Inúmeras razões podem levar uma empresa até então saudável a enfrentar dificuldades financeiras. Entretanto, as pesquisas demonstram que a falta de liquidez, geralmente, não é o problema central, mas apenas uma conseqüência de outros fatores que, possivelmente, já manifestaram seus sintomas antes da crise financeira se instalar. Se os primeiros indícios desta situação puderem ser percebidos em tempo hábil, talvez a espiral decrescente possa ser evitada ou revertida, desde que haja um trabalho consciente de detecção dos reais problemas enfrentados pela empresa, conjugado com intervenções rápidas e eficazes que restabeleçam o seu equilíbrio econômico e financeiro. Esta tese estuda todo este processo de recuperação de empresas em dificuldades financeiras, desde os sinais de uma eventual deterioração, o diagnóstico que identifique suas causas, a formulação de um plano de recuperação e a sua negociação com os stakeholders em circunstâncias de fortes conflitos de interesses, até o turnaround em si. Os objetivos centrais foram identificar fatores críticos que mais podem contribuir para o sucesso de uma recuperação e propor um modelo teórico que sirva de referência para a estruturação destes processos. Para tanto, esta tese desenvolveu uma significativa pesquisa qualitativa, com características descritivas, explicativas e exploratórias. A técnica utilizada como estratégia de coleta de dados foi a entrevista individual e em profundidade, visto que se buscava conhecer detalhes de um processo e o universo da pesquisa é composto por experts profissionais. Todas as entrevistas foram conduzidas com base em um formulário de pesquisa semi-estruturado e flexível, o que permitiu grande interação ao longo de diálogos orientados. A amostra da pesquisa se baseou no critério da representatividade, permitindo aprofundamento, abrangência e diversidade na compreensão das múltiplas dimensões de um turnaround. Foram entrevistados conceituados consultores com vasta experiência nesta atividade, além de outros importantes agentes envolvidos neste processo, como investidores, gestores, advogados e administradores judiciais. Trata-se de uma amostra representativa, cujo valor provém do conhecimento, da experiência e da reputação dos profissionais ouvidos. Os resultados da pesquisa distinguem causas e sintomas das crises financeiras e evidenciam a existência de problemas recorrentes, padrões de atitudes, erros e comportamentos que precedem o insucesso das empresas. Foram identificados dez fatores críticos de sucesso para a recuperação de empresas em dificuldades financeiras; são eles: negociação, estabilização, tempo, atitude, os fundamentos do negócio, credibilidade, informação, unidade de comando, implementação e uma oportunidade. Por fim, foi proposto um modelo conceitual com três dimensões básicas: estratégica, organizacional e financeira, cujas fases em cada dimensão evoluem ao longo do tempo e afetam a função-objetivo da empresa. / A previously healthy company can find itself in financial difficulty for countless reasons. Research shows, however, that lack of liquidity is generally not the central problem, but a consequence of other factors, whose symptoms may have already started to appear before the financial crisis began. If the first signs of this situation can be recognized far enough in advance, the downward spiral may be avoided or even reversed, as long as there is a conscious effort to detect the company\'s real problems, together with quick, effective interventions to reestablish economic and financial balance. This thesis examines the whole turnaround process of companies in financial difficulty, from the first signs of deterioration, through a diagnosis of the causes, the formulation of a recovery plan and negotiations with stakeholders in a situation where there are strong conflicts of interests, to the actual turnaround itself. Our main objectives were to identify the critical factors that most contributed to the success of a recovery and to propose a theoretical model to serve as a reference for the structuring of these processes. To this end, this thesis involved an extensive qualitative study, which was descriptive, explanatory, and exploratory. We used in-depth, individual interviews as a data collection strategy, since we were interested in the details of the process, and the interviewees were all experts. All of the interviews were based on a loosely structured, flexible questionnaire, which allowed a great deal of interaction throughout the prompted conversations. Study participants were chosen for their representativeness, allowing for depth, breadth, and diversity in the understanding of the multiple dimensions of a turnaround. We interviewed highly respected consultants with extensive experience in the area, as well as other important agents in the process, such as investors, managers, lawyers, and legal administrators. It is a representative sampling, whose value is derived from the knowledge, experience, and reputation of the professionals interviewed. The results of the study distinguish between causes and symptoms of financial crises and show that there are recurrent problems and patterns of attitudes, errors, and behaviors that precede such crises within companies. We identified ten factors critical to the successful recovery of companies experiencing financial difficulties, these being: negotiation, stabilization, time, attitude, business foundations, credibility, information, unity of command, implementation, and an opportunity. Finally, we propose a conceptual model with three basic dimensions - strategic, organizational, and financial - whose phases in each dimension develop over time and affect the objective function of the company.

Inúmeras razões podem levar uma empresa até então saudável a enfrentar dificuldades financeiras. Entretanto, as pesquisas demonstram que a falta de liquidez, geralmente, não é o problema central, mas apenas uma conseqüência de outros fatores que, possivelmente, já manifestaram seus sintomas antes da crise financeira se instalar. Se os primeiros indícios desta situação puderem ser percebidos em tempo hábil, talvez a espiral decrescente possa ser evitada ou revertida, desde que haja um trabalho consciente de detecção dos reais problemas enfrentados pela empresa, conjugado com intervenções rápidas e eficazes que restabeleçam o seu equilíbrio econômico e financeiro. Esta tese estuda todo este processo de recuperação de empresas em dificuldades financeiras, desde os sinais de uma eventual deterioração, o diagnóstico que identifique suas causas, a formulação de um plano de recuperação e a sua negociação com os stakeholders em circunstâncias de fortes conflitos de interesses, até o turnaround em si. Os objetivos centrais foram identificar fatores críticos que mais podem contribuir para o sucesso de uma recuperação e propor um modelo teórico que sirva de referência para a estruturação destes processos. Para tanto, esta tese desenvolveu uma significativa pesquisa qualitativa, com características descritivas, explicativas e exploratórias. A técnica utilizada como estratégia de coleta de dados foi a entrevista individual e em profundidade, visto que se buscava conhecer detalhes de um processo e o universo da pesquisa é composto por experts profissionais. Todas as entrevistas foram conduzidas com base em um formulário de pesquisa semi-estruturado e flexível, o que permitiu grande interação ao longo de diálogos orientados. A amostra da pesquisa se baseou no critério da representatividade, permitindo aprofundamento, abrangência e diversidade na compreensão das múltiplas dimensões de um turnaround. Foram entrevistados conceituados consultores com vasta experiência nesta atividade, além de outros importantes agentes envolvidos neste processo, como investidores, gestores, advogados e administradores judiciais. Trata-se de uma amostra representativa, cujo valor provém do conhecimento, da experiência e da reputação dos profissionais ouvidos. Os resultados da pesquisa distinguem causas e sintomas das crises financeiras e evidenciam a existência de problemas recorrentes, padrões de atitudes, erros e comportamentos que precedem o insucesso das empresas. Foram identificados dez fatores críticos de sucesso para a recuperação de empresas em dificuldades financeiras; são eles: negociação, estabilização, tempo, atitude, os fundamentos do negócio, credibilidade, informação, unidade de comando, implementação e uma oportunidade. Por fim, foi proposto um modelo conceitual com três dimensões básicas: estratégica, organizacional e financeira, cujas fases em cada dimensão evoluem ao longo do tempo e afetam a função-objetivo da empresa. / A previously healthy company can find itself in financial difficulty for countless reasons. Research shows, however, that lack of liquidity is generally not the central problem, but a consequence of other factors, whose symptoms may have already started to appear before the financial crisis began. If the first signs of this situation can be recognized far enough in advance, the downward spiral may be avoided or even reversed, as long as there is a conscious effort to detect the company\'s real problems, together with quick, effective interventions to reestablish economic and financial balance. This thesis examines the whole turnaround process of companies in financial difficulty, from the first signs of deterioration, through a diagnosis of the causes, the formulation of a recovery plan and negotiations with stakeholders in a situation where there are strong conflicts of interests, to the actual turnaround itself. Our main objectives were to identify the critical factors that most contributed to the success of a recovery and to propose a theoretical model to serve as a reference for the structuring of these processes. To this end, this thesis involved an extensive qualitative study, which was descriptive, explanatory, and exploratory. We used in-depth, individual interviews as a data collection strategy, since we were interested in the details of the process, and the interviewees were all experts. All of the interviews were based on a loosely structured, flexible questionnaire, which allowed a great deal of interaction throughout the prompted conversations. Study participants were chosen for their representativeness, allowing for depth, breadth, and diversity in the understanding of the multiple dimensions of a turnaround. We interviewed highly respected consultants with extensive experience in the area, as well as other important agents in the process, such as investors, managers, lawyers, and legal administrators. It is a representative sampling, whose value is derived from the knowledge, experience, and reputation of the professionals interviewed. The results of the study distinguish between causes and symptoms of financial crises and show that there are recurrent problems and patterns of attitudes, errors, and behaviors that precede such crises within companies. We identified ten factors critical to the successful recovery of companies experiencing financial difficulties, these being: negotiation, stabilization, time, attitude, business foundations, credibility, information, unity of command, implementation, and an opportunity. Finally, we propose a conceptual model with three basic dimensions - strategic, organizational, and financial - whose phases in each dimension develop over time and affect the objective function of the company.

Tyrimo objektas – įmonių finansinių sunkumų diagnozavimas. Darbo tikslas – sukurti įmonių finansinių sunkumų diagnozavimo modelį ir jį patikrinti pasirinktų įmonių pavyzdžiu. Tyrimo uždaviniai:  išanalizuoti ir susisteminti anksčiau sukurtus bankroto prognozavimo modelius ir jų testavimo rezultatus;  sudaryti įmonių finansinių sunkumų diagnozavimo modelį;  patikrinti sukurto modelio tinkamumą pasirinktų įmonių tarpe. Tyrimo metodai. Analizuojant bankroto prognozavimo modelius ir jų testavimo rezultatus atlikta mokslinės ir metodinės literatūros loginė ir lyginamoji analizė bei sintezė. Įmonių finansinių sunkumų diagnozavimo modeliui parengti skaičiuoti finansiniai santykiniai rodikliai bei atlikta statistinė analizė, rezultatai pateikti taikant monografinį metodą. Remiantis indukcijos metodu ir logine analize tikrintas sukurto finansinių sunkumų diagnozavimo modelio tinkamumas analizuotų įmonių tarpe. Tyrimo rezultatai. Pirmojoje darbo dalyje išanalizuota finansinių sunkumų esmė bei juos sąlygojančios priežastys, nustatytas finansinių sunkumų diagnozavimo būtinumas, išnagrinėti ir apibendrinti bankroto prognozavimo modeliai bei išskirti dažniausiai juose naudojami finansiniai santykiniai rodikliai. Antrojoje darbo dalyje sukurtas logistine analize paremtas finansinių sunkumų diagnozavimo modelis bei iškelta hipotezė, kad jis leidžia patikimai apskaičiuoti įmonių finansinių sunkumų tikimybę tirtų įmonių aibėje. Trečiojoje darbo dalyje sudarytas finansinių sunkumų... [toliau žr. visą tekstą] / Research object – diagnosis of company financial difficulties. Research aim - to create diagnostic model for company financial difficulties and to test it using cases of selected companies. Objectives:  to analyze and systematize previously developed bankruptcy prediction models and their test results;  to create a diagnostic model for company financial difficulties;  to analyze the relevance of the model with the selected companies. Research methods: logical and comparative analysis of scientific and methodical literature, statistical analysis, monographic method, induction method, logical analysis. Research results. The first part analyzes the financial difficulties and their underlying causes, establishes the necessity of the financial stress test model, analyzes and summarizes bankruptcy prediction models, and distinguishes the most frequently used financial ratios. The second part creates a logical analysis based diagnostic model for financial difficulties and presents hypothesis, that this model ensures reliable calculation of probability of company financial difficulties among the tested corporations. The third part uses randomly selected companies to test the created diagnostic model for financial difficulties. The developed model is suitable for the manufacturing companies, because it separates financially well standing companies from the ones that are having difficulties; however, it is not as suitable for the services and sales sector, because the model is only... [to full text]

Duties of a member of governing body of a limited company in financial difficulties Abstract This thesis discusses duties of a member of governing body of a limited company in financial difficulties, specifically chosen institutes not only from corporate law but from insolvency law as well. The main goal of this thesis is to define period of financial difficulties and to create a basic overview of legal duties that are connected to this period. When analysing individual duties, where I take into consideration conclusions from specialised literature and from decisions of the courts, I focus on problematic parts of the enacted law. The thesis proposes de lege ferenda propositions and also reflects on the amendment to the Business Corporations Act. The thesis is divided into four chapters. The first chapter deals with the due managerial care and diligence. It is the key duty, which is imposed on the members of governing body of a limited company. In the second chapter I discuss the state of financial trouble of the company. The Czech lawmaker tries to reflect on this economical state by the institutes of insolvency and impending insolvency, which I focus on within this part. These institutes are linked to a number of legal duties. Chapters three and four constitute the core of the thesis. Chapter three...

Submitted by Jorge Silva (jorgelmsilva@ufrrj.br) on 2018-08-23T20:00:36Z No. of bitstreams: 1 2015 - Adnelson Jati Batista.pdf: 1166690 bytes, checksum: bd6b2c2b00b711f1910229c5dd996c56 (MD5) / Made available in DSpace on 2018-08-23T20:00:36Z (GMT). No. of bitstreams: 1 2015 - Adnelson Jati Batista.pdf: 1166690 bytes, checksum: bd6b2c2b00b711f1910229c5dd996c56 (MD5) Previous issue date: 2015-09-11 / This summary presents the final results of research on the Social Representation of the students of the Federal Institute of Education, Science and Technology of Roraima, concerning the barriers to the Agricultural Vocational Education. Underwrote up the study by the Theory of Social Representation first proposed by Moscovici. It was used for data collection, the Consent Agreement and Informed and applied semi-structured questionnaire type free evocations, with five open questions. Organized the data by content analysis technique according to Bardin, why, ranked number seven categories, so named: Value Physiological; Cognitive value; Personal value; Playful value and sensation of wellness; Pragmatic value; Social value and; Perception of Geographical Environment. These schools were grouped twenty-seven subcategories, organized by semantic criteria. The description of the goods occurred in an association between the evocations and personal development experienced by the students. We note that the obstacles present in the training course, from the perspective of students of the CNP, which imply the completion of the course are linked to internal and external barriers. Realized in the analysis that these barriers are imposed and are decisive at the time the student opt for the EPA. With the result of this study we intend to guide future actions to minimize such educational obstacles, given that, of the eighteen words evoked subcategories organized, 94.44% of them refer to internal obstacles to school. And more particular way, 77.78% of the difficulties that students face are genuinely belonging to the school context, as seen in: quality of food, health care, electricity, laboratories, lack of closet, and others like. / Este resumo apresenta o resultado final da pesquisa sobre a Representa??o Social dos discentes do Instituto Federal de Educa??o, Ci?ncia e Tecnologia de Roraima, concernentes ?s barreiras ? Educa??o Profissional Agr?cola. Embasou-se o estudo pela Teoria da Representa??o Social proposta inicialmente por Moscovici. Utilizou-se para coleta de dados o Termo de Consentimento Livre e Esclarecido e aplicou-se question?rio semiestruturado do tipo evoca??es livres, contendo cinco quest?es abertas. Organizou-se os dados pela t?cnica de An?lise de Conte?dos nos termos de Bardin, pela qual, classificou-se sete categorias, assim nomeadas: Valor Fisiol?gico; Valor Cognitivo; Valor Pessoal; Valor L?dico e de Sensa??o de Bem Estar; Valor Pragm?tico; Valor Social e; Percep??o do Ambiente Geogr?fico. A estas, agruparam-se vinte e sete subcategorias, organizadas pelo crit?rio sem?ntico. A designa??o das categorias ocorreu em uma associa??o entre as evoca??es e a elabora??o pessoal vivenciada pelo discente. Observamos que os obst?culos presentes no percurso formativo, na perspectiva dos alunos do CNP, que implicam na conclus?o do curso, est?o ligados a barreiras internas e externas. Percebemos ao longo da an?lise que essas barreiras se imp?em e s?o decisivas na hora do aluno optar pela EPA. Com o resultado desse estudo pretendemos orientar a??es futuras que minimizem tais obst?culos educacionais, haja vista que, das dezoito subcategorias de palavras evocadas organizadas e analisadas, 94,44% delas referem-se a obst?culos internos a escola. E de maneira mais particular, 77,78% das dificuldades que os alunos enfrentam s?o genuinamente pertencentes ao contexto escolar, como visto em: qualidade do alimento, aten??o ? sa?de, energia el?trica, laborat?rios, falta de arm?rio, entre outras afins.

The field of the social economy and of the work integration social enterprises (WISE) in particular, is for many a more or less unknown area. Unlike ordinary enterprises the WISE's are different due to their aim of integrating disadvantaged people through work. In comparison with other small enterprises earlier research has shown that the WISE's are dealing with challenges regarding recruitment, participation, leadership, sustainable business ideas but above all, the access to funding. The purpose of this essay has therefore been to examine and analyze the financial situation of eight WISE's located in the Stockholm County. The results indicate that half of the enterprises perceive their economic situation as very unstable and as an obstacle to their further development. This perception seems to be more common among the younger enterprises which have not differentiated their businesses activities enough, which results in a greater reliance of the purchases of the public sector. The studied WISE's express a desire to reduce their dependence on the revenues from the public sector by increasing the revenues from other business activities, but this is something that has been proven to be both difficult and time consuming. In line with e.g. age, business maturation, expanded areas of business activities and increased knowledge, more funding opportunities seems to occur. A vast majority of the enterprises have a negative attitude towards external funding in terms of external equity capital, due to its presumable intrusion on the determination of the company. The field which WISE's are operating in is undoubtedly an important socioeconomic area since they react to one of the society’s most prominent problems; people in exclusion and all the problems the exclusion causes. The analysis of the examined enterprise's funding opportunities and its consequences are the main contributions of this essay as well as the further suggestions on how the WISE's financial situation can be improved.

Pour répondre à leurs difficultés financières, les entreprises doivent procéder à une opération de restructuration consistant à modifier leurs éléments de passif et subsidiairement d’actif. Pour cela, elles doivent identifier et surmonter les obstacles à cette opération en vue d’aboutir à un résultat qui correspond à leurs nouveaux besoins. Chaque système juridique apporte des réponses différentes en fonction de sa tradition, de common law ou de civil law, et des intérêts qu’il cherche à préserver. Entre les intérêts du débiteur et ceux des créanciers, le droit des entreprises en difficulté français a lui-même beaucoup évolué à mesure que les entreprises et les créanciers se sont sophistiqués. D’un droit de la faillite, à un droit pro-créanciers, il est devenu un droit pro-débiteur et semble devenir un droit mixte dont la protection des intérêts de l’une et l’autre des parties parait plus équilibrée. De tradition civiliste, il subit pourtant une influence constante des tribunaux de commerce qui semblent forcer une mutation tenant compte des innovations financières et juridiques des grandes entreprises, tout en restant adapté aux petites entreprises. Ce droit vivant et volontariste affirme clairement ses objectifs de préserver l’activité, les emplois, d’apurer le passif et apporte des outils aux entreprises en difficulté, lorsque le débiteur et les créanciers n’arrivent pas à surmonter eux-mêmes leurs divergences d’intérêts. Ces outils ont évolué et doivent continuer à évoluer pour s’adapter aux innovations contractuelles de certains commerçants, tout en restant un cadre protecteur pour d’autres. / To face financial difficulties, companies shall proceed to restructuring operation involving modification of their assets and liabilities. To this end, companies shall identify and overcome barriers to this operation to reach an overcome suited to their new needs. Each legal system provides different responses according to its legal origin, common law or civil law, and the interests it aims to protect. Between the debtor’s and the creditor’s interests, French insolvency law evolved a lot as the companies and the creditors became more sophisticated. From a bankrupt law to a creditors-friendly law, French insolvency law became a debtor-friendly law and now appears to be a mixed law which seems to protect both parties interests in a more balanced way. Despite its civil law origin, French law is constantly influenced by commercial courts that seem to force a mutation following the financial and legal innovations of large companies, while remaining adapted to small businesses. This living and proactive law clearly states its objectives to preserve the business, the employment, reduce liabilities and provides tools for companies facing difficulties, when the debtor and the creditors fail to overcome their diverging interests. These tools evolved and have to continue to evolve to adapt to contractual innovations of some business stakeholders, while remaining a protective environment for others.

En période de crise économique, la question de la garantie de paiement du salaire se pose avec acuité en cas d’insolvabilité de l’employeur. En France, cette protection est assurée par un fonds de garantie géré par l’association pour la gestion du régime de garantie des créances des salariés Depuis sa création en 1974, l’AGS a subi d’importantes mutations : initialement conçue pour pallier les insuffisances d’une protection bâtie sur un système de privilèges, elle est désormais un « amortisseur social » pour les salariés de l’entreprise en difficulté. Paradoxalement, cette évolution est également source d’interrogations sur le devenir du fonds en raison de la différence considérable relevée entre le montant des avances consenties aux salariés et celui des remboursements. Le législateur et le juge ont contribué à la dégradation de sa situation en accréditant l’idée que l’AGS constitue un « employeur de substitution », et en suscitant, chez les salariés, le sentiment qu’elle n’est qu’un simple guichet de paiement des salaires. Assurer la pérennité du système de garantie des créances salariales, technique sui generis participant de l’intérêt général, est nécessaire mais risque, au fil des ans, de se révéler de plus en plus difficile si des mesures énergiques ne sont pas rapidement prises. / In times of economic crises, guaranteeing the payment of wages in the event of insolvency on the part of an employer is a cructical issue. In France, this protection is provided by a national insolvency fund, the Association pour la Gestion du régime des garanties des créances des Salariés. Since its creation in 1974, the AGS has undergone significant changes. While it was originally designed to compensate the deficiencies of a protection built on a system of privileges, it has now become a “social buffer” against a payment default on wages for the employees of a company in difficulty. Paradoxically, this evolution has ushered in further questioning with regards to the future of the fund, due to the considerable disparity between the amounts of the advances granted to the employees and those amounts reimbursed to the fund. The legislator and the courts have both contributed to the degradation of its situation by giving credence to the idea that the AGS is a “substitute employer”, which yielded the impression, for the employees, that it was a mere cash-teller for the payment of salaries. Although it is necessary to ensure the durability of this protective system, as a sui generis contribution to the common good, it might prove more and more difficult, if drastic measures are not taken promptly to fix the system.