Difficulties of enterprises constitute negative phenomenon in society. They occur so often that both French and Czech legislator decided to regulate them by adoption of relevant legal provisions that offer particular ways of solution of debtor's bankruptcy. Bankruptcy law, term generally denoting this legal area, passed through "rich" historical development, what reflects in its legal, economic and social framework. Thesis is divided into four parts. The first one briefly defines difficulties of enterprises. The second one deals with different ways of solution of debtor's bankruptcy in French law, introduces principal changes that were made by the latest amendments from the area of bankruptcy law and by means of attached statistics illustrates number of bankruptcies and ways of their "treatment" in France. The third part deals with Czech insolvency law and underlines changes introduced by the new law of bankruptcy and ways of its solution that entirely replaced previous "law about bankruptcy and settlement". The last part summarizes findings of my thesis, proposes eventual ways of mutual inspiration derived from French or Czech bankruptcy law, deals with reflections de lege ferenda and outlines some terminological problems.

A causa delle conseguenze che il fenomeno comporta, sia sul piano finanziario sia sul fronte dell'economia reale, l'analisi e la previsione delle insolvenze societarie continua a rappresentare un argomento attuale nell'ambito della ricerca economica. I recenti sforzi condotti dal Comitato di Basilea verso la diffusione di criteri di valutazione del rischio di credito più precisi ed oggettivi, hanno ulteriormente accresciuto l'importanza della materia. L'obiettivo del presente studio è l'analisi del fenomeno del fallimento sul territorio italiano, al fine di valutare quali variabili sono più efficaci nell'individuazione di una situazione di dissesto dell'impresa. Per l'analisi si sono sviluppati dei modelli di previsione delle insolvenze in grado di individuare i segnali early warning di dissesto finanziario. L'analisi econometrica è basata su un campione ampio ed originale di fallimenti rilevati negli anni 2003 e 2004: a tal fine sono stati costituiti dei campioni comparabili di imprese fallite e non fallite ed è stato verificato, mediante l'applicazione di una metodologia logit, il potere previsivo di diversi indici di bilancio e di variabili di tipo non finanziario. I risultati ottenuti sono stati validati su un campione hold-out. L'analisi si evidenzia l'importanza delle caratteristiche del settore di attività nel determinare la forma del processo di fallimento: i modelli sector specific ottengono risultati migliori rispetto ai modelli generali stimati. Inoltre, alcuni fattori comuni ai diversi settori di attività si dimostrano particolarmente efficaci nella previsione dei dissesti aziendali: l'età, il livello di leverage e la composizione del debito d'impresa, così come la sua redditività. / Due to the consequences that the phenomenon entails both on the financial and real sides of the economy, the analysis and prediction of corporate failures continue to be a current topic in economic research. The recent efforts laid by the Basel Committee towards the diffusion of more precise and objective ways of assessing credit risk have further increased the importance of this matter. The purpose of the study is to analyse the bankruptcy phenomenon among Italian firms, in order to assess what firm-specific and industry variables are more important in determining corporate failure events. We develop a bankruptcy prediction model that aims at detecting early signals of financial distress. The econometric analysis is based on a wide and unique sample of recent failure events: comparable sets of bankrupt and non-bankrupt firms are identified and several prior balance-sheet and economic indicators are tested for their power in predicting failure probabilities in a logit modelling framework; model performances are cross-validated on hold-out samples. The analyses provide evidence of the importance of industry membership in determining and shaping corporate failure processes: sector-specific models produce a better assessment of financial distress than general ones. Also, some common factors emerge as important predictors of corporate collapse across different industries: age, gearing and the composition of a firm's debt, as well as its capability of generating profits.

El objetivo de esta tesis doctoral es analizar las repercusiones que, sobre el valor de mercado, tiene la orientación de la legislación concursal, así como su influencia sobre el reparto de ese valor entre los distintos agentes. Además se tratan de delimitar las características concretas que afectan al valor de la empresa, a través del estudio de la eficiencia de la legislación, para finalizar estudiando la evolución del riesgo de los títulos y la importancia relativa del componente sistemático y específico del mismo. A través de un análisis empírico internacional se obtiene evidencia de la relación entra la orientación de la legislación concursal y el valor de mercado, de la valoración que éste hace de los diferentes tipos de eficiencia de la normativa y de la relevancia del riesgo específico como factor principalmente afectado por los problemas de insolvencia. / The aim of this Thesis is to analyse the implications of the orientation of the bankruptcy law over the market value, and its influence in the share of this value between the stakeholders of the firm. We try to specify the characteristics that affect the value of the firm by the efficiency of the law. Finally, we study the risk and the importance of the systematic and specific component. With an international empirical analysis, we get evidence about the relationship between the orientation of the bankruptcy law and the market value of insolvent firms, about he valuation of the different types of efficiency of the bankruptcy law and the relevance of the specific risk, which appears specially affected by the insolvency problems.

El dret concursal és la resposta legal a una realitat financera que prové de l'economia del mercat. Els negocis poden fracassar. Quan les empreses i les persones fallen a l'hora de complir amb les seves obligacions de deute i els seus actius no són suficients per cobrir els crèdits, esdevenen insolvents i fan fallida. Per tal de regular les demandes dels creditors i resoldre el dilema dels creditors com a grup, la Llei concursal es converteix en un mètode ordenat per maximitzar els actius del deutor i protegir uns grups d'interès determinats. Aquesta dissertació vol contribuir a conèixer el problema concursal. Així mateix, té l'objectiu d'identificar factors clau per mesurar l'eficiència per mitjà dels costos de transacció utilitzant-ne de directes i d'indirectes, d'ex ante i d'ex post, com també els costos d'informació, de coordinació i d'execució, i després comparar-los amb un altre sistema, en aquest cas el règim colombià, i crear una metodologia per mesurar l'eficiència.La dissertació també tracta la racionalitat. La racionalitat concursal és maximitzar el valor dels actius del deutor per tal de pagar els seus deutes. També implica mantenir en el mercat companyies viables, tenint en compte en aquest cas que el valor de l'empresa insolvent com a unitat operativa és més elevat que com a liquidada, i retirar del mercat aquells negocis que no es poden mantenir com a empreses en funcionament.L'objectiu principal de qualsevol sistema concursal és protegir el crèdit i proporcionar un fòrum per als creditors perquè coordinin accions i, d'aquesta manera, redueixin els costos de transacció. La racionalitat bàsica del sistema és que aquests acords beneficien tots els creditors i es respecten les preferències donades per llei per a uns determinats tipus de creditors.Un sistema concursal eficient evitarà l'error del tipus 1 i l'error del tipus 2, és a dir, mantenir empreses inviables o liquidar empreses viables.La dissertació tracta de l'eficiència i la racionalitat a través de mitjans empírics. S'ha fet una revisió àmplia de la bibliografia en àrees com ara el reflotament empresarial, els costos de transacció, la racionalitat limitada, la teoria de jocs i la Llei concursal, per tal de seleccionar-ne variables i formular-ne hipòtesis. La recerca inclou 15 anys d'història peruana (1992-2007) sota quatre règims concursals diferents, i utilitza metodologia qualitativa i quantitativa.En l'etapa qualitativa, es van entrevistar setanta experts. Són jugadors clau en l'àmbit acadèmic Indecopi, bancs, companyies administradores, interventors. Les entrevistes van generar vuit categories útils per comprendre per què els diferents grups d'interès es comporten tal com ho fan.Es va tenir cura a l'hora de seleccionar codis clau per tal de provar-los posteriorment en l'etapa quantitativa.Les entrevistes semiestructurades als experts proporcionen un marc conceptual per comprendre la conducta que correspon a indústries regulades com ara la banca. Per tal de provar les hipòtesis, es van estudiar 359 empreses. L'estudi inclou una extensa documentació retrospectiva en els arxius centrals d'Indecopi. La mostra es va incrementar a 3.386 empreses a efectes de la mineria de dades.Les dades de les empreses es va extreure dels expedients oficials que es guarden a Indecopi. Es va emprar SPSS per provar les hipòtesis i Clementine per a la mineria de dades. Totes les companyies es van classificar per sector econòmic, és a dir, indústries extractives o primàries (mineria, pesca, agricultura, gas i petroli), indústries secundàries/manufactureres (tèxtils, fabricants d'automòbils, acereries), comerç (botigues per departament, venda de vehicles, mercats, supermercats) i serveis (transport, serveis públics). Els resultats mostren que el sistema concursal peruà és ineficient, irracional, impredictible i inconsistent. També mostra que no hi ha una correlació positiva entre el sistema concursal i el cost del crèdit. El sistema està dissenyat per incentivar el comportament estratègic dels creditors privilegiats.L'estudi mostra que la decisió final de liquidar o salvar una empresa depèn del sector econòmic i no de la viabilitat de l'empresa, més en línia amb els interessos dels creditors específics.L'etapa final de l'estudi proporciona unes premisses empresarials útils per als propietaris i els gerents de les petites i les mitjanes empreses respecte dels seus creditors. L'estudi limita la racionalitat al marc del dret econòmic que es va utilitzar per privatitzar el procés concursal al Perú, limitant l'acció i l'abast d'Indecopi.L'estudi subratlla la necessitat de coordinar les diferents regulacions legals que afecten els grups d'interès, principalment els bancs, que actuen més en resposta als accionistes i als dipositants. Si tenim en compte que tots els comportaments són el resultat d'una anàlisi cost-benefici, la manca d'un superprivilegi per al deute postconcursal, el craw down i altres mesures de reconstitució de capital de treball implicaran més liquidacions. Es proposen un conjunt de normes legislatives amb una anàlisi cost-benefici, entre les quals hi ha la reducció del percentatge del quòrum per reestructurar la firma i modificar l'ordre de prelació, derogar la liquidació automàtica per situació de balanç, crear la figura jurídica del promotor i permetre la difusió del procediment mitjançant una pàgina web. Pel que fa als procediments:Atorgar competències i facultats a les sales superiors comercials en els procediments concursals.Quant a la Superintendència de la Banca i les Assegurances, rebaixar el nivell de provisió bancària quan els crèdits reestructurats es considerin en la categoria normal. Proposar canvis en el reglament de valors d'empreses en concurs, privilegiant la negociabilitat lliure d'aquests crèdits, amb la finalitat de donar suport a les empreses viables i crear un fons de reactivació econòmica per incentivar el refinançament.Aquest estudi és útil per formular polítiques governamentals i també per a les polítiques d'empreses amb dificultats.L'ús indirecte de les mesures de recuperació i el gran nombre d'empreses amb dades incompletes són les limitacions d'aquest estudi. Les línies futures de recerca han d'abastar estudis comparatius en altres latituds sud-americanes utilitzant sistemes judicials i administratius, i després comparar països desenvolupats i no desenvolupats fent servir les mateixes variables i els mètodes per provar la metodologia. / El derecho concursal es la respuesta legal a una realidad financiera que proviene de la economía del mercado. Los negocios pueden fracasar. Cuando las compañías y personas fallan en el cumplimiento de sus obligaciones de deuda y sus activos no son suficientes para cubrir sus créditos caen en insolvencia y quiebran. Para regular las demandas de los acreedores y resolver el dilema de los acreedores como grupo la Ley concursal se convierte en un método ordenado para maximizar los activos del deudor y proteger a determinados grupos de interés. El propósito de esta disertación ha sido la de contribuir al conocimiento del problema concursal. Su objetivo es identificar factores claves para medir la eficiencia a través de los costos de transacción utilizando directos e indirectos, ex ante y ex post, a si como los costos de información, coordinación y ejecución y luego comparar estos contra otro sistema en este caso el Régimen colombiano, creando una metodología para medir la eficiencia.La disertación también cubre racionalidad. La racionalidad concursal es maximizar el valor de los activos del deudor a fin de pagar sus deudas. Es también mantener en el mercado compañías viables considerando en este caso que el valor de la empresa insolvente como una unidad operativa vale más que liquidada y retirar del mercado aquellos negocios que no pueden mantenerse como empresas en marcha. El principal propósito de cualquier sistema concursal es proteger el crédito y proveer un foro para los acreedores a fin que coordinen acciones y de este modo reduzcan costos de transacción. La racionalidad básica del sistema es que estos acuerdos benefician a todos los acreedores y se respeten las preferencias dadas por ley para ciertas clases de acreedores. Un sistema concursal eficiente evitará el error tipo 1 y el error tipo 2, es decir, mantener empresas inviables o liquidar empresas viables.La disertación trata sobre la eficiencia y racionalidad a través de medios empíricos. Una revisión extensa de la literatura se llevo a cabo en áreas como reflotamiento empresarial, costos de transacción, racionalidad limitada, teoría de juegos y Ley concursal a fin de seleccionar variables y formular hipótesis.La investigación cubre 15 años (1992-2007) de historia peruana bajo cuatro diferentes regímenes concursales, utilizando metodología cualitativa y cuantitativa.En la etapa cualitativa se entrevisto a 70 expertos. Ellos son jugadores claves en el mundo académico Indecopi, bancos, compañías administradoras, interventores, las entrevistas generaron ocho categorías útiles para comprender porque los diferentes grupos de interés se comportan como lo hacen. Se tuvo cuidado en seleccionar códigos claves para luego probar estos en la etapa cuantitativa.Las entrevistas semiestructuradas a los expertos proveen un marco conceptual para comprender la conducta que corresponde a industrias reguladas como la banca. A fin de probar las hipótesis se estudiaron 359 compañías. El estudio cubre una extensa documentación retrospectiva en los archivos centrales del Indecopi. La muestra fue incrementada a 3 386 empresas para efectos de la minería datos. La data de las empresas se tomo de los expedientes oficiales que se guardan en Indecopi. SPSS se utilizo para probar las hipótesis y CLEMENTINE para minería de datos. Todas las compañías fueron clasificadas por sector económico es decir, industrias extractivas o primarias (minería, pesquería, agricultura, gas y petróleo) industrias secundarias - manufactureras (textileras, fabricantes de autos, acerías) comercio (tiendas por departamento, venta de carros, mercados, supermercados) servicios (transporte, servicios públicos) los resultados muestran que el sistema concursal peruano es ineficiente, irracional, impredecible e inconsistente. También muestra que no existe correlación positiva entre el sistema concursal y el costo del crédito. El sistema esta diseñado para incentivar el comportamiento estratégico de acreedores privilegiados.El estudio muestra que la decisión final de liquidar o salvar una compañía depende del sector económico y no de la viabilidad de la empresa, más en línea con los intereses de acreedores específicos.La etapa final del estudio proporciona premisas empresariales útiles para los dueños y gerentes de pequeñas y medianas empresas frente a sus acreedores. El estudio trae la racionalidad limitada al marco del derecho económico que fue utilizado para privatizar el proceso concursal en el Perú limitando la acción y alcance de Indecopi.El estudio remarca la necesidad de coordinar las diferentes regulaciones legales que afectan a los grupos de interés principalmente bancos quienes actúan más en respuesta a sus accionistas y depositantes. Considerando que todo comportamiento es el resultado de un análisis costo beneficio la falta de superprivilegio para la deuda post concursal, craw down y otras medidas de reconstitución de capital de trabajo llevaran a mayores liquidaciones. Se propone un conjunto de normas legislativas con un análisis costo beneficio, entre estas reducir el porcentaje del quórum para reestructurar la firma y la modificación del orden de prelación, derogar la liquidación automática por situación de balance, crear la figura jurídica del Promotor y permitir la difusión del procedimiento vía página web.A nivel de procedimientos:Otorgar competencias y facultades a las Salas Superiores en lo Comercial en los procedimientos concursales. En lo que respecta a la Superintendencia de Banca y Seguros rebajar el nivel de provisión bancaria al considerar los créditos reestructurados en la categoría normal.Proponer cambios en el reglamento de Valores de Empresas en Concurso privilegiando la libre negociabilidad de estos créditos y con la finalidad de apoyar a empresas viables crear un Fondo de Reactivación Económica para incentivar la refinanciación.El presente estudio es útil para la formulación de políticas gubernamentales así como para las políticas de empresas en dificultades.Limitaciones de este estudio son el uso indirecto de las medidas de recuperación así como el gran número de compañías con data incompleta. Futuras líneas de investigación deben abarcar estudios comparativos en otras latitudes sudamericanas utilizando sistemas judiciales y administrativos y luego comparar países desarrollados y no desarrollados utilizando las mismas variables y métodos para probar la metodología. / Bankruptcy law is the legal response to a financial reality which arises from the market economy. Business can fail. When companies and persons fail to comply with their debt obligations and assets are not enough to cover credits they go under in insolvency. To regulate creditor's demands and solve creditor's pool dilemma bankruptcy law becomes an orderly method to maximize debtor assets and protect qualified stakeholders. The purpose of this dissertation has been to make a contribution to the knowledge of the bankruptcy problem. Its aim is to identify key factors to measure efficiency through transactional cost using direct and indirect ones, ex ante and ex post as well as information, coordination and execution ones and then compare those against another system, in this case the Colombian one, creating a methodology to measure efficiency.The dissertation also covers rationality. Bankruptcy rationality is to maximize the debtor asset value in order to pay his debts. It is also to maintain in the market viable companies considering in this case that the value of the insolvent company as an operating unit is worth more than liquidated and also to take out of the market those businesses which are not on going concerns.The main purpose of any bankruptcy system is to protect credit and provide a forum for creditors to coordinate actions and in doing so reduce transactional costs. The basic rationality of the system is that these agreements with benefits all creditors and respect preferences given by law to certain creditors classes.An efficient bankruptcy system will avoid error type one and error type two, namely, maintain unviable companies or liquidate viable companies.The dissertation addresses efficiency and rationality by empirical means. An extensive review of the literature was carried out in subjects as turnaround, transactional cost, bankruptcy legislation, bounded rationality, game theory and bankruptcy law in order to select variables and to formulate hypothesis.The research covers fifteen years (1992-2007) of Peruvian history under four different legal bankruptcy regimes, using qualitative and quantitative methodology.In the qualitative stage seventy experts were interviewed. They are key players in academics, Indecopi, banks; administrative companies, Trustees, interviews provided eight categories all useful to understand why different stake holders behave as they do.Great care was taken to select key codes to later test in quantitative stage. Semi structured interviews to experts provide a framework to understand behavior which respond to regulate industries as banking. In order to test hypothesis 359 companies were studied. The study covers an extensive retrospective documentary research in Indecopi Central Archives. The sample was increased to 3386 companies for data mining purposes.Data from companies was taken from official files kept in Indecopi. SPSS was used to test hypothesis and Clementine for data mining. All companies were classified by economic sector, namely, Primary or Extractive Industries (Mining, fishing, agriculture, oil and gas) Secondary Industries -manufacturing (textiles, car making, steel mills), Commerce (Department stores, car dealers, super markets), Services (transport, utilities).Results show that the Peruvian bankruptcy system is inefficient, irrational, unpredictable and inconsistent. It also shows no positive correlation between the bankruptcy system and credit cost. The system as designed encourage strategy behavior of privilege creditors. The study shows that final decision to liquidate or save a company depend on the economic sector and not the viability of the company, more in line with the interest of specific creditors. The final stage of the study provides useful business premises to owners and managers of small and medium size companies before creditors. The study brings bounded rationality into law and economic framework which was used to privatize the bankruptcy process in Peru limiting Indecopi actions and scope.The study point out the need to coordinate different legal regulations affecting stakeholders, mainly banks which act more in response to shareholders and savers. Considering that all behavior is the result of cost and benefit analysis lack of super privilege for post bankruptcy debt, cram down and others measures to reinstate working capital will lead to increase liquidations.The study presents a group legislative proposals based on the empirical findings of the present research, proposals which are formulated with a cost - benefit analysis.Among others the reduction of the voting percentage needed to restructuring a company.The change of the preference order of certain credits, the abrogation of the automatic business liquidation in regard of balance sheet situation.The creation of the promoter figure and the diffusion of the procedure through web pages.With regard to competences award the Commercial Superior Courts the power to act in bankruptcy procedures. With regard to the SBS to reduce banking provisions considering restructured credits as normal ones.The study also proposes changes in the regulation of bankruptcy company credits, giving priority to free negotiability of these credits.Also the creation of a reactivation fund to support viable companies and to promote refinancing.The present study is usefully for government policies formulation as well as business policy for companies in distress.Limitations of this study are the indirect measure of recovering as well as the large number of companies with incomplete data. Future research should cover comparative studies in other South American latitudes using administrative and Court systems, and then compare under develop and develop countries using same variables and methods in order to test methodology.

Pagrindinis įmonės bankroto tikslas – kuo didesne apimtimi patenkinti jos kreditorių turtinius interesus. Šiam tikslui pasiekti yra sukurtas specialus teisinis reguliavimas, kurio esminis elementas yra įmonės valdymo perdavimas nešališkam subjektui - bankroto administratoriui. Jis perima nemokaus skolininko turtą, dokumentus ir yra atsakingas ne tik už šio turto išsaugojimą, administravimą, bet ir už kiek galima didesnio skolininko turto sukaupimą bei padalijimą kreditoriams. Toks platus įgalinimų perdavimas lemia, kad įmonės administravimas yra vienas esminių elementų, nuo kurių priklauso sėkmingas kreditorių reikalavimų tenkinimas. Šio darbo tikslas – išanalizuoti ir įvertinti administravimo veiklos įtaką įmonės skolininkės kreditorių teisių apsaugos užtikrinimui bei interesų įgyvendinimui. Dėl šios priežasties autorė analizuoja bankroto administratoriaus svarbą bankroto procese, jo padėties įvairialypiškumo keliamas problemas, administravimo veiklos sampratą bei reikšmę sėkmingam bankroto proceso tikslų pasiekimui. Be to, detaliai analizuojamos administravimo veiklos kryptys, susijusios su įmonės valdymo perėmimu, turto masės formavimu, kreditorių teisių apsauga bei papildomi aspektai, tokie kaip administravimo išlaidų sudėtis, jų atlyginimo ypatumai, civilinės atsakomybės taikymo sąlygos ir privalomojo civilinės atsakomybės draudimo reikšmė kreditorių teisių apsaugos atžvilgiu. Šio darbo nauda pasireiškia tuo, kad sistemiškai išanalizuoti administravimo veiklą... [toliau žr. visą tekstą] / The main purpose of bankruptcy is to satisfy the interests of creditors. The special legal regulation is created in order to achieve this goal as the administration of a company passes to an independent subject – the bankruptcy administrator. He takes over an insolvent debtor's assets, documents, and is responsible not only for the preservation of the property and the administration, but also for the highest possible degree of accumulation of assets of the debtor and its placing between creditors. The assignation of such a broad empowerment leads to the administration being one of the company’s key elements that affects the success of creditors' claims. The goal of this master thesis is to analyze and evaluate the administration impact to the rights of creditors trying to ensure their interests. For this reason, author analyzes the importance of the bankruptcy administrator, the problems posed by his ambivalent status, the administrative activity concept and its influence for the successful achievement of bankruptcy goals. In addition, a detailed analysis was made of the administrative activity aspects which are connected with the takeover of leading, asset mass formation, creditors’ protection and additional elements such as administrative costs, their refund, conditions for a civil liability and how the civil liability insurance ensures creditors’ rights. This master thesis is useful because a systematic analysis of laws, science and periodic publications of Lithuanian and... [to full text]

Thesis deals with complex process of creation of new bankruptcy model for predicting business failure, while this process involves selection of quality sample, verification of classification accuracy of already existing bankruptcy models, profile analysis and finally the derivation of specific equation of bankruptcy model. The derivation is performed by using two selected statistical methods, discriminant analysis and logistic regression. Two bankruptcy models Bürger's index DA12 and Bürger's index LR12 were derived by using the mentioned statistical methods. The new models distinct advantage is, unlike already existing and renowned bankruptcy models, that they are focused on classification of micro and small enterprises in terms of Czech Republic, while classification accuracy one year before failure is by individual models 74.8 % and 81.87 %. Derived models have clear interpretation (no grey zone) and easy calculation, which brings a possibility for micro and small entrepreneurs to check their business partners in terms of failure prediction.

In this article, the author tells us about the acquisition of assets in companies that are experiencing financial difficulties and the legal tools that facilitate the procedure. Likewise, he details protection mechanisms to mitigate risks when companies are going through an economic crisis. Finally, he emphasizes that the crisis can generate great profitability to the buyer who managing the risks can open up great possibilities of investment. / En el presente artículo, el autor nos habla acerca de la adquisición de activos en empresas que atraviesan dificultades financieras y las herramientas legales que facilitan el procedimiento. Asimismo, detalla los mecanismos de protección para mitigar los riesgos cuando las empresas atraviesan una crisis económica. Finalmente, resalta que la crisis puede generar gran rentabilidad al comprador quien manejando los riesgos puede abrir grandes posibilidades de inversión.

A tese parte da análise jurídica do concurso das sociedades cooperativas para abordar as disciplinas concursais de insolvência civil, recuperação de empresas e falência, bem como as normas de liquidação aplicáveis às cooperativas no direito brasileiro e comparado. O direito concursal hodierno dispõe de mecanismos recuperativos em caso de crise financeira, e liquidatórios, com normas que primam pela eficiência dos institutos do direito concursal e pela continuação da atividade produtiva, com o fim de beneficiar o credor, devedor e a coletividade. Tende-se a adotar o princípio de unidade legal, de sistema e de disciplina, com pressuposto subjetivo unificado, abrangendo todos os devedores, inclusive as sociedades cooperativas, que quando organizadas como empresas são empresárias de economia social, com natureza jurídica e estrutura que beneficiam a coletividade. O Brasil não adota o princípio da unidade, nem reconhece as sociedades cooperativas como empresas, com a exclusão das cooperativas da lei de recuperação e falências, o que fere as orientações internacionais de incentivo e de tratamento não discriminatório às sociedades cooperativas e surge como mais um obstáculo ao seu desenvolvimento no Brasil. Este estudo teórico-descritivo subdivide-se em três capítulos: o primeiro aborda a doutrina e a normativa do direito concursal com enfoque na sociedade cooperativa, analisando a evolução do direito concursal, os pressupostos subjetivos e os institutos do direito concursal brasileiro, inclusive os aplicáveis às sociedades cooperativas; o segundo aprofunda o estudo da sociedade cooperativa como empresa de economia social para demonstrar a sua realidade econômica empresarial e as suas características estruturais, além de as orientações internacionais sobre a promoção da cooperativa; e o terceiro avalia a adequação do direito concursal das cooperativas no Brasil e formula proposições sobre a matéria. A relação teoria e prática tem como base as decisões judiciais existentes sobre a matéria. / The thesis begins with the legal analysis of the bankruptcy of cooperative societies to address the legal types of bankruptcy non-commercial entities insolvency system (insolvência civil), companies recovery system and bankruptcy and the liquidation rules applicable to cooperatives under Brazilian law and comparative law. The bankruptcy law nowadays has recovery mechanisms in cases of financial crisis and liquidation. It presents rules that aim at efficiency and at the continuity of the production, in order to benefit creditors, debtors and the community. There is a tendency to adopt the legal unit principle, the system principle and the discipline principle, with a unified subjective premise that covers all debtors, including cooperative societies. When organized as companies, these societies are social economy entrepreneurs, whose juridical nature and structure benefit the community. Brazil does not adopt the legal unit principle and does not recognize cooperative societies as companies, with the exception of the cooperatives covered by the recovery and bankruptcy law. This fact constitutes a disagreement in relation to international orientations of promotion and non-discriminatory treatment to cooperative societies and arises as an obstacle to the development of these societies in the country. The theoretical-descriptive study is divided into three chapters: the first one presents the doctrine and the rules related to bankruptcy law focusing the aspects of cooperative societies and analyzing the evolution, the subjective premises and the institutes of bankruptcy law, including those applicable to cooperative societies; the second chapter analyses the cooperative society as a social economy company and demonstrates its entrepreneurs economic reality, its structural characteristics and adds international orientations on the promotion of cooperatives; the third chapter evaluates the appropriateness of bankruptcy law related to cooperatives in Brazil and formulates propositions on the issue. The relation between theory and practice is demonstrated with judicial decisions on the matter.

This thesis deals with financial analysis of two chosen companies 5 years before decision on bankruptcy and two years after this decision. The thesis is splitted into two parts: theoretical part and practical part. Theoretical part deals with the definition of the issues of insolvency firstly from point of view of law, secondly from the accounting perspective. Further definition of financial analysis, evaluation of the use of financial ratios. The theoretical part also explains the IN bankruptcy model. The practical part concentrates on selection of two concrete companies and performing the financial analysis. A period of 7 years was chosen - 5 years before decision on bankruptcy and two years after this decision. Insolvency was solved by reorganization or bankruptcy. Practical part imply the IN bankruptcy model. At the end is a comparison of the results, which is then interpreted.

The thesis is focused on two main fields: first one is financial analysis as a possibility of predicting a stringency of a company, second one being insolvency resolution from legal and accounting points of view. The theoretical part of the thesis describes the importance and the content of financial analysis, the crisis of a company and further on it deals comprehensively with insolvency proceedings. The practical part is mainly focused on performance analysis of the financial situation of a selected company, it sets problems in the field of financial management. It also gives an opinion on the possibility of the company's bankruptcy and demonstrates an insolvency proceedings in accounting.