This dissertation deals with the non-performing loans of companies that are resolved within insolvency proceedings, with a focus on reorganization. The work compares insolvency systems of various developed markets with those of emerging/transition economies. The practical part is oriented toward domestic insolvency issues in the Czech market based on a survey structured as a questionnaire that was responded to by top insolvency professionals, bankers and lawyers. The survey was followed-up and complemented by structured interviews with selected respondents. The work also entails practical observations arising from the author´s recent working experience with debt-recovery both in the Czech market and abroad. The dissertation seeks answers regarding whether reorganization provides banking creditors with added-value and the transferability of western approaches to reorganization in the context of the environment of transition economies. A clear answer to this complex question is not found and based on his research the author remains skeptical as to the frequent and often over optimistic opinions provided in support of the general benefit of reorganizations.

The new Insolvency Law came into the account in 2008. It brought number of innovations. New rules for reorganization and dealing with bankruptcy was established. Companies facing the bankruptcy are now allowed to get operational funds by loan financing in the scope of insolvency law. The aim of this thesis is to analyze the use of debt financing during the reorganization under bankruptcy law and identifying motives for his provision creditors. The work also focuses on success factors reorganization and find the main risk areas affecting the outcome of the healing process.

Different scenarios of the financial situation can take place before the company's bankruptcy. There may be long-term trends in the deteriorating financial situation that indicate the impending corporate bankruptcy, or the bankruptcy may occur unexpectedly, even though the company was ranked among prosperous business units. If the economic situation of the company followed the second scenario, when insolvency was quite predictable, static model, i.e. the model which does not take into account the dynamics of changes in the financial indicators, is a good option to capture the probability of bankruptcy. However, the situation becomes different when the financial indicators fail to show a positive trend throughout some years before the insolvency. In this case, the predictive accuracy of the static model could be increased by a dynamic model by taking into account the fact that the development of the financial indicators in the past periods may affect the company's financial health for the period under consideration.

The diploma thesis focuses on the problematics of the risk management, especially on the management accountability for the breach of the obligations related to corporate governance and breach of obligations in the connection with bankruptcy proceedings, in particular the obligation to file a bankruptcy.

v anglickém jazyce Despite the market relevance and cross-border operations of numerous credit and other financial institutions, the recent global financial crisis has clearly demonstrated that even the most significant conglomerates of the financial sector are not safe from the threat insolvency. Given cross-border activities of these institutions, any resolution of their market failure requires a comprehensive approach, inevitably facing also complexities arising from the presence of an international element. In this regard, this work examines persisting pitfalls pertaining to determination of international jurisdiction and applicable law, considering specific principles that govern current regulation of international insolvencies of credit institutions in conjunction with fundamental principles of universality and territoriality. With reference to existing case law, it is shown that despite the dogmatic dominance of the universality principle, the international solution of the insolvency of credit institutions still clashes with significant territorialism tendencies. Given the unique position of credit institutions and their systemic importance for financial stability, their resolution has traditionally been entrusted to supervisory authorities with competence. As a result, credit institutions...

Invalidity and Ineffectiveness of Legal Action in Insolvency Proceedings Abstract The subject of this thesis is a comprehensive analysis of the institute of invalidity of legal actions and ineffectiveness of legal actions and the incorporation of these concepts in contemporary legal theory and practice. The legislation protects the rights of recipients of the law and the public interest by identifying the legal actions which contradict the principles of morality or (and?) the law, as absolutely or relatively invalid, if the meaning and the purpose of the Act so require. Legal actions are also considered invalid if those actions undertake to the fulfilment of something impossible and in certain cases also if those actions are not made in the required form or if they are an error. The current legislation also protects creditors from the behaviour of debtors, if they intentionally shorten their creditors, through an institution called the relative ineffectiveness of legal action. The purpose is to protect creditors, guarantors and other persons against this shortening legal actions made by debtors. Such conduct of the debtor is formally not problematic, but it damages creditors, who therefore have the right to demand that the court determines such action is ineffective (only) against them. The author's...

Reorganisation and restructuring in Czech and European Law This thesis deals with the Czech and European legal regulation of corporate bankruptcy rehabilitation. In the first part, the Czech variant of reorganisation in insolvency proceedings is analysed and then compared with the German and Dutch legislation. The phases preceding the decision to reorganise a company, such as the court moratorium, the drafting, approval and effects of the reorganisation plan, credit financing and the valuation of the debtor's assets are discussed. In the second part, this paper examines the Restructuring and Insolvency Directive accepted in 2019 by European Union and the reasons for its adoption. It outlines the possible ways of implementing this directive in the Czech legal system and the pitfalls that will have to be dealt with. It also explains the most important institutes introduced by the Directive, such as early warning systems, financing of the debtor and the elements of restructuring plans. Since the Directive has already been transposed into the laws of Germany, Netherlands and Greece, this paper also looks at the form of their arrangements. Finally, these types of corporate recovery solutions are compared, their advantages and disadvantages are presented, and the implications of the new institute of...

This Thesis focuses on Insolvency. The work begins with determination of basic terms relevant to Insolvency. Further it describes the importance of Capital Structure and claims for company assets and the importance of debt financing. Financial analysis is important for the prediction of bankruptcy in the future. There are references to the basic methods of financial analysis, the most significant ratio indicators and some models for the prediciton of bankruptcy (Altman's Z-score, Neumaier's Index IN05, Kralicek's quick test). Theory Approach is an important microeconomic theory connected with insolvency. The next part of the work focuses on Theory Approach problems - relationships between the lender and the borrower (principal and agent), information asymmetry, soft and hard budget constraint. The work is also focused on a Czech bankruptcy legal form. It also references the purpose and goals of the bankruptcy law, rescue culture, development and the new Czech Bankruptcy Act and the insolvency process. The next part of the work investigates trends of insolvency in the USA , Europe and the Czech Republic in context of the world economic crisis. After that a case study follows. The goal of the case study is to describe the bankruptcy of a real Czech company and resume for the issues which were mentioned in the theoretical part of the Thesis. The company which is analysed in this case study is Oděvní podnik, a.s.. During the insolvency process, it used the new bankruptcy act-reorganization. The case study involves analysis of the causes of bankruptcy, financial analysis (the trends in balance sheet and profit and loss report, ratio indicators calculation and application of credibility and bankruptcy models) with the purpose of finding out if it was possible to predict the bankruptcy of Oděvní podnik, a.s.. The next part of the case study describes the insolvency processes which have run till this time with focus on the chosen problems of the Theory Approach.

The work is focused on using bankruptcy models and appropriate selected indicators on the data set used, and it identifies how crucial it can be for an enterprise to use an inappropriate model or indicators to decide whether to enter into liquidation or insolvency, and how these business aid indicators can prevent larger business damages that would occur if the risk was ignored. It adds value to controlling activities and can influence the possible prediction of the development of financial problems in the enterprise. Selected models and indicators are tested on a database of companies, which is divided into two groups - bankruptcy and non-bankruptcy. It compares the results of the model evaluation by including the gray zone intervals in the calculation with the results when these intervals are removed. The individual models' reliability is tested both on individual groups and in individual years 2013 to 2017. Selected indicators are tested on the bankruptcy group, which best correlates with reality and confirms the correct selection of indicators for possible prediction of bankruptcy

The subject of this thesis is to evaluate the issue of judicial enforcement of claims in legal theory and practice. The first part is devoted to an explanation of key concepts in terms of legislation. The next part shows the possible ways of enforcing judicial claims. The final part evaluates the results in terms of qualitative and quantitative indicators.