This study is to research the current corporate reorganization theoretically and practically. And there are nine categories of the process including ¡§the qualified targets,¡¨ ¡§the qualified reasons,¡¨ ¡§the reorganization-filing,¡¨ ¡§the court decision,¡¨ ¡§the execution and supervision institutions,¡¨ ¡§debters¡¦, creditors¡¦ and shareholders¡¦ rights,¡¨ ¡§reorganization plan,¡¨ ¡§the accomplishment¡¨ and ¡§the termination.¡¨ In addition, there are four practical cases including Tong Lung Metal Industry Co., Ltd, Kuei Yi Industry Co., Ltd, Chinese Automobile Co., Ltd, and Ban Yu Paper Mill Co., Ltd. To conclude, the finding of this study are followed: the assignment of reorganizaters has to take the needs of corporation management and the stakeholders into account, the auditors ought to have the professional knowledge of corporation management and corporate reorganization and the assignment also have to take stakeholders into consideration, owing a certified accountant license is not adequent caouse to be an inspector, prepackaged reorgazination is helpful to the process of corporate reorganization, the advisory organs¡¦ suggestions are for court¡¦s reference, the net value and shareholder structure of the corporation have influences on the shakeholder conference, there ought to be a time limit on the agreement of reorganization plan, and there ought to be a specific time to vadicate the net value.

För företag som hamnar på obestånd och inte kan betala sina skulder, finns det idag två alternativ. Antingen kan de försättas i konkurs, vilket innebär att företagets tillgångar säljs ut för att borgenärer ska få tillbaka det utlånade kapitalet, eller så kan företaget ansöka om en företagsrekonstruktion. Om företaget beviljas det sistnämnda av tingsrätten innebär det att företagets betalningar till borgenärer ställs in under en viss tid för att öka möjligheten för företaget att justera den instabila finansiella ställningen. Målet med rekonstruktionen är bland annat att inblandade parter ska komma överens om ett ackord som företaget sedan ska betala till sina borgenärer inom ett år samt att företaget ska uppnå en finansiell stabilitet. I denna uppsats ämnar vi undersöka huruvida en företagsrekonstruktion är en lösning för företag som hamnar på obestånd eller om det enbart är en förskjutning av en konkurs. Vidare ämnar vi att undersöka om det finns faktorer inom företaget som är avgörande för huruvida företag kommer att lyckas med rekonstruktionen. Undersökningen är gjord på totalt 60 företag, varav 30 försattes i konkurs efter rekonstruktion och 30 lyckades på lång sikt, fyra år efter rekonstruktionen. Vi har undersökt företagens årsredovisningar de fyra närmsta åren innan rekonstruktionen ägt rum, för att med beräkning av ett flertal nyckeltal kunna se vad som skiljer de lyckade företagen från de misslyckade. Utöver detta undersökte vi företagets sektor och storlek i form av omsättning. Resultatet av undersökningen var att nyckeltalen för lönsamhet skilde sig en aning mellan företag som lyckades med rekonstruktionen och de som misslyckades och försattes i konkurs. Då skillnaden var så pass liten är vår slutsats dock att det genom de utvalda nyckeltalen inte går att förutse huruvida ett företag kommer lyckas med rekonstruktionen eller inte. Bortsett från nyckeltal fann vi att företagsrekonstruktion som förfarande behöver utvecklas och anpassas efter ett tydligt regelverk för att kunna konkurrera med konkursförfarandet. Detta för att skapa en bättre förståelse för vilka företag som lyckas med en rekonstruktion, är lämpliga för förfarandet och därmed bör beviljas. I dagsläget är det avsevärt fler företag som beviljas en rekonstruktion än företag som lyckas med en, vilket gör att vi inte anser förfarandet vara en lösning på konkurs.

Įvairios ekonominės ir kitokios priežastys lemia didėjančias verslo koncentracijos pasaulines tendencijas. Viena iš priemonių verslui koncentruoti yra bendrovių reorganizavimas jungimo būdu. Reorganizavime dalyvaujančių arba reorganizuotų bendrovių turtas, teisės ir pareigos pereina po reorganizavimo veiklą tęsiančiai bendrovei, o kitos bendrovės automatiškai pasibaigia be likvidavimo. Bendrovių reorganizavimas yra sudėtinga ir ilgai trunkanti procedūra, susijusi su akcininkų, kreditorių, darbuotojų bei kitų asmenų interesais. Europos Sąjungoje pirmiausia buvo harmonizuoti valstybių narių nacionaliniai teisės aktai, reglamentuojantys vietinius bendrovių jungimus reorganizavimo būdu. Vėliau, išsprendus nacionalinių teisės skirtumų sąlygotas problemas, buvo priimti svarbūs teisės aktai, atveriantys kelią peržengiančių vienos valstybės ribas bendrovių jungimųsi galimybėms. Siekiant padidinti Europos Sąjungoje veikiančių bendrovių konkurencingumą, inicijuoti teisės aktų pakeitimai, kurie supaprastina reorganizavimo jungimo būdu procedūrą ir taip leidžia sumažinti bendrovėms tenkančią administracinių kaštų naštą. Kita vertus, svarbu įvertinti, kaip tokie pakeitimai daro įtaką akcininkų bei kitų susijusių asmenų teisėtiems interesams. Reorganizavimo metu taikomos taisyklės turi užtikrinti pakankamą šių asmenų teisių apsaugą, tačiau per griežti reikalavimai gali lemti, kad bendrovės vietoj reorganizavimo pasirinks kitą, labiau palankų jungimosi būdą. / Global tendencies of increasing business concentration are influenced by various economical and other reasons. One of the ways to concentrate business is a corporate reorganization through merger. All assets, rights and liabilities of merged companies are transfered to surviving company after reorganization, whereas other companies automatically cease to exist without liquidation. Corporate reorganization is a complex and long procedure involving interests of shareholders, creditors, workers and other persons. Firstly, national legislation of member states, governing local reorganization through merger of companies, had been harmonized in European Union. Later, after issues concerning the differences of national legislation were solved, important legal acts were enacted, which made possible cross-border mergers of companies. In order to increase the competitiveness of companies operating in European Union, some amendments were initiated to simplify the corporate reorganization through merger procedure and thus reduce the administrative costs for companies. However, it is important to evaluate the impact of such amendments for legitimate interests of shareholders and other concerned persons. The rules which apply in merger procedure should provide enough safeguards to protect the rights of these persons, although too strict requirements can lead to situations, where companies would rather choose other more favourable ways to merge.

Submitted by Maicon Juliano Schmidt (maicons) on 2015-06-16T19:50:48Z No. of bitstreams: 1 Debora Skibinski Assumpção_.pdf: 703153 bytes, checksum: 05da14511a3fc89c057d8f67e2455465 (MD5) / Made available in DSpace on 2015-06-16T19:50:48Z (GMT). No. of bitstreams: 1 Debora Skibinski Assumpção_.pdf: 703153 bytes, checksum: 05da14511a3fc89c057d8f67e2455465 (MD5) Previous issue date: 2015-02-19 / Nenhuma / O presente estudo objetiva analisar como foram tratadas, no âmbito societário e fiscal, as reorganizações societárias conhecidas por drop down. Bastante comuns nos Estados Unidos, essas operações se caracterizam pelo aumento de capital que uma empresa produz em outra, ao transferir bens, direitos e/ou obrigações em troca de participação societária com controle acionário. Ademais, se assemelha à cisão em alguns aspectos, mas sem a redução do capital social ou a extinção da empresa cindida, o que induz alguns teóricos nacionais a denominarem como cisão branca. A essência do drop down - e consequentemente, a estratégia utilizada pelas empresas que optam por esse modelo de reestruturação societária - focaliza no core business, ou seja, concentra-se na atividade principal. A metodologia de pesquisa adotada para a construção desta dissertação, portanto, se estruturou em bases documentais, na qual constassem temas ligados à reestruturação ou à reorganização societária por intermédio da combinação de negócios que envolvessem as operações de drop down. Assim, o estudo pôde contribuir para a divulgação de novas formas de reorganizações societárias e sinalizar ao profissional contábil as formas de registros da operação e, posteriormente, auxiliar na divulgação das demonstrações contábeis. Os resultados obtidos revelaram que, mesmo não sendo muito conhecida no país, a operação de drop down vem ocorrendo como meio de reestruturação societária em empresas brasileiras. Também por meio da análise dos resultados, concluiu-se que, para as Companhias investigadas e/ou avaliadas pelos órgãos estaduais e do mercado de valores, a operação não foi objeto de questionamento por parte deles, haja vista que tão somente mensuraram como foram tratadas contábil e fiscalmente nas organizações selecionadas. Nas análises das empresas que não evidenciaram processos de avaliação pelos órgãos estaduais e pelo mercado de valores, identificou-se o foco no core business - a saber, a concentração de esforços nas atividades principais e a associação das empresas com as atividades afins. Igualmente, se observou se elas atentaram para as devidas contabilizações previstas nos pronunciamentos contábeis e nos registros contábeis da operação pretendida. / This study aims to analyze how corporate reorganizations known as drop down were treated in the corporate and fiscal scope. Quite common in the United States, these operations are characterized by the capital increase a company produces in another one, transferring assets, rights and/or obligations in exchange for share participation with share control. Moreover, in some aspects resembles a divestiture but without the reduction of equity capital or the termination of the divided company, which induces some national theorists call it white divestiture. The essence of drop down - and consequently the strategy used by companies that choose this corporate restructuring model - focuses on the core business, ie, focuses on the main business. The methodology adopted for the construction of this work, therefore, was built in document databases in which see covered in topics related to restructuring or reorganization through the business combination involving the drop down operations. Thus, the study could contribute to the spread of new forms of corporate restructuring and indicate to accounting professionals ways to record operations and, subsequently, assist in the disclosure of financial statements. The results revealed that, although not very known in the country, the drop-down operation has taken place as a means of corporate restructuring in Brazilian companies. Also by analyzing the results, it was concluded that, for companies investigated and/or evaluated by state agencies and the stock market, the operation was not a subject of questioning from them, given that only measured as they have been dealt accounting and fiscally in selected organizations. In the analyzes of companies which had no assessment procedures by state agencies and securities market, it was identified the focus on core business - namely, the concentration of efforts on core activities and the association of companies with similar activities. Likewise, it was observed if they attempted to the appropriate accountings provided in financial statements and accounting records of the intended operation.

Industrial structure in domestic market demand in Taiwan has changed in recent years, with most apparent changes occurring in traditional enterprises moving outwardly and prosperity in high-tech industries, both of which are strongly associated with technology, financial capital, and human resources. If businesses are run carelessly, corporations are at high risk of going out of business or bankrupt. Once this occurs, corporations will go into liquidation or reorganization, which will inevitably affect the investment market and the society as well. In other words, the outcome of a corporation bankruptcy could contribute to a variety of problems, such as unemployment, non-absolved debt, and uncollectible financial accounts, which will require some assistance in finding resolutions. These problems are dramatically interfering with the stability of our society. The system of corporate reorganization was mainly created for alleviating the consequences mentioned above. Corporations facing financial problems could file for corporate reorganization. With corporate reorganization, the corporation could reach a resolution to satisfy the overall financial responsibilities and have harmony among its employees, stockholders and creditors, and maybe even revitalize the business. However, in realistic judicial practices, some regulations seem to be inadequate for the purpose of the corporation reorganization mechanism. Moreover, the time from filing a corporate reorganization to having a resolution is too long and typically exceeds the average business lifespan of SMEs (Small and Medium Enterprises). As a result, specialists and scholars debate on whether to re-write or abolish the current corporate reorganization rules and regulations. That is, due to the fact that the characteristic and requirement of corporate reorganization have received criticism in the practical use and practice, there is a need for evaluating and analyzing the legislation of corporate reorganization, and in fact, making it the top priority. The authorities are concerned and realized the importance and urgency of corporate reorganization in practice, so the CEPD proposed a ¡§corporate reorganization and bankruptcy¡¨ act in 2005. This act is attempting to research and indicate the dispute among the drafts, hoping to solve the problems, inefficiency, and injustice in present corporate reorganization system and contribute to legislation that will create a harmony among conflicts of interest with the litigants by means of judicial practice, related-literature, and opinions thus far.

Zugl.: Mainz, Universiẗat, Diss., 2007.

Originally presented as author's Thesis (doctoral)--Hamburg, Universiẗat, 2008. / Includes bibliographical references (p. [365]-406) and index.

This thesis makes the task of clearly from many angles to describe and analyze the corporate reorganization in Kordárna, Inc. An important part of this plan is certainly describe "new" Insolvency law, the commercial law marks a significant step towards convergence to the West business law. Kordárna , Inc. the company came to the existential problems in the beginning of the year 2009 that lenders with a new crisis management handled the reorganization of the company. It was one of the first applications of the new reorganization law in that scope, which introduced this kind of solution. The emphasis of my work is primarily placed on the causes of problems and that the company pursued a number of different methods, which have to give a comprehensive view of the causes of various angles. My work also deals with the reorganization itself. An important passage is the comparison of solutions of bankruptcy and corporate reorganization, which is why the work has the support of the new insolvency law.

Esta dissertação tem como objeto a análise da atuação judicial no âmbito dos processos de recuperação judicial de empresas, regulados pela Lei nº 11.101 de 9 de fevereiro de 2002 (\"LRE\"). No primeiro capítulo, são introduzidas as limitações do trabalho e as principais questões a serem respondidas ao longo do texto. No segundo capítulo, são expostos os panoramas histórico e jurídico da LRE, para que se extraiam os verdadeiros objetivos tutelados pela lei e o diálogo destes objetivos com a atuação do Poder Judiciário. No terceiro capítulo, são propostos três níveis de intervenção judicial no bojo do processo de recuperação, sendo eles: (a) o controle de legalidade estrita, por meio do qual o juiz verificará a observância aos requisitos e vedações impostos pela LRE ao conteúdo do plano de recuperação e à sua votação; (b) o controle de legalidade material ou controle de juridicidade, por meio do qual o juiz avaliará se o conteúdo do plano e sua votação atendem aos princípios gerais orientadores do ordenamento brasileiro; e (c) o juízo de viabilidade, por meio do qual o juiz, usando de critérios objetivos sugeridos pela doutrina, avaliaria o mérito do plano de recuperação judicial para averiguar se, além de atenderem aos critérios de legalidade, as disposições do plano de recuperação atingem os objetivos traçados pela LRE, no sentido de tutela da empresa viável e tutela institucional do crédito. No quarto capítulo, são retomadas as conclusões alcançadas ao final de cada um dos subcapítulos. / This study aims at the analysis of the role played by judges in connection to the proceedings of judicial corporate reorganization established under Federal Law No. 11.101, dated February 9, 2002 (\"LRE\"). In the first chapter, the limitations to this study and the main questions to be answered herein are introduced. In the second chapter, the legal and historical backgrounds of LRE are presented. In the third chapter, we propose three (3) different levels of judicial intervention related to the judicial corporate reorganization procedure: (a) the control of strict legality, by means of which the judge will monitor whether the reorganization plan and the deliberation organized for the plan to be voted are in compliance with the requirements and prohibitions imposed by LRE; (b) the control of substantive legality, through which the judge will assess whether the plan\'s content and its voting meet the general principles that govern Brazilian legal system; and (c) a feasibility judgment, by means of which the judge, using some objective criteria suggested by doctrine, evaluates the merits of the judicial reorganization plan to determine whether, the recovery plan provisions reach the goals set by LRE, in the sense of protection of viable companies and institucional credit.

Esta dissertação tem como objeto a análise da atuação judicial no âmbito dos processos de recuperação judicial de empresas, regulados pela Lei nº 11.101 de 9 de fevereiro de 2002 (\"LRE\"). No primeiro capítulo, são introduzidas as limitações do trabalho e as principais questões a serem respondidas ao longo do texto. No segundo capítulo, são expostos os panoramas histórico e jurídico da LRE, para que se extraiam os verdadeiros objetivos tutelados pela lei e o diálogo destes objetivos com a atuação do Poder Judiciário. No terceiro capítulo, são propostos três níveis de intervenção judicial no bojo do processo de recuperação, sendo eles: (a) o controle de legalidade estrita, por meio do qual o juiz verificará a observância aos requisitos e vedações impostos pela LRE ao conteúdo do plano de recuperação e à sua votação; (b) o controle de legalidade material ou controle de juridicidade, por meio do qual o juiz avaliará se o conteúdo do plano e sua votação atendem aos princípios gerais orientadores do ordenamento brasileiro; e (c) o juízo de viabilidade, por meio do qual o juiz, usando de critérios objetivos sugeridos pela doutrina, avaliaria o mérito do plano de recuperação judicial para averiguar se, além de atenderem aos critérios de legalidade, as disposições do plano de recuperação atingem os objetivos traçados pela LRE, no sentido de tutela da empresa viável e tutela institucional do crédito. No quarto capítulo, são retomadas as conclusões alcançadas ao final de cada um dos subcapítulos. / This study aims at the analysis of the role played by judges in connection to the proceedings of judicial corporate reorganization established under Federal Law No. 11.101, dated February 9, 2002 (\"LRE\"). In the first chapter, the limitations to this study and the main questions to be answered herein are introduced. In the second chapter, the legal and historical backgrounds of LRE are presented. In the third chapter, we propose three (3) different levels of judicial intervention related to the judicial corporate reorganization procedure: (a) the control of strict legality, by means of which the judge will monitor whether the reorganization plan and the deliberation organized for the plan to be voted are in compliance with the requirements and prohibitions imposed by LRE; (b) the control of substantive legality, through which the judge will assess whether the plan\'s content and its voting meet the general principles that govern Brazilian legal system; and (c) a feasibility judgment, by means of which the judge, using some objective criteria suggested by doctrine, evaluates the merits of the judicial reorganization plan to determine whether, the recovery plan provisions reach the goals set by LRE, in the sense of protection of viable companies and institucional credit.