This thesis focuses on selected interpretation issues accompanying the particular stages of the existence of a pledge over a business enterprise. First, the thesis provides the basic definition of a business enterprise, with an emphasis on the characteristics relevant for the pledge purposes. In addition to the analysis of its legal definition, the thesis comes to defining the business enterprise as a special kind of a collective asset. The text further focuses on the moment the pledge over the business enterprise is created. It concludes that the pledge over the business enterprise itself, including each individual asset forming it, is created upon constitutive registration in the registry of pledges. The centrepiece of the analysis supporting this conclusion is represented by the concept of a business enterprise as a functional unit, which is dealt with as a such by the law, and not only in connection with the creation of a pledge. The next part of the thesis addresses the consequences of this mode of creation of a pledge for the protection of the good faith of third parties. It comes to the conclusion that, if a third party acquires a right in rem to a particular asset forming the pledged business enterprise, in good faith in the absence of its encumbrance, where the pledge over the business...

Šiame darbe, analizuojant nacionalinius, kitų pasirinktų Europos valstybių ir Europos Sąjungos teisės aktus, vadovaujantis teisine literatūra, notarine praktika, yra nagrinėjamas valstybės registrų vaidmuo notaro funkcijų atlikime. Naudojantis teoriniais ir empiriniais tyrimo metodais, yra nustatoma ir nagrinėjama valstybės registrų ir notaro sąveika. Atskleidžiamas valstybės registrų duomenų reikšmingumas įgyvendinant notarui pagrindinį uždavinį – teisėtumo užtikrinimą civiliniuose teisiniuose santykiuose, bei problemos, su kuriomis susiduria notaras dėl nepakankamai integralios valstybės registrų sistemos, valstybės registrų duomenų nepakankamo išsamumo, aktualumo, prieinamumo, operatyvaus perdavimo. / In this master thesis author analyses the role of public registers implementing functions of notaries, referring to national legal acts, other European countries and European Union legal acts, legal nonfiction and notarial practice. Author also establishes and analyses the interaction of public registers and notaries, revealing the meaning of public registers data implementing functions of notaries. Difficulties and problems, which are emerging because of insufficient integrity of public registers and particularity, relevancy, accessability of public registers data.

Análise do controle dos atos societários submetidos a registro no âmbito das Juntas Comerciais, que são responsáveis pela execução do Registro Público de Empresas Mercantis (RPEM). Para cumprir este desiderato, inicialmente, foi realizado um estudo sobre a evolução histórica do Registro de Comércio abordando o seu surgimento, principalmente, na França e em Portugal, países que serviram de base para análise comparativa do controle dos atos societários que é desenvolvido nestas nações. Nesta linha, deu-se enfoque à evolução histórica do Registro de Comércio no Brasil, buscando-se fazer um contraponto com o Registro Empresarial experimento hodiernamente. Posteriormente, foram delineados os fundamentos, a função do RPEM e a natureza jurídica da Junta Comercial. Neste diapasão, tentou-se delimitar a incidência da hermenêutica jurídica nas decisões proferidas no RPEM. Demonstrando quais os efeitos fáticos que o RPEM produz e como deve ocorrer o saneamento dos vícios encontrados antes e após o arquivamento do documento. Por derradeiro, analisou-se a natureza jurídica do controle dos atos societários e quais os limites para o exame das formalidades legais dos atos societários, analisando-se, inclusive, decisões judiciais proferidas pelo Poder Judiciário do Estado do Rio de Janeiro que visaram limitar ou não o poder de ingerência dos examinadores da Junta Comercial. Dentro deste mote, o estudo procurou delimitar a responsabilidade civil da Junta Comercial e dos seus agentes que realizam o controle dos atos societários.

Análise do controle dos atos societários submetidos a registro no âmbito das Juntas Comerciais, que são responsáveis pela execução do Registro Público de Empresas Mercantis (RPEM). Para cumprir este desiderato, inicialmente, foi realizado um estudo sobre a evolução histórica do Registro de Comércio abordando o seu surgimento, principalmente, na França e em Portugal, países que serviram de base para análise comparativa do controle dos atos societários que é desenvolvido nestas nações. Nesta linha, deu-se enfoque à evolução histórica do Registro de Comércio no Brasil, buscando-se fazer um contraponto com o Registro Empresarial experimento hodiernamente. Posteriormente, foram delineados os fundamentos, a função do RPEM e a natureza jurídica da Junta Comercial. Neste diapasão, tentou-se delimitar a incidência da hermenêutica jurídica nas decisões proferidas no RPEM. Demonstrando quais os efeitos fáticos que o RPEM produz e como deve ocorrer o saneamento dos vícios encontrados antes e após o arquivamento do documento. Por derradeiro, analisou-se a natureza jurídica do controle dos atos societários e quais os limites para o exame das formalidades legais dos atos societários, analisando-se, inclusive, decisões judiciais proferidas pelo Poder Judiciário do Estado do Rio de Janeiro que visaram limitar ou não o poder de ingerência dos examinadores da Junta Comercial. Dentro deste mote, o estudo procurou delimitar a responsabilidade civil da Junta Comercial e dos seus agentes que realizam o controle dos atos societários.

Denna uppsats syftar till att redogöra för om och varför ett offentligt bostadsrättsregister skulle underlätta för fastighetsmäklare i deras yrkesutövning samt föra en egen diskussion kring hur ett register bör uppföras, vad det ska innehålla och hur det kan finansieras. Den svenska regeringen har både 1996 och 2005 tillsatt utredningar för att undersöka om ett sådant register borde bli verklighet men utfallen har vid båda tillfällena avslagits, varpå en ny utredning påbörjades i december 2020 som ska presenteras senast i juli 2022. Det primära dilemmat som behöver förändras är att pantsättningsförfarandet för bostadsrätter ska göras mer rättssäkert. I dagsläget sköts pantsättningen genom underrättelse, denuntiation, mellan panthavare och bostadsrättsföreningen via otydliga och framför allt föråldrade regler. Bostadsrättsföreningarna bär ett överdådigt ansvar på sina axlar genom skyldigheten att upprätta och hålla den så kallade lägenhetsförteckningen uppdaterad. Styrelseledamöterna är ofta lekmän och har således inga utbildningskrav men kan vid misstag, från dem eller tidigare ledamöter, tvingas erlägga både skadestånd och böter. Det finns därför stora risker för rättsliga fel i bostadsrätter vilket därtill beror på svårigheter för bostadsrättsföreningen att avgöra om informationen de får ska noteras i lägenhetsförteckningen eller ej, dold pant, ej avnoterad pant samt felaktiga uppgifter i förteckningen. Problemen torde kunna lösas genom att införa ett digitalt offentligt bostadsrättsregister som uppförs och administreras av professionell aktör, förslagsvis en Bostadsrättsmyndighet som ligger under Lantmäteriets organisation. Registret ska tillgängliggöras för flera olika parter, däribland mäklare, bostadsrättsföreningar och ekonomiska förvaltare, bostadsrättshavare, panthavare och diverse myndigheter såsom finanspolisen och Kronofogden. I samband med att registret ska införas behöver information från nuvarande lägenhetsförteckning konverteras och framför allt korrigeras för att samtliga uppgifter ska stämma. När det väl är gjort kommer mäklaren enklare kunna fullgöra sin kontrollskyldighet när de på “ett klick” i sitt mäklarsystem kan begära ut aktuell data om bostadsrätten som ska förmedlas. / The purpose of this essay is to examine if and why a public register over the tenant-owned apartments would make it easier for real estate brokers in their professional  practice. In the analysis we will also bring to discussion a proposal regarding the construct, content and funding of the register. The Swedish government has appointed investigations in both 1996 and 2005 to analyse whether such a register should become a reality. However, the results have in both cases been negative, after which a new investigation was started in December 2020, that will be presented no later than July 2022. The primary dilemma that needs to change is that the procedure of pawnbroking for tenant-owned apartments must be more legally secure. At present, the pawnbroking is managed through an appraisal, from the pledgee, to the tenant-owner associations by vague and outdated rules. The responsibilities of the tenant-owner associations are overmuch by reasons of the obligations to establish and update an apartment register. Usually the board members are lay people and thus have no training requirements. Who can, in case of mistakes, be obligated to render both damages as well as fines. Therefore, there are great risks of legal errors for tenant-owned apartments, which is also due to the association to determine whether the information they receive should be noted in the register or not. Beyond that, there are also issues regarding pawnbroking that are hidden or not delisted and incorrect information in the register. The problems should be solved by introducing a digital public tenant-owned apartment register, established and administered by professional actors. As a suggestion, a tenant-owned apartment administrative authority, Bostadsrättsmyndigheten, that is in the same organisation as the land surveying, Lantmäteriet. This register shall be made available to several different parties, including real estate brokers, tenant-owner associations, financial managers, tennants, pledgees and various authorities such as the financial police department and the Swedish Enforcement Authority. In connection with the introduction of the public register, information from the current apartment register needs to be converted and above all corrected to ensure properness. These efforts will eventually simplify the real estate broker’s control obligation related to whether the apartment is afflicted with pledges or not. Since they immediately can request the latest data regarding the apartment that will be mediated.

Title: Reflections of the New Civil Code in the life of sports clubs at the local level. Objectives: The goal of this diploma thesis is to specify the changes in the life of sports clubs at the local level after the New Civil Code, which came into effect on 1. 1. 2014. The main object is to discover the changes in the structure of the non-profit sport organizations, tax management of the sports clubs and also to offer concrete advices, which would help to cope with the transformation to the New Civil Code. Methods: In this thesis the qualitative method is used. Semi-structured interviews are helping to get the complex overview of the problems and concrete issues. In case of availability, the legislative documents of interviewed non-profit sport organizations are analyzed to specify and verify their answers. Research is supplemented by basic analyzes of public register, which will help to describe current situation of reactions on the New Civil Code. Results: Thanks to the research it was discovered that non-profit sport organizations, which have the help of private sector, support of umbrella organization or advantage of having professional member with experiences in accounting, taxes or law, will more likely manage with all the changes caused by the new legislative. Rest of the non-profit sport...

Intresset för samhällsfastigheter har ökat avsevärt på senare år. Långa hyreskontrakt med offentligt finansierade hyresgäster gör att segmentet ses som en trygg investering med stabila kassaflöden. Svenska samhällsfastigheter AB delägs av Ledstången och är ett av bolagen som investerar i samhällsfastigheter. När bolaget står inför nya fastighetsförvärv genomgår potentiella objekt en process för beslutsfattande. Processen inkluderar analys av marknadsdata och ett antal investeringsparametrar för att bedöma om det är värt att genomföra affären. Syftet med denna studie är att komma fram till i vilken grad givna faktorer som drift- och underhållskostnader, kontrakterad hyra, belåningsgrad, inflation, exit yield samt marknadsvärde påverkar en portföljs IRR och cash-on-cash samt vilka andra faktorer utöver dessa som är vägledande vid investeringsbeslut. Detta gjordes genom att analysera tre olika fastighetsportföljer och tre enskilda fastigheter till salu på marknaden i april 2021 med hjälp av en kalkylmodell i Microsoft Excel där data för de portföljer och samhällsfastigheter som ingår i materialet matades in. Fastighetsportföljerna värderades utifrån kassaflödesmetoden och nyckeltalen IRR och cash-on-cash presenterades för de potentiella förvärven. Utöver detta analyserades mäklarprospekt för de olika marknadsobjekten för att belysa de faktorer som excelmodellen inte tar hänsyn till. Resultatet av fallstudien visar vilken av fastigheterna och portföljerna som redovisade starkast respektive svagast nyckeltal. Vidare genomfördes en känslighetsanalys med olika antaganden på drift- och underhållskostnader, marknadsvärde, kontrakterad hyra, exit yield, belåningsgrad och inflation för att belysa osäkerheten i en ekonomisk kalkyl och den påverkan detta har på nyckeltalen. Resultatet av känslighetsanalysen visar att en liten förändring av exit yield medför en mycket stor skillnad i marknadsvärdet och att bashyran var den mest kritiska parametern i sin påverkan på nyckeltalet IRR av de parametrar som ingick i känslighetsanalysen. / The demand for public property in Sweden has increased significantly in recent years. It is considered a safe investment with long-term leases that generate a stable cash flow over time. Svenska samhällsfastigheter AB is co-owned by Ledstången and are one of the companies that invest in public properties. When the company is facing new acquisitions, potential objects undergo a certain process of investment analysis. This process includes analysis of market data as well as several investment parameters, to assess whether or not it is worth carrying out the transaction. This study aims to determine to what extent factors such as operating- and maintenance cost, contracted rent, loan-to-value ratio, inflation, exit yield and market value affect the IRR and cash-on-cash of a portfolio. Also to determine other factors that can be of guidance in investment decisions. This was done by analyzing three different real estate portfolios of interest to Ledstången by inputting relevant data for each portfolio in a Microsoft Excel calculation model as well as three other properties for sale on the market in April of 2021. The value of each portfolio and property was calculated based on the cash flow method, and the key figures IRR and cash-on-cash were presented for each of the new potential acquisitions. In addition to this, broker brochures were analyzed for the various objects to shed light on the factors that the model in excel could not take into account. The result of this case study showed which of the real estate portfolios and properties reported the strongest and weakest IRR, furthermore a sensitivity analysis was carried out with different assumptions on operating- and maintenance cost, market value, contracted rent,  loan-to-value ratio, and inflation to shed light on the uncertainty of an economic calculation and the impact this has on its key figures. The results of the sensitivity analysis showed that only a small change in exit yield entails a large difference in the market value and that the contracted base rent was the most critical parameter in its impact on the key figure of IRR out of all the parameters included in the sensitivity analysis.

Money lenders frequently use sale and lease back agreements as an alternative to other more conventional forms of security. These agreements are popular because they are simple and inexpensive to put in place. Unfortunately, South African courts give legal effect to the true intention of contracting parties. Sale and lease back agreements are often held to be simulated contracts and as such they are enforced as disguised pledges. One of the few alternative security options available to money lenders, is a notarial bond registered in terms of the Security By Means of Movable Property Act 57 of 1993. This act has been criticised for creating an ineffective form of security that is costly and cumbersome to put in place. It is suggested that the current security options available to money lenders are supplemented with the creation of a more user friendly public register for the registration of security interests. / Private Law / LL.M.

Money lenders frequently use sale and lease back agreements as an alternative to other more conventional forms of security. These agreements are popular because they are simple and inexpensive to put in place. Unfortunately, South African courts give legal effect to the true intention of contracting parties. Sale and lease back agreements are often held to be simulated contracts and as such they are enforced as disguised pledges. One of the few alternative security options available to money lenders, is a notarial bond registered in terms of the Security By Means of Movable Property Act 57 of 1993. This act has been criticised for creating an ineffective form of security that is costly and cumbersome to put in place. It is suggested that the current security options available to money lenders are supplemented with the creation of a more user friendly public register for the registration of security interests. / Private Law / LL.M.