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Restructuring and Reorganization of Capital Company
Veličková, Anna ; Sedláček, Miroslav (advisor) ; Pohl, Tomáš (referee)
Restructuring and Reorganization of Capital Company Abstract There is no doubt that the insolvency of a capital company is an undesirable event that negatively affects a significant number of parties. However, it can also have an impact on a much larger (e.g. macroeconomic or social) scale. It is therefore important that there are mechanisms in place that can help to resolve a company's (particularly financial) distress in a way that not only avoids (likelihood of) insolvency but allows the company's business to remain in operation and restore its profitability. In other words, mechanisms that may enable a remedial solution to the company's distress, as long as such solution makes sense. The mechanisms in question are the subject of this thesis which is currently gaining importance in view of the threat of increasing amount of corporate bankruptcies in the context of the covid-19 disease pandemic. For these purposes, the first half of the thesis (represented by the first four chapters) aims to introduce the reader in more detail to out-of-court restructuring and preventive restructuring procedures that can help to address the less severe intensity of company's distress. In case that a company's distress worsens to such extent that it cannot be resolved informally or semi-formally, or if for some other...
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Institutional restructuring Czech Agricultural Research
Šlajs, Jan ; Ševčík, Miroslav (advisor) ; Dyba, Karel (referee) ; Valenčík, Radim (referee)
This dissertation entitled The Economical Implications of Institutional Restructuring of Applied Czech Agricultural Research solves the issue of effectiveness of applied national agrarian research, which is financed from public funds. The purpose of this thesis is to describe the current basis of applied agricultural research funded by the governance, respectively those scientific institutions that are eligible for an annual institutional grant to long-term development. Describe their focus and structure of results. Another purpose is to look for possible reserves in the system and to propose the restructuring of national applied agricultural research in organizations established by the Ministry of Agriculture of the Czech Republic. I have focused on comparing the outputs of scientific institutions in the periods of science and research support programs since 2007. In the data evaluated by the research institutions, I have been using bases in the last five years. From the point of view of the effectiveness of applied agricultural research, I am using data from 1989, respectively 2003. I solved the chosen topic of the dissertation by progressive steps. First, I evaluated the individual research institutions in terms of their outputs within the announced programs of support for science and research. I was looking for the argument that there is a substitute in the form of a private research organization in the current system of public research institutions. Which I didn´t find. State established applied agricultural research is unique in its content. For a comprehensive view, I have analysed the structure and types of research results achieved in the announced support programs. Problematics was solved mainly by comparison analysis based on literature, data and their aggregated results. The economic and social policy impacts are processed on the performance of the agriculture - food industry complex in terms of gross added value, socio-demographic data about workers in the field and complex. The dissertation proposes a new organization structure of applied agricultural research established by the state. A system of the central agriculture research organization is designed on the base of the current geographical distribution on the territory of the capital city Prague and Brno. The solution provides a more complex use of the existing unused potential of agriculture public research organizations. At the same time the standard elements of modern management are applied. Research has shown that the current system of funding science and research, which prefer quantity rather than output quality, is a major failure. At the same time, the work has shown that there is a way-out from the current fragmented system of the organization of applied agricultural research while preserving its unique possibilities. The results of this work enable, in the case of political will, the realization of greater efficiency of applied agricultural research established by the state in the Czech Republic.
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European Defence Industry in Times of Austerity
Kulichkina, Mariia ; Střítecký, Vít (advisor) ; Beneš, Jan (referee)
EUROPEAN DEFENCE INDUSTRY IN TIMES OF AUSTERITY ABSTRACT The end of the Cold War has marked the shift in bipolar world order. Changing geopolitical, economic and social environments, as well as rapid technological progress, have led to deep restructure of defence entities in Europe. The process of gradual national defence industries restructure and consolidation has been spreading across European borders, affecting every defence industrial sector. Thereof, this thesis aims to analyse the process of European Defence Industry's restructuring and integration process. It scrutinizes the process in terms of the European Defence Industrial Base on the one side and international integration efforts on the other. It investigates drivers of change for the defence industry, particularly: decreasing budgets, changing relationship between state and defence industry, advancement of technological innovations, importance of civil sector and internationalization of national defence companies. Regarding the restructuring process, the thesis examines National Defence Policies of Germany, France and the United Kingdom towards their respective National Defence Technology Industrial Bases along with the applications of these policies on the defence integration process within the EU. Key words: Defence industry, European Defence...
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Creditors payout from debtors operating income - Economic analysis
Zdeněk, Jakub ; Gutiérrez Chvalkovská, Jana (advisor) ; Čornanič, Aleš (referee)
Insolvency act in force - Act 182/2006 Coll., represents disruptive chance in bankruptcy approach on corporation level. The most revolutionary change is possibility of company reorganization with no doubts. This thesis deals with economic rationality behind bankruptcy, mainly with economic rationality behind reorganization. The thesis is economic analysis of input for decision-making process whether debtor if proper candidate for restructuring and process of creditors payout from debtors operating income during reorganization. The thesis contains original qualitative research of sample of allowed reorganization aimed on comparison of theoretical finding with reality. There is a theoretical model of bankrupted company where all theoretical findings are demonstrated in a last part of this thesis JEL Classification G33, G34, L25, L61 Keywords Bankruptcy, Restructuring, Company Crisis, Firm Performance, Creditor payout Author's e-mail zdejak@seznam.cz Supervisor's e-mail jana.chvalkovska@gmail.com
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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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Modes of resolution of a debtor's insolvency
Verner, Zdeněk ; Pohl, Tomáš (advisor) ; Macková, Alena (referee)
The methods of solving the debtor' s insolvency using the "sanitation" principle It has been 5 years since the Czech Insolvency Act was enacted. Therefore is it a good opportunity to summarize the pros and cons of the current situation in this branch of law. The Insolvency Act introduced the concept of two approaches to dealing with the debtor' s insolvency which are new in the Czech legal system: the restructuring and the discharge. Both of them share the "sanitation" principle which enables the debtor to continue their existence after having adopted certain measures. The thesis consists of five major chapters. First section provides the basic explanation of the concept of insolvency and the reasons for the special treatment for the bankruptcy of those who have more creditors. There is also a brief description of the insolvency' s procedure. The second chapter deals with the restructuring, which is the method of solving the insolvency of big companies (entrepreneurs). The third chapter focuses on discharge which is intended for those who are not engaged in business activities (non-entrepreneurs) and which enables them to get rid of their debts. The discharge can be performed in two modes: either by the liquidation of the assets or through the performance of the payment calendar. The chapter four and...
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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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Corporate restructuring
Revaj, Eduard ; Smrčka, Luboš (advisor) ; Schönfeld, Jaroslav (referee)
This thesis deals with the development of the bankruptcy laws in the Czech lands. Thesis discusses the post-revolutionary period, in which centrally planned economy in the Czech Republic returned to market economy. It is discussing critique, shortcomings and amendments of bankruptcy law formed in 1991 by law on the Bankruptcy and Arrangements. The complete change of imperfect legislation followed in a form of Czech Insolvency Act. It addressed critique from the professional community and international institutions led by European Central Bank. Thesis approaches and clarifies issues surrounding new Insolvency Act. It brought a remediation solutions for bankruptcy, especially restructuring, that was lacking in Czech legislation until then. The concrete case of enterprise restructuring of company CP Praha, s.r.o. is discussed in practical part. It evaluates the procedure, satisfaction of creditors and overall assessment of the whole process.
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Evaluation of success of restructuring a company
DUDOVÁ, Radka
The topic of this thesis is evaluation of the success restructuring company. The main idea of this Diploma Thesis is to determine whether the merger and sales of the company was beneficial for company, owners, and employees or not. This idea of Thesis examined evaluating method by means of economic value added. As an additional method there are bankruptcy models, financials analysis and analysis of the company's turnover.
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