Discharge from debts as a mode of resolving insolvency of a debtor The aim of this thesis is to describe the institute of discharge from debts as one of the methods of resolving insolvency of a debtor, its principles and development, in the legal regulation in the context of relevant case-law and literature with respect to the ratified amendment of the legal regulation. Discharge from debts is according to the valid Czech legal regulation, which is the Act no. 182/2006 Coll., the Insolvency Act, a method of resolving insolvency of a debtor, which we count, together with reorganization, among rehabilitation methods of resolving insolvency. The purpose of discharge from debts is ensuring relative satisfaction of creditors, which is not liquidating for the debtor, and enabling him a new life without debts. It concerns debtors non- entrepreneurs, natural persons and legal entities. Only the debtor is entitled to apply for discharge from debts. The court shall while deciding on the debt discharge permission consider especially whether it is likely that at least 30 % of the claims of creditors receivable from the debtor will be settled and it shall also assess the honest intentions of the debtor. There are two forms of the discharge from debts. One of them is discharge from debts by means of converting the...

The abstract Position on insolvency administrator under insolvency law This thesis describes the insolvency proceedings in view of the insolvency administrator. It deals not only with the position of the insolvency administrator in already running insolvency proceedings but also the prerequisites that must be met in order to become an insolvency administrator at all. It is processed with regard to the importance of the amendments to the act of the year 2013. Due to the financial crisis and growing indebtedness of population it is a very actual subject, which applies to almost all of us. The thesis is divided into six main chapters. The first is devoted to the person of the insolvency administrator with detailed terms and conditions for the emergence of the processed function relating in particular to integrity and tests and to the types of terminativ of their activities. The second chapter discusses the performance of the function with an emphasis to the appointment, amendment, withdrawal, exclusion and exemption from the function. The various types of insolvency administrators are discussed in chapter three. The largest chapter is the fourth one. This chapter discusses the General rights and obligationsc at first, which are common for all the types of resolving insolvency and it is followed by the second...

The rising availability of consumer loans causes an increase of debtors who aren't able to carry out all their monetary obligations. They get into financial problems which often end in several current executory proceedings. For debtors this situation is apparently hopeless and many of them try to solve it by using bridging loans. This leads to deepening of their personal financial crisis. The Insolvency Act No. 182/2006 Sb. which contains the regulation of the Discharge of Debts brings a solution for such debtors. Discharge of Debts as one of the ways of sanitation of debts in Czech law represents modern trends of European and American Insolvency law that joins the debtor back into the economic life. Discharge of Debts represents a possibility to solve the debtor's unbearable financial situation and to keep at least partially his living standards. For creditors it can be a way how to obtain at least part of their claims by the legal procedure. This text deals with actual Czech regulation of Discharge of Debts and compares it with foreign German regulation. In the first two chapters the basic terms and admissibility of Discharge of Debts are clarified and generally compared with Discharge of residual debts by the German law. Subsequently the author reports on single phases of insolvency proceedings...

The thesis titled `Security interest in relation to insolvency proceedings' aims to describe the legal institute of lien through its manifestation in insolvency proceedings. It is built on the assumption that the fundamental value of securing a payment of a debt using lien manifests primarily in a scenario when the debtor becomes insolvent and the insolvency proceedings are initiated. Out of all the methods of resolving insolvency present in the Czech legal system this thesis only deals with bankruptcy and it focuses on the lien granted over real estate. Apart from the Introduction and the Conclusion, the thesis is divided into 4 chapters. The first chapter aims to give a general introduction into the law regarding security interests. The second chapter is dedicated to the fundamental principles of law relating to liens outside of the insolvency proceedings. It describes process of granting of a lien and its purpose. The third, essential chapter deals with the execution of a lien in the insolvency proceedings resolving bankruptcy. The main focus is put on the legal position of lienor in the bankruptcy proceedings. The fourh, final chapter presents statistics dealing with insolvency proceedings recovery rate in the Czech republic during the period of 2008-2012.

The intention of the thesis, on theme of Reorganization as the way of bankruptcy solution, is to describe this legal institute complexly and coherently. It begins from the history, continues through the current legislation and finishes with a practical point of view to reorganization and its implications in practice. The first chapter describes influences which affected reorganization in the Czech legal environment. First of all, the insolvency law was affected by historical circumstances in the Czech lands and by changes of political regimes to which the legislation was subordinated. Another subsection is addressed to foreign influences which were used as an inspiration for the legislator during creating of the current legislation. Mainly, it is an American and German legislation. In the last subsection, the EU legislation regarding reorganization is elaborated including effects of the harmonization in the Czech Republic. The second chapter of the thesis describes the legislation of reorganization in the Czech Republic and completes it of the case law especially of the High courts in Prague and Olomouc. The institutes are elaborated one by one according to the order made in the Insolvency act and in order which is usually used during insolvency proceedings. The last subsection is focused on a...

The purpose of insolvency proceedings in case of bankruptcy is to find out registered proof of dept and its subsequent relative satisfaction from the proceeds of the realization of estate. The main activities of the insolvency practitioner in the performance of his function is to review the filed claims of creditors, the findings of the estate and its subsequent inventory, management and sale. Position of the insolvency practitioner in the insolvency proceedings is a complicated issue, which is in our legal environment little discussed by legal theorists and it is necessary in many cases work solely on the insolvency practice. The aim of the thesis is to evaluate the current legislation regarding the insolvency practitioner and his role in insolvency proceedings with respect to the professional literature, the applicable legislation and case law. The thesis also shows the complexity of the position of the insolvency practitioner. At the beginning of the second chapter is given a definition of procedural subjects in insolvency proceedings and theoretical understanding of the function of the insolvency practitioner. The second chapter describes the particular position of the insolvency practitioner, on the basis of its relations with other procedural subjects. The third chapter specifies the basic...

The main aim of my thesis is to describe in detail the whole way creditor must go from petition to open insolvency proceedings to satisfaction of the claim and bankruptcy annulment.

The main goal of the thesis is to prove on the basis of an analysis and its restrictive conditions that in the core of the bankruptcy proceedings there are roots for mutually advantageous cooperation of certain interest groups, which allow these groups to gain extra utility at the expense of other participants of the proceedings. The other goal of the analysis is to prove, that the process of reorganisation is disadvantageous to the same interest groups and therefore it's in their interest to support the bankruptcy way of solution to the bankruptcy proceedings. At the end of the thesis author also introduces measures designed to lower the interest of the interest groups to the unwanted cooperation.

Debt discharge is one of the remediation ways of resolving the bankruptcy of the debtor, whereas the debt discharge is requested mainly by non-entrepreneurial natural persons. However, the resolution of bankruptcy by debt discharge cannot be ruled out also for natural persons entrepreneurs. Debt discharge is a widely used and persistently relevant institute that puts emphasis not only on liberating debtor from debt and resolving his financial situation, but also on the protection of creditors of the debtor, who are legally guaranteed a degree of satisfaction of their claims. The aim of this thesis is to provide a comprehensive characterization of debt discharge, the course of insolvency proceedings leading to debt discharge, as well as certain specific areas that may be problematic. This thesis also contains examples from the practice, in which we can see the specifics of debt discharge. This thesis is divided into seven chapters, whereas the main ones are chapters 2 and 4. The first chapter briefly defines the concept of bankruptcy, which is crucial for the resolution of the unfavourable economic situation in insolvency proceedings, the ways of its resolution and the relationship between debt discharge and other methods of resolving bankruptcy. The second chapter describes debt discharge and defines the...

Thesis advisor: Philip Strahan / In my first essay, I study how the rise of non-bank loan investment from CLOs, mutual funds, and hedge funds influenced contracting relationships between firms and their senior lenders. Contrary to common perception that non-bank investors diluted the incentive for banks to monitor firms, I find evidence that bank underwriters embraced tighter contracts to mitigate agency and holdout problems associated with less-informed and dispersed non-bank investors. While recent studies show that non-bank loan investors lowered the cost and expanded the availability of capital ex ante, I conclude that tighter contracts also assigned stronger control rights to lenders and imposed higher renegotiation costs to firms ex post. In my second essay, we examine the drivers of M&A activity in bankruptcy. M&A in bankruptcy is counter-cyclical, and is more likely when the costs of financing a reorganization are greater than financing costs to a potential acquirer. Consistent with a senior creditor liquidation bias, the greater use of secured debt leads to more sales in bankruptcy - but, this result holds only for sales that preserve going concern value. We also show that overall creditor recovery rates are higher, and unsecured creditor recoveries and post-bankruptcy survival rates are not different, when bankrupt firms sell businesses as going concerns. Finally, in my third essay, we examine whether corporate credit rating analysts are rewarded based on ratings accuracy or bias. Overall, accurate analysts are more likely to be promoted. However, analysts who disproportionately downgrade firms compared to the corresponding S&P rating are less likely to be promoted despite being more accurate than analysts who disproportionately upgrade firms. Further, analysts whose rating decisions lead to significantly negative announcement returns are also less likely to be promoted. We conclude that Moody's rewards accurate analysts but punishes analysts for negative bias. / Thesis (PhD) — Boston College, 2015. / Submitted to: Boston College. Carroll School of Management. / Discipline: Finance.