company’s operations can be in its original form as digital, 
or the records were created in a physical (classical) form and is then digitized. Such 
records are e-stored or stored in digital form (Hajtnik, 2011). They are corporate 
records that may already contain archival records at its creation. Such records are 
handled professionally, as each document is a credible source of information that 
supports the responsible, transparent success of the creator’s current business. Ar-
chival records that are part of these records can play a major role in the development 
of society. Society must ensure the protection and preservation of its usefulness for 
individual and collective memory, as a cultural monument (Klasinc, 2013). Here, it 
is necessary to distinguish between e-preservation and e-archive. E-preservation 
refers to the storage of digital records by the company that created the documen-
tation and keeps it itself. However, when digital archival records are selected from 
this documentation, and then handed over to the competent archive, the concern for 
ensuring further credibility is transferred to the competent archive. The company, if 
it is the creator of archival records, is only obliged to keep it in its original form (dig-
ital or classic form), which, based on the professional instructions of the competent 
archive, is only handed over to it, namely in the original (Hajtnik, 2011).
For the evaluation and selection of corporate digitised archival records, as private archi-
val records, the provisions governing the evaluation criteria of public archival records 
(UVDAG, 2017, Article 54) are applied mutatis mutandis. The criteria for evaluating archi-
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val records from documentary records are defined in Article 40 of ZVDAGA (2006, 2014) 
and are as follows:
• the needs of historiography, other sciences and culture;
• the need for permanent legal validity to achieve the rights of persons;
• the importance of the content of the material;
• specificity of events and phenomena at a certain time;
• specificity of place or area;
• the meaning of a public legal entity;
• the importance of the author;
• the importance of the material in terms of cultural diversity;
• originality of documents;
• originality of data and information;
• representative selection;
• internal and external characteristics of the material;
• and other criteria determined by the competent archive.
In accordance with Article 19 of the ZVDAGA (2006, 2014), the appraisal of archival re-
cords is determined by a written instruction issued by the competent archive.
Article 41, paragraph 4 of the ZVDAGA (2006, 2014) stipulates that, in the event of the 
termination of a legal entity under private law, the competent court conducting the ter-
mination proceedings shall decide on the retention of corporate records that has not yet 
expired the prescribed retention periods and archival records in accordance with the 
ZVDAGA (2006, 2014).
Toward the end of the introductory chapter, the author defines a broader background 
of the conflict between public and private interest, which is the centre of the actual 
state of the research field. Corporate (digitised) archival records are part of the national 
documentary and cultural heritage in many countries. National legislation mandates 
national archives to preserve and develop material heritage for the benefit of the com-
munity. At the same time, the legislation defines administrative frameworks that en-
sure both the integrity and appraisal of the records. The general social use of corporate 
archival records often conflicts with the interests of the record owners. National leg-
islation must foresee and prevent such conflicts. Lawmakers are expected to clarify at 
some point whether the interest of the creator or the community that requests access 
to the material prevails. If the interest of the creator prevails, then the integrity and 
permanent preservation is questionable. If the interest of the community prevails, then 
countries will have to invest a lot of effort and resources in order to crush the resistance 
of private creators to handing over the material (Nalen, 2002).
1. RESEARCH DESIGN
The results of this research, which will be presented below, considering what was stat-
ed in the introduction, show that the research focuses on the forced termination of an 
economic entity and on the fate of corporate digital (digitised) archival records, which, 
according to the entity in question, were created over a certain period of time, in some 
cases even over the scope of several decades, that is, from the very creation of the digi-
tal document. The research deals with the practical application of mandatory provisions 
to the factual situation under consideration. Special consideration is given to the issue of 
whether the public interest manifested in accepted legal norms and by-laws, encourages 
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private interest manifested in the conduct of the creator, against whom bankruptcy pro-
ceedings have been initiated, of corporate digital archival records, to the valorisation, ap-
praisal of corporate digital archival records and handing it over to the competent archive.
The purpose of this paper is to analyse the factual situation on a representative sample 
and to determine the practical application of legal solutions.
The goal is to contribute to the evaluation and appraisal of digital archival records in 
accordance with positive regulation.
The fundamental hypothesis emphasized by the author is that the valorisation and ap-
praisal of digital archival records are properly regulated both at the level of legal and 
by-law regulation, as well as at the level of implementation of legal solutions. In case of 
confirmation of the basic hypothesis, a secondary hypothesis is set, according to which it 
is established that the permanent preservation and security of corporate digital archival 
records as cultural monuments is adequately taken care of.
1.1. METHODOLOGY
When testing the hypotheses, the research will be based on the quantitative research 
method, more specifically, on the descriptive method. The researcher will describe and 
observe phenomena, categorize and synthesize them (Plazar, 2022). The descriptive 
method will be based on the analysis of 175 bankruptcy proceedings in the considered 
period. The discussed data is available on the AJPES portal in the section on the publica-
tion of decisions and letters issued in insolvency proceedings.
1.2. LIMITATIONS OF THE RESEARCH
The method used does not cover the analysis of all bankruptcy proceedings in the con-
sidered period. The analysis covers two percent of bankruptcy proceedings initiated in 
the period under review. The research allows for the possibility that, in the initiated 
bankruptcy proceedings against the company, not included in this research, different 
solutions were adopted than in the cases under consideration. The author believes that 
any shortcoming cannot significantly affect the findings of the research.
2. RESULTS
Summarizing legal regulations, which this research states in the introductory part, the 
system of identification, valorisation and appraisal of corporate digital archival records 
can be divided into the following process stages:
• Recording of privately owned digital corporate records that is believed to have the 
characteristics of digital archival records, which is carried out by competent archives. 
On the basis of the performed recording, the archive declares private digital corporate 
records, which has the characteristics of digital archival records, to be digital archival 
records by decision. (ZVDAGA, 2006, 2014, Article 44);
• Evaluation and appraisal of corporate digital archival records, as private archival re-
cords, for which the provisions governing the evaluation criteria of public archival re-
cords (UVDAG, 2017, Article 54) apply mutatis mutandis.
• In accordance with the provisions of Article 19 of ZVDAGA (2006, 2014), the selection 
of digital archival records is determined by a written instruction issued by the com-
petent archive.
• Acceptance of the court decision conducting bankruptcy proceedings, which decides 
on the conservation of digital documentary records that has not yet surpassed the pre-
scribed retention periods and archival records in accordance with ZVDAGA (2006, 2014), 
in the event of the termination of a legal entity (ZVDAGA, 2006, 2014, Article 41).
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This research analysed 175 companies for which bankruptcy proceedings have been ini-
tiated. It concludes that the commercial companies had their headquarters registered in 
the areas of jurisdiction of all regional archives.
It is noted that all companies had at least one computer unit on which digital docu-
mentary records were stored. In total, there were 892 computer units. 47 econom-
ic entities had more than two computer units on which digital documentary records 
were stored. The research further notes that in 13 economic entities that were consid-
ered medium or large companies, a central database was established to store digital 
documentary records.
In none of the analysed cases did the competent archive record digital documentary 
material. Not even a decision has been issued declaring private digital records material 
that has the characteristics of digital archival records.
In none of the analysed cases the competent archive valorised and described digital ar-
chival records as private archival records.
In none of the analysed cases professional instruction were written, issued by the com-
petent archive.
In none of the analysed cases did the court conducting the bankruptcy proceedings issue 
a decision on the preservation of archival records and digital documentary records that 
have not yet expired.
The research further concludes that, to a large extent, all the considered computer units 
were cashed in, namely within the framework of the provisions of ZFPPIPP (2021), which 
regulates the cashing of the property of the bankrupt debtor. Only two economic enti-
ties have still intact digital documentary records.
The research further establishes a high probability of the existence of digital archival 
records in the digital documentary material fund for 27 economic entities, given the 
importance of economic entities for the regional environment and, in certain cases, for 
the wider Slovenian and international business environment. The analysed 27 entities 
represent companies with many years of tradition with renowned brands, innovative 
business solutions and creations that left an indelible mark on the environments in 
which they operated. The vast majority of digital records has been destroyed and it is no 
longer possible to determine what proportion of this documentation fell under digital 
archival records.
The research found that not all of the archives, created by the subjects in question, share 
the fate of digital archival records. Considering the fact that the valorisation and apprais-
al of “classic” archival records are not subject of this research, the author will give some 
brief conclusions. In 19 cases, the competent archives issued an instruction specified in 
the law and defined which documentary records they consider to be archival records. 
However, the research found that the procedure does not fully comply with the legal 
provisions. The recording of records is done by the bankruptcy debtor himself, through 
the bankruptcy administrator or professional associates of the administrator. The record 
is sent to the competent archive, which then issues an instruction. At the same time, the 
research found that due to financial and spatial limitations, the competent archives did 
not take all the documentation that was valued as archival records. When comparing 
two instructions issued to two business entities with the same business activity, under 
the jurisdiction of different competent archives, the research found completely differ-
ent evaluation criteria. In the case of the company, which was incomparably smaller in 
scope of business and socially less important than the other company, the competent ar-
chive evaluated the archival records to a significantly greater extent than in the case of 
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the other company. In one case, research found that the competent archive did not take 
over the archival records at all, as it did not have the spatial capacity to store it. Thus, the 
bankrupt debtor entered a rental agreement for the temporary storage of records with 
an external provider for two years. During this time, capacities should be freed up at the 
competent archive. Even when dealing with “classic” archival records, the competent 
court conducting the individual bankruptcy proceedings did not issue a decision on the 
preservation of archival records and digital records that had not yet expired as stipulat-
ed by ZVDAGA (2006,2014, Article 41).
3. DISCUSSION
Research confirmed that there is a tangible discrepancy between the positive regulation 
of the evaluation, appraisal and preservation of archival records and the practical appli-
cation of material norms in case of business entities for which bankruptcy proceedings 
have been initiated. In this research, the author analysed companies of various legal 
forms, namely limited liability companies, joint stock companies and agricultural coop-
eratives. In the case of bankrupt debtors, business entities, against whom bankruptcy 
proceedings have been initiated, the research concludes that the valorisation, selection 
and conservation of digital archival records is non-existent. Not one of the participants 
in the process of valorisation and appraisal of digital archival records highlighted the 
existence of digital archival records in all the years under consideration.
Research disapproved the primary hypothesis in the part that refers to the practical 
implementation of legal and by-law solutions. The primary hypothesis is confirmed 
in the part that refers to the legal and by-law regulation itself, which as shown, con-
sistently provides for all phases of the procedure to ensure the preservation of digital 
archival records. The secondary hypothesis cannot be confirmed, because without the 
implementation of legal solutions, we cannot confirm the hypothesis that the digital 
archival records are adequately taken care of.
Public interest in the subject of the research is manifested only declaratively. Regard-
less of all provisions in the law and by-laws, there is no practical application. From 
the point of view of the conflict between public and private interest, the bankruptcy 
procedure is a hybrid, i.e. the state forcibly intervenes in a private interest, with the 
aim of treating all interested interests equally. We can talk about the interweaving of 
public (forced) and private interest, with the aim of treating all creditors equally (pri-
vate interest). The research can confirm that, despite the fact that the state intervenes 
forcibly in the business relations that take place in the bankruptcy process, digital ar-
chival records are not protected as a cultural monument. The state does not even try 
to detect whether digital archival records exist in the mass of digital records created 
by the subjects in question, so we cannot even discuss the valorisation and appraisal 
of digital archival records.
The author estimates that there are several reasons for this situation. Undoubtedly, the 
first reason is financial. Competent archives are faced with limited space and financial 
resources in order to be able to self-initiatively detect digital archival records from vari-
ous economic entities. The second challenge, according to the author, is a lack of knowl-
edge of the statutory and by-law provisions of archival legislation. It is clear from the 
studied subject that even the courts are not familiar with the provisions imposed on 
them by ZVDAGA (2006, 2014). Therefore, it is optimistic to expect legal behaviour from 
the other participants in, first, detection of digital archival records, then evaluation and 
appraisal of only this, and finally long-term and effective conservation.
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4. CONCLUSION
The subject research represents the basis for the introduction of improvements or a dif-
ferent model that will consistently ensure, identify, valorise and permanently store cor-
porate digital archival records.
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VALORISATION AND APPRAISAL OF DIGITAL CORPORATE RECORDS IN INSOLVENT  
COMPANIES DURING THE FINANCIAL CRISIS (2008-2018) David Gajić