This dissertation deals with the matter of legal and accouting aspects of insolvency proceedings in the Czech Republic. The first chapter describes the historic development of bankruptcy legislation. The second chapter deals withs matter of bankruptcy as one of the forms of crises solution. It defines the basic conditions for a bankruptcy, analyses individual procedural stages of bankruptcy proceedings because of prevailing solution of bankruptcies in this way. The third chapter analyses the present legislation in compliance with teh bankruptcy law and methods for its solution, Act No 182/2006 Coll The core of this chapter includes the basic pricniples and fundamentals of the new bankruptcy legislation in this country. Special attention is paid to the sanitation method for a crisis solutin in the form of reorganizing within a reorganizing plan approved by insolvency creditors. The fourth chapter is focused on the role of accounting ind the conditions of insolvency proceedings, this depending on the method for solution of the bankruptcy. The fifth chapter includes continuation of the analysis of information problem which will have to be trated within the insolvency proceedings under way. The sixth chapter offers the tools and mechnisms which can be used within the available information accouting basis for ordinary management economic and control activities in overcoming a crisis situation. The last chapter presents statistical data for randomly celected companies in bankruptcy at the time of this dissertation completion.

Bankruptcy is a costly event. Holders of publicly traded securities can rely on security prices to reflect their risk. Other stakeholders have no such mechanism. Hence, methods for accurately forecasting bankruptcy would be valuable to them. A large body of literature has arisen on bankruptcy forecasting with statistical classification since Beaver (1967) and Altman (1968). Reported total error rates typically are 10%-20%, suggesting that these models reveal information which otherwise is unavailable and has value after financial data is released. This conflicts with evidence on market efficiency which indicates that securities markets adjust rapidly and actually anticipate announcements of financial data. Efforts to resolve this conflict with event study methodology have run afoul of market model specification difficulties. A different approach is taken here. Most extant criticism of research design in this literature concerns inferential techniques but not sampling design. This paper attempts to resolve major sampling design issues. The most important conclusion concerns the usual choice of the individual firm as the sampling unit. While this choice is logically inconsistent with how a forecaster observes financial data over time, no evidence of bias could be found. In this paper, prediction performance is evaluated in terms of expected loss. Most authors calculate total error rates, which fail to reflect documented asymmetries in misclassification costs and prior probabilities. Expected loss overcomes this weakness and also offers a formal means to evaluate forecasts from the perspective of stakeholders other than investors. This study shows that cost of misclassifying bankruptcy must be at least an order of magnitude greater than cost of misclassifying nonbankruptcy before discriminant analysis methods have value. This conclusion follows from both sampling experiments on historical financial data and Monte Carlo experiments on simulated data. However, the Monte Carlo experiments reveal that as the cost ratio increases, robustness of linear discriminant rules improves; performance appears to depend more on the cost ratio than form of the distributions.

Thesis (M.B.A.)--University of Hong Kong, 1985.

Not available / text

A person on the eve of bankruptcy may enter into transactions or arrangements that are intended to, or that have the effect of, preserving its property from being seized and distributed among creditors. Such transactions may provide a bankrupt with collateral benefits such as the continued use and enjoyment of property, or they may benefit third parties such as members of the bankrupt's family, or they may benefit selected creditors to the detriment of others. The effect of such transactions is to frustrate the legislative scheme which provides for the distribution of a bankrupt's residual property. This effect may be desired by a bankrupt or by a recipient of the bankrupt's property, or it may be unintended. Insolvency legislation confers wide powers upon a trustee in bankruptcy to "review" such transactions by bringing proceedings to reverse their effect and recover the value lost to the bankrupt's estate. Reviewable transactions comprise two main categories: dispositions or unequal transactions in which a debtor parts with property for no or insufficient consideration (such as a transfer of property to a spouse or a sale in which a bankrupt does not receive a fair price) and preferential repayments of debts owed to certain creditors to the detriment of others. Reviewable transaction laws in Canada and England have a subjective basis in that they focus upon the intent of a debtor to defeat creditors or prefer one creditor over others. In contrast, relevant Australian and New Zealand laws have an objective focus and provide remedies where the effect of a transaction, rather than the intent of a debtor, is to defeat the interests of creditors. This paper conducts a comparative critique of reviewable transaction regimes. It makes the argument that subjective regimes tend to reflect their historical origins in fraud law and a desire to punish and frustrate the fraudulent intent of a bankrupt; an inappropriate policy foundation that fails to address the competing interests and policy considerations which should form the basis of reviewable transaction law. Objective regimes, which focus upon the effect of impugned transactions, provide more appropriately for the balancing of creditors' and recipients' interests and the making of provision for policy considerations. This paper also considers collateral effects of reviewable transaction regimes upon creditors' interests (such as effects upon claims to property recovered by a trustee) in a variety of circumstances and concludes that the results are often inconsistent and undesirable. In this respect the relative positions of secured and unsecured creditors are described in detail and proposals for reform are ventured.

Magistro darbe išanalizuota ir susisteminta Lietuvos ir užsienio autorių mokslinė literatūra įmonių bankroto klausimais. Aptartos įmonių bankroto atsiradimo priežastys bei pasekmės šalies ekonomikai. Išanalizuoti bankroto prognozavimo metodai teoriniu aspektu. Praktinėje dalyje atlikta statistinių duomenų lyginamoji analizė ir apibendrinimas. Aptartos kitimo priežastys ir pasekmės. Atliktas bankrutuojančių įmonių bankroto priežasčių įvertinimas. Tiriamojoje dalyje atlikta bankroto prognozavimo modelių analizė, kuria remiantis išskirti tinkamiausi bankroto prognozavimo metodai. Atlikus analizę patvirtinta iškelta hipotezė, kad nėra vieno bankroto prognozavimo modelio tinkančio visoms įmonėms. / In the master‘s thesis, the scientifie literature of Lithuanian and forein authors, regarding bankruptcy of the companies, is analyzed and systematized. The reasons of the bankrupcy, orginating in the company and their consequences for the country‘s economics and discussed. The methods of the bankruptcy forecasting, according to the theoretical aspect are analyzes. In the practical part, the comparative analysis of the statistical data and generalization is carried out. The reasons and consequences of the alteration are disputed as well. In addition, the evaluation of the bankruptcy reasons of the next door to the bankruptcy companies is performed. In the empirical part of the present paper, the bankruptcy forecasting are distinguished. After analyzing, the raised hypothesis has proved out, that there is not a single particular model of the bankruptcy forecasting, which would suit all companies.

Universiẗat, Diss.--Hamburg, 2006. / Literaturverz. S. IX - XXVIII.

A person on the eve of bankruptcy may enter into transactions or arrangements that are intended to, or that have the effect of, preserving its property from being seized and distributed among creditors. Such transactions may provide a bankrupt with collateral benefits such as the continued use and enjoyment of property, or they may benefit third parties such as members of the bankrupt's family, or they may benefit selected creditors to the detriment of others. The effect of such transactions is to frustrate the legislative scheme which provides for the distribution of a bankrupt's residual property. This effect may be desired by a bankrupt or by a recipient of the bankrupt's property, or it may be unintended. Insolvency legislation confers wide powers upon a trustee in bankruptcy to "review" such transactions by bringing proceedings to reverse their effect and recover the value lost to the bankrupt's estate. Reviewable transactions comprise two main categories: dispositions or unequal transactions in which a debtor parts with property for no or insufficient consideration (such as a transfer of property to a spouse or a sale in which a bankrupt does not receive a fair price) and preferential repayments of debts owed to certain creditors to the detriment of others. Reviewable transaction laws in Canada and England have a subjective basis in that they focus upon the intent of a debtor to defeat creditors or prefer one creditor over others. In contrast, relevant Australian and New Zealand laws have an objective focus and provide remedies where the effect of a transaction, rather than the intent of a debtor, is to defeat the interests of creditors. This paper conducts a comparative critique of reviewable transaction regimes. It makes the argument that subjective regimes tend to reflect their historical origins in fraud law and a desire to punish and frustrate the fraudulent intent of a bankrupt; an inappropriate policy foundation that fails to address the competing interests and policy considerations which should form the basis of reviewable transaction law. Objective regimes, which focus upon the effect of impugned transactions, provide more appropriately for the balancing of creditors' and recipients' interests and the making of provision for policy considerations. This paper also considers collateral effects of reviewable transaction regimes upon creditors' interests (such as effects upon claims to property recovered by a trustee) in a variety of circumstances and concludes that the results are often inconsistent and undesirable. In this respect the relative positions of secured and unsecured creditors are described in detail and proposals for reform are ventured. / Law, Peter A. Allard School of / Graduate

Prašymas iškelti bankroto bylą yra ne tik prašymas pripažinti teisę, bet ir taikyti skolininkui priemonių, susijusių su įmonės gelbėjimu, visumą ir proporcingai patenkinti visų įmonės kreditorių reikalavimus, susijusius išimtinai su įmonės skolininkės turtu. Nors įstatymų leidėjas siekia apginti daugiausiai kreditoriaus interesus, tačiau labai svarbu ir įmonės skolininkės akcininkų teisės. Tyrimo metu buvo išskirta, kad akcininkai turi tiek turtines, tiek neturtines teises, kuriomis jie gali disponuoti įstatymų ribose, tačiau bankroto metu akcininkai išlaiko tik teisę gauti likviduojamos bendrovės turto dalį, jei bendrovė būtų likviduojama. Lietuvos Respublikos įmonių bankroto įstatyme nustatytos ir kitos teisės, kurias bendrovės akcininkai įgyja nuo bankroto procedūrų pradžios: 1) teikti paaiškinimus; 2) siūlyti pradėti įmonei neteisminę bankroto procedūrą; 3) sudaryti sandorius, susijusius su įmonės restruktūrizavimu; 4) sudaryti taikos sutartį. Teisių gynimo būdai nustatyti įstatymuose. CK nustato teisių gynimą teismo keliu ir savigyną. ĮBĮ galima išskirti teisę sudaryti taikos sutartį, sudaryti sandorius dėl įmonės restruktūrizavimo, taip pat su ieškiniu kreiptis į teismą tiek dėl bankroto bylos pradėjimo, tiek dėl žalos, padarytos įmonei, priteisimo kaip akcininkų teisių gynimo būdai. Pažymėtina, kad akcininkų teisės bankroto procese ginamos menkai, dažnai jos tinkamai neįgyvendinamos ar visai neįgyvendinamos dėl jų menko reglamentavimo, susiklosčiusios teismų praktikos... [toliau žr. visą tekstą] / A claim concerning the initiation of bankruptcy proceedings is not only an application to recognize the right but also to apply the entirety of measures that are intended to the salvation of the company in order to proportionally satisfy the requirements of the creditors related exclusively to the assets of the company debtor. Notwithstanding to the aim of the legislative body to protect the interests of creditors, the rights of the shareholders of the company debtor is of no less importance. However such rights are lesser discussed topic. The study revealed that the shareholders have property and non-property rights that may be exercised in compliance with legislation. In case of initiation of the bankruptcy proceedings with a court, the shareholders retain their rights, however their property rights as well as no-property rights are limited to the benefit of the creditors. The study revealed that during bankruptcy procedure the shareholders retain just one right provided for by the Law on Companies of the Republic of Lithuania, namely: to receive a part of assets of the company under liquidation, in case of the liquidation of the company. The Law on Enterprise Bankruptcy of the Republic of Lithuania provides for the following rights acquired by the shareholders of the company from the beginning of the bankruptcy procedures:1) to file explanations; 2) to make a proposal to the company to start non-judicial bankruptcy proceedings 3) to enter into agreements related to the... [to full text]

Thesis (Ph. D.)--Hong Kong University of Science and Technology, 2002. / Includes bibliographical references (leaves 42-45). Also available in electronic version. Access restricted to campus users.