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Insolvency of a dependant person and its group consequences
Smetana, Tomáš ; Horáček, Tomáš (referee)
Insolvency of a dependant person and its group consequences Abstract The thesis deals with the consequences that the Czech Act on Business Corporations and the Insolvency Act provides for the case of bankruptcy of a dependant entity in relation to the remaining entities in the group. First, the general conceptual bases are discussed and the value of the principles of limited liability and individual legal personality in the context of the business group is explained. One chapter is devoted to international issues that arise in the context of bankruptcy within business groups, that is, both private international law and harmonization issues. The importance of harmonization is explained with reference to universalism, the leading way of thinking in solving cross-border bankruptcy, and in other parts of the thesis, Czech law is compared with the international standards of insolvency law of UNCITRAL and the World Bank. Furthermore, the ways in which the liability of a group member for the debts of an insolvent corporation can be inferred are analyzed. These include, in particular, the English law inspired wrongful trading regime contained in s. 68 of the Act on Business Corporations and the liability of the dominant entity for the debts of the dependant entity if the dominant entity causes the dependant entity...
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Insolvency of a dependant person and its group consequences
Smetana, Tomáš ; Černá, Stanislava (advisor) ; Zahradníčková, Marie (referee)
Insolvency of a dependant person and its group consequences Abstract The thesis deals with the consequences that the Czech Act on Business Corporations and the Insolvency Act provides for the case of bankruptcy of a dependant entity in relation to the remaining entities in the group. First, the general conceptual bases are discussed and the value of the principles of limited liability and individual legal personality in the context of the business group is explained. One chapter is devoted to international issues that arise in the context of bankruptcy within business groups, that is, both private international law and harmonization issues. The importance of harmonization is explained with reference to universalism, the leading way of thinking in solving cross-border bankruptcy, and in other parts of the thesis, Czech law is compared with the international standards of insolvency law of UNCITRAL and the World Bank. Furthermore, the ways in which the liability of a group member for the debts of an insolvent corporation can be inferred are analyzed. These include, in particular, the English law inspired wrongful trading regime contained in s. 68 of the Act on Business Corporations and the liability of the dominant entity for the debts of the dependant entity if the dominant entity causes the dependant entity...
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Insolvency of a managed person and the consequences for the corporate group
Pulicar, Miroslav ; Černá, Stanislava (advisor) ; Zahradníčková, Marie (referee)
Thesis title: Insolvency of a managed person and the consequences for the corporate group This thesis deals with the bankruptcy of controlled affiliate and its legal consequences for operating of the whole corporate group in the Czech legal system. Firstly, it states the theoretical basis for the legal regulation of corporate groups and their basic elements - corporations. In relation to the regulation of corporate groups it points out the conflict between entity approach and enterprise approach, both addressing the corporate group differently with respect to corporate personality. It further provides a brief explanation on the nature of bankruptcy and defines it as an occasion where the ownership of the corporation does in fact fundamentally change. Secondly, it introduces some legal instruments of the company law and the law of the corporate groups governing both, the liability of controlling entity for its conduct in the management of the controlled affiliate and the duties of persons with certain functions or influence over the corporation in the so called twilight zone of insolvency. It is argued that the object of such provisions is to prevent the bankruptcy and to provide a remedy to creditors and shareholders in case of abuse of the corporate group structure by the controlling entity. This...
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