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Valuing a Distressed Company
Štěpánková, Jana ; Abraham, Karel (referee) ; Dufek, Zdeněk (referee) ; Klaban,, Vladimír (referee) ; Puchýř, Bohumil (advisor)
The doctoral thesis deals with bankruptcy and its possible solution from the point of view of expert activities. Valuation of the company in distress may be required at different stages of the business life cycle. While sometimes the valuation is requested directly by the shareholders or the managing partners facing bankruptcy (or preventing crisis) sometimes assessment is requested in insolvency proceedings by the insolvency administrator. Whether it is the intention to find out it is more beneficial for creditors to reorganise or liquidate the assets, in all these cases it is the work of experts in the insolvency proceedings who play a decisive role. The practical part of the thesis, therefore, focuses on the selection of appropriate methodologies which can be used at any given moment of crisis management.
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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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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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Breaking-up activity of firm and the transaction cost
Kosturák, Matej ; Koubek, Ivo (advisor) ; Kocourek, David (referee)
In my work I focus on the essential components of the bankruptcy and insolvency problem. The basis for understanding of mentioned problem was study of capital structure and it's connection with world of insolvency. Secondly I focus on different aspects of qualitative analysis of bankruptcy, starting with definition of different terms, many times unprofessionally misused, followed by description of four main processes of bankruptcy. These processes connect fundamental causes of bankruptcy with financial and nonfinancial consequences. For an economic paper, it is quiet extensively concerned with insolvency law, concretely with new Czech norm, which is in force since 2008. From legal definition of default, through initiation of insolvency proceeding to the individual options of solution, the reader can clearly understand the core of this paper. As particular contribution I regard part of the paper, where I examine 160 cases of Czech companies and persons under liquidation process. Among the most significant conclusion I consider finding of quite significant differences in the court proceedings of Czech courts, the length of the insolvency proceedings and each of its phases and the ratio of satisfied claims of secured as well as unsecured creditors.
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Methods of Treating Bankruptcy in the Era of the First Republic
Pavlík, Jan ; Kuklík, Jan (advisor) ; Skřejpková, Petra (referee)
RESUMÉ WAYS OF THE SOLVING OF THE BANKRUPTCY IN THE "FIRST-REPULIC ERA" This work offers close look on the ways, in which bankruptcy was solved in Czechoslovakia between both World Wars. This period was very interesting from social and economic point of view. During this time was rise substituted by recession. Except from this, with the formation of the independent state a great normative effort was on the rise too. Problems of solution of bankruptcy in so called "first-republic era" are introduced by brief description of historical development, which is mentioned to remember some elementary legal institutes, on which the bankruptcy law is based up to these days. During the work on this text of lead experts of the period in this branch were critically compared in order to realize the positives and negatives of the then regulation in the view of the praxis due to their opinions and possible conflicts as well as the way, in which the juristic theory and normative might reacted on the practical problems and public meaning. Studying of the Explanatory memorandum for the bill of the Act No. 64/1931 Coll., on bankruptcy, composition and resistance, helped a lot in this effort. The analysis of this Act is the axis of the work. Both the mentioned Act and the former Austrian regulation were compared as well as the...
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Legal position of a kindergarten headmistress and the influence of the term of office upon the school management after the amendment of educational law 2012
Vogeltanzová, Jiřina ; Kitzberger, Jindřich (advisor) ; Svoboda, Petr (referee)
TITLE: Legal position of a kindergarten headmistress and the influence of the term of office upon the school management after the amendment of educational law 2012 AUTHOR: Jiřina Vogeltanzová DEPARTMENT: School Management Centre SUPERVISOR: RNDr. Jindřich Kitzberger ABSTRACT: The main aim of this thesis is describing the effects of estabilishing the temporary term of office for the heads of nursery schools, if the 6years-long term of office is long enough for the heads to reach their goals. Is the implementation of this temporary term of office motivating for the heads in their better achievement or does this law amendment lead to some frustration of their personality? The second aim of this thesis deals with the fact how the founders of the nursery schools use the possibility of estabilishing the public competitions for the position of the head of nursery schools - why the competitions have been estabilished or why the founders do not use the possibility to estabilish them and also if the number of the candidates for this position is increasing or decreasing. The researching part of the thesis focuses on the experience of the heads, founders and the regional councils after the amendment of the law. The research has been supported with the analysis of the opinions of the heads after the amendment of the...
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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 protection of creditors in bankruptcy proceedings
Průša, Tomáš ; Pohl, Tomáš (advisor) ; Macková, Alena (referee)
Theme of the dissertation is "Creditor's protection in insolvency process." Dissertation is considering the main legal institution in protection of creditor in insolvency law and especially is attending protection of creditor in bankruptcy as one of the three main methods solving debitor's bankrupt according to Czech bankruptcy law act Nr. 182/2006 Sb. Integral part of the dissertation compares the present Czech legal regulation with the German bankruptcy law according to the german bankruptcy law act (Insolvenzordnung) from 5th Oct. 1994. The dissertation is adressing direct comparison of single legal institution in light of the both legal regulations. Chapter 1 analyses concept of insolvency and its characteristic signs. It describes further legal forms of insolvency according to the Czech and German bankruptcy law (they are consistent): financial insolvency, over-indebtness, imminent bankrupt. The conclusion summarises elements of legal regulations in EU insolvency law according to Directive 1346/2000/EC of the Concil concerning insolvency law with respect to elements of protection in the events, when the element of the EU law goes into the insolvency process. Chapter 2 reports about the bankrupt as the one of the free methods of solution for insolvency of debitor. Report about bankrupt is, according to...
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