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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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Reorganization under insolvency law
Havelka, David ; Smolík, Petr (advisor) ; Sedláček, Miroslav (referee)
Reorganization under insolvency law Abstract Diploma thesis from quite vague scope, as reorganization apparently is, focused on specific areas in insolvency proceedings and trying to bring a more concrete point of view and a more detailed perspective. Those areas include problems of suitability research that can be use by reorganization institute, as fundamental remediation for solving bankruptcy for various situations. Focus is on both economics, also a legal assumption of the feasibility of reorganization, yet to increase an emphasis on examining the motivation of people, who apparently can affect the enforcement and can significantly affect the implementation of reorganization. Determination process of appropriate way to resolve the insolvency situation is closely related to its solution and is also more detail explained in thesis. As a main key is considered to have enough and sufficient information about debtor's creditors. Valid legal problems and regulations of compiling a professional assessment, which might lead to better knowledge for creditors. In this context, some legislative proposals aimed at improving the usability of assessment in the reorganization are also mentioned. Within the whole work, emphasis is placed on the topics discussed, not only with regard to the recent legislative changes....
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Reorganization
Delong, Arne ; Smolík, Petr (advisor) ; Sedláček, Miroslav (referee)
Reorganization Abstract The subject of this thesis is reorganization as one of conceivable means of resolving insolvency or imminent insolvency within the territory of the Czech Republic. The objective of the thesis is primarily to put this legal institute into the context of the Czech insolvency law and to provide its reader with an insight not only into the legal regulation encompassed in the Insolvency Act but also into all the topical issues that are currently surrounding reorganization. The first chapter acquaints the reader with the development of the Czech insolvency law, in particular with the process of adopting the Insolvency Act and the pivotal conceptual changes it introduced. Furthermore, the chapter revolves around external influences from abroad that have served the legislator as sources of inspiration and as a consequence of which have to a certain degree shaped the Czech insolvency law into its current form. Last but not least, this chapter deals with the legislation of the European Union which primarily governs insolvency proceedings that entail a cross-border element. The second chapter, which forms the main part of the thesis, provides a complex and thorough description of the regulation on reorganization which is contained in the Insolvency Act. At the same time, it provides a critical...
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Reorganisation and restructuring in Czech and European Law
Pume, Marek ; Sedláček, Miroslav (advisor) ; Smolík, Petr (referee)
Reorganisation and restructuring in Czech and European Law This thesis deals with the Czech and European legal regulation of corporate bankruptcy rehabilitation. In the first part, the Czech variant of reorganisation in insolvency proceedings is analysed and then compared with the German and Dutch legislation. The phases preceding the decision to reorganise a company, such as the court moratorium, the drafting, approval and effects of the reorganisation plan, credit financing and the valuation of the debtor's assets are discussed. In the second part, this paper examines the Restructuring and Insolvency Directive accepted in 2019 by European Union and the reasons for its adoption. It outlines the possible ways of implementing this directive in the Czech legal system and the pitfalls that will have to be dealt with. It also explains the most important institutes introduced by the Directive, such as early warning systems, financing of the debtor and the elements of restructuring plans. Since the Directive has already been transposed into the laws of Germany, Netherlands and Greece, this paper also looks at the form of their arrangements. Finally, these types of corporate recovery solutions are compared, their advantages and disadvantages are presented, and the implications of the new institute of...
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Reorganization as an insolvency method in the Czech law with focus on a prepacked reorganization
Kubíčková, Michaela ; Pohl, Tomáš (advisor) ; Holčapek, Tomáš (referee)
Reorganization as an insolvency method in the Czech law with focus on a prepacked reorganization Abstract This thesis deals with one of the insolvency methods in the Czech Republic, a reorganization. Proper definition of a bankruptcy is the crucial and initiatory point of Czech insolvency proceedings. Bankruptcy is defined not only by the introductory provisions of the Insolvency Act, but also by the conclusions of Czech higher courts which are analysed in this thesis. In case that debtor's economic situation overreaches an imaginary bound of bankruptcy the author of this thesis proposes to solve this situation by way of reorganization as a suitable insolvency method. However, not all debtors are eligible to be subject of reorganization. The debtor must be an entrepreneur with an annual net turnover for the last financial year prior to filing for insolvency in the amount of at least CZK 50,000,000 or must have at least 50 employees. The debtor who does not fulfil these criteria may be subject to reorganization at all. The Insolvency Act offers a solution by mean of the prepacked reorganization approved by at least half of all debtor's secured and unsecured creditors. As the title of this thesis suggests, it covers the main attributes of the prepacked form of reorganization, which provides the debtor with a...
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Secured Claims in Czech Insolvency Proceedings
Schwarz, Jaroslav ; Sedláček, Miroslav (referee)
102 Abstract: Secured Claims in Czech Insolvency Proceedings The topic of this thesis are the secured claims in the Czech insolvency proceedings. This topic has been chosen by the author primarily with regard to the importance of the secured, often institutional, creditor for the insolvency proceedings and, therefore, for the market of financing of the business units and for the economy as whole. The aim of this thesis is not a description of the security interests but analysis of chosen practical issues which are often spotted by creditors within the Czech insolvency proceedings. Where appropriate, the author drew his attention primarily to the going concern solution of the corporate debtor's insolvency. In the thesis the author repeatedly comes to an end that mainly in reorganization it is important for the creditors to actively protect their rights and think about potential proceedings strategy. The reason is that the reorganization offers wide possibilities to exercise totally different interests by the creditors. In the thesis the author demonstrates that in spite of many novelizations the insolvency law in many areas does not correspond to the general legal regulation of the security interest and suggests that this discrepancy is being dismissed as soon as possible. The author is convinced that with...
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Reorganization under insolvency law
Svoboda, Štěpán ; Smolík, Petr (advisor) ; Winterová, Alena (referee)
Reorganization under insolvency law Abstract The goal of this diploma thesis "Reorganization under insolvency law" is to provide coherent description of the most important legal institutes of reorganization, which is non-liquidation form of solution of bankruptcy and analysis of these institutes. Reorganization is regulated by the Act. No. 182/2006 Coll, on insolvency and modes of its solutions. The thesis is divided into two parts that are further divided into chapters and subchapters. The first part describes institutes of insolvency proceedings that are common to all forms of solution of bankruptcy with focus on reorganization. This part is divided into five chapters that describe initiation of insolvency proceedings, bankruptcy, content and essentials of motion on insolvency, effects of initiating insolvency proceedings and consideration of motion on insolvency and court decision about it. The second part contains analysis of the reorganization from its start to its end. This part is divided into eight chapters which explain institutes of reorganization in detail. First and second chapter provide a definition of the reorganization and admissibility of reorganization as defined by law. Third and fourth chapter describe motion on permission of reorganization and the method of its approving by creditors...
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Reorganization under insolvency law
Svoboda, Štěpán ; Smolík, Petr (advisor) ; Winterová, Alena (referee)
Reorganization under insolvency law Abstract The goal of this diploma thesis "Reorganization under insolvency law" is to provide coherent description of the most important legal institutes of reorganization, which is non-liquidation form of solution of bankruptcy and analysis of these institutes. Reorganization is regulated by the Act. No. 182/2006 Coll, on insolvency and modes of its solutions. The thesis is divided into two parts that are further divided into chapters and subchapters. The first part describes institutes of insolvency proceedings that are common to all forms of solution of bankruptcy with focus on reorganization. This part is divided into five chapters that describe initiation of insolvency proceedings, bankruptcy, content and essentials of motion on insolvency, effects of initiating insolvency proceedings and consideration of motion on insolvency and court decision about it. The second part contains analysis of the reorganization from its start to its end. This part is divided into eight chapters which explain institutes of reorganization in detail. First and second chapter provide a definition of the reorganization and admissibility of reorganization as defined by law. Third and fourth chapter describe motion on permission of reorganization and the method of its approving by creditors...
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Reorganization and its importance in Czech insolvency law
Marian, Daniel ; Pohl, Tomáš (advisor) ; Frintová, Dita (referee)
v anglickém jazyce The subject of this thesis is reorganization as a method of resolving a debtor's insolvency or imminent insolvency pursuant to the Insolvency Act. This thesis analyses the current legal regulation on reorganization, evaluates the existing empirical studies and presents the results of its own empirical research into the reorganizations which were permitted in the years 2014 to 2017. This thesis also seeks to answer whether reorganization truly represents a rehabilitation process and whether it can be considered a basic method of resolving insolvency next to bankruptcy, as originally envisioned by the legislators whilst enacting the Insolvency Act. Furthermore, whether or not the so- called "Revision Amendment" had any positive effect on reorganizations is also researched. Last but not least, this thesis deals with reorganization from the perspective of de lege ferenda and its importance for Czech insolvency law. First of all, this thesis shows that reorganization is not a purely rehabilitative process but that it can also have liquidation effects. The classification of reorganization as a rehabilitation method of resolving bankruptcy is therefore inaccurate. Furthermore, it is shown that the Revision Amendment to the Insolvency Act does not have any significant positive practical...
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