<p>Entrepreneurial failure, in this thesis defined as bankruptcy, is an area within the entrepreneurship research where little or no emphasis has been placed. By combining entrepreneurial failure and learning, it is possible to provide a more balanced view as well as point to the fact that a bankruptcy does not necessarily have to be of negative nature as valuable learning outcomes might be gained. The purpose of this thesis was thus to explore the learning outcomes and its implications from an individual entrepreneur’s failure.</p><p>A qualitative approach, in the form of a case study, was taken. Seven semi-structured face-to-face interviews were performed to gather primary data which was analyzed. Three research questions helped to fulfill the task, by covering the pragmatic and psychosocial responses, the personal and professional learning outcomes and also the ways that these learning outcomes are used and applied.</p><p>The respondents reacted to the bankruptcy by blaming external factors, such as the environment, the strategy/structure or the available resources. Through deeper analysis, we found that the entrepreneurs themselves had a clear impact on the bankruptcy. The fact that most of the entrepreneurs rather blamed factors out of their control, than realizing their own involvement, can constitute a barrier for constructive reflection on the failure, which ultimately forms the basis for learning.</p><p>Most of the learning outcomes, seen from a personal and professional perspective, were classified as corrective. That is; they involved improvement of professional skills and not the personal life. Further, the respondents also showed insight in terms of reforming and intrinsic learning. While the corrective learning outcomes were firm specific, the intrinsic ones were more focused on personal insight. Further, the reforming learning outcomes pointed to issues that had a big impact on both the personal and professional lives of the entrepreneurs. The unproportionally low number of cursory learning outcomes indicate that opportunities of learning from a bankruptcy exist and are large both in terms of personal and professional aspects.</p><p>Lastly, the majority of the entrepreneurs make use of their learning since they have passed the double loop in Argyris and Schön’s (1996) Single and Double loop learning model. This indicates that an entrepreneurial failure is an important experience and the learning out-comes that can be drawn from it is applied in the entrepreneurs’ daily life in the form of new firms and projects, consultancy firms or even in new ways of living. The conclusions drawn in this section point to the importance of realizing that a failure is not always negative. By this, we suggest that through conscious and honest reflection, a failed entrepreneur can gain insights that could not possibly be gained without going trough a setback.</p>

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in English The thesis is composed of seven chapters. The first one is an introduction. In the second chapter I summarize the reasons, why a new regulation of insolvency law was needed. The third chapter is about pre-conditions for adjudication of bankruptcy in general and about the sources of their regulation. The fourth chapter is about the pre-conditions that are based in the material law and especially about all aspects of bankruptcy. The chapter No. 5 describes the conditions of civil and insolvency proceeding. Separately in chapter No. 6 is a describtion of moratorium. The thesis ends with conclusions.

v anglickém jazyce (summary overview) Diploma thesis Bankruptcy: the role of business valuation focuses on intersection of two disciplines - Business valuation and Bankruptcy law - the field still not widely discovered and depicted. The main aim is to reveal and organize main themes of business valuation connected to bankrupcy based on property overbudren with debt. As the case may be, solution propsal. Thesis describes, both in economical and legal point of view institute of insolvency , type of bankruptcy - overbudren with debt, methods of business and property valuation, reveal and organization of main themes of business valuation connected to bankrupcy based on property overbudren with debt - themes connected to the stage before the bankruptcy is declared and themes connected to the stage after bankruptcy declaration. Main themes are analyzed and solved. Part of the thesis is synthesis still. Analysed intersection is characterised by group of mainly heterogeneous problems, in common, described as problems solvable with similar instruments of solution. Both groups - insolvency law and business valuation are relatively young disciplines with wider, significant areas still unsettled and alive. Main themes of business valuation associated to bankruptcy based on property overbudren with debt -...

Modes of insolvency solution of non-entrepreneurial natural persons The development of credit transaction and associated rising debt of households, led to a non entrepreneurial natural person becoming the typical subject of modern insolvency law. Act No. 182/2006 Coll., on Insolvency and its solution (Insolvency Act) gives consumers the possibility of remediation mode of solution of their insolvency through discharge of debt, which allows debtor to solve his unfavourable economic situation given at least part of his debts is satisfied in such a way that he avoids a devastating impact of his debt and has a chance of exiting the debt spiral and to starting over. The thesis deals with insolvency of these persons and modes of its solution, based not only on the current legislation, but also on judicial practice because a whole range of issues have been solved only within this framework. The change should be brought about by the so called conceptual amendment of the Insolvency Act, prepared by the Ministry of Justice, whose goal is to incorporate disputed issues and issues unsolved in the Insolvency Act. The prime purpose of my thesis is to analyse the process of consumer's insolvency solution, especially focusing on discharge of debt and the slight bankruptcy and its specificity with emphasis on issues...

La fiducie est un nouvel instrument juridique introduit en droit positif par la loi du 19 février 2007. Mécanisme de sûreté ou de gestion, la fiducie trouve son utilisation privilégiée dans la garantie de paiement. En effet, face à l’inefficacité chronique des sûretés conférant un droit de préférence, aux crises systémiques régulières et au droit des entreprises en difficulté, les créanciers recherchent des sûretés dont l’efficacité est absolue. Grâce au transfert temporaire du droit de propriété de biens, droits et/ou sûretés dans un patrimoine spécialement affecté au paiement du créancier, la fiducie véhicule le rêve de la sécurité absolue. De surcroît, par l’utilisation d’une propriété temporaire et d’un patrimoine d’affectation, la fiducie-sûreté modernise les principes classiques du droit des biens et contribue à l’essor des propriétés-garanties. L’étude du régime et des caractères de la fiducie est donc indispensable. Ce travail est néanmoins insuffisant. Indéniablement, le développement de la fiducie-sûreté dépendra tant de la cohérence de son régime de droit commun que de son efficacité lors de la procédure collective du débiteur, car le droit des sûretés et le droit des entreprises en difficulté sont deux matières indissociables. Si la première a pour fonction de protéger le créancier contre l’insolvabilité du débiteur, la seconde a pour ambition de traiter l’insolvabilité de l’obligé. Pour les sûretés, le droit des procédures collectives agit comme un révélateur d’efficacité. Alors, pour déterminer l’efficience de la fiducie, étudier le traitement de cette sûreté dans le droit des entreprises en difficulté est nécessaire. / The fiducie is a new legal instrument introduced in the French system by a law passed in February 2007. Being a mecanism of security, or management, the fiducie’s favoured use is in guarantee of payment. Indeed, considering not only the ineffectiveness of the classical security interest systems, which confers preferential rights, but also the economic crises and bankruptcy laws, creditors look for safeties the efficiency of which is absolved. Thanks to the temporary transfer of ownerships of assets, purposely allocated to the payment of the creditor, the fiducie conveys the dream of absolute security. Besides, with its use of a temporary ownership and a special fund, the fiducie modernizes the classic principles of the French law system regarding property. It also contributes to the development of transfers of titles for security purposes in France. Therefore, a precise study of the regime of the fiducie and of its characteristics is essential ; but it is however insufficient. The development of fiducie will undeniably depend both on the coherence of its system as on its effectiveness in the insolvency of the debtor, since security law and bankruptcy law are two inseparable subjects. If protecting the creditor against the debtor's insolvency is the function of security law, treating insolvency is the function of banckrupcy law. As far as security is concerned, bankruptcy laws act as indicators of efficiency. Therefore, in order to ascertain the efficiency of the fiducie, an assessment of the treatment of this sureness in the French banckrupcy law is unavoidable.

Final thesis is monitoring new legislation concerning reorganization. This process is quite new in Czech Republic. First chapter is theoretical introduction to insolvency in general. Second chapter deals with statistics in this area. Final chapter is dedicated to two case studies of real companies.

Thesis (M.M. (Finance & Investment))--University of the Witwatersrand, Faculty of Commerce, Law and Management, Graduate School of Business Administration, 2013. / South Africa has recently introduced into law a new Companies Act that has, amongst other changes, a segment dubbed „Chapter 6‟, which specifically focuses on distressed companies and their rescue/resolution. While past Acts in South Africa have had sections on distressed companies, none has positioned financial distress resolution as prominently within the Act as Chapter 6 has done. This hitherto lack of formalized focus of on business rescue in past Acts, made informal loan workouts the de facto mainstay for distressed business resolution in South Africa. It is therefore considered worthwhile that an investigation be undertaken to ascertain whether or not the newly legislated formal processes for rescuing distressed businesses will change the culture and/or overall view on the effectiveness of rescuing distressed businesses in South Africa. An online questionnaire of 17 questions sent to 5 different occupation categories generated 61 responses, which were around four coherent themes. From the analysis of the responses it was found that the inclusion of Chapter 6 (formalized business rescue legislation) in the new Companies Act was a welcome legislation with clear value-additions to company law in South Africa. The results also indicated that there is a level of uncertainty with regard to this legislation; thus, suggesting it is likely that informal loan workouts will remain a real option for some businesses in distress.

University of Macau / Faculty of Law

1 Abstract The main aim of this master thesis is to summarise legislation in force concerning the debt discharge of natural persons as one of the methods of resolving bankruptcy, to appraise this legislation and to discuss its possible future development. In introductory chapters of the thesis, the author defines the concept of bankruptcy, initiation of insolvency proceedings and its effects. Subsequently, thesis deals with a discharge of natural persons and concentrates on discharge proceedings as a whole - from a discharge permission and approval, decision concerning the mode of discharge, to successful termination of discharge proceedings where the debtor is discharged, free of debt. Thesis analyses the prerequisites of discharge permissibility, defines subjects actively legitimated to file a discharge application and furthermore, it lists possible forms of discharge and summarise the particularities of joint discharge of spouses. Equally, this thesis describes the specific legal issues caused by the application of provisions of the Insolvency Act which have not been sufficiently adapted yet and by the lack of their uniform judicial interpretation. This master thesis reflects the pro-debtor development of discharge in the Czech insolvency law and draws attention to the changes in insolvency legislation...