This thesis compares satisfaction of creditors with different ways of resolving debtors' bankruptcy. It describes different ways of resolving bankruptcy and uses specific data to analyse and compare level of creditor's satisfaction with the way bankruptcy was resolved. The thesis consists of two parts - theoretical and practical. Theoretical part describes historical development of bankruptcy law, defines basic terms, procedural subjects of insolvency proceedings, and outlines particular ways of solving bankruptcy. Practical part of the thesis describes a chosen company, analyses and compares bankruptcy data of debtors and provides recommendation for creditor based on results.

Debt holding by managers, i.e., inside debt, aligns the incentives of managers more closely with those of debtholders, reducing agency costs of debt (Jensen and Meckling (1976) and Edmans and Liu (2011)). My thesis investigates the effect of managerial ownership of debt on corporate risk-taking, bank loan contracting, and accounting conservatism. / In the first chapter I examine the effect of managerial ownership of debt on agency costs of debt problems related to risk-taking. I find that higher managerial ownership of debt implements lower corporate risk-taking, in terms of less investment in R&D, more investment in capital expenditures, and more corporate diversification. The role of inside debt in moderating risk-taking is more pronounced in firms with high level of default risk. These findings suggest that managers with large inside debt holdings are less likely to pursue risky projects that potentially transfer wealth from debtholders to shareholders. / In the second chapter I examine how terms of bank loans are related to managerial ownership of debt. Specifically, the analysis uncovers significant evidence of lower loan spreads for firms with larger debt ownership by CEOs. The negative relation is more pronounced when creditors face higher expropriation risk and when the CEO's expected retirement horizon is beyond loan maturity. I also find that loans to firms with larger managerial debt holdings are associated with smaller lending syndicates, fewer covenant restrictions, and less collateral requirement, consistent with lenders anticipating lower expropriation risk at these firms. / In the third chapter I examine the relation between accounting conservatism and managerial ownership of debt. Consistent with debt holdings by managers mitigating the debtholder-shareholder conflicts and reducing debtholders' demand for accounting conservatism, I find significant evidence of less conservative financial reporting at firms whose CEOs have accumulated more deferred compensation and pension benefits. This negative relation is more pronounced in firms with higher expected agency costs of debt and in firms that can credibly commit to a higher level of conservatism if required by debtholders. These findings are robust to using a number of alternative accounting conservatism measures and to correcting for potential endogeneity of managerial ownership of debt. / Xin, Xiangang. / Advisers: Danqing Young; Oliver M. Rui; Cong Wang. / Source: Dissertation Abstracts International, Volume: 73-07(E), Section: A. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2011. / Includes bibliographical references (leaves 134-140). / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. Ann Arbor, MI : ProQuest Information and Learning Company, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstract also in Chinese.

This dissertation is a legal and cultural history of personal debt in mid-nineteenth-century Moscow region. Historians have shown how the judicial reform of 1864 dismantled an old legal apparatus that was vulnerable to administrative interference and ultimately depended upon the tsar's personal authority, replacing it with independent judges, jury trials, and courtroom oratory. But as many legal scholars will agree, political rhetoric about law and high-profile appellate cases fail to capture the full diversity of legal phenomena. I therefore study imperial Russian law in transition from the perspective of individuals who used the courts and formed their legal strategies and attitudes about law long before the reform. I do so through close readings of previously unexamined materials from two major archives in Russia: the Central Historical Archive of Moscow and the State Archive of the Russian Federation, including the records of county- and province-level courts and administrative bodies, supplemented by the records of the charitable Imperial Prison Society. I also analyze the relevant legislation found in imperial Russia's Complete Collection of the Laws. Specific topics covered in the study include the cultural and social profiles of creditors and debtors and of their relations, the connection between debt and kinship structures and strategies, the institution of debt imprisonment and its rituals, various aspects of court procedure, as well as the previously unstudied issue of white-collar crime in imperial Russia. I have found that debt was ubiquitous in Russian life, as in other pre-industrial societies in which cash was scarce, incomes erratic, and formal credit institutions insufficient. It was also overwhelmingly personal, relying heavily on kinship, acquaintance, and the reputations of borrowers and lenders. My research contradicts the conventional view of Russian society at mid-century as a system of predominantly separate and closed estates. The system of private credit centered in Moscow connected merchants, civil servants, and the landowning gentry, and even wealthy peasants, some of whom lived or owned property in far-away provinces (privately-owned serfs were of course subordinate to their landlords in matters involving property). The credit network was sufficiently extensive and diverse to place an additional burden on Russia's already overworked legal system. The central theme of my study is the engagement of ordinary Russian lenders and borrowers of varying wealth and status, male and female, with each other and with the legal system (and through it with the state) during a crucial turning point in Russia's social and political history. My research also questions the dominant notion of a closed system of inquisitorial justice in pre-reform courts. The cases I examined reveal the pre-reform legal process as messy, incomplete, polyphonic, and open to extra-legal influences, including those of tsarist administrative officials. Private individuals retained significant discretion and initiative both according to the law and in practice, beginning with the way a debt transaction was formalized and ending with the decision to imprison a debtor or to commit an insolvent to a criminal trial. I therefore argue that pre-reform law with all its faults was a site of conflict, cooperation, and negotiation among diverse individuals seeking to protect and promote their property interests and between private persons and government officials. I show the law to be a key tool for Russia's propertied classes for asserting their own rights against other private individuals and/or against the state. Thus, I reinterpret the relationship between individuals and the administration, modifying the commonly held view of the Nicholaevan bureaucracy as a monolith imposing itself on the tsar's subjects. As the only study of imperial civil law in practice, this dissertation offers unique evidence on the operations of state and society in Russia at the key period of the Great Reforms, as well as establishes a basis for understanding subsequent legal developments.

This thesis deals with the discharge of individuals in the Czech legal environment that is regulated by Act No. 182/2006 Coll. Insolvency Act. The aim is to show the course of insolvency proceedings with a focus on discharge of individuals and then make comparisons with the law of bankruptcy proceedings in the United States and Spain. Finally the real example of a specific individual discharge is shown.

Zugl.: Bern, Universiẗat, Diss., 2007.

The decision of an estate owner to employ a trust as an estate planning instrument normally involves the disposal of all or part of his growth assets to the trust. This is done to ensure that the value of such growth assets is pegged down in his personal estate, whilst any growth in the assets occurs in the trust. The objective is to minimise any estate duty that will be payable after his death. The transfer of such assets and the concomitant negotiation of the settlement of the purchase price are normally agreed to occur on loan account which will be repayable on demand. Subsequent to the disposal of the assets, it is a well established estate planning technique for the estate owner to reduce the loan account by annually waiving R30 000 of such loan in favour of the trust. This results in reducing the debit loan (asset) in the hands of the estate owner and thereby also improving his position from an estate duty point of view. The liability (credit loan) of the trust is thereby annually reduced. Because an individual can donate R30 000 annually free of donations tax, no additional donations tax liability will be incurred when applying this technique. Most estate owners that have applied the abovementioned technique, include in their will a provision whereby they bequeath any outstanding loan from the trust at the date of the testator's death, to the trust as a legatee. On 1 October 2001 South Africa entered into a new tax dispensation with the introduction of capital gains tax (CGT). Comprehensive legislation was included in the Income Tax Act (8th schedule) to regulate this new form of taxation. Paragraph 12(5) of the 8th schedule specifically stipulates that a reduction or waiver of a loan/debt will attract CGT. Therefore the above mentioned techniques of donating a portion, and subsequently bequeathing the outstanding loan amount to a trust suddenly became the target of SARS' close scrutiny from a CGT perspective. Hence, it was no surprise that the first High Court decision on CGT had recently been delivered in this regard. The purpose of this dissertation is to investigate and scrutinise, not only the decision in the abovementioned court case, but also the various opinions and arguments raised on this topic. The submission is that the findings and conclusions of such an investigation should enable those involved in estate planning and the preparation of wills to be wary of the CGT risks attached to the abovementioned techniques and to avoid the pitfalls. Certain recommendations and conclusions to achieve the same estate planning result, are proposed in this dissertation. Certain suggestions were also made with regards to the wording of provisions to be included in a will in order to bequeath a loan or debt to a trust without the risk of attracting unforeseen CGT. / Thesis (LL.M. (Estate Law))--North-West University, Potchefstroom Campus, 2006.

This thesis is concerned with the relationship between creditor/debtor law and broader political, economic, and social relations in Upper Canada before 1812. The research reviews the history of credit relations in early Upper Canada through a critical reassessment of both the historiographic debates and available primary legal and archival sources. Recent historical writing, in seeking out the community based nature of creditor/debtor relations has often tended to overlook the extent to which social, political, and economic conflicts were also played out in the arena of credit and debt. In early Upper Canada, matters relating to credit and debt were not infrequently the focus of conflicts about constitutionalism and the rights of colonial subjects. The thesis argues for a re-framing of the study of creditor/debtor relations to take account of the overall context of economic inequality. Feminist historical and theoretical work is drawn upon to expand conventional understandings of the economic, and to argue that local or communal based relations are not always consensual. The thesis draws a connection between social inequality, political repression, constitutional politics and the private law of property, credit, and debt. It asserts that early Upper Canadian creditor/ debtor relations were expressive of the struggle over the kinds of institutions that would represent the new polity, and of a sensibility among at least some portion of the population that the rule of law should apply to a wider range of people than those who made up the elite. It is found that the role of certain financial instruments and the contents of certain court records has been misunderstood. These findings change our understanding of the 1794 court reforms in Upper Canada, which established an English-style Court of King's Bench. It is also found that debtor/creditor law, in particular the seizure of land for debt in Upper Canada (a remedy that was not available in England) impacted upon the constitutional politics of the time.

Sparčiai vystantis kreditavimo santykiams, taip pat bankams bei kitoms kredito įstaigoms aktyviai plečiant įvairialypio finansavimo politiką, neišvengiamai susiduriama su efektyvių prievolių įvykdymo užtikrinimo būdų ieškojimu. Tačiau šiuo ekonominiu laikotarpiu ypatingai kreipiamas dėmesys ne tik į patikimiausius bei efektyviausius prievolių įvykdymo užtikrinimo būdus, bet ir į procedūras, taikomas išieškant iš įkeisto turto. Būtent šio darbo objektas yra išieškojimo iš įkeisto turto procesas, tokio proceso problematika. Darbe iškeliamas tikslas išanalizuoti išieškojimo iš įkeisto turto procesą, nustatyti kylančias problemas, apsunkinančias efektyvią kreditorių interesų apsaugą bei skolininkų interesų garantiją, pasiūlyti galimus sprendimo būdus. Tikslo pasiekimas įgyvendinamas šiais uždaviniais: palyginti išieškojimo iš įkeisto turto procesą su išieškojimo procesu bendra tvarka, atlikti išsamią išieškojimo iš įkeisto turto procesą reglamentuojančių teisės normų analizę, nuodugniai išstudijuoti susiformavusią teismų praktiką taikant teisės normas, reglamentuojančias išieškojimą iš įkeisto turto. Pirmajame darbo skyriuje nustatomi išieškojimo proceso iš įkeisto turto ir išieškojimo proceso bendra tvarka esminiai skirtumai ir panašumai. Vadovaujantis nustatytais esminiais skirtumais ir panašumais, atskleidžiamas minėtų išieškojimo procesų tarpusavio ryšys. Antrajame darbo skyriuje analizuojamas išieškojimas iš įkeisto nekilnojamojo turto. Skyrius suskirstytas į du poskyrius... [toliau žr. visą tekstą] / The effective kinds of security of performance of obligations are becoming more important not only in the period of rapidly developing credit intercourses, but also as banks and other credit institutions are actively expanding their miscellaneous credit policy. At this economically dramatic period not only kinds of security of performance of obligations are targeted, but also the procedures which are applied in order to recover from collateral. Thus the object of this master degree thesis is the process of the recovery from collateral, the issues of such recovery process. The aim of the final master degree thesis is to deliver an exhaustive analysis of the process from collateral, to ascertain the problems, which compound the effective security of creditor’s interests and the appropriate guarantee of debtor’s interests, also propose possible solutions of determined problems. The above goals are achieved through the comparison of recovery process from collateral and recovery process in general, the analysis of rules of law, regulating the recovery from collateral, the exhaustive analysis of application of aforementioned rules of law in practice. The first section of the thesis discusses the essential differences and similarities of the recovery process from collateral and recovery process in general. By discussing it the intercourse of these processes is determined. The second section gives an analysis of the recovery process from the mortgaged assets. The section is divided... [to full text]

Actio Pauliana - tai vienas iš Lietuvos Respublikos civiliniame kodekse įtvirtintų kreditoriaus interesų gynimo būdų. Ilgą laiką dėl netinkamai suformuoto 1964 m. Lietuvos Respublikos civilinio kodekso reglamentavimo, kreditoriai retai naudojosi šiuo institutu, o teismų praktika buvo nedidelė. Actio Pauliana instituto tinkamas ir teisingas taikymas yra itin svarbus, nes juo ribojamos sutarties laisvės principo ribos. Svarbu ne tik apginti pažeistas kreditoriaus teises, bet kartu užtikrinti, kad nebūtų piktnaudžiaujama šiuo institutu ir skolininko teisės nebūtų nepagrįstai suvaržytos. Šio darbo tikslas yra išanalizuoti naujausią Lietuvos Aukščiausiojo Teismo suformuotą actio Pauliana taikymo praktiką, sudarant prielaidas vieningam ir nuosekliam šio civilinės teisės instituto pagrindimui, aiškinimui ir taikymui. Darbe apžvelgiama actio Pauliana instituto istorinė raida, reglamentavimas Lietuvos ir užsienio valstybėse. Detaliai analizuojama Lietuvos Aukščiausiojo Teismo suformuota praktika, nagrinėjamas actio Pauliana specifiškumas bankroto bylose bei akcentuojami probleminiai aspektai. Darbo pabaigoje, remiantis atliktu tyrimu, analize ir gautomis išvadomis, buvo patvirtinti magistro darbo pradžioje iškelti ginamieji teiginiai. Visų pirma, atliktas tyrimas parodė, kad besikeičiant socialiniams, ekonominiams santykiams keičiasi ir actio Pauliana instituto reglamentavimas Lietuvoje. Įsigaliojus naujajam Lietuvos Respublikos CK, priešingai nei galiojant 1964 m. civiliniam... [toliau žr. visą tekstą] / Paulian action is one of defences of creditors rights institute regulated by the Civil Code of the Republic of Lithuania. For a long time this institute was not properly formed in the 1964 Civil Code, so creditors rarely used it and there were not too much court practise regarding this issue. A proper and correst application of the Paulian action is very important, because it limits freedom of contract principle. Paulian action application should not only protect creditors rights not be violated, but also prevent from misuse of this institute and also that debtors rights wouldn‘t be unduly restricted. The aim of this paper is to analize the newest Paulian action application practise of the Supreme Court of Lithuania, creating conditions for the uniform and consistent this institute substantiation, interpretation and application. This paper reviews the fountainhead of Paulian action insitute, its regulation in Lithuania and foreign countries. The paper also repesents detailed analysis of the Supreme Court of Lithuania practice, Paulian action specifity in bankruptcy cases and focus on the problematic aspects. At the end of the paper, were approved claims, which were raised in the beginning of the master's final work. Firstly, the investigation showed that because of constantly changes of social, economic relations, is changing Paulian action regulation in Lithuania. Also, when the new Civil Code of the Republic of Lithuania came into force, on the contrary the 1964 Civil... [to full text]

Finansų rinkos yra svarbi ekonomikos dalis, atliekanti vieną svarbiausių ekonominių funkcijų - perskirsto laikinai laisvas lėšas tarp ūkio subjektų ir kartu įtraukia į investavimo procesą skolininkus. Suteikus paskolą, atsiranda rizika, kad skolininkas neįvykdys savo įsipareigojimų. Vienas iš būdų šiai rizikai valdyti yra skolininko patikimumo vertinimas. Paskolų teikimas yra svarbi banko veikla, nes didžiausią įtaką bankų pelningumui per pastaruosius metus turėjo didėjančios paskolų portfelio pajamos: per 2005 m. paskolų suma mln Lt padidėjo 40,93% daugiau lyginant su praėjusiais metais, o per 2006 m. - pasiekė 96,17% lygį nei ankstesniais metais. Didėjančios paskolų portfelio pajamos lėmė 382,3 mln. Lt, arba 48,6 proc., didesnes nei 2005 metais grynąsias palūkanų pajamas, palyginti su 2005 metais, bankai gavo 100,3 mln. Lt, arba 25 proc., daugiau grynųjų paslaugų ir komisinių pajamų, todėl kiekvienam bankui svarbu tinkamai valdyti kredito riziką, kad išvengtų nuostolių dėl blogų paskolų suteikimo. Tai paskatino giliau panagrinėti esamą situaciją, kuri parodo, kad Lietuvos bankai susiduria su kredito rizika ir, kad nuostoliai susidarę dėl blogų paskolų gali skaudžiai atsiliepti skolintojams. Vienas iš kredito rizikos mažinimo būdų yra tinkamas skolininko patikimumo vertinimas, kuris banke turi didelės įtakos banko užimamai rinkos daliai, bei jo pelningumui. Atlikus mokslinės literatūros analizę, buvo pastebėta, kad skolininko patikimumo vertinimo modelių kaip kredito rizikos... [toliau žr. visą tekstą] / After the bank gives a loan, the risk of not pursuing the liabilities comes, so it needs to be reduced. One way to manage this risk is debtor credibility evaluation. Research object: debtor credibility evaluation. The objektive of this paper is to analyze debtor credibility evaluation and evaluate enterprise “Fausta” evaluation using debtor credibility evaluation models. Debtor credibility evaluation model is made from debtor financial rates and their intake methods. The most analyzed intake methods in science literature are linear discriminant analysis, logit, probit methods; the least used: neural networks, decision trees. In this work debtor credibility evaluation models are analysed, they are classified according to two criterions: qualitative models (descriptive) and quantitative models (estimated). Both classification models can betters evaluation debtor credibility. The following models are used to evaluate enterprise “Fausta” credibility: qualitative models: 6C ir SAPACTRPS and quantitative analysis models: Tafler (1974), Springate (1978), Lis (1999), Shumway (2001), Altman Z modelis (1968), Ohlson (1980), Fulmer (1984). Research of enterprise “Fausta” shows, that bank can give a loan. Qualitative analysis models give qualitative information about debtor’s experience, skills, and purpose of the loan. Quantitative models give more information about financial rates. Biggest disandvantage of qualitative analysis models is human factor. Disandvantage of quantitative... [to full text]