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1
Kosovský, Alexander. "Strategic options of distressed companies in the Czech legal environment." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-125181.
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The thesis provides a detailed overview of crisis resolution options available to distressed companies in the Czech legal environment. The work starts by describing the most common causes of corporate distress in attempt to understand the process of decline and define the key steps to prevent crisis in the early stage. We then proceed to discuss the methods of resolution that can be applied in the early pre-bankruptcy stages of distress, including downsizing and divestitures, out-of-court settlement with creditors, mergers with or acquisition by strategic or financial investors, or voluntary liquidations. Further on, the work provides a comprehensive summary of the Insolvency Act, the Czech legislation governing bankruptcy proceedings, concentrating on the option that could preserve business operations of troubled companies -- reorganisation. In the practical part of the thesis, the author evaluates the reorganisation plan of ČKD Kutná Hora, a.s., focusing on the company-specific issues and assessing the viability of the plan according to a number of success and risk factors, as well as the objectives stipulated by the Insolvency Act.
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Kargbo, Abdul Karim. "The post-1986 UK insolvency system : a study of mode of resolution and of company outcome." Thesis, City University London, 2009. http://openaccess.city.ac.uk/12033/.
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This thesis empirically investigates the United Kingdom (UK) insolvency code by focusing on the formal procedures available to distressed firms in the UK. The UK insolvency code is characterised as a creditor-oriented system that enforces a binding agreement between the company and the creditors with a view to maximising payouts to the creditors. However, the government has introduced two major legislative changes – the Insolvency Act 1986 and the Enterprise Act 2002 – to move the UK insolvency code away from its creditor-orientation and towards a system that will increase the chances of distressed, but viable, firms in the UK to reorganise. The introduction of the Insolvency Act 1986 paved the way for distressed companies in the UK to enter into a formal procedure (administration) specifically introduced as a means of encouraging a culture of reorganisation for distressed firms in the UK. This thesis investigates the functioning of the UK code, by focusing on the two main formal procedures available to distressed firms (administration and administrative receivership) after the introduction of the 1986 Act. The introduction of the Enterprise Act 2002 resulted to the abolition of the administrative receivership procedure while maintaining the administration procedure as the key formal rescue procedure in the UK insolvency code. Hence, conducting research in the UK formal insolvency procedure is important as it provides empirical evidence on the administration procedure, which is now the main rescue vehicle under the Enterprise Act 2002. The thesis focuses on the post-1986 regime in the UK. It consists of 8 chapters including 3 empirical chapters. Chapter 5 examines a large sample of UK firms that initiated administration or administrative receivership procedures between 1996 and 2001. The aim is to investigate the choice of the resolution form between administration and administrative receivership. The main research question is to investigate whether the newly introduced administration procedure catered for firms with a different set of financial and other characteristics to those that entered administrative receivership. The findings show that there are some distinguishing characteristics between firms entering administration and those entering administrative receivership, implying that administrative receivership was not necessarily the most appropriate insolvency procedure for all distressed firms. Chapter 6 examines a sample of UK firms that entered administration between 1996 and 2001. The aim of this chapter is to investigate the differences between firms that reorganised in administration versus those that liquidate. The key issue here is whether administration procedure can differentiate between firms potentially likely to survive and those likely to fail. The findings show that there are significant differences between firms that reorganise and those that fail in administration, suggesting that the administration procedure is able to discriminate between viable and non-viable firms. Chapter 7 examines the subsequent performance of UK firms that reorganised in administration between 1996 and 2001 relative to a matched sample firms from the same industry and of relatively the same size. The aim was to assess the subsequent performance of companies that reorganise in administration using several key ratios, covering the period from two years prior to failure until three years afterwards. The results show significant improvements in the financial performance of reorganised firms, relative to a matched sample firms, during the period after entering administration. In summary, these results show the importance of introducing the administration procedure in the Insolvency Act 1986. Prior to this date, there was the possibility that some of those firms that reorganised in administration post-1986 might have been liquidated as there was no formal procedure aiming to reorganise distressed firms at that time. The findings clearly show the potential of the administration procedure in attracting distressed firms capable of reorganising. That procedure has now become the foundation upon which the UK insolvency code is built as indicated by the Enterprise Act 2002. However, having said that, the 1986 system also opened the way for severely distressed companies that should have been liquidated speedily in administrative receivership to attempt reorganisation in administration, thus wasting those firms’ already severely depleted resources further. In my opinion, the Enterprise Act 2002 should safeguard against this by putting in place procedures to prevent economically distressed companies from attempting to reorganise in administration.
3
Procházka, Martin. "Řešení úpadku společnosti FEREX-ŽSO spol. s r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2016. http://www.nusl.cz/ntk/nusl-261968.
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This thesis is focused on the solution of the corporate bankruptcy. Its goal is not only to determine the causes of the bankruptcy of FEREX ŽSO spol. s r.o. after successful completion of the reorganization, but also to assess the suitability of the chosen method of solution in terms of the Insolvency Act. The work is divided into theoretical and practical part. The theoretical part describes the life cycle of an enterprise, important parts of the insolvency law and financial analysis methods. In order to meet the goals there are used financial analysis, analysis of the insolvency proceedings and comparison with results of researches in the field of insolvency.
4
Šmídová, Stanislava. "Rozbor finanční situace podniku a řešení insolvence v účetnictví." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-72025.
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The thesis is focused on two main fields: first one is financial analysis as a possibility of predicting a stringency of a company, second one being insolvency resolution from legal and accounting points of view. The theoretical part of the thesis describes the importance and the content of financial analysis, the crisis of a company and further on it deals comprehensively with insolvency proceedings. The practical part is mainly focused on performance analysis of the financial situation of a selected company, it sets problems in the field of financial management. It also gives an opinion on the possibility of the company's bankruptcy and demonstrates an insolvency proceedings in accounting.
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Honc, Adam. "Ocenění firmy MSV Metal Studénka, a. s." Master's thesis, Vysoká škola ekonomická v Praze, 2016. http://www.nusl.cz/ntk/nusl-261962.
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The aim of this thesis is to determine the market value of joint-stock company MSV Metal Studénka for 31. 12. 2015. The thesis is divided into theoretical-methodological and practical part. The former contains the definitions of terms, techniques and methods which relate to not only the problems of company appreciation but also insolvency law focusing on corporate restructuring. In the practical part, the theoretical groundwork is applied. After the initial introduction of the company including a brief description of the course of insolvency proceeding, a strategic and financial analysis is conducted. After the evaluation of the company's financial health and future perspective, a division of assets into operationally necessary and unnecessary, analysis and value generator prognosis, financial plan formulation and the evaluation itself follow. For the final company appreciation, the discounted cash flow method in the variant of free cash flow to the firm (FCFF) is used.
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Kopecký, Ondřej. "Stanovení hodnoty firmy KORDÁRNA, a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-16599.
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The work attempts to determine the value of company Kordárna, a.s. due to ongoing insolvency process. In the theoretical part there are described the methodological tools that are used in the valuation. They describe internal and external potential of the company. These methods are applied to the company in the practical part. In addition to determining the value of the company there is also assessed advantage of the reorganization, which allows the new insolvency law. The work shows that the reorganization causes higher proportional satisfaction of creditors than in the case of bankruptcy.
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Stehlíková, Anna. "Nástroje předcházení podnikové krizi." Doctoral thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-199299.
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Abstract: The doctor's dissertation paper addresses the social problem, how business units should use the standard economic tools to prevent crisis. The importance of the problem is supported by the fact, that last year more than eleven thousand economic entities in the Czech Republic became insolvent. The Set of Tools for Corporate Crisis Prevention shall help to better adjust the internal control mechanisms, using which businesses could better prevent crisis. Application of this Set of Tools for Corporate Crisis Prevention is verified based on two completely different companies. The dissertation addresses the question of how use standard tools such as loan and leasing for crisis prevention, possibly secure the recovery of growth opportunities. This support is implemented by using an external financial institution, or the Intercompany bank. In the chapter entitled "intercompany bank", I describe the basic principles of operation and its importance for internal control. This internal organization has been used in many companies, but today is back to support the sales department and help reduce risk associated with the greater indebtedness of the company. I am describing the Intercompany bank in the context of internal processes and forms of cooperation with the sales department. Functionality of the intercompany bank is supplemented with examples from practice. The chapter called "Micro-enterprise approach of the crisis" is complemented by the complexity of internal financial perspective to company's management. This chapter describes three main sources of the company crisis from a microeconomic perspective. It is decreasing demand, the impact of interest rate exchanges on corporate governance and the impact of exchange rate changes on the financial stability of the company. The analytical part of presented dissertation thesis deals with development of insolvency proposal, bankruptcy, and reorganization proposals in The Czech Republic between 2008 and 2013. The main target is finding the causal dependences between insolvency requirements in the Insolvency Register and a few key macroeconomic indicators such as GDP, unemployment rate, industrial production growth and the amount of loans granted to the corporate sector. For a more comprehensive view of insolvency arrangement of The Czech Republic is accompanied by description of the legislative settings in The UK, Germany and France. Keywords: Bankruptcy proposals, Bankrupt, Company crisis, Exchange rate, Industrial production, Insolvency, Insolvency proposals, GDP, Leasing, Reorganization, Unemployment rate.
8
Bersheda, Vucurovic Tetiana. "Civil liability of company directors and creditor protection in the vicinity of insolvency : comparative analysis based on the Swiss and English legal systems /." Zürich [etc.] : Schulthess, 2007. http://aleph.unisg.ch/hsgscan/hm00205133.pdf.
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Wilms, Tobias. "Die englische Ltd. in deutscher Insolvenz : nach Centros, Überseering und Inspire Art /." Baden-Baden : Nomos, 2006. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=014952715&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Budriūnas, Justas. "Ar keičiasi įmonės vadovo fiduciarinės pareigos įmonės nemokumo laikotarpyje?" Master's thesis, Lithuanian Academic Libraries Network (LABT), 2010. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2010~D_20100614_111724-28495.
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Šiuolaikinėse teisinėse sistemose įtvirtintų įmonės vadovo fiduciarinių pareigų instituto tikslas - apsaugoti įmonės (akcininkų) interesus nuo įmonės vadovo veiksmų. Vadovaudamasis fiduciarinėmis pareigomis, įmonės vadovas privalo veikti išimtinai įmonės interesams. Šio darbo problema yra ta, kad įmonės vadovas veikdamas išimtinai įmonės (akcininkų) interesams įmonės nemokumo laikotarpiu, pažeistų įmonės kreditorių teises bei interesus. Šiam darbui keliami šie uždaviniai : (1) išsiaiškinti privataus juridinio asmens vaidmenį teisinėje sistemoje; (2) pateikti įmonės vadovo fiduciarinių pareigų sampratą ir reglamentavimą tarptautiniame kontekste; (3) atskleisti įmonės nemokumo atsiradimo momentą bei teisines pasekmes; (4) išsiaiškinti, kokį poveikį daro įmonės nemokumas privataus juridinio asmens vadovo fiduciarinėms pareigoms.
Šio darbo tikslas – išsiaiškinti įmonės vadovo fiduciarines pareigas bei atsakyti į klausimą, ar keičiasi įmonės vadovo fiduciarinės pareigos įmonei esant nemokiai. Šio darbo objektas – privataus juridinio asmens fiduciarinės pareigos. Įgyvendinant darbo tikslą, daugiausia dėmesio buvo skiriama įmonės vadovo fiduciarinių pareigų ir įmonės nemokumo sąvokų sampratoms bei įmonės vadovo fiduciarinių pareigų pasikeitimo nustatymui ryšium su įmonės nemokumu. Šis iškeltas tikslas darbe sėkmingai įgyvendintas – vadovaujantis Lietuvos bei tarptautine teismų praktika, įstatymais bei moksline literatūra. Vadovaujantis JAV (išskyrus Šiaurės Karolinos valstiją) ir... [toliau žr. visą tekstą]The title of this work is: do the fiduciary duties of director of the company change during the period of insolvency? The problem of this work is that lots of directors of companies uses creditors funds and deepens the company insolvency. It’s because they have a fiduciary duty to act in the best interests of their company, so they are trying to get back their company to solvency. The actuality. The main purpose of every company is to get the bigger profit in what their work. Often, profit enforces the director of the company to take untenable, risky business decisions independently of other subjects’ interests. In modern law countries, the fiduciary duties of director of the company are the main protector for other subjects (most often shareholders) from useless, conflicting business decisions. According to the statistics department of Lithuania and data of Lithuanian courts, there were 957 company bankruptcy cases in 2008 and 1409 company bankruptcy case in 2009. Constantly rising numbers of bankruptcy procedures in Lithuania show that more and more companies faces the insolvency financial stage during the economical crisis in the world, so proper regulation of directors fiduciary duties become more and more important question in every countries legal system. Insolvency of the company establishes specific relationships between company and the creditors of the company. In the financial period of insolvency, company starts to use creditors’ resources, to get back to the... [to full text]
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Etienne, Aubrey Olivier. "Corporate capacity, special purpose vehicles, and traditional securitisation in South African company Law." University of the Western Cape, 2019. http://hdl.handle.net/11394/7635.
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Doctor Legum - LLDThe ideals of shareholder and creditor protection are affected by legislation pertaining to the validity of a company’s transactions. Until legislative reforms introduced in the twentieth century, a company’s capacity and the ultra vires doctrine traditionally limited the company’s ability to contract. Therefore, the legal framework regulating corporate capacity influences a company’s interactions with outsiders. The goal of the law in this regard should be to facilitate commerce while providing adequate protection to all affected stakeholders. South Africa’s Companies Act 71 of 2008 (the Act) contains several novel provisions regarding a company’s capacity, the desirability of which is questionable. Special purpose vehicles (SPVs) are used for various purposes in commerce, from asset holding in the financial services sector to concluding complex financial functions in corporate finance. For instance, traditional securitisation is a financial engineering technique that makes use of corporate SPVs. Traditional securitisation is a valuable risk management, earnings management, and corporate financing tool. Incorporators of securitisation SPVs often include capacity restrictions in the constitutions of such entities as a means of reducing the likelihood that the SPV will be subject to liquidation proceedings.This thesis analyses the capacity provisions in the Act to determine whether they provide a commercially desirable framework to facilitate the activities of SPVs used in traditional securitisation schemes. The thesis argues that the capacity provisions in the Act in their current form are undesirable because they place third parties at too great a risk in exchange for inconsistent and unreliable shareholder protection. Executory ultra vires contracts concluded by limited capacity companies are at the same time valid and capable of being restrained by a single shareholder, director or prescribed officer of the company. It is argued that the Act’s approach to corporate capacity is detrimental to commercial certainty and creditor protection, and that capacity restrictions under the current framework do not provide any more shareholder protection than ordinary authority limitations would. Consequently, it is argued that the capacity provisions in the Act do not make a positive contribution to the “insolvency-remoteness” of SPVs used in traditional securitisation schemes. It is recommended that the capacity provisions in the Act should be substantially amended, or deleted.
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Branco, Maurício de Melo Teixeira. "Acesso ao crédito trabalhista como direito fundamental e a lei brasileira de falências e recuperação de empresas." Programa de Pós-Graduação em Direito da UFBA, 2009. http://www.repositorio.ufba.br/ri/handle/ri/10793.
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O presente trabalho tem por objetivo conceituar o direito fundamental de acesso ao crédito trabalhista como um princípio informador do tratamento legislativo conferido pelo Estado às relações de emprego. Com este escopo trabalha a noção de direitos fundamentais a partir do seu fundamento de materialidade aqui identificado simultaneamente como os princípios da dignidade da pessoa humana e do estado democrático de direito. Partindo deste fundamento alcança o ideal de promoção do bem estar social como finalidade última do Estado que possui o dever de avançar na implementação deste objetivo. Em seguida analisa como reconhecimento do princípio do acesso ao crédito trabalhista atua na promoção do desenvolvimento social a partir da melhor identificação dos direitos sociais do trabalho com a raiz dignidade da pessoa humana. Traçados estes conceitos parte o estudo para análise do dever de desenvolvimento social a partir da proteção conferida ao crédito trabalhista na lei nº11.101/2005. Para tanto analisa o sistema de proteção ao crédito trabalhista contra o insucesso da empresa existente até o advento da referida Lei o que é feito através de três vetores: a teoria do risco da empresa o privilégio concursal conferido aos salários e a regra de sucessão de empregadores. Visando dispor de elementos conceituais segue o trabalho delimitando os princípios informadores do processo de insolvência da empresa positivados na Lei nº 11.101/2005 a partir dos quais analisa os mecanismos de sua superação: falência e recuperação da empresa. Uma vez identificados estes elementos passa ao estudo das modificações observadas no sistema de proteção ao crédito trabalhista contra o insucesso da empresa na Lei 11.105/2005. Por fim analisa a legalidade de tais modificações considerando o princípio de acesso ao crédito trabalhista e o dever do estado inerente à sua promoção ao que conclui indicando a inconstitucionalidade dos dispositivos que limitam o acesso ao crédito trabalhista em face do retrocesso social.
Salvador
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Caklová, Karolína. "Příčiny vyhlášení insolvenčního řízení s následným úpadkem." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2009. http://www.nusl.cz/ntk/nusl-391875.
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The Diploma thesis deals with a period of a glass company which had to declare an insolvency proceedings and consequently went into bankruptcy. The aim of the thesis is to determine the financial situation of the company before its collapse by using a financial analysis. The work contains causes and resulting consequences of this situation and the insolvency proceedings process.
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Alkhashroom, Abdulah Hussein. "Civil protection of company property from the conduct of directors in insolvent liquidation in Scotland." Thesis, University of Aberdeen, 1997. http://digitool.abdn.ac.uk:80/webclient/DeliveryManager?pid=137005.
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This thesis is an attempt to trace the aspects of civil protection of company property from the conduct of directors in insolvent liquidation in Scotland. It emphasises the origin of the problem and the essential need to protect company property, particularly in public limited companies. This protection is required for two reasons. First, directors may abuse their powers and take advantage of the privilege of limited liability they enjoy. Second, the separation between ownership and control. There are several aspects of civil protection which are provided by the Insolvency Act 1986, the Company Directors Disqualification Act 1986 and the common law. Regarding civil protection after the commencement of an insolvent liquidation, the Insolvency Act protects company property: (1) by terminating all of the directors' powers in a creditors voluntary liquidation (s.103); (2) by avoiding dispositions of company property after the commencement of liquidation in a compulsory liquidation (s.127); (3) by making public and private examinations to investigate directors' conduct in their dealings with the company (ss. 133, 236 and 112); (4) by prohibiting directors from re-using the company's name (ss. 216-217) and (5) by disqualifying directors who are ordered by the court to contribute to the company's assets as a result of fraudulent and wrongful trading (s. 10 of the C.D.D.A. 1986) and those directors whose conduct makes them unfit to be concerned in the management of the company (s. 6 of the C.D.D.A. 1986). But to maximise this protection a provision should be added to provide that directors' powers should cease in a compulsory liquidation not only after the liquidation order but also after the appointment of a provisional liquidator except with the leave of the court. Section 127 should also extend to cover any disposition made after the making of a resolution to wind up the company voluntarily and before the appointment of the liquidator and after his appointment.
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Van, Der Merwe Constant Pieter. "Reconsidering Distributions: A Critical Analysis of the Regulation of Distributions to Shareholders in the Companies Act of 2008, with Special Reference to the Solvency and Liquidity Requirement." Thesis, Stellenbosch : Stellenbosch University, 2015. http://hdl.handle.net/10019.1/97133.
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Thesis (LLM)--Stellenbosch University, 2015ENGLISH ABSTRACT : The Companies Act 71 of 2008 introduces a completely new system for the regulation of distributions by a company to its shareholders. The preferred method for protecting the interests of creditors in distributions is now based on a solvency and liquidity test. Regrettably, the provisions setting out the requirements for distributions on the one hand and the solvency and liquidity test on the other have been poorly drafted. This thesis first explains and then applies an innovative interpretation theory to these provisions with a view to piecing together coherent content. The thesis finds that creative interpretations will not suffice in various places, meaning that substantive revision is required. The thesis concludes with brief amendment proposals and accompanying commentary.
AFRIKAANSE OPSOMMING : Die Maatskappywet 71 van 2008 bied ‘n radikaal nuwe sisteem vir die regulering van uitkerings van 'n maatskappy aan sy aandeelhouers. Die voorkeur metode om die belange van skuldeisers in uitkerings te beskerm, is nou op ‘n solvensie- en likwiditeittoets gebaseer. Ongelukkig is die wetlike bepalings wat die vereistes vir uitkerings aan die een kant uiteensit, en die solvensie en likwiditeit toets aan die ander kant, swak opgestel. Hierdie tesis verduidelik eerstens die bepalings, en pas dan 'n innoverende interpretasie teorie op hierdie bepalings toe, met die doel om 'n samehangende inhoud daar te stel. Die tesis bevind dat kreatiewe interpretasies op verskeie plekke nie voldoende sal wees nie. Dit beteken dat substantiewe hersiening noodsaaklik is. Ten slotte bied die tesis kortliks wysigings-voorstelle met meegaande kommentaar.
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Franco, Olivia. "L’ordre public, obstacle à l’harmonisation ou trait d’union entre les droits ? L’exemple du droit des sociétés et des procédures d’insolvabilité : étude de droit européen et de droit comparé." Thesis, Paris 10, 2014. http://www.theses.fr/2014PA100098.
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L’ordre public est un concept fuyant. Dans les ordres juridiques nationaux comme dans l’ordre juridique européen, il renvoie à des réalités diverses. Pourtant, il s’agit d’un concept nécessaire. Il est en effet irréductible aux concepts qui lui sont proches : l’indisponibilité, l’illicéité et l’impérativité. Malgré la difficulté que présente sa définition, il peut être identifié dans sa singularité. Des critères d’identification tels que le libellé de la règle et sa sanction sont généralement retenus. Ils sont cependant insuffisants et peuvent être utilement complétés par la détermination de l’intérêt protégé, la prise en compte de la valeur en cause et la contextualisation de la règle. Le concept d’ordre public ainsi délimité présente des atouts indéniables dans une perspective comparatiste ayant pour objet les ordres juridiques nationaux de l’Union européenne. Il est une notion nécessaire à l’harmonisation du droit en général et à celle du droit commercial en particulier. Dès lors, il convient de penser l’harmonisation du droit commercial en fonction des règles d’ordre public. Ces dernières apparaissent comme un élément d’explication des échecs passés. Que les obstacles à l’harmonisation aient été liés à un « ordre public de structure » ou à un « ordre public de fonctionnement », ils peuvent s’expliquer par la diversité des règles d’ordre public. Toutefois, plus qu’un obstacle, les règles d’ordre public constituent un élément d’union entre les différents droits nationaux. La protection de certaines catégories de sujets, la lutte contre l’abus et la fraude, sont en effet des objectifs communs qui trouvent leur meilleure traduction dans des règles d’ordre publicPublic order is an evasive concept. In domestic legal systems as well as in the European legal system, it conveys diverse meanings. Nevertheless, it is a necessary concept. It is indeed irreducible to other similar concepts: unavailability, illegality and mandatory rules. Although it is hard to define, the concept of public order can be identified thanks to its singularity. Identification criteria such as the wording of the rule and its sanction are generally retained. They are however insufficient and can be usefully completed with the determination of the interest of the rule, the taking into account of its value and the putting of the rule into its context. Thus, the scope of public order being defined, this concept has undeniable advantages from a comparative viewpoint, which subject matter is the domestic legal systems of the European Union. It is a necessary notion for the harmonisation of law in general, and of commercial law in particular. Indeed, the harmonisation of commercial law has to abide by the rules of public order. These rules appear then as an element of explanation for past failures. Whether the obstacles to the harmonisation have been linked to a “structural public order” or to a “functional public order”, these obstacles can be explained by the diversity of the rules of public order. However more than an obstacle, the rules of public order constitute an element of union between the various domestic laws. The protection of some categories of individuals, the war against abuse and fraud, are indeed common goals that are better translated into rules of public order
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Molková, Markéta. "Finanční analýza společnosti Ravak, a.s. a mezipodnikové srovnání." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-71731.
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The theme of this thesis is a financial analysis of the Ravak, Inc. from the view of external user for the period 2004 to 2009. In theoretical part of the thesis , there are defined meaning and importance of financial analysis, its users, information sources and methods of financial analysis. The practical part includes basic information about the company and application of theoretical knowledge to the financial data of Ravak, Inc. In another part of the work, the methods of financial analysis are applied to a selected group of competitors for the purpose of inter-company comparison. Conclusion contains evaluation of results and financial situation of company and their major competitors.
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Nascimento, Flávia de Oliveira Santos do. "Passivo ambiental de empresas em regime de insolvência." Universidade Católica de Santos, 2018. http://biblioteca.unisantos.br:8181/handle/tede/5082.
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Este estudo busca tratar do tema do passivo ambiental que possa ser oriundo da atividade empresarial e o tratamento desse passivo a partir da eventual insolvência empresarial e suas repercussões no mundo jurídico diante da pluralidade de sanções e normas protetivas do ambiente. Empregando método hipotético-dedutivo e dialético, o estudo tem o objetivo de desvendar a forma pela qual se dá o tratamento do passivo ambiental nos processos de recuperação judicial e de falência. Através de pesquisa bibliográfica, jurisprudencial e documental sobre o tema, no contexto nacional, o estudo apresenta análise crítica sobre a empresa na ordem econômica constitucional contemporânea. Também são tratados aspectos dos processos concursais de falência e de recuperação judicial, ao lado da questão do passivo ambiental em suas múltiplas facetas, incluindo eventual solução de multas e penalidades geradas no decorrer da existência da empresa.
This study aims to deal with the environmental liabilities that may arise from business activity and the treatment of these liabilities based on the eventual insolvency of the company and its repercussions in the legal world due to the plurality of sanctions and protective norms of the environment. Using a hypothetical-deductive and dialectical method, the study aims to uncover the way in which environmental liabilities are treated in judicial reorganization and bankruptcy proceedings. Through a bibliographical, jurisprudential and documentary research on the subject, in the national context, the study presents a critical analysis about the company in the contemporary constitutional economic order. Aspects of bankruptcy and judicial reorganization proceedings are also dealt with, along with the issue of environmental liability in its many facets, including the possible settlement of fines and penalties generated during the company's existence.
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Feltl, Christian. "Der director der englischen limited eine vergleichende Darstellung zum GmbH-Geschäftsführer nach österreichischem Recht." Wien Verl. Österreich, 2007. http://deposit.d-nb.de/cgi-bin/dokserv?id=3148918&prov=M&dok_var=1&dok_ext=htm.
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Zugl.: Wien, Univ., Diss., 2007 u.d.T.: Feltl, Christian: Gemeinsamkeiten und Unterschiede des geschäftsführenden Organes der österreichischen GmbH und der britischen privat limited company unter besonderer Betrachtung des Insolvenzfalles
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Feltl, Christian. "Der Director der englischen Limited : eine rechtsvergleichende Darstellung zum GmbH-Geschäftsführer nach österreichischem Recht /." Wien : Verl. Österreich, 2008. http://swbplus.bsz-bw.de/bsz286063999inh.htm.
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Teilw. zugl: Wien, Univ., Diss., 2007 u.d.T.: Gemeinsamkeiten und Unterschiede des geschäftsführenden Organes der österreichischen GmbH und der britischen Private Limited Company unter besonderer Betrachtung des Insolvenzfalles.
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Gerstenbergk-Helldorff, Isabel von [Verfasser]. "Die Haftung des Geschäftsleiters in der Insolvenz : Am Beispiel der GmbH und Private Company Limited by Shares / Isabel von Gerstenbergk-Helldorff." Frankfurt : Peter Lang GmbH, Internationaler Verlag der Wissenschaften, 2016. http://d-nb.info/108132208X/34.
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Maffioletti, Emanuelle Urbano. "O direito concursal das sociedades cooperativas e a lei de recuperação de empresas e falência." Universidade de São Paulo, 2010. http://www.teses.usp.br/teses/disponiveis/2/2132/tde-06072011-104739/.
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A tese parte da análise jurídica do concurso das sociedades cooperativas para abordar as disciplinas concursais de insolvência civil, recuperação de empresas e falência, bem como as normas de liquidação aplicáveis às cooperativas no direito brasileiro e comparado. O direito concursal hodierno dispõe de mecanismos recuperativos em caso de crise financeira, e liquidatórios, com normas que primam pela eficiência dos institutos do direito concursal e pela continuação da atividade produtiva, com o fim de beneficiar o credor, devedor e a coletividade. Tende-se a adotar o princípio de unidade legal, de sistema e de disciplina, com pressuposto subjetivo unificado, abrangendo todos os devedores, inclusive as sociedades cooperativas, que quando organizadas como empresas são empresárias de economia social, com natureza jurídica e estrutura que beneficiam a coletividade. O Brasil não adota o princípio da unidade, nem reconhece as sociedades cooperativas como empresas, com a exclusão das cooperativas da lei de recuperação e falências, o que fere as orientações internacionais de incentivo e de tratamento não discriminatório às sociedades cooperativas e surge como mais um obstáculo ao seu desenvolvimento no Brasil. Este estudo teórico-descritivo subdivide-se em três capítulos: o primeiro aborda a doutrina e a normativa do direito concursal com enfoque na sociedade cooperativa, analisando a evolução do direito concursal, os pressupostos subjetivos e os institutos do direito concursal brasileiro, inclusive os aplicáveis às sociedades cooperativas; o segundo aprofunda o estudo da sociedade cooperativa como empresa de economia social para demonstrar a sua realidade econômica empresarial e as suas características estruturais, além de as orientações internacionais sobre a promoção da cooperativa; e o terceiro avalia a adequação do direito concursal das cooperativas no Brasil e formula proposições sobre a matéria. A relação teoria e prática tem como base as decisões judiciais existentes sobre a matéria.The thesis begins with the legal analysis of the bankruptcy of cooperative societies to address the legal types of bankruptcy non-commercial entities insolvency system (insolvência civil), companies recovery system and bankruptcy and the liquidation rules applicable to cooperatives under Brazilian law and comparative law. The bankruptcy law nowadays has recovery mechanisms in cases of financial crisis and liquidation. It presents rules that aim at efficiency and at the continuity of the production, in order to benefit creditors, debtors and the community. There is a tendency to adopt the legal unit principle, the system principle and the discipline principle, with a unified subjective premise that covers all debtors, including cooperative societies. When organized as companies, these societies are social economy entrepreneurs, whose juridical nature and structure benefit the community. Brazil does not adopt the legal unit principle and does not recognize cooperative societies as companies, with the exception of the cooperatives covered by the recovery and bankruptcy law. This fact constitutes a disagreement in relation to international orientations of promotion and non-discriminatory treatment to cooperative societies and arises as an obstacle to the development of these societies in the country. The theoretical-descriptive study is divided into three chapters: the first one presents the doctrine and the rules related to bankruptcy law focusing the aspects of cooperative societies and analyzing the evolution, the subjective premises and the institutes of bankruptcy law, including those applicable to cooperative societies; the second chapter analyses the cooperative society as a social economy company and demonstrates its entrepreneurs economic reality, its structural characteristics and adds international orientations on the promotion of cooperatives; the third chapter evaluates the appropriateness of bankruptcy law related to cooperatives in Brazil and formulates propositions on the issue. The relation between theory and practice is demonstrated with judicial decisions on the matter.
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Nuys, Marcel. "Die englische Limited als faktische GmbH im strafrechtlichen Sinne? Gedanken zur strafrechtlichen Verantwortlichkeit des directors in der Insolvenz der Limited als Beitrag zu Grund und Grenzen der wirtschaftlichen/faktischen Betrachtungsweise im Strafrecht." Hamburg Kovač, 2008. http://d-nb.info/993076971/04.
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Malá, Eva. "Likvidace společnosti - právní, daňový a účetní pohled." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-75760.
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This thesis deals with the liquidation of legal persons. It deals with the demands of the liquidator to enter into liquidation. It describes the registration requirements, accounting and tax obligations. The output is an example of completing the processing of tax return.
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Klikar, Martin. "Ekonomická analýza podniku Karlovarské minerální vody, a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-192411.
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We provide an economic analysis of the Karlovarské mineralní vody company between years 2008 and 2012. Strategic and financial analyses are delivered from the external user perspective using the publicly available accounts only. In the strategic analysis, we examine micro-vicinity and macro-vicinity of the company and we provide the SWOT analysis. The financial analysis brings absolute, difference and ratio indicators. In addition, the analysis covers the solvency and insolvency models, the pyramid decomposition of the return on equity, financing rules, stock and leverage analyses, and inter-company comparison. Eventually, we also provide several suggestions to improve the financial situation of the examined company.
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Evans, Simon Charles. "Proprietary remedies in insolvency." Thesis, University of Cambridge, 1996. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.336403.
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Wee, Meng Seng. "Contracts and corporate insolvency proceedings." Thesis, University of Oxford, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.249894.
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Lagiewski, Richard M. "Factors contributing to airline insolvency /." Online version of thesis, 1993. http://hdl.handle.net/1850/11449.
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Ventajar, Danilo. "Human Rights Perspectives in Insolvency." Thesis, Malmö högskola, Fakulteten för kultur och samhälle (KS), 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:mau:diva-23241.
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What human rights or fundamental rights of stakeholders do insolvency norms and laws affect? Will a human rights perspective help in striking a balance between the affected stakeholders? These are the primary questions addressed in this thesis. The idea that human rights values are relevant to he theoretical discussion about insolvency policy is relatively novel. Insolvency after all conjures images of banks and other creditors who are simply attempting to recover their investment. A thorough examination of the dynamics of insolvency however reveals that insolvency is not just about debt collection. It is a complex process that also implicates interests and stakes beyond the interest of banks and other creditors. Globalization further exacerbates this complexity, more so under circumstances of economic decline in the world economy. Using literature review and interdisciplinary or critical legal analysis as methods, the thesis analyzes the axiology of corporate insolvency. While “law and economics” has been identified as an influential value in policy formulation, normative values like human rights were identified to be equally relevant. The thesis draws upon stakeholder theory and corporate responsibility vis-à-vis human rights law to lay the foundation for stakeholder conflict analysis in the context of corporate insolvencies. Concluding that the likely conflict situations in corporate insolvency involve human rights, the thesis suggests the use of the proportionality principle as a balancing tool. In the functional part of the thesis, the author analyzes the relevant provisions of the Philippine insolvency law and singles out the conceptual disconnect of the law with mainstream stakeholder theory in the way it defines the term “stakeholder.”
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Gupta, Jairaj. "Essays on SMEs insolvency risk." Thesis, University of Hull, 2014. http://hydra.hull.ac.uk/resources/hull:10547.
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In light of the new Basel Capital Accord, Small and medium size enterprises (SMEs) play a fundamental role in the economic performance of major economies. Several lending communities proposed to treat SMEs as retail clients to optimize capital requirements and profitability. In this context, it is becoming critically important to have a detailed understanding of its risk behavior for appropriate pricing of credit risk. Thus, this thesis presents four essays on SMEs insolvency risk starting from chapter 3 through chapter 6 that investigates different dimensions of their default risk. My first essay makes distinction among SMEs that report operating cash flow and those which do not while modeling their default risk. However, I do not report any significant improvement in model’s classification performance when operating cash flow information is made available. Similarly, my second essay considers domestic and international SMEs separately while modelling their default risk and report almost identical classifications performance of the models’ developed for both the groups. The third essay compares the default risk attributes of micro, small and medium-sized firms respectively with SMEs. Test results suggest significant difference in the default risk attributes of only micro firms and SMEs. On a different line, my fourth essay deals with the methodological issues that have been witnessed recently in the bankruptcy literature that use hazard models for making bankruptcy predictions. This essay highlights the critical issues and provides appropriate guidance for the correct use of hazard models in making bankruptcy predictions. Here, I also propose a default definition for SMEs which considers both legal bankruptcy laws and firms’ financial health while defining the default event. Empirical results show that my default definition performs significantly better than its respective counterparts in identifying distressed firms with superior goodness of fit measures across all econometric specifications. Detailed abstract of respective essays are as follows. Evidence pertaining to SMEs financing strongly motivates me to believe that firms which are unable to generate sufficient operating cash flow (OCF) are more susceptible to bankruptcy. However, the role of OCF in bankruptcy of SMEs lacks empirical validation. Thus, my first essay (chapter 3) investigates the role of operating cash flow information as predictors in assessing the creditworthiness of SMEs. One-year distress prediction model developed using significant financial information of United Kingdom SMEs over a period of 2000 to 2009 confirm that the presence of operating cash flow information does not improve the prediction accuracy of the distress prediction model. My second essay (chapter 4) considers domestic and international small and medium-sized enterprises (SMEs) of the United Kingdom separately while modelling their default risk. To establish the empirical validation, separate one-year default prediction models are developed using dynamic logistic regression technique that encapsulates significant financial information over an analysis period of 2000 to 2009. Almost an identical set of explanatory variables affect the default probability of domestic and international SMEs, which contradicts the need for separate default risk models. However, the lower predictive accuracy measures of the model developed for international SMEs motivate me to compare the weights of regression coefficients of the models developed for domestic and international firms. Test results confirm that four out of the nine common predictors display significant statistical differences in their weights. However, these differences do not contribute to the discriminatory performance of the default prediction models, given that I report very little difference in each model’s classification performance. A huge diversity exists within the broad category of Small and medium size enterprises (SMEs). They differ widely in their capital structure, firm size, access to external finance, management style, numbers of employees etc. Thus, my third essay (chapter 5) contributes to the literature by acknowledging this diversity while modeling credit risk for them, using a relatively large UK database, covering the analysis period between 2000 and 2009. My analysis partially employs the definition provided by the European Union to distinguish between ‘micro’, ‘small’, and ‘medium’ sized firms. I use both financial and non-financial information to predict firms’ failure hazard. I estimate separate hazard models for each sub-category of SMEs, and compare their performance with a SMEs hazard model including all the three sub-categories. I test my hypotheses using discrete-time duration-dependent hazard rate modelling techniques, which controls for both macro-economic conditions and survival time. My test results strongly highlight the differences in the credit risk attributes of ‘micro’ firms and SMEs, while it does not support the need to consider ‘small’ and ‘medium’ firms’ category separately while modelling credit risk for them, as almost the same sets of explanatory variables affect the failure hazard of SMEs, ‘small’ and ‘medium’ firms. My fourth essay (chapter 6) considers all serious and neglected concerns while developing discrete and continuous time duration dependent hazard models for predicting failure of US SMEs. I compare theoretical and classification performance aspects of three popular hazard models, namely discrete hazard models with logit and clog-log links and the extended Cox model. I report that discrete hazard models are superior to extended Cox models in making default predictions. I also propose a default definition for SMEs which considers both legal bankruptcy laws and firms’ financial health while defining the default event. My empirical results show that my default definition performs significantly better than the default definitions which are only based on legal consequence or firms’ financial health in identifying distressed firms. In addition, my default definition also shows superior goodness of fit measures across all econometric specifications.
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Omar, Paul J. "The private international law of insolvency with emphasis on the European regulation on insolvency proceedings." Thesis, University of Sussex, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.249117.
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Mokal, Rizwaan Jameel. "Corporate insolvency law : theory and application /." Oxford [u.a.] : Oxford Univ. Press, 2005. http://www.gbv.de/dms/spk/sbb/recht/toc/380111381.pdf.
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Univ., Diss.--London, 2001.Formerly CIP. Includes bibliographical references (S. [341] - 351) and index. Introduction : consistency of principle in corporate insolvency -- The creditors' bargain and the collectivity of the liquidation regime -- The authentic consent model : justifying the collective liquidation regime -- The pari passu principle and its relationship with other methods of insolvency distribution -- The priority of secured credit -- Administrative receivership and the floating charge -- Administration -- The wrongful trading provisions -- Adjusting transactions involving distressed companies.
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Walton, Peter. "Priority rights of creditors in insolvency." Thesis, University of Wolverhampton, 2003. http://hdl.handle.net/2436/88477.
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Stavjaník, David. "Valuation of companies in insolvency proceedings." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-142204.
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The diploma thesis deals with several areas of issues related to valuing companies in bankruptcy proceedings. These spheres are interconnected. First and foremost it deals with the reasons for company valuation and perspectives of different subjects on this valuation. The second sphere of the thesis is the analysis of valuation approaches that are based on legal regulations of the Czech Republic. The last part of the paper is application of the valuation on a specific business company with subsequent confrontation with the actual realization of the company. Valuation is of crucial importance to creditors because it is determining in relation to their subsequent meeting the submitted claims.
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Veder, Paul Michael. "Cross-border insolvency proceedings and security rights : a comparison of Dutch and German law, the EC insolvency regulation and the UNCITRAL model law on cross-border insolvency /." Utrecht : Kluwer legal publ, 2004. http://catalogue.bnf.fr/ark:/12148/cb41063898b.
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Texte remanié de: Proefschrift--Radboud Universiteit Nijmegen, 2004.EC = European communauty, UNCITRAL = United Nations. Commission on international trade law. Résumé en néerlandais. Bibliogr. p. 449-468.
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Cho, Eung-Kyung. "Le droit international privé coréen des faillites – comparé aux droits français et européen." Thesis, Paris 2, 2018. http://www.theses.fr/2018PA020019.
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La faillite internationale est la faillite présentant des éléments d'extranéité. Avec l'expansion du commerce international et la succession d'instabilités économiques, l'importance du sujet a été considérablement accrue. 11eme puissance mondiale avec une économie reposant largement sur le commerce, la Corée (République de Corée), non moins concernée par cette tendance, a modernisé sa législation il y a une décennie. Le volume des échanges commerciaux entre la France et la Corée ayant doublé en 10 ans avec aujourd'hui près de 200 entreprises françaises présentes sur le territoire coréen, les règles nouvelles du droit coréen régissant les faillites transfrontalières ne sont plus indifférentes pour le juriste français. Le droit international privé coréen des faillites, sans paraître à première vue fondamentalement différent des droits français ou européen, comporte plusieurs particularités et fait par ailleurs l'impasse sur des notions phares de l'universalisme modifié auquel il prétend avoir adhéré. La substance, les motivations, et les possibles suites de cet état actuel du droit sont traitées dans la présente étude, avec un regard sur le droit des faillites, le droit de la procédure civile et le droit international privé coréens ainsi qu'une comparaison de ces derniers avec les droits français et européenCross-border insolvency denotes the situations arising out of insolvency involving extraneous aspects. Along with the expansion of international trade and the succession of economic instabilities, the importance of its study has undoubtedly become greater. As one of the most concerned actors by this phenomenon, Korea (Republic of Korea) has modernized its legislation a decade ago. The volume of trade between France and Korea having doubled in 10 years, with nownear 200 French companies established in Korea, the new rules of Korean law governing crossborder insolvencies are no longer irrelevant to French jurists. Korean cross-border insolvency law, while not appearing prima facie to be fundamentally different from French or European laws, has several peculiarities and obfuscates the core principles of modified universalism to which it claims to adhere. The substance, the motivations and the possible results of this state of law will constitute the topic of this thesis, with an overview of Korea's bankruptcy law, civil procedural law and private international law, along with their comparison to French and European laws
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Smit, Imogan. "The application of the business judgment rule in fundamental transactions and insolvent trading in South Africa : foreign precedents and local choices." Thesis, University of the Western Cape, 2016. http://hdl.handle.net/11394/5523.
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Gagnon, Hugo-Pierre. "Bill C-55 and the UNCITRAL model law on cross-border insolvency : the harmonization of Canadian insolvency legislation." Thesis, McGill University, 2006. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=101817.
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Bill C-55 proposes amendments to the Canadian Bankruptcy and Insolvency Act and the Companies' Creditors Arrangement Act tailored on the procedural framework contemplated by the UNCITRAL Model Law on Cross-Border Insolvency. This thesis demonstrates that implementation of these amendments will bring Canadian insolvency law into closer---but by no means complete---alignment with the doctrine of modified universalism reflected in the Model Law. To this end, the thesis undertakes an analysis of the different theoretical approaches to cross-border insolvency, shows the importance of instrument choice in determining the level of global harmonization attained, and reviews recent projects of harmonization. This is followed by a close comparative analysis of the extent of compliance of the provisions of Bill C-55 with the Model Law, an analysis that demonstrates the shortcomings of model laws and, somewhat paradoxically, their important role and function in eventually bringing about global legal harmonization.
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Udofia, Kubianga Michael. "The impact of insolvency on corporate contracts : a comparative study of the UK and US insolvency law regimes." Thesis, University of Nottingham, 2014. http://eprints.nottingham.ac.uk/27878/.
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Parties who contract at arm’s length are bound by the terms of their contracts, provided the contracts do not contravene a rule of law or public policy. The commencement of formal insolvency proceedings may however limit the ability of a debtor to perform its pre-petition contractual obligations, resulting to liabilities to creditors. Accordingly, a formal insolvency procedure ensures an orderly and efficient resolution of the debtor’s affairs -- maximising realisations to creditors or rescuing the corporate debtor as a going concern. To achieve this purpose, unilateral contract enforcement efforts and rights are replaced by a mandatory regime characterised by collectivity and equality in treatment of similarly situated creditors. This thesis comparatively evaluates the impact of the commencement of formal insolvency proceedings on corporate contracts in the UK and US. It examines the extent to which pre-petition contractual bargains are suspended, adjusted or avoided by the supervening insolvency law regime in the jurisdictions. The thesis adopts a thematic approach to examine how the legal frameworks in the jurisdictions manage the inevitable conflict between the policy considerations of contract law and those of insolvency law. The extent to which insolvency law should interfere with pre-insolvency contractual arrangements and entitlements has always been a contentious and keenly debated issue. No doubt, insolvency law has a greater number of interests to protect outside the interests of pre-petition contracting parties. These include the general body of creditors, employees, post-petition creditors etc. Nevertheless, in the absence of compelling and well-articulated policy justification, formal insolvency ought not to be a forum for the stripping of property rights or the pursuit of redistributional goals.
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Descatoire, Valérie. "Les créanciers face aux procédures d'insolvabilité en droit chinois." Thesis, Paris 1, 2016. http://www.theses.fr/2016PA01D039.
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La Chine a adopté le 27 août 2006 la loi « sur la faillite de la République populaire de Chine », consacrant la transition d’une économie socialiste, où peu de place était accordée aux droits des créanciers et des débiteurs, à une « économie socialiste de marché » où les droits des créanciers et des débiteurs se trouvent restaurés. La protection des créanciers est ainsi devenue l’une des principales préoccupations du droit chinois des procédures d’insolvabilité afin de favoriser l’investissement et de promouvoir la croissance économique de la Chine depuis son adhésion à l’Organisation mondiale du commerce. Eu égard à la place actuelle de la Chine dans l’économie mondiale, il est essentiel d’analyser le droit chinois des procédures d’insolvabilité ainsi que sa mise en œuvre afin de pouvoir apprécier la situation réservée aux créanciers et la pertinence de ses dispositifs de traitement des difficultés des entreprises, que l’on mettra en perspective avec ceux des droits français et américain.Ce droit chinois de l’insolvabilité se caractérise par sa prévisibilité pour les créanciers,qui peuvent envisager le déroulement des procédures d’insolvabilité tout en mesurant les risques, et par sa reconnaissance de leurs droits sur les actifs du débiteur, en particulier lorsque ces créanciers sont privilégiés. Il se révèle favorable aux créanciers en ce qu’il organise des procédures conformes aux standards de la pratique internationale du traitement de l’insolvabilité. Néanmoins, il se révèle insuffisant tant par ses carences en matière procédurale et substantielle qu’en raison des incertitudes qui subsistent dans sa mise en œuvre et dans la recherche des responsabilitésChina has adopted on August 27th, 2006 the "Bankruptcy Law of the People's Republic of China" consecrating the transition from a socialist economy, where little consideration was given to the rights of creditors and debtors to a "socialist market economy" where the rights of creditors and debtors are restored. Creditors protection has therefore become a major concern of insolvency proceedings under Chinese law in order to favor investment and promote economic growth of China since its accession to the World Trade Organization. Given the current position of China in the global economy, it is essential to analyze the insolvency proceedings under Chinese law and their implementation in order to assess the situation reserved to the creditors and the pertinence of the companies difficulties treatment solutions, putting them into perspective with those under French and American laws. Insolvency proceedings under Chinese law are defined by their predictability for creditors enabling them to consider the progress of these proceedings while measuring the risks, and by the recognition of creditors’ rights over the assets of the debtor in particular when they are secured creditors. They are favorable to creditors by complying with standards regarding international practice of insolvency treatment. Nevertheless, they are insufficient to creditors both by their deficiencies in procedural and substantive matters and by uncertainties subsisting in their implementation and in responsibilities research
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Adebola, B. A. "Corporate rescue and the Nigerian insolvency system." Thesis, University College London (University of London), 2013. http://discovery.ucl.ac.uk/1385156/.
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Foremost insolvency practitioners are agitating for the reform of the Nigerian corporate insolvency law, and in particular, its rescue system. They seek to transplant the corporate rescue model of either the United States or of England and Wales into the Nigerian insolvency system. On the premise that the present system, as well as the proposed models should be clearly understood before reforms are executed, this thesis examines the three rescue models in focus. Very little is written on the existing Nigerian rescue system. Utilising an analytical and empirical method, the thesis educes a robust and, it argues, representative picture of the Nigerian corporate rescue law and practice. It finds that the Nigerian rescue system comprises an informal and a formal phase. A company is more likely to be rescued at the informal phase, which is being developed by stakeholders to mitigate the substantive and institutional challenges that beset the formal phase. The formal rescue law is inadequate because its regimes are not fit for purpose. The greatest challenge it faces, it is argued, is administrative. Institutional failings have injected the tardiness and uncertainty that now characterise the Nigerian rescue system. The thesis proposes an analytical framework by which the rescue systems of Nigeria, the US and England and Wales, as well as other corporate rescue models, can be examined. From the analysis it presents, prospective reformers can identify the core elements of corporate rescue and how these are administered by their preferred models. They can also observe how these elements are administered by the Nigerian rescue model. It is expected that the robust findings presented in the thesis will contribute considerable value to the on-going insolvency reform debate in Nigeria.
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Nedvědová, Nikola. "Převzetí společnosti skrze insolvenční řízení (SAZKA, a.s.)." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-162866.
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This thesis deals with takeovers in the Czech environment according to the Insolvency Act No. 182/2006 Coll., which passed an amendment to the 1. 1. 2008. There are methods of resolving insolvency of the debtor and principles of insolvency proceedings which should be followed during the insolvency process. Work distinguishes friendly and hostile takeover. The theoretical part provides an overview of possible ways of takeover, the reasons that motivate new owners to think about a possible takeover and globally applicable defense strategies. Another theoretical starting point is consideration of the reorganization of the company, which may be conducted by both the debtor and of the creditor(s). The practical part describes the hostile takeover of SAZKA from its history, through description of the key moments of crisis to insolvency proceedings which resulted in the bankruptcy of the debtor. Subsequent hostile takeover was directed by PPF and KKCG, which bought up commitment wagers and therefore became important creditors (controlling the betting and lottery activities) and later winner of the tender for the sale of the entire company. This case is a textbook example of takeover of the company, which had fallen into financial distress. The battle for the largest lottery company in the country was very hard, long and eventually resulted in a very profitable business, which fell into the arms of a single owner.
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Luecke, Heike. "Insolvency Darwinism : forum shopping activities from Germany to England as an example of a driver of insolvency law perfection." Thesis, Kingston University, 2015. http://eprints.kingston.ac.uk/35059/.
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The practice of German companies to indulge in forum shopping in England to achieve beneficial treatment under English insolvency proceedings has encouraged the German Government to make significant changes to German insolvency laws by introducing new legislation in the form of the Law for the Further Facilitation of the Rehabilitation of Companies (“Gesetz zur weiteren Erleichterung der Sanierung von Unternehmen” “ESUG“ ). The Act states that the impetus for the reform was the move of German companies to England which started a general discussion of “Germany, as a restructuring jurisdiction” (“Sanierungsstandort Deutschland”). Such forum shopping activities increased the awareness of the perceived weaknesses of the German system. This research looks at forum shopping from a Darwinian perspective. Germany and England as Member States of the European Union compete with each other as movement of capital to another Member State has a negative effect on the country’s economy. A reputation as a “bad restructuring jurisdiction” has an impact on the choice of business location and could act as a disincentive to company incorporations in Germany. Freedom of establishment allows companies to choose a regime which fulfils their needs, the Member States have to be motivated to attract companies and be willing to adapt to changes to keep up with business demands. In particular it should be borne in mind that forum shopping is not a one-dimensional activity and in itself constitutes an element of investment. The quality of a country’s legal restructuring framework has an impact on a company’s choice of business location in the first place and its willingness to invest and hence to attract debt financing. Taking the example of Germany and England, it is argued that forum shopping activities foster the development, improvement, reform and revision of existing laws. This thesis argues that Insolvency Darwinism results in a global alignment and convergence of insolvency systems so that the jurisdictions within the EU imitate each other with their rescue-friendliness. This competition for the “best insolvency regime” results in a more perfect insolvency landscape. The alignment with more rescue-friendly insolvency regimes is preferred to avoid unwanted forum shopping activities, whereas a “fettered Darwinian approach” of partially imitating another system will fail to deliver the desired result. This thesis critically examines whether Germany has achieved its aim of establishing a “culture of second chance” in changing the Insolvency Code (“Insolvenzordnung”) introduced by the ESUG. Chapter one serves to explain why forum shopping functions as a driver of insolvency law perfection, using a “Darwinian approach” and Darwin’s core thesis of “natural selection” to explain the competition of jurisdictions in insolvency law. Chapters two and three give an overview of the developments of the rescue culture in Germany and England. Chapters four to eight compare and contrast the different key areas in Germany and England, examining the situation in Germany before and after the introduction of the ESUG. Specific focus is put on the question of whether the changes introduced by the ESUG were driven by forum shopping activities and whether these changes led in fact to a more “perfect“ insolvency regime, in the sense as examined in chapter one. Chapter nine is dedicated to the conclusion.
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Lunetti, Chiara. "Actions deriving directly from insolvency proceedings and closely linked with them under regulation EU 2015/848 on insolvency proceedings." Thesis, Paris 1, 2020. http://www.theses.fr/2020PA01D011.
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La thèse intitulée « Les actions qui découlent directement de la procédure d'insolvabilité et qui y sont étroitement liées dans le cadre du règlement UE 2015/848 sur les procédures d'insolvabilité » se concentre sur les critères de détermination des juridictions compétentes en matière de litiges découlant de la procédure d'insolvabilité dans le contexte de procédures transfrontalières. Selon son Article 1(1)(b), les procédures d'insolvabilité sont exclues du champ d'application du règlement (UE) n° 1215/2012 (« Règlement Bruxelles ») et devraient être couvertes par le règlement (UE) n° 848/2015 ('Règlement Insolvabilité'). Pour cette raison, en principe, l'interprétation de deux règlements devrait, autant que possible, combler les lacunes réglementaires entre les deux instruments. Le texte du nouvel article 6 Règlement Insolvabilité prévoit désormais que les juridictions compétentes en vertu de l'article 3 du Règlement Insolvabilité soient compétentes dans le cadre de toutes les actions qui découlent directement de la procédure d'insolvabilité et y sont étroitement liées. Toutefois, ce principe (appelé la vis attractiva concursus « réduite » ), malgré quelques clarifications ont été fournies par la Cour de Justice, ne résoudra pas la question et l'interprétation du champ d'application du Règlement Insolvabilité par rapport au Règlement Bruxelles est encore douteuse, car il y a encore beaucoup de zones grises dans l'interprétation de cette règle. Le but de la thèse est d'analyser ce qui est attendu en matière de litiges découlant de la procédure d'insolvabilité et d'analyser les cas où il est controversé qu'elles entrent dans le champ d'application du règlement (UE) n° 848/2015 plutôt que dans celui du règlement n° 1215/2012The thesis, entitled "Actions deriving directly from insolvency proceedings and closely linked with them under regulation EU 2015/848 on insolvency proceedings", focuses on the criteria for determining the courts having jurisdiction for disputes arising in the context of cross-border Insolvency proceedings. According to its Article l(l)(b), insolvency proceedings are excluded from the scope of Regulation (EU) 1215/2012 ('Brussels Regulation') and should be covered by Regulation (EU) No 848/2015 ('EIR). For this reason, in principle, the interpretation of the two regulations should, as far as possible, fill in the regulatory gaps between the two instruments. The text of the new Article 6 EIR now provides that any action with cross-border elements that prove to be 'directly deriving from Insolvency proceedings and closely linked with them' must be attracted to the jurisdiction of the Member State opening the insolvency procedure under Article 3 EIR. Nevertheless, this principle (referred to as the 'reduced' vis attractiva concursus), despite some clarifications provided by the European Court of Justice, does not resolve the issue, and the interpretation of the scope of application of the Insolvency Regulation and the Brussels Regulation's remains questionable, as there are still many grey zones in the interpretation of this rule. The aim of the thesis is to analyse what kind of actions should be regarded as 'directly deriving from' and 'closely linked with' insolvency proceedings, and to analyse those cases where it is controversial whether the action should fall within the scope of the EIR rather than the Brussels Regulation
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Cetin, Nusret. "Principles of bank insolvency : rationale and international dimensions." Thesis, Queen Mary, University of London, 2013. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.610969.
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van, Zwieten Kristin. "The demise of corporate insolvency law in India." Thesis, University of Oxford, 2012. http://ora.ox.ac.uk/objects/uuid:b19387d6-1a57-4e60-b46b-ca2c7a469afe.
Full textAbstract:
The subject of this thesis is the operation of corporate insolvency law in post-colonial India. Indian corporate insolvency law has been widely condemned as dysfunctional, critics complaining of extreme delays and a series of associated harms to creditors in the disposal of formal proceedings. Surprisingly little is known, however, about why the law has ‘failed’ creditors in this way - why the law operates as it does. That is the question that motivates this thesis. The thesis reports the results of an in-depth study of the introduction and development of India’s two principal insolvency procedures for corporate debtors: liquidation (under the Companies Act 1956) and rescue (under the Sick Industrial Companies (Special Provisions) Act 1985, for industrial companies). The most significant contribution made by the thesis is the reporting of new evidence of the influence of judges on the development of these two insolvency procedures over time, drawn from an original analysis of a large body of Indian case law. This evidence suggests that the role of the courts (or more specifically, the role of judges) has been significantly underestimated in previous attempts to explain the demise of corporate insolvency law in post-colonial India.
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Weyulu, Victoria. "The Reform of Namibia’s Cross-Border Insolvency Framework." Thesis, University of the Western Cape, 2015. http://hdl.handle.net/11394/4773.
Full textAbstract:
Magister Legum - LLMThis paper argues that there is a need for an improved cross-border insolvency regime as the common law principles applied in Namibia are outdated and thus ill-equipped to deal with present-day complex issues of cross-border insolvency. The lack of literature on issues of crossborder insolvency belies the importance of cross-border insolvency in African developing countries like Namibia who seek to encourage trade and investment in the hope of achieving economic development. In the final section of chapter one, the paper will consider the Model Law as the basis needed to develop clear, fair and predictable rules to effectively deal with the various aspects of cross-border insolvencies in Namibia.
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Moravec, Tomáš. "Zahájení insolvenčního řízení, jeho účinky a projednání insolvenčního návrhu - možnost využití či zneužití právní úpravy." Doctoral thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-199997.
Full textAbstract:
This thesis investigates the problem of commencement of insolvency proceedings, content of an insolvency petition, the effects of insolvency proceedings and the decission about insolvency petition. In connection with the filing of insolvency petition focuses on issues of international jurisdiction. The paper also analyzed the empirical data relating to insolvency proposals. The aim is examining whether the current legal system of commencement insolvency proceedings can be misuse and whether the legal framework of international jurisdiction can be misuse. There are also examine various possibilities of misuse legislation. Also, the thesis focuses on the possible regulatory considerations.
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Ulrychová, Petra. "Reorganizace jako způsob řešení úpadku firmy." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-205448.
Full textAbstract:
The aim of this thesis is the definition of reorganization as a way of resolving insolvency in the Czech Republic according to the Act no. 182/2006, about bankruptcy and its solution (Insolvency Act). Theoretical and practical part is divided into basic thematic and logically interrelated units that provide a comprehensive description and information relating to the characteristics of basic terms, a description of the insolvency proceedings, the definition of reorganization, the establishment and implementation of the reorganization plan and the application of reorganization on the company Pilsen Steel s.r.o. The work is divided into theoretical and practical part. Descriptive and analytical methods are used to meet the objective of the thesis.
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Mwelase, Musamuni Barbara. "Insolvency interrogations : an investigation into sections 64, 65, 66 and 152 of the Insolvency Act 24 of 1936 / by Musamununi Barbara Mwelase." Thesis, North-West University, 2005. http://hdl.handle.net/10394/804.
Full textAbstract:
This dissertation is the analysis of sections 64, 65, 66 and 152 of the
Insolvency Act 24 of 1936. Sections 414 to 418 of the Companies Act
61 of 1973 are also touched upon in so far as they relate to these
sections of the Insolvency Act. These sections entail the compulsory
attendance of the creditors 'meetings by the insolvent. At these
meetings the interrogation of the insolvent regarding his insolvent
estate is conducted. Its purpose is to ensure that the insolvent accounts
for the assets of his estate and supply reasons for his bankruptcy. The
information gathered thereat will assist in the due and fair distribution
of his assets amongst his creditors. The purpose of this research is to
examine whether the application of these sections to the insolvent
person (juristic or natural) is in compliance with the Constitution of the
Republic of South Africa, 1996.
The provisions provided for by this sections appears to be good,
however there is another viewpoint. The fact that the insolvent and any
other person interrogated may be compelled to divulge certain privilege
information, even to the extent of incriminating himself (themselves)in
the process seems to be violating certain rights of the person
interrogated, for example, one's right not to incriminate himself This
right especially comes to mind when one considers the fact that
information divulged at the interrogations may be used against the
person giving it in subsequent proceedings relating to perjury,
administration of the insolvent estate, taking of oath and so forth. These
sections also provides for the detention of the person who fails to
comply with the provisions of this Act. The detention is said to be a
mechanism that the legislature needs to ensure compliance and is not
regarded as detention without trial. However, the detention has to be
ordered by a judicial officer presiding over the meeting of creditors and
not a person from the executive organ of the state.
Case law has however indicated that there is nothing unconstitutional
about these sections as long as they are applied with precautionary
measures, taking into consideration the rights of the interrogatee or
person examined as entrenched in the Bill of Rights. The principles of
justice also require that every one shall be entitled to fair proceedings.Thesis (LL.M.)--North-West University, Potchefstroom Campus, 2006.