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Fulfillment of the elemantary disclosure rules by Czech companies
Tomis, Adam ; Richter, Tomáš (advisor) ; Havel, Jiří (referee)
This Master Thesis represents the empirical analysis of the extent to which the mandatory disclosure rules concerning publication of accounting statements, annual reports and other information of non-financial nature - reports on the relationships between connected parties and control agreements - are observed by the Czech joint-stock companies and limited liability companies. The text is structured into three main parts. The first one summarizes the theoretical discussion concerning the need of mandatory disclosure rules, especially in the relation to the protection of creditors facing the limited liability rule. The second one discusses the current Czech legal regulation of these rules and serves as a basis for the empirical analysis made in the third part. The analysis itself is based on the data retrieved from the online database of the Czechcommercial register.
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Approaching the end of a tunnel: Shareholder protection and private benefits of control in the Czech Republic
Hájek, Filip ; Richter, Tomáš (advisor) ; Mejstřík, Michal (referee)
This master thesis concentrates on the agency problems that are embedded in corporations and their solutions by corporate law. We explain two specific agency problems in detail and review solutions to them by different jurisdictions. We provide an overview of how Czech corporate law and regulation tried to solve them after 1990. Then, the concept of private benefits of control is introduced and used to measure the quality of law and regulation in the Czech Republic. We come to the conclusion that the quality of law and regulation hasimproved and reached a level comparable with Western European countries.
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Anti-platelet effects of citalopram
Richter, Tomáš ; Alušík, Štefan (advisor) ; Jirák, Roman (referee) ; Matějovská Kubešová, Hana (referee)
Introduction Citalopram is a preferred medication used for the treatment of depression and belongs to a group known as selective serotonin reuptake inhibitors (SSRI). When used on a long-term basis, it leads to a significant decrease of serotonin in thrombocytes. Citalopram-treated patients often display haemorrhagia that is explained by its anti-platelet effect, which is also - more or less - the case for other medications from the SSRI group. Aim of the Thesis The aim of the thesis was to find out: a) Whether citalopram treatment (2 weeks) has influence on the plasma concentration of thromboxane B2; b) Whether there is a relation between the expected decrease of thromboxane B2 levels and the plasma concentration of citalopram. Methods and Patient Population We carried out clinical and laboratory tests on a study population consisting of elderly and polymorbid patients who underwent a 14-day citalopram treatment with daily doses of 20mg. Among other tests, we observed the plasma concentration of thromboxane and citalopram. Out of 160 patients examined, 78 patients were assessed. Results Our study has proved that even a short-term citalopram treatment results to a significant increase in the plasma concentration of thromboxane B2 and the suppression rate of thromboxane B2 correlates with the higher...
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Czech Cross-Border Insolvency Rules in Comparison with the UNCITRAL Model Law
Martiník, Pavel ; Richter, Tomáš (advisor) ; Khymych, Olha (referee)
The Thesis compares UNCITRAL Model Rules on Cross-Border Insolvencies with current Czech legislation. In the first part, it briefly depicts main cross-border insolvency systems, as they were developed by leading scholars. Furthermore, the protocols, as a unique solution to a multinational default are discussed. In the second part, it applies principles of economic approach to law and discusses the pros and cons of the Czech system in comparison to the Model Rules using specific examples. The outcome of the Thesis is analysis of several features the Model Rules and Czech legislation differs. Powered by TCPDF (www.tcpdf.org)
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An Economic Analysis of the Cross-Border Insolvency Proceedings within the context of the Changes of the Council Regulation (EC) No 1346/2000
Juhás, Juraj ; Richter, Tomáš (advisor) ; Břízová, Pavla (referee)
The content of this bachelor thesis is an economic analysis of the cross-border insolvency proceeding held according to the Council regulation (EC) No 1346/2000 on insolvency proceeding and proposals of its amendment. It is focused mainly on changes regarding the possibility to request an opening secondary proceeding and changes regarding the insolvency of groups of companies. A basic framework for evaluation of a profitability of a secondary proceeding opening for a concrete creditor was introduced at the end of the chapter II. It involves three main factors: ratio of relative shares on the realization of debtor assets in the case a secondary proceeding was opened and in the case I was not opened; additional incomes caused by the fact that the debtor assets were administered as a whole (the assets were not liquidated by parts in several parallel insolvency proceedings) and transaction costs. The proposed changes of the cross-border insolvency law in the European Union concerning a limitation of the right to request the opening of a secondary proceeding and obligatory cooperation between proceedings regarding a member of the same group of companies are then evaluated with respect to this basic framework.
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Anti-platelet effects of citalopram
Richter, Tomáš ; Alušík, Štefan (advisor) ; Jirák, Roman (referee) ; Matějovská Kubešová, Hana (referee)
Introduction Citalopram is a preferred medication used for the treatment of depression and belongs to a group known as selective serotonin reuptake inhibitors (SSRI). When used on a long-term basis, it leads to a significant decrease of serotonin in thrombocytes. Citalopram-treated patients often display haemorrhagia that is explained by its anti-platelet effect, which is also - more or less - the case for other medications from the SSRI group. Aim of the Thesis The aim of the thesis was to find out: a) Whether citalopram treatment (2 weeks) has influence on the plasma concentration of thromboxane B2; b) Whether there is a relation between the expected decrease of thromboxane B2 levels and the plasma concentration of citalopram. Methods and Patient Population We carried out clinical and laboratory tests on a study population consisting of elderly and polymorbid patients who underwent a 14-day citalopram treatment with daily doses of 20mg. Among other tests, we observed the plasma concentration of thromboxane and citalopram. Out of 160 patients examined, 78 patients were assessed. Results Our study has proved that even a short-term citalopram treatment results to a significant increase in the plasma concentration of thromboxane B2 and the suppression rate of thromboxane B2 correlates with the higher...
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Economic Rationale behind the Evolution of the Slovak Insolvency Law
Hrnčiar, Pavel ; Richter, Tomáš (advisor) ; Gutiérrez Chvalkovská, Jana (referee)
The Slovak insolvency law reform, which came into effect on 1 January 2006, introduced a brand new restructuring option for business debtors. In this thesis, we present the first complex empirical analysis of all restructuring attempts allowed in the period 2006-2010. Results, based on a large amount of data, which we gathered for this purpose, suggest that the restructuring option is much more viable than the composition option under the previous Bankrupcty and Composition Act. The system is characterized by very high success rates (in terms of plan confirmation) and speedy proceedings. The size of the debtor affects neither the prospects for success, nor the length of proceedings significantly. We conclude that, even though a lot of improvements still need to be done, the reform moved the Slovak insolvency law closer to the standards of the best-performing jurisdictions. JEL Classification D23, K12, K20 Keywords insolvency law, reform, restructuring, bankruptcy, restructuring plan, trustee Author's e-mail hrnciarpavel@gmail.com Supervisor's e-mail tomas.richter@cliffordchance.com
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Economic and law aspects of reorganization and bankruptcy illustrated on the case of Kordarna
Harrer, Jan ; Richter, Tomáš (advisor) ; Gutiérrez Chvalkovská, Jana (referee)
The long awaited insolvency act in force - Act 182/2006 Coll., changed the whole insolvency process by enabling new solutions to handle corporate insolvency issues. Among the most revolutionary features is the facilitation of a reorganization process. The thesis focuses on legal and economic aspects of the reorganization framework and compares it with the possibility solution of bankruptcy liquidation. The thesis analyzes the reorganizations of company called Kordarna, a.s. and also three subsidiary firms belonging to the KORD Group companies, which have been the first major test of the reorganization framework under the current Czech Insolvency Act. After the analysis of the procedural steps throughout the insolvency proceedings, the thesis arrives at a conclusion that given the circumstances, the chosen reorganization procedure was the best possible solution to Kordarna's insolvency for all classes of creditors and also other involved stakeholders. Moreover, the slow pace of the process is also discussed in detail. An important conclusion is reached in the field of bankruptcy estate valuation, where the thesis claims that the values of bankruptcy estates valuations were unrealistically high, because the adverse impact of the current extraordinary asset market conditions was never fully considered.
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Crystalex Nový Bor: od dedictví IPB k zátěžovému testu českého insolvenčního zákona
Čása, Tomáš ; Richter, Tomáš (advisor) ; Vacek, Pavel (referee)
v Summary The presented work describes and analyzes the course of insolvency proceedings in Crystalex Nový Bor, one of the largest corporate bankruptcies resolved under the Czech Insolvency Act. The core of the work focuses on the description and assessment of the case from the point of view of economic efficiency. The analysis of a large corporate bankruptcy case defined the key aspects of the proceedings and evaluated them in the context of the existing legal framework. The case confirmed a strengthened position of secured creditors, but could not find evidence for opportunistic abuse of this position. The Czech Insolvency Act respected pre- bankruptcy entitlements and the absolute priority rule. On the other hand, the course and the role of the moratorium and delays in the distribution of the liquidation proceeds were weak aspects of the proceedings. The selected method of insolvency resolution through liquidation and sale of the core operating assets together under one contract appeared the most plausible from the point of view of the type of distress in the company. Keywords: case study, financial distress, insolvency, insolvency proceedings, liquidation, asset sale Bibliographic record Čása, Tomáš: "Crystalex Nový Bor: From IPB Heritage to the Loading Test of the Czech Insolvency Act." Charles...
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