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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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Selected problems of application of the Insolvency Act
Kulíř, Martin ; Pohl, Tomáš (advisor) ; Macková, Alena (referee)
Selected problems of application of the Insolvency Act On the 1st of January 2008, Act No. 182/2006 Coll. on Insolvency and its Resolution (Insolvency Act), which constitutes the substance of current legal regulation of bankruptcy law in the Czech Republic, came into force. There was a need to adopt new regulation emerged not only as a result of obsolescence of the original regulation, which - despite numerous direct or indirect amendments - was not able to respond adequately to economic changes, but also due to the necessity to adjust bankruptcy law to European legal regulations. The Insolvency Act together with implementing regulations form the basis of an entirely new and complex legal regulation which stands on its own principles, introduces uniform insolvency proceedings for all kinds of resolutions of insolvency and also new forms of insolvency resolutions. In addition to bankruptcy as a traditional and liquidating form of insolvency resolution, the Insolvency Act introduces a reorganisation and a discharge of debts as preservation methods of insolvency resolution which might be more profitable both for the debtor and his creditors. Reorganisation is designated for entrepreneurs, while discharge of debts was adopted as a resolution of state of insolvency of non-entrepreneurs. But this current legal...
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Discharge as one of debt-eliminating modes of solving bankruptcy
Šnoblová, Zuzana ; Smolík, Petr (advisor) ; Zoulík, František (referee)
Discharge as one of debt-eliminating modes of solving bankruptcy Abstract The aim of this thesis is to define the new law institute as regards insolvency law that is defined in the Act No. 182/2006 Coll., on Bankruptcy and its solution (Insolvency Law). The act came into force on 1.st January 2008. The purpose of this thesis is also to describe the practice of courts when applying afore mentioned law and specify some difficulties concerning new legislation. Discharge from debts is one of the remediation methods to resolve the debtor's bankruptcy. The idea is to allow the debtors to exempt from the payment of their debts and start new life free of debt. Discharge from debts is a tool for solving the so-called consumer bankruptcy people who are not entrepreneurs. The part of the thesis deals with the personal scope of discharge. Furthermore, it is up to the court to decide whether it discharges debtors from their debts. The basic premise is the honest intention of the debtor. Another assumption is the fact that the debtor will satisfy at least 30 percent of the claims of unsecured creditors. Discharge from the debts can be secured in two ways. The first way is to liquidate the debtor's estate and the second, is to fulfill monthly payments in five years, the second solution is often preferred by the unsecured...
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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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The legal aspects of bankruptcy as a way of solving insolvency
MIKEŠOVÁ, Veronika
This dissertation deals with the legal aspects of bankruptcy. Bankruptcy is one of the ways of resolving insolvency, which was incorporated in the Czech legislation in 2008. The first part contains a literature review and also analyses the applicable legis lation and the case law issued. In the second part the work deals with indebtedness of households and companies, the duration of insolvency proceedings, yield of insolvency proceedings. The third part provides a practical "how-to" for debtors. It guides the debtor who filed the insolvency petition through the insolvency proceedings. This pro-ceeding is initiated by filing in an insolvency petition. Such proposal can be filed by the debtor or creditor. In our case the insolvency petition was filed by the creditor. The dissertation furthermore deals with proceedings before the decision on the bankruptcy. This procedure is followed by proceedings after decisions on bankruptcy where the method of resolving insolvency is chosen. Bankruptcy proceedings end by resolution on the cancellation of bankruptcy. This is followed by closing the accounting books by insolvency administrator and a court resolution acquitting the function of the insolvency administrator.
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Institute "Debtor-in-possession financing" in insolvency proceedings
Zahradníková, Lenka ; Schönfeld, Jaroslav (advisor) ; Smrčka, Luboš (referee)
The Master's Thesis is focused on the problem of securing an operational cash flow for maintaining entrepreneurship activities of organizations that enter into insolvency proceedings because of their insolvency or excessive indebtedness. This issue is addressed by the insolvency law through a new institute of debtor-in-possession financing which is a part of the main purpose of this law to assist companies that have a certain economic potential to create value added in the future prospect. The issue is with obtaining such post-petition financing because there is not many banking or non-banking institutions that would provide this high-risk financing. From the above-mentioned reason, an idea has been developed with the cooperation of Česká Spořitelna a.s. to create a new credit product provided by the banking institution for the Czech financial market. The assessment of rationality, effectiveness, and recoverability, as well as the proposal of standards and requirements for completion of contracts and their structure about debtor-in-possession financing are compiled in the Master's Thesis.
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Moratorium and its significance in the Czech Republic
Smilek, Jan ; Smrčka, Luboš (advisor) ; Schönfeld, Jaroslav (referee)
On January 1, 2008, the new insolvency act came into force in the Czech Republic bringing in some significant changes in insolvency law. One of those changes was moratorium which was meant to provide legal framework for company's sanation process, not only postpone its bankruptcy for a few months. After 5 years, a question concerning its significance may come out. The Master's Thesis is focused on this matter and its aim is to evaluate the moratorium from the point of view its use and purpose which it is supposed to serve. In other words, whether companies manage to overcome crises, or whether they go bankrupt anyway, despite the moratorium.
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Insolvency Crimes
Valíček, Jan ; Moravec, Tomáš (advisor) ; Grošpic, Pavel (referee)
This thesis deals with the special category of crimes related to the bankruptcy of the debtor and to the insolvency proceedings. The first and second parts of the thesis are devoted to the general introduction into the both law branches, i. e. into the insolvency law and criminal law. The third part of the thesis focuses on interconnection of the mentioned law branches reflected in the category designed as insolvency crimes. The thesis analyses particular crimes utilizing the legal acts, technical literature and judicature. The fourth part handles the available statistical data regarding the insolvency criminality provided by the Czech Police. At last the thesis evaluates the social harmfulness of the insolvency crimes, its legal regulation and the protection against it.
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Dissolution of a company
Murauyova, Hanna ; Smrčka, Luboš (advisor) ; Schönfeld, Jaroslav (referee)
The topic of the bachelor's thesis is the dissolution of a company. The main aim of the thesis is the evaluation of the use of the Insolvency act No 182/2006 Coll., about bankruptcy and the ways of its solution. In the bachelor's thesis I'm going to concentrate on the final stage of the life of the company -- its demise and dissolution. In the theoretical part I describe all stages of the life of the company, its crisis and redevelopment, insolvency proceedings, their stages and subjects. In the theoretical part I also describe the ways of solution bankruptcy. The aim of the practical part is to describe the evaluation of the insolvency proceedings of the Odevni podnik Prostejov, a.s. In the practical part I also describe the possible reasons of the problem, its solution and the present situation in the company. In conclusion I evaluate the use of the Insolvency act on the basis of the insolvency proceedings of the Odevni podnik Prostejov, a.s
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Restructuring and rescuing Odevni podnik Prostejov, a.s.
Zahradníková, Lenka ; Schönfeld, Jaroslav (advisor) ; Smrčka, Luboš (referee)
The topic of the bachelor's thesis is application of the new Insolvency Act No. 182/2006 Coll, as subsequently amended, which is a crucial contribution to the Czech insolvency law offering new ways of settling debtor's bankruptcy. I point out the differences between the currently effective Insolvency Act and the preceding Act No. 328/1991 Coll, about bankrupcy and liquidation, as subsequently amended. In the theoretical part I describe the most important features of a insolvency proceeding and also the process and the possible ways of setlling bankruptcy. The aim of the empirical part is then to describe and evaluate the solving of the situation during the insolvency proceeding of the Odevni podnik Prostejov, a.s. in 2010 up to the present day, with the use of the new Insolvency Act.
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