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Insolvency of members of a group of companies
HOŠKOVÁ, Tereza
The aim of the bachelor thesis is to analyse the newly adopted European Regulation (EU) No. 2015/848 as of 20 May 2015 on Insolvency Proceedings (the "Regulation") that shall enter into force in June 2017, especially as regards cross-border insolvency of group of companies. The theoretical part of the thesis introduces the background of European legislation in the field of international private law and concentrates especially on pieces of legislation regu-lating the insolvency proceedings. The thesis analyses the reasons for general recast of the regulation as well as reasons for extension of the scope of the regulation by the rules for cross-border insolvency of group of companies. The practical part consists of a simulation of cross-border insolvency proceedings where a group of companies is concerned. It also contains template documents and charts for the use of insolvency courts and insolvency trustees.
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Reorganization as a restoring form of insolvency
Hodačová, Helena ; Pohl, Tomáš (advisor) ; Macková, Alena (referee)
IN ENGLISH: Reorganisation as a non-liquidation solution of bankruptcy: The main purpose of my final thesis is to analyse a non-liquidation solution of bankruptcy of a debtor under the Czech act No. 184/2006 Sb. (Coll.) hereinafter called as Insolvency Act, with all respect to the actual judicial decisions, legal opinion of the professional public and economic aspects as well. Some issues under Czech law are given in comparison with the Slovenian act No. 7/2005 Zz. (Coll). The main reason for my research is the increasing importance of insolvency law after the economic crise in 2007 to 2009. Since many companies are still to be winded-up, although, it is not the most effective form of figuring out their decline in light of all-society economic stand-point. The thesis is divided into 17 chapters. Each chapter is composed of several main points. The first part subsumes ten chapters, which describes basic elements of incolvency proceedings that are very important for the overview comprehension of the reorganization. The aforementioned part of my thesis covers the description of the historical development and basic elements of incolvency proceedings, explenation of bankruptcy, decision of bankruptcy, petition for bankruptcy order, parties to incolvency proceedings, automatic stay, bankrupt's estate....
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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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Insolvency proceedings with a European international element
Šebková Stráska, Eva ; Smolík, Petr (advisor) ; Zoulík, František (referee)
in English In this thesis, I analyse Council regulation (EC) No 1346/2000 of 29 May 2000 on insolvency proceedings and its practical effects in EU member states' bankruptcy proceedings. The regulation creates a European insolvency law which is aimed at proper functioning of the internal market. The market requires efficient and effective cross-border insolvency proceedings in order to protect creditors. I review interpretations of the principle of controlled universality, Lex fori concursus, recognition of insolvency proceedings, and cooperation of liquidators whose function is to administer or liquidate assets located in various member states. I also examine the process of launching primary and secondary proceedings in relation to the debtor's centre of main interest and to his place of operations where the debtor carries out a non-transitory economic activity with human means and goods. I demonstrate the current legal reasoning of the Court of Justice of the European Union in e.g. the Judgment of the Court (Grand Chamber) of 2 May 2006 in Case C-341/04, Eurofood IFSC Ltd. which interprets Articles 1, 2, 3 and 16 of the regulation, and in the Judgment of the Court (First Chamber) of 21 January 2010 in Case C-444/07, MG Probud Gdynia sp. z o.o., which interprets Articles 3, 4, 16, 17 and 25 of the...
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Raising claims in insolvency proceedings
Němcová, Petra ; Smolík, Petr (advisor) ; Zoulík, František (referee)
v anglickém jazyce The subject of presented Master's degree thesis is Raising claims in insolvency proceedings. The purpose of this thesis is to analyze this issue from the view of present legislation and judicial decisions and to point out some interpretation problems. Recent amendments of legal regulation as well as proposed bills were taken into account too. This thesis is divided into nine chapters. Chapter One introduces an initial part of insolvency proceedings, which starts with the commencement of insolvency proceedings and ends with the decision on the bankruptcy. It is concerned with an insolvency petition and analyzes its requirements and effects. This is followed by description of a court procedure regarding the alternatives of decisions on the insolvency petition. The consequences of unfounded insolvency petition and subsequent liability of petitioner were not left without attention as well. Chapter Two is focused on the creditor as a participant in the insolvency proceedings. Creditors are divided into five groups by the character of their claims. In these groups is a position of creditors in the proceedings defined especially with regards to the way of raising their claims. Next two chapters represent the key part of this thesis. As its title suggests, it relates to raising claims in...
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Position of creditors in insolvency proceedings
Štefeček, Ondřej ; Zoulík, František (advisor) ; Smolík, Petr (referee)
The theme of my graduation thesis is "The Status of Bankruptcy Creditors in Insolvency Proceedings according to the Act No. 182/2006 Coll., (The Insolvency Act)". The purpose of my thesis is to provide a comprehensive analysis aimed at creditor's rights and duties during insolvency proceedings, with a special attention focused on selected topics. One of my goals is to highlight the big progress of creditors achieved with the new legal regulation. I also concern myself with those provisions of The Insolvency Act, which from my perspective offer an ambiguous interpretation. Therefore application of these provisions may cause problematic situation difficult to be resolved. The thesis is structured into seven chapters. The first two parts are dedicated to a general introduction to the insolvency law with an accent to basic legal principles and institutes of insolvency proceedings. We find there also a brief historical overview of insolvency in Czech Republic as well as general aspects of replacing The Act No. 328/1991 Coll., on bankruptcy and settlement (The Bankruptcy and Settlement Act) with a new Insolvency Act. In Chapter 3, I describe the basic creditor's instruments they can use in order to impact the effectiveness of their claims satisfaction mentioning also one of the bankruptcy conditions which is the...
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Discharge of a debtor - one of modes of insolvency solution
Polák, Marek ; Smolík, Petr (advisor) ; Zoulík, František (referee)
The legal enactment No. 182/2006 Sb., Insolvency Act that came into force on January 1st 2008 introduced the new concept of Discharge of Debts in the Czech Law system. This mode of solution is intended solely for non-entrepreneurs (this institute cannot be used for companies or individual entrepreneurs). Personal bankruptcies account for the majority of insolvency proceedings in the territory of the Czech Republic and it can be assumed that this long-lasting trend will continue to grow. The institute of Discharge of Debts gives consumers an effective opportunity to legally get rid of their debts through one of two ways, namely repayment schedule and sale of the debtor's assets, and start again with a clean slate as an active member of the Economic Society. The aim of this thesis is to give a comprehensive analysis of the institute of Discharge of Debts, from defining the causes that lead to bankruptcy, interpretation of basic concepts, to the description of the necessary proceedings leading to the declaration of bankruptcy, process of Discharge of Debts itself and differences of its two basic ways. This theoretical basis is supplemented by my knowledge that I have gained during my internship in a law office, which also performs the function of insolvency trustee. The thesis is composed of eight...
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Position of the creditors in the insolvency proceedings
Bridová, Lenka ; Smolík, Petr (advisor) ; Zoulík, František (referee)
The subject of thesis is "The position of the creditors in the insolvency proceedings". The purpose of my thesis is not only to bring the position of creditors as individuals or as part of the creditor body, but also notice the significant changes which the bankruptcy law was amended. These changes especially strengthened the status of creditors in exercise of claim in insolvency proceedings and in the control of procedure. The thesis is composed of five chapters, each of them are divided to parts, which attend to particular theme. The first chapter is the introduction of its own rules of insolvency law. The second chapter examines the participation of creditors in insolvency proceedings, especially in view of the statutory condition - multiplicity of creditors in the part 2.1. Following the part 2.2 approximates the beginning of the insolvency proceedings then the notice of insolvency proposal. In this chapter also made an excursion to the provisions about the moratorium, which ensures the protection of the debtor. Part 2.3 is concerned with exercise of claims and on the grounds of that with their dividing. Part 2.4 deals with the problem deliberation and negation of claims. The last part 2.5 is address to incidental disputes and incidental action. The third chapter is divided into two parts that...
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Determinants of Claims Satisfaction in Insolvency Proceedings in the Czech Republic
Pařízek, Petr ; Skuhrovec, Jiří (advisor) ; Luňáčková, Petra (referee)
This paper examines determinants of creditors' claims satisfaction in insolvency proceedings in the Czech Republic. To our knowledge, it is the first research to such extent in the Czech Republic covering this field. Combining microdata from Insolvency Register, Business Register, Ministry of Finance and other sources, we construct a unique dataset of more than 2,600 cases. We identify several basic determinants of satisfaction: a higher share of secured claims, real estate and cash in assets of a company, submission of financial statements into Business Register, selling the business as a whole within the proceedings, and entrepreneur cases. We find no such effect for the audit of financial statements or for the age of a company. Moreover, we search for other indicators that may result in the lower satisfaction of claims, out of which five are statistically significant: a homeless person in statutory body, registered office at a firm nest, being listed as unreliable VAT payer, a connection to persons that have multiple records in Insolvency Register and a substantial increase in depreciation in the period between the last two submitted financial statements. In contradiction to the bankruptcy prediction literature, we show that the financial data are unreliable for predicting the outcome of insolvency...
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