AND KEY WORDS: Mergers within a group of companies can be divided into three basic variants: a company mergers into its shareholder (up-stream merger), a shareholder-legal entity mergers into its company (down-stream merger), a company mergers into other company given that both companies have at least shareholder in common (merger of sister companies). Capital interconnection of companies makes these mergers to be special and requires a specific regulation. The present regulation of mergers of companies has particular weak points, the gravest is the fact, that the Act on Transformations does not take into account the specifics of the mergers within a group of companies. This entails that in some cases the word-to-word application of the Act on Transformations can lead to harming of shareholders and creditors of the companies participating on the merger. In some cases it leads to an absurd duty to file an application for dissolving of the company while the general meeting is convoked to approve the project of merger. The thesis is dedicated exclusively to the capital aspects of mergers. Therefore I deal with the issues of the amount of the capital stock in the succession company pursuant to the Act on Transformations. I elaborate why it is not possible to apply word-to-word the law on the maximum...

Legal regime of a group company after recodification of private law in the CR This master thesis is devoted to the group of companies law in a broader sense of the business groups, including the terms influential entity and influence, after the recodification of private law in the Czech Republic. The thesis is composed of seven chapters. Chapter one briefly characterizes the term group of companies law, its two main models of regulation - the German and French approach, including the Rozenblum concept and a comparison of these two models. Subsequently, it presents the European regulation of the group of companies, along with its development and impact on the legal systems of the member states of the European Union. Lastly, a legal basis of the new legislation in the Business Corporations Act is considered. Chapter two describes certain legal terms of the Business Corporations Act, in terms of acting in concert and majority member. Chapter three defines the term and the characters of the group of companies in the sense of the business groups, and it also points to the reasons why the grouping occurs. Chapter four explores the essential elements of influential entity and influence as an institute that is applied within the particular types of the group of companies. In connection with the term...

<p><strong>Abstract </strong></p><p>The development towards an international accounting standard implies that Swedish groups of companies that are not quoted on the stock exchange can use a parent company perspective or an entity perspective while making their group accounting. The purpose of this study is to describe and explain the motives behind the groups of companies choice of perspective and to show how these motives agrees with the effect it has on the profit and loss account and on the balance sheet.</p><p>The study includes four fictitious groups of companies based on real groups of companies. Every group of companies includes 1-3 subsidiary companies, where at least one is owned by the parent company with 51-70 %. Some assumptions were made before the consolidation.</p><p>Relevant key numbers have been calculated according to both perspectives and then compared. A total of three semi structured interviews have been carried out two with representatives for the real groups of companies and one with a chartered accountant. The purpose was to clarify the motives that are behind the choice of perspective.</p><p>The conclusion is that the choice of perspective is not an active choice for the group of companies in the study, there are therefore no active motives. The entity perspective provides better results on two out of the three examined key numbers, but the difference is only marginal. The change of perspective is a problem in theory but not in reality.</p><p><em>Keywords: parent company perspective, entity perspective, key numbers, group accounting, group of companies </em></p>

Abstract The development towards an international accounting standard implies that Swedish groups of companies that are not quoted on the stock exchange can use a parent company perspective or an entity perspective while making their group accounting. The purpose of this study is to describe and explain the motives behind the groups of companies choice of perspective and to show how these motives agrees with the effect it has on the profit and loss account and on the balance sheet. The study includes four fictitious groups of companies based on real groups of companies. Every group of companies includes 1-3 subsidiary companies, where at least one is owned by the parent company with 51-70 %. Some assumptions were made before the consolidation. Relevant key numbers have been calculated according to both perspectives and then compared. A total of three semi structured interviews have been carried out two with representatives for the real groups of companies and one with a chartered accountant. The purpose was to clarify the motives that are behind the choice of perspective. The conclusion is that the choice of perspective is not an active choice for the group of companies in the study, there are therefore no active motives. The entity perspective provides better results on two out of the three examined key numbers, but the difference is only marginal. The change of perspective is a problem in theory but not in reality. Keywords: parent company perspective, entity perspective, key numbers, group accounting, group of companies

The decision-making in a company requires knowledge of the external environment in which it operates. The group of companies, according to an activity or with the behavior of certain variables regardless of the type of product or service, serves as a basis for understanding the relationships and characteristics of businesses in markets that sell or buy. This thesis seeks to evaluate the efficiency of the sector classification from the cluster analysis method. The use of rating sector in studies in the administration area has been based on the assumption that companies within the same industry are similar. So if the classification sector is efficient, it is expected that companies within the same industry form a cluster of industries and companies that are grouped into different clusters mixed. The results, in general, show a high heterogeneity in sectoral clusters or when the number of clusters is suggested by the rule of stopping or BOVESPA criterion. And this heterogeneity is stable, as it remained throughout the study period. Therefore, the results point to the inefficiency of sectoral analysis. The study group of companies from financial and economic data served to identify the lack of homogeneity of the sectors in terms of the indicators when subjected to a classification based solely on the type of goods or services produced. For more precise decisions taken in those sectors can be restructured to incorporate in each group, companies that can be reasonably similar. / O processo de tomada de decisão numa empresa requer conhecimento externo do ambiente em que ela atua. O agrupamento de empresas, de acordo com o ramo de atividade ou com o comportamento de certas variáveis independentemente do tipo de produto ou serviço oferecido, serve como base para a compreensão das características e relações das empresas nos mercados em que vendem ou compram. Esta dissertação busca avaliar a eficiência da classificação setorial a partir do método análise de cluster. A utilização da classificação setorial nos estudos na área de administração tem, por base, o pressuposto de que empresas de um mesmo setor são semelhantes. Portanto, se a classificação setorial é eficiente, espera-se que empresas de um mesmo setor formem um cluster e que empresas de setores diferentes sejam agrupadas em clusters díspares. Os resultados, de um modo geral, demonstram uma alta heterogeneidade setorial nos clusters quer quando o número de clusters é sugerido pela regra de parada ou critério BOVESPA. E esta heterogeneidade é estável, uma vez que se manteve ao longo do período estudado. Portanto, os resultados apontam para a ineficiência da análise setorial. O estudo do agrupamento de empresas a partir de dados econômicos e financeiros serviu para identificar a não existência de homogeneidade dos setores do ponto de vista dos indicadores quando sujeitos a uma classificação baseada unicamente no tipo de bem ou serviço produzido. Para tomadas de decisões mais precisas os setores podem ser reestruturados de modo a incorporar, em cada agrupamento, empresas que possam ser razoavelmente semelhantes.

The thesis studies the performance of a group of agricultural enterprises that form a consolidated group managed by a parent company Lukrom, LLC. This consolidation group is undergoing financial valorization based on a selected number of methods. Problem areas are then identified and proposals for their solutions are made.

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Die Regelungen zur Unabhängigkeit des Abschlussprüfers insbesondere bei Abschlussprüfungen konzernverbundener Unternehmen sind in den letzten Jahren - zuletzt in Folge der Finanzkrise 2007-2009 – auf den Prüfstand gestellt worden. Mit der Verordnung (EU) Nr. 537/2014 und der Richtlinie 2014/56/EU und deren Anwendung zum 17.06.2016 sowie der Umsetzung der europäischen Vorgaben auf nationaler Ebene durch das AReG und das APAReG sollte die Unabhängigkeit des Abschlussprüfers gestärkt werden. Eine Untersuchung des Rechtsrahmens vor und nach der Umsetzung der sog. EU-Abschlussprüferreform 2014 in deutsches Recht zeigt auf, an welchen Stellen Verbesserungen erfolgt sind und an welchen Stellen noch immer Handlungsbedarf besteht. / The regulations regarding the independence of the auditor in particular when the subject of the audit is an affiliated company, have been critically questioned, at least as a consequence of the financial crisis 2007-2009. With the Regulation (EU) Nr. 537/2014 and the Directive (EU) 2014/56/EU and their application until 17.06.2016, as well as the implementation of the European requirements at national level by AReG and APAReG, the independence of the auditor should be strengthened. An analysis of the legal framework before and after the implementation of the so-called EU audit reform 2014 into German law, demonstrates where improvement has been achieved and where there is still a need for action.

L’obligation de remise en état est une déclinaison de grands principes et concrétise le droit à l’environnement dans le présent et pour les générations futures. C’est une mesure de police atypique, perméable au phénomène de la contractualisation. Elle est ainsi résolument moderne et transcende la frontière entre droit public et droit privé. Obligation légale d’intérêt général, elle participe à la construction de l’ordre public écologique. Elle peut inspirer de nouvelles actions, et conduire à envisager la reconnaissance d’une obligation générale de remise en état. Le dernier exploitant reste son seul débiteur légal. Or, le constat de grandes difficultés à obtenir la remise en état en cas de liquidation judiciaire est indéniable. En cas de défaillance, le blocage n’est cependant pas total. D’autres obligés peuvent être trouvés dans le groupe de sociétés. Des tiers peuvent aussi être juridiquement tenus par certaines obligations qui participent de la remise en état. Le rôle du propriétaire est incontournable. Ces solutions ont incontestablement le mérite d’exister, mais elles ont pour point commun de n’être que partielles. Ainsi, diverses hypothèses pour une amélioration ont pu être formulées. / The obligation for restoration is an application of general principles and gives concrete expression to the environmental law in the present and for future generations. This is an atypical police measure, sensitive to the phenomenon of contracting. It is thus resolutely modern and transcends the summa divisio between public and private law. As a legal obligation of general interest, it contributes to the construction of ecological public order. It may inspire new actions and lead to considering the recognition of a general obligation for restoration. The last operator remains its sole legal debtor. However, one cannot deny that it is very difficult to obtain restoration in the event of winding up by decision of the court. In case of failure, the blocking situation is however not total. Others indebted may be found in the group of companies. Third parties may also be legally bound by certain obligations that contribute to the restoration. The owner has a key role to play. These solutions undoubtedly have the merit of existing, but they all have in common that they are only partial. Thus, various hypotheses for improvement have been made.

O objeto de estudo desta dissertação é a abrangência subjetiva da cláusula compromissória, especificamente daquela celebrada por sociedades pertencentes a grupos societários. O problema, ainda novo no Brasil devido ao desenvolvimento recente da arbitragem em nosso país, já foi objeto de muito debate na Europa e nos Estados Unidos, onde a arbitragem é usada há muitos anos como método alternativo de resolução de conflitos. No âmbito da arbitragem comercial internacional, consolidou-se, tanto na jurisprudência como na doutrina, a teoria da unidade econômica dos grupos societários. Ela reconhece a especificidade do problema que a presença de agrupamentos de sociedades suscita na arbitragem, devido, essencialmente, à dupla realidade que eles representam unidade diretiva e econômica e diversidade jurídica. Nesta dissertação, procuramos expor as bases sobre as quais essa teoria, consolidada na prática comercial internacional, se assenta. Se no Brasil o tema não foi suficientemente discutido, podemos aprender as lições daqueles que não só já debateram exaustivamente a questão como, também, parecem já ter encontrado uma solução, ainda que ela não seja indene de críticas e ainda mereça ser aperfeiçoada. De início, tentamos conceituar e caracterizar os grupos societários. Em seguida, fizemos um apanhado de casos emblemáticos da jurisprudência arbitral e estatal, de diversos países, que recorreram à teoria da unidade econômica do grupo. Nosso intuito foi verificar a solução conferida ao problema por aqueles que se depararam com ele no caso concreto. Depois, procuramos expor a visão da doutrina sobre a teoria da unidade econômica do grupo, para podermos concluir onde reside o problema central da questão. Ao fim, discutimos o possível obstáculo, apontado por alguns autores, à aplicação da teoria no Direito brasileiro. / The purpose of this paper is to discuss who are the parties to the arbitration agreement, especially regarding the convention executed by companies that form part of a group. The issue, still topical in Brazil due to the recent development of the arbitration in our country, has already been subject to much debate in Europe and in the United States, where arbitration has been used for years as an alternative dispute resolution method. In international arbitration, the group of companies theory has been restated, both within the legal authorities and in case law. Such theory acknowledges the specificity of the issue raised by the presence of groups of companies in arbitration, especially due to their dual characteristics managerial and economical unit and legal diversity. In this paper, we have sought to settle the basis over which such theory, already settled in the international commercial arbitration practice, is construed. Since in Brazil the subject hás been scarcely discussed, we may learn lessons from those who have not only exhaustively debated it but who also seem to have found a way to solve it, even if it is not immune to criticism and still ought to be improved. We have initially tried to clarify the notion and the characteristics of the groups of companies. We have subsequently gathered a number of illustrative arbitral and state case law, from different countries, which have made use of the group of companies theory. Our aim was to verify the solution given to the issue by those who have actually been faced with the problem. Then, we have tried to present the legal authoritys view on the group of companies theory in order to conclude where the issue is in fact centered. In the end, we have discussed a possible obstacle, which certain authors have raised, as to the application of the theory in the Brazilian Law.