The position of insolvency trustee and its equivalent under the laws of Kingdom of Spain The purpose of this thesis was to describe main features of Czech and Spanish legal regulation of insolvency trustee respectively insolvency administration and also to point out to some of the major differences between these two legal orders and pros and cons of concrete legal regulation. This thesis is divided into five chapters. Opening chapter reflects a concept of insolvency law and its understanding and basic characteristic in the Czech Republic and the Kingdom of Spain. Further it also describes inclusion of insolvency law into the legal system and its sources. The second chapter is dedicated to the matter of insolvency proceedings in the Kingdom of Spain. This chapter was included to this thesis for better understanding of this matter, due to the fact that it is not possible to describe the position of insolvency administration without knowledge of wider context and character of Spanish insolvency proceedings or at least it would be considerably difficult and it would exclude understanding of some of the institutes or procedures of insolvency administration. Succeeding this part there are two chapters each of which is dedicated to one of the legal orders. The third chapter deals with the Czech insolvency...

Esta dissertação tem por objeto examinar as questões jurídicas relativas aos efeitos da recuperação judicial na gestão da atividade empresarial do devedor, especificamente quanto às hipóteses de nomeação e as funções do gestor judicial. Isto porque, apesar de a recuperação não ter como consequência direta o afastamento dos administradores e/ou do devedor, eles poderão vir a ser destituídos na hipótese de ocorrência de uma das circunstâncias taxativamente descritas nos incisos do art. 64 da LREF. Neste caso, se se tratar dos administradores, eles serão substituídos por novos, eleitos pelos sócios, obedecendo-se às regras fixadas no contrato (ou estatuto) social. Na hipótese, contudo, de afastamento do devedor, o art. 65 da LREF apenas dispõe que os credores elegerão o gestor judicial que assumirá a administração das atividades do devedor, sem estabelecer, com precisão, qual o preciso sentido do termo devedor, cuja melhor interpretação parece ser a própria sociedade empresária devedora. Em consequência, se se verificar a ocorrência de uma das circunstâncias descritas na LREF, afastada será a própria sociedade empresária devedora, na qual hipótese o gestor judicial, eleito pelos credores e nomeado pelo juiz, assumirá a gestão da atividade da empresa em dificuldade econômico-financeira, sem ingressar no quadro social. O gestor judicial não assume, entretanto, a condução do processo de recuperação judicial, nem a apresentação e a aprovação de eventuais alterações no plano de recuperação, funções essas que serão exercidas pela própria sociedade empresária devedora, devidamente presentada por seus órgãos de administração. Ao gestor judicial, por outro lado, são impostos os mesmos deveres exigidos do administrador de toda e qualquer sociedade, a saber, dever de diligência (praticar os atos de gestão segundo as modernas técnicas de administração de empresa), dever de lealdade (para com a requerente da recuperação judicial, e não para com os credores que elegeram o gestor judicial) e dever de obediência à lei. Violado qualquer um desses deveres, o gestor judicial responderá pessoalmente pelas obrigações assumidas. Caso contrário, se os deveres forem cumpridos, o gestor judicial não responderá pessoalmente pelos atos praticados na condução dos negócios, ainda que a devedora venha a ter sua recuperação judicial convolada em falência. / The purpose of this essay is to analyze legal issues related to the effects of reorganization over management activity. Notwithstanding such reorganization does not result directly in taking managers and/or debtor off, they may be removed in the event of any of the circumstances clearly described in subsections of section 64 of LREF [Brazilian Law for Companies\' Reorganization and Bankruptcy] takes place. In this case, if taking into account the managers, they shall be replaced by new ones, elected by the partners, subject to rules set forth in Articles of Association (or By-laws). In the event, however, of removal of debtor, section 65 of LREF provides for only that the creditors shall elect a trustee, who shall take the management of activities of the debtor, without accurately providing for the exact meaning of the word debtor. The interpretation of the word debtor seems to be the debtor business company itself. As a consequence, if it is verified the occurrence of one of the circumstances set forth in LREF, the debtor business company itself shall be removed, event in which the trustee, elected by the creditors and appointed by judge, shall take the management of the activity of the company in financial and economic crisis, without taking part in ownership structure. Trustee will not direct, however, the conduction of courtsupervised reorganization proceeding, or the presentation and approval of eventual changes in reorganization plan, which duties shall be exercised by the debtor business company itself, duly represented by its managing boards. The same duties required from the manager of any and all company are imposed to the trustee: diligence, loyalty and duty of compliance with the law. If any of such duties are infringed, the trustee shall be personally liable for obligations taken. Otherwise, if the duties are accomplished, the trustee will not be personally liable for the acts performed while directing business, even if the debt has its reorganization converted into bankruptcy.

The ability to establish and maintain trust is regarded as a critical modern leadership skill. However, different conceptualisations of trust saw to it that the empirical and theoretical sides of research did not merge. As a result, trust has been studied in a variety of different ways and resulted in a varied and fragmented knowledge base, which this study attempts to address. The objectives of this study were to investigate conceptualizations of trust as perceived by middle- and senior level managers in a military medical basis in order to provide recommendations to management on how to build trust. Research was conducted in two phases of investigation. In phase 1 a literature review of the concept was conducted by analyzing and categorizing definitions and frameworks currently in use. In the second phase an empirical investigation was conducted by means of a descriptive and explorative qualitative research design and the use of a non-probability purposive sampling technique. The results showed that three proposed factors of trustworthiness (ability, benevolence and integrity), effective communication as well as perceived justice and fairness are fundamental to the establishment of trust. It is evident that management should draft a strategic plan to ensure that trust is established and maintained on a sustainable basis. The findings will contribute to a better understanding of the essential nature of trust and assist management in an effective approach to master trust as an essential leadership skill in order to successfully enhance business reputation and outcomes. / Thesis (MBA)--North-West University, Potchefstroom Campus, 2011

The ability to establish and maintain trust is regarded as a critical modern leadership skill. However, different conceptualisations of trust saw to it that the empirical and theoretical sides of research did not merge. As a result, trust has been studied in a variety of different ways and resulted in a varied and fragmented knowledge base, which this study attempts to address. The objectives of this study were to investigate conceptualizations of trust as perceived by middle- and senior level managers in a military medical basis in order to provide recommendations to management on how to build trust. Research was conducted in two phases of investigation. In phase 1 a literature review of the concept was conducted by analyzing and categorizing definitions and frameworks currently in use. In the second phase an empirical investigation was conducted by means of a descriptive and explorative qualitative research design and the use of a non-probability purposive sampling technique. The results showed that three proposed factors of trustworthiness (ability, benevolence and integrity), effective communication as well as perceived justice and fairness are fundamental to the establishment of trust. It is evident that management should draft a strategic plan to ensure that trust is established and maintained on a sustainable basis. The findings will contribute to a better understanding of the essential nature of trust and assist management in an effective approach to master trust as an essential leadership skill in order to successfully enhance business reputation and outcomes. / Thesis (MBA)--North-West University, Potchefstroom Campus, 2011

This thesis examines what impact digitalization can have on the trustworthiness of the leader through the lens of managers and employees in Dutch start-ups. The study explores the intersection set of trust, leadership and digitalization. As there was no prior research on the research issue at hand, a model that incorporated a process of trust and its interaction with digitalization has been constructed by the authors. The model relied on previous research on models of the trust process and characteristics of digitalization in the light of leadership. First a theoretical framework is built through a literature survey. A qualitative inquiry through interviews was carried out in order to be able to analyze the trustworthiness of the leader. The objective of the authors during the research was to document how leaders and followers perceived a trustee (leader) in a trust process with digitalization involved. The analysis revealed that even though digitalization has pervaded our lives; its impact on the trustworthiness of the leader has remained limited so far. Empirical data from this research indicated that the impact of digitalization on the three attributes of trustworthiness of the trustee was the strongest: objectives and intentions, competence and integrity. There were also digitalization related implications that could be drawn from the accounts of the interviewees. Thesis findings contribute to a better understanding of the role of the leader in a trust process in digitalized organizational environments and encourage further research in the field of trust especially when digital technologies have become so pervasive in the work life.

Business Trust This diploma thesis deals with the designation of the trust as a possible operator of a business enterprise, and so its use as an equivalent of a business corporation. The main goal is to compare these two entities in their differences and to find out whether the operation of the enterprise through the trust can be attractive for its settlor and what will be the advantages and disadvantages of this arrangement. The thesis is divided into seven chapters, including the introduction and the conclusion. After the introduction to the diploma thesis, the second chapter deals with a brief outline of what the trust is and the complexity of its legal regulation. It continues with a brief overview about the existence and functioning of the trust under the Czech Civil Code. The third chapter defines the trust as a business entity. It deals with the trust as an entrepreneur in business relations, and outlines settlor's possibility of anchoring business operations to the trust and conveying the necessary assets. The fourth chapter compares some interesting aspects of business corporations with their possible equivalents in the trust, thus outlining conformities and differences in their functioning. In particular, the differences between the contributions to the registered capital and the...

Esta dissertação tem por objeto examinar as questões jurídicas relativas aos efeitos da recuperação judicial na gestão da atividade empresarial do devedor, especificamente quanto às hipóteses de nomeação e as funções do gestor judicial. Isto porque, apesar de a recuperação não ter como consequência direta o afastamento dos administradores e/ou do devedor, eles poderão vir a ser destituídos na hipótese de ocorrência de uma das circunstâncias taxativamente descritas nos incisos do art. 64 da LREF. Neste caso, se se tratar dos administradores, eles serão substituídos por novos, eleitos pelos sócios, obedecendo-se às regras fixadas no contrato (ou estatuto) social. Na hipótese, contudo, de afastamento do devedor, o art. 65 da LREF apenas dispõe que os credores elegerão o gestor judicial que assumirá a administração das atividades do devedor, sem estabelecer, com precisão, qual o preciso sentido do termo devedor, cuja melhor interpretação parece ser a própria sociedade empresária devedora. Em consequência, se se verificar a ocorrência de uma das circunstâncias descritas na LREF, afastada será a própria sociedade empresária devedora, na qual hipótese o gestor judicial, eleito pelos credores e nomeado pelo juiz, assumirá a gestão da atividade da empresa em dificuldade econômico-financeira, sem ingressar no quadro social. O gestor judicial não assume, entretanto, a condução do processo de recuperação judicial, nem a apresentação e a aprovação de eventuais alterações no plano de recuperação, funções essas que serão exercidas pela própria sociedade empresária devedora, devidamente presentada por seus órgãos de administração. Ao gestor judicial, por outro lado, são impostos os mesmos deveres exigidos do administrador de toda e qualquer sociedade, a saber, dever de diligência (praticar os atos de gestão segundo as modernas técnicas de administração de empresa), dever de lealdade (para com a requerente da recuperação judicial, e não para com os credores que elegeram o gestor judicial) e dever de obediência à lei. Violado qualquer um desses deveres, o gestor judicial responderá pessoalmente pelas obrigações assumidas. Caso contrário, se os deveres forem cumpridos, o gestor judicial não responderá pessoalmente pelos atos praticados na condução dos negócios, ainda que a devedora venha a ter sua recuperação judicial convolada em falência. / The purpose of this essay is to analyze legal issues related to the effects of reorganization over management activity. Notwithstanding such reorganization does not result directly in taking managers and/or debtor off, they may be removed in the event of any of the circumstances clearly described in subsections of section 64 of LREF [Brazilian Law for Companies\' Reorganization and Bankruptcy] takes place. In this case, if taking into account the managers, they shall be replaced by new ones, elected by the partners, subject to rules set forth in Articles of Association (or By-laws). In the event, however, of removal of debtor, section 65 of LREF provides for only that the creditors shall elect a trustee, who shall take the management of activities of the debtor, without accurately providing for the exact meaning of the word debtor. The interpretation of the word debtor seems to be the debtor business company itself. As a consequence, if it is verified the occurrence of one of the circumstances set forth in LREF, the debtor business company itself shall be removed, event in which the trustee, elected by the creditors and appointed by judge, shall take the management of the activity of the company in financial and economic crisis, without taking part in ownership structure. Trustee will not direct, however, the conduction of courtsupervised reorganization proceeding, or the presentation and approval of eventual changes in reorganization plan, which duties shall be exercised by the debtor business company itself, duly represented by its managing boards. The same duties required from the manager of any and all company are imposed to the trustee: diligence, loyalty and duty of compliance with the law. If any of such duties are infringed, the trustee shall be personally liable for obligations taken. Otherwise, if the duties are accomplished, the trustee will not be personally liable for the acts performed while directing business, even if the debt has its reorganization converted into bankruptcy.

The Slovak insolvency law reform, which came into effect on 1 January 2006, introduced a brand new restructuring option for business debtors. In this thesis, we present the first complex empirical analysis of all restructuring attempts allowed in the period 2006-2010. Results, based on a large amount of data, which we gathered for this purpose, suggest that the restructuring option is much more viable than the composition option under the previous Bankrupcty and Composition Act. The system is characterized by very high success rates (in terms of plan confirmation) and speedy proceedings. The size of the debtor affects neither the prospects for success, nor the length of proceedings significantly. We conclude that, even though a lot of improvements still need to be done, the reform moved the Slovak insolvency law closer to the standards of the best-performing jurisdictions. JEL Classification D23, K12, K20 Keywords insolvency law, reform, restructuring, bankruptcy, restructuring plan, trustee Author's e-mail hrnciarpavel@gmail.com Supervisor's e-mail tomas.richter@cliffordchance.com

Magister Legum - LLM

The main objective of this work is to clarify and define causes, which led to decline of the Váhostav - SK, a. s., review completed reorganization of the company and give overall look on the reorganization possibilities in Slovakia, compared to the possibilities of reorganization in Czech Republic. The work is divided into theoretical and practical part. The theoretical part contains a brief look on the Bankruptcy and Restructuring Act in Slovakia, with the main focus being on the restructuring process. The practical part is divided into two parts, first one describes restructuring of Váhostav - SK, a. s. The second part contains a critical view on the Slovak Bankruptcy and Restructuring Act, which is compared to the Czech Insolvency Act, where the main focus is still on the process of reorganization.