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Impacts of the Reform of Czech Insolvency Law (esp. Discharge of the Debt) on the Czech Retail Financial Markets
Baumannová, Tereza ; Richter, Tomáš (advisor) ; Pečená, Magda (referee)
The introduction of debt relief in the context of the Czech Insolvency Act is one of the most important legal reforms in the Czech Republic. This trend can not only be observed in the Czech Republic but has become part of the legal framework of many European countries in the last two decades. Such a significant change in the law necessarily brought the response of financial institutions. The empirical question remains whether it is possible to quantitatively examine such a significant change in legislation on credit markets for Czech households. This question is sought by the author in the diploma thesis regarding to the two dependent variables - annual percentage rate and volumes of new loans. Key Words Insolvency, insolvency proceedings, bankruptcy, mortgage, cash loan, indebtedness, households
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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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Crystalex Nový Bor : from IPB heritage to the loading test of the Czech Insolvency Act
Čása, Tomáš ; Richter, Tomáš (advisor) ; Vacek, Pavel (referee)
Crystalex Nový Bor: From IPB Heritage to the Loading Test of the Czech Insolvency Act Summary The presented study 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 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 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...
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Kordarna - the first large case of reorganization under the new insolvency act
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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Post-Petition Financing in Corporate Insolvency Proceedings
Koudelka, Martin ; Richter, Tomáš (advisor) ; Janotík, Tomáš (referee)
The thesis examines the topic of debtor-in-possession financing, also called post-petition financing, in insolvency law. After a brief characteristic of law and economics methodology, ground theoretical requirements for legal rules of debtor-in-possession financing, as a mean of loan financing of businesses of a debtor in bankruptcy, are formulated in the first place. Next, the Czech Law of post-petition financing, above all regulated under the no. 182/2006 Coll., Insolvency Act, as amended, is analysed, considering its economic effectiveness in respect to transaction costs from the point of view of the subjects. Next part of the thesis focuses on comparison between the Czech Law of debtor-in-possession financing and the same law in the United States of America, where the post-petition financing is regulated under the Title 11 of the Code of Laws of the United States of America. Implications are made from the American Law for the possible future progress of the Law in the Czech Republic. In the end, a possible linear model for testing of expediency of accepting debtor-in-possession financing for the pre-petition creditors of the bankrupt debtor is designed.
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Optimal regulation of order in satisfying of claims of unconsensual creditous in the insolvency proceeding
Kubejová, Daniela ; Richter, Tomáš (advisor) ; Havel, Jiří (referee)
Optimal protection of creditors is an important part of insolvency law as well as legal and economic environment. The group of nonconsensual creditors invokes a lot of discussions, because these creditors didn't accept the relation with debtor voluntary and they possibly could suffer a big loss. The most of experts agreed with the necessity of protection for this group. The main suggestions are upward move in the priority ladder or the introduction of personal liability of shareholders. The work first describes the attributes of optimal legal regulation. The core consists of characterization of nonconsensual creditors and description of reasons why they should be given "superpriority". Second part is discussion about personal liability of shareholders for corporate torts. The work tries to find out which of suggested modifications is from economic point of view the most convenient and suitable. Powered by TCPDF (www.tcpdf.org)
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Collective investment and real-estate market in the Czech republic
Posolda, Lukáš ; Richter, Tomáš (advisor) ; Hlaváček, Michal (referee)
The novelization of the Act on Collective Investment of May 2006 enabled the creation of real estate funds in the Czech Republic. These may take two forms: (1) special real estate fund which is designated for the general investment community and (2) qualified investor fund meant only for institutional and "experienced" investors. This study uses in-depth analysis of the legislation in order to examine the aspects of the functioning of the real estate fund sector while concentrating particularly on fundamental characteristics of indirect real estate investment. The study takes a global view on the property market evolution since 1990 while examining risks faced by the real estate funds and their growth potential. The questions that yet remain to be answered are if it is appropriate to introduce REIT in the Czech legislation as another real estate investment instrument and what possibilities are open to real estate funds in the context of the anticipated pension reform. 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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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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General Duties of Corporate Directors
Petrov, Jan ; Richter, Tomáš (advisor) ; Kameníček, Jiří (referee)
The subject matter of the thesis is the duties of general nature (duty of loyalty, duty of care) imposed by private law on directors of a corporation. The thesis examines Delaware and German Law and, using the law & economics approach, analyzes the efficiency of duties imposed on directores. In doing so, it elaborates concepts of managerial decision-making, business judgment rule, selfdealing and corporate opportunities. The thesis comes to the conclusion that many U.S. (Delaware) rules and doctrines have been transplanted into the German law, mostly without an explicit legal ground in an Act. To the contrary, Czech law is mostly uninfluenced by the trend. Therefore, the thesis argues for the amendment of the Czech Business Code.
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