In many regions of the world, the solvency regulation of insurers is becoming more principle-based and market oriented. However, the exact forms of the solvency standards that are emerging in individual jurisdictions are not entirely consistent. A common risk and capital framework can level the global playing field and possibly reduce the cost of capital for insurers. In the thesis, a conceptual framework for measuring the insolvency risk of life insurance companies will be proposed. The two main advantages of the proposed solvency framework are that it addresses the issue of incentives in the calibration of the capital requirements and it also provides an associated decomposition of the insurer's insolvency risk by term. The proposed term structure of insolvency risk is an efficient risk summary that should be readily accessible to both regulators and policyholders. Given the inherent complexity of the long-term guarantees and options of typical life insurance policies, the term structure of insolvency risk is able to provide stakeholders with more complete information than that provided by a single number that relates to a specific period. The capital standards for life insurers that are currently existing or have been proposed in Canada, U.S., and in the EU are then reviewed within the risk and capital measurement framework of the proposed standard to identify potential shortcomings.

Darbuotojų apsauga darbdavio nemokumo atveju viena iš šiuo metu Lietuvoje aktualiausių ne tik įmonės bankroto teisės, bet ir darbo teisės instituto problemų. Bankrutuojančių ir bankrutavusių įmonių skaičius kiekvienais metais išlieka aukštas, o pastaruoju metu ėmė didėti. Didėja ir darbuotojų, su kuriais įmonės iš dalies arba visiškai neatsiskaitė skaičius. Tarptautiniai, Europos Sąjungos standartai jau yra numatę darbuotojų teisių apsaugos darbdavio nemokumo atveju būdus, pagrindiniai būdai išskiriami du: teikiant privilegiją ir įsteigiant garantinę instituciją, iš kurių darbuotojų reikalavimų gynimas per garantinę instituciją yra efektyviausias. Tuo tarpu mišri sistema derinant tiek privilegijos, tiek garantinės institucijos būdą, sudaro palankiausias sąlygas darbuotojų teisėtiems interesams apsaugoti. Lietuva taip pat teisės aktais įgyvendinusi palankiausią darbuotojų apsaugos modelį darbdavio nemokumo atveju, t.y. įtvirtindama tiek darbuotojų reikalavimų tenkinimą pirmąja eile bankroto proceso metu, tiek reikalavimų tenkinimą iš Garantinio fondo lėšų. Įmonių bankrotų gausa bei nepakankamas darbuotojų teisių užtikrinimas jas ginant teisme, pasinaudojimas Lietuvos ratifikuotais TDO standartais, bei Europos Sąjungos Direktyvų įgyvendinimas šioje darbuotojų teisių apsaugos srityje lėmė Garantinio fondo įkūrimą. Tik įkurtas Garantinis fondas neišsprendė visų įsiskolinimų įmonių darbuotojams, darbuotojų reikalavimai buvo tenkinami pažeidžiant tarptautinius standartus. Tačiau... [toliau žr. visą tekstą] / The list of the enterprises which are bankrupt or facing bankruptcy is getting longer and longer. Guarantees assured to employees in the event of insolvency of the employer form one of the most urgent themes in Lithuania both for the corporate bankruptcy law institute and for the labour law institute. Insolvency of the employer produces the greatest negative impact on employees: the employer fails to settle payments with the employees or at times settlements are not executed at all. Law stipulates quite a few guarantees to employees. International standards and European Union directives provide protection of employees in the event of the insolvency of their employer. There are two key institutions defending the interest of employees, i.e.: the court, with which the employee may lodge a claim on demands and guarantee funds, which would meet the minimum demands of employees targeted against insolvent employers. The ILO and EU requirements have been interpreted and implemented in myriad ways. Most developed countries use a hybrid system that gives workers’ predetermined entitlements some priority in bankruptcy, but also provides unemployment insurance in acknowledgement that the remaining assets are often insufficient to cover outstanding entitlements. Lithuania has also accepted aforementioned Bankruptcy Priority - Guarantee Fund Approach model. However, at the beginning Guarantee Fund Law has some shortcomings why it does not act ant the Guarantee Fund was not possible at... [to full text]

An increasing number of restructuring proceedings in both the United States and Canada end in the liquidation of the debtor company. This might prejudice the rescue culture approach which is deeply rooted in both countries bankruptcy laws. At the very least, it is the expression of different economic circumstances and of a different creditors’ structure which has excited for a little over a decade. This thesis gives an overview of the different approaches available in Germany, Canada and the United States to rescue a debtor and explains what exactly is meant by a rescue culture policy. Furthermore, it examines the extent to which each legislator has embraced the rescue culture approach. Finally, it looks at the reasons and consequences of the above mentioned current North-American trend and examines the extent to which these developments may influence the outcome of restructuring proceedings in Germany.

An increasing number of restructuring proceedings in both the United States and Canada end in the liquidation of the debtor company. This might prejudice the rescue culture approach which is deeply rooted in both countries bankruptcy laws. At the very least, it is the expression of different economic circumstances and of a different creditors’ structure which has excited for a little over a decade. This thesis gives an overview of the different approaches available in Germany, Canada and the United States to rescue a debtor and explains what exactly is meant by a rescue culture policy. Furthermore, it examines the extent to which each legislator has embraced the rescue culture approach. Finally, it looks at the reasons and consequences of the above mentioned current North-American trend and examines the extent to which these developments may influence the outcome of restructuring proceedings in Germany.

In many regions of the world, the solvency regulation of insurers is becoming more principle-based and market oriented. However, the exact forms of the solvency standards that are emerging in individual jurisdictions are not entirely consistent. A common risk and capital framework can level the global playing field and possibly reduce the cost of capital for insurers. In the thesis, a conceptual framework for measuring the insolvency risk of life insurance companies will be proposed. The two main advantages of the proposed solvency framework are that it addresses the issue of incentives in the calibration of the capital requirements and it also provides an associated decomposition of the insurer's insolvency risk by term. The proposed term structure of insolvency risk is an efficient risk summary that should be readily accessible to both regulators and policyholders. Given the inherent complexity of the long-term guarantees and options of typical life insurance policies, the term structure of insolvency risk is able to provide stakeholders with more complete information than that provided by a single number that relates to a specific period. The capital standards for life insurers that are currently existing or have been proposed in Canada, U.S., and in the EU are then reviewed within the risk and capital measurement framework of the proposed standard to identify potential shortcomings.

The topic of this thesis is the quality of insolvency law in the market economy of the Czech Republic. The aim of the thesis is outlining the course of the insolvency proceedings and introducing basic ways of resolving bankruptcy of a debtor, which means declaring bankruptcy, the discharge of the debt and reorganization. The work focuses in more detail on problems of the discharge of the debt. The main aim of this work is calculating an average amount of satisfaction of unsecured creditors in case of resolving bankruptcy by declaring bankruptcy, reorganization, or the discharge of the debt on the ground of data from the insolvency register which is accessible to the public. There were used samples of proceedings at the Regional court in České Budějovice (hereinafter referred to as "the Regional court in ČB"). The data were subsequently compared with an amount of satisfaction according to statistics. The representative sample consists of the finished insolvency proceedings in the first trimester of years 2011 2015 at the Regional court in ČB.

The topic of the master thesis is the role of insolvency administrator in bankruptcy and dischargeofdebts. The thesis defines the role of an insolvency administrator in an entire process of aninsolvency proceeding, from administrator nomination to the end of the procedure. The first part of thesis describes the historical development of the legislation of insol-vency proceeding and its characteristic. The second part of the thesis is focused on the figure of the insolvency administrator and administrator and his nomination together with the conditions, how to get the authorization to exercise this function. The practical part of the thesis is focused on the comparison of the legislation ofinsol-vency proceeding before the amendment of the Act about insolvency from 1. 1. 2014 and the recent way of proceeding. In this comparison I am focusing on analysis of terri-torial action of individual insolvency administrators. All the information I have found, I use in practice thanks to the company Alva s.r.o., which provided me all the documen-tation needed to find out, if all the insolvency administrators work in the same way or not, and if they work as they should. In the conclusion of my thesis there is a summary of all the facts I have found out.

The thesis is focused on the causes and consequences of default of Saab. The aim of this thesis is to define the long-term factors that contributed to insolvency and describe the process of insolvency proceedings in Sweden compared to Czech Republic. Definition of causes which brought company to default is based on analysis of the industry and car sales. Financial analysis and comprehensive evaluation enterprise models are used to assess the financial health of the company. The thesis contains also description of the expected development of the newly established company, which has become the successor of car manufacturer Saab.

Die Arbeit behandelt den Debt-Equity-Swap im Insolvenzplanverfahren. Sie geht dabei besonders auf die rechtlichen und praktischen Hürden des Debt-Equity-Swaps im Insolvenzplanverfahren ein und deren mögliche Bewältigung. Aufgrund der mutmaßlichen geringen Praxisrelevanz wird die Motivation der am Insolvenzplan Beteiligten besprochen. Hierfür beschäftigt sich ein der Teil der Arbeit mit einer Umfrage unter Berater*innen und Insolenzverwalter*innen. Die Arbeit schließt mit Vorschlägen zur Bewältigung von Hürden und einer abschließenden Betrachtung.

What human rights or fundamental rights of stakeholders do insolvency norms and laws affect? Will a human rights perspective help in striking a balance between the affected stakeholders? These are the primary questions addressed in this thesis. The idea that human rights values are relevant to he theoretical discussion about insolvency policy is relatively novel. Insolvency after all conjures images of banks and other creditors who are simply attempting to recover their investment. A thorough examination of the dynamics of insolvency however reveals that insolvency is not just about debt collection. It is a complex process that also implicates interests and stakes beyond the interest of banks and other creditors. Globalization further exacerbates this complexity, more so under circumstances of economic decline in the world economy. Using literature review and interdisciplinary or critical legal analysis as methods, the thesis analyzes the axiology of corporate insolvency. While “law and economics” has been identified as an influential value in policy formulation, normative values like human rights were identified to be equally relevant. The thesis draws upon stakeholder theory and corporate responsibility vis-à-vis human rights law to lay the foundation for stakeholder conflict analysis in the context of corporate insolvencies. Concluding that the likely conflict situations in corporate insolvency involve human rights, the thesis suggests the use of the proportionality principle as a balancing tool. In the functional part of the thesis, the author analyzes the relevant provisions of the Philippine insolvency law and singles out the conceptual disconnect of the law with mainstream stakeholder theory in the way it defines the term “stakeholder.”