The international financial crisis naturally prompts the question of whether IIFS are robust and resilient or may be swept into crisis by a global wave and if so through what channels. This thesis considers channels through which the world financial crisis would affect IIFS, their features that may help contain it and those that may foster post crisis recovery in a dual banking system. Our sample covers 467 conventional banks and 90 Islamic banks in 16 countries for the period 2000-2008, a range advanced economies and emerging markets. We estimation the financial stability (z-score) in conventional and Islamic banks. The z-score has become a popular measure of bank soundness (Boyd and Runkle, 1993; Maechler, Mitra, and Worrell, 2005; Beck and Laeven, 2006; Laeven and Levine, 2006; Hesse and Čihák, 2007, 2008, 2010; Mercieca, Laeven and Levine, 2009; Beck; Demirgüç-Kunt and Merrouche, 2010). With a robust and a quantile estimation model, this empirical analysis explores causes of insolvency risk in Islamic and conventional banks in Middle East and North Africa (MENA) and Southeast Asian countries, by controlling for various factors, bank-by-bank data, macroeconomic and other system-wide indicators.

This thesis offers a comparative study of Chinese and the U.S. legislations on the issue of cross-border insolvency. China has included one article concerning this issue in its Enterprise Bankruptcy Law promulgated in 2006. Four years after that, when facing a real case, it is found that the legislation is too preliminary to be used. In the meantime, great efforts have been made among many western countries in order to promote international cooperation on this issue. The United States is one of the most active countries. This thesis analyzes the Chinese version of cross-border insolvency legislation, factor by factor. It also does case study of mostly U.S. cases and some other countries’ cases and tries to find out how the courts interpret the corresponding factors. In doing so, it hopes to improve the Chinese legislation by taking international experience as reference.

This thesis offers a comparative study of Chinese and the U.S. legislations on the issue of cross-border insolvency. China has included one article concerning this issue in its Enterprise Bankruptcy Law promulgated in 2006. Four years after that, when facing a real case, it is found that the legislation is too preliminary to be used. In the meantime, great efforts have been made among many western countries in order to promote international cooperation on this issue. The United States is one of the most active countries. This thesis analyzes the Chinese version of cross-border insolvency legislation, factor by factor. It also does case study of mostly U.S. cases and some other countries’ cases and tries to find out how the courts interpret the corresponding factors. In doing so, it hopes to improve the Chinese legislation by taking international experience as reference.

This study focused on identifying factors that significantly affect the potentially insolvent status of life insurers. The potentially insolvent status is indicated based on insurer’s Risk-based capital ratio (RBC ratio) reported in the National Association of Insurance Commissioners (NAIC) database of life insurers’ annual statements. A logistic regression analysis is performed to explore the relationship between the RBC insolvent indicator and a set of explanatory variables including insurer’s size, capital, governance structure, membership in a group of affiliated companies, and various risk measures during the 2006-2008 period. The results suggest that the probability of potential insolvency for an individual insurer is significantly affected by its size, capital-to-asset ratio, returns on capital, health product risk and proportion of products reinsured. It could be also possibly affected by the insurer’s regulatory asset risk. However, the results indicate that the probability is not significant related to the insurer’s annuity product risk, opportunity asset risk, governance structure and its membership in a group of affiliated companies. On average, by holding all other explanatory variables constant, every 1% increase in total assets will result in a decrease of 0.19 to 0.36% on the odds of potentially insolvent rates; every 0.01 unit increase in capital-to-asset ratio will result in a decrease of a multiplicative factor of 0.951 to 0.956 on the odds; every 0.01 unit increase in return on capital will result in a decrease of a multiplicative factor of 0.984 to 0.985 on the odds; every 0.01 unit increase in health product risk will result in an increase of a multiplicative factor of 1.021 to 1.031 on the odds; and every 0.01 unit increase in proportion of products reinsured will result in an increase of a multiplicative factor of 1.015 to 1.026 on the odds. The assumptions of independency and absence of harmful multicolliearity are both valid for this logistic model, suggesting that the model is adequate and the conclusion is warranted. Although the potentially insolvent indicator, instead of the real insolvent indicator is used, this model could still be useful to identify the significant factors which affect life insurers’ potentially insolvent status. / text

Where parties are married in community of property, debts are incurred by the parties and not by the joint estate. Each spouse is liable for debt incurred by either spouse. A creditor is, therefore, entitled to claim from joint estate of both spouses (as co debtors). Such an estate includes not only the spouse's undivided interest in the joint estate but also any and all separate property that falls outside the joint estate. Once the joint estate is sequestrated, both spouses become "insolvent debtors" and consequently the property (including separate property) of both spouses is available to creditors. The lnsolvency Act, as opposed to the Matrimonial Property Act, makes no provision for the recognition or sequestration of 'separate property". Although an estate is sequestrated, it is the debtor who is insolvent. A debtor (married in community of property) who possesses "separate property" is on sequestration of the joint estate insolvent in relation to both his or her undivided interest in the joint estate as well as any "separate property". But is this correct? Ample provision is made by various statutes for the exclusion of certain property from an insolvent estate. Does this not mean that a debtor might be insolvent in relation to one estate and not insolvent in relation to the other? The estate of a partnership is, for purposes of sequestration, deemed to be a separate entity from the partners' private estates. Where the partnership fails, creditors first have recourse against the estate of the partnership where after any shortfall may be claimed from the private estates of the partners. Although the estates of partners are sequestrated simultaneously with the estate of the partnership, creditors of the partnership may not proof their claims against the estate of a partner and vice versa. Is it just and equitable that a spouse who owns separate property is treated differently from a partner who does not possess a separate estate in law from the partnership estate? A partner only has one estate - a private estate that includes his or her interest in the partnership. It is concluded that despite the judgment of the Supreme Court of Appeal in Du Plessis v Pienaar, a sense of dissatisfaction still prevails regarding the status of separate property. It is furthermore suggested that in view of the lack of provisions in the insolvency Act regarding separately owned property, the said Act be amended to provide for the specific exclusion of separate property from an insolvent joint estate. It is more advisable to provide for the exclusion of separate property from the insolvent joint estate than to provide for the simultaneous sequestration thereof. / Thesis (LL.M. (Estate Law))--North-West University, Potchefstroom Campus, 2004.

Lietuvos ekonomikai vystantis rinkos sąlygomis, kiekvienas verslas patiria didesnę ar mažesnę riziką. Nei viena įmonė nėra garantuota, kad jos veikla visą laiką bus tęstina, jos paslaugos ar prekės nuolat turės paklausą, o dėl paklausos svyravimų nereikės keisti veiklos masto, atleisti darbuotojų, daryti papildomų išlaidų ir pan. Per pastarąjį laikotarpį išaiškėjo gana pavojingų dalykų liudijančių, kad įstatymų autoriai ir leidėjai nevisiškai įvertino svarbią ir sudėtingą rinkos ekonomikos bankroto funkciją. Tai nėra paprasta teisinė ir finansinė procedūra, bet svarbus ūkio valdymo ir jo efektyvumo didinimo svertas. Bankrotai tapo vos ne masišku reiškiniu, ir, svarbiausia, dauguma jų baigiasi ūkio subjektų likvidavimu. Bankroto procedūros dažniausiai atlieka ne atstatomąją, o likvidacinę funkciją, kurią lemia nepagrįstai ilgas bankroto bylos nagrinėjimo laikotarpis, bei netinkamas ir nekvalifikuotas administravimas. Šiame darbe, atlikti tyrimai bei pateiktos nuomonės /išvados remdamasis ir asmenine, bankrutuojančių įmonių administratoriaus patirtimi, todėl šis darbas ir jame pateikta analitinė, teisinė bei praktinė informacija gali būti panaudojama bankrutuojančių įmonių administratorių ir kreditorių atstovų, dalyvaujančių bankroto bylų nagrinėjime, veikloje. Vienas iš esminių ypatumų, nagrinėjant bankroto bylas, skiriančių šią bylų kategoriją nuo ginčo teisenos, yra administratoriaus kaip proceso dalyvio ypatingas teisinis statusas, bei jo funkcijos užtikrinant... [toliau žr. visą tekstą] / While Lithuanian economy continues to develop under market conditions, every business is experiencing major or minor risk. In the latter period rather dangerous things have been clarified, which point out that authors and publishers of laws haven‘t completely estimated important and complicated bankruptcy function of market economy. It is not a simple legal and financial procedure, but an important management of economy and it‘s efficiency expansion lever. Bankruptcies became nearly massive phenomenon and, above all, most of them end in liquidation of economic entities. This paper includes the carried out research and presented conclusions / estimations . Therefore practical, legal and analytical information presented in this paper could be used by administrators of bankcruptcy companies and representatives of creditors, who participate in the activity of hearing bankcruptcy cases. One of the essential peculiarities in hearing bankcruptcy cases, what distinguishes the category of these cases from dispute proceedings, is particularly legal status of an administrator as a member of a process and his functions in safeguarding the interest balance of debtors and creditors. In compliance with this situation the ultimate attention in this paper is given to the administrator to reveal his functions and problems he comes across in hearing the case. Bankcruptcy cases are heard according to the Regulations defined in the Civil Process Code of the Republic of Lithuania , but... [to full text]

Bankroto procesas - atskira civilinio proceso rūšis, pasižyminti dalyko, proceso dalyvių, bylos nagrinėjimo stadijų specifika bei išskirtiniais tikslais. Lietuvos Respublikos teisės aktais reglamentuojamo bankroto proceso pagrindinis tikslas yra likvidacinis, t.y. nukreiptumas į įmonės teisinę pabaigą. Darbe analizuojami bankroto procesą Lietuvos Respublikoje reglamentuojantys teisės aktai bei jų taikymo (t.y. teisminė) praktika, keliant ir nagrinėjant bankroto bylas, tuo pačiu, darbe atliekama Lietuvos Respublikos ir užsienio valstybių bankroto procesą reguliuojančių teisės aktų lyginamoji analizė aktualiais klausimais, siekiant nustatyti bankroto proceso Lietuvos Respublikoje tikslus, teisinio reglamentavo spragas, teismų praktikos klaidas bei pasiūlyti galimus minėtų probleminių klausimų sprendimus. / The process of bankruptcy is the separate part of the civil process, and is distinguished by an object’, the process participants’, the case hearing stages’ particularity and by the exceptional purposes. In the Republic of Lithuania, the main purpose of the process of bankruptcy is liquidation, i.e., direction to the legal end of the enterprise. In the scientific work, there is presented analysis of the laws, which are regulating the process of bankruptcy in the Republic of Lithuania, and their application in the judicial practice, when bankruptcy cases are heard, also, is fulfilled the comparative analysis on the urgent questions of the laws, which regulate the process of bankruptcy in the Republic of Lithuania and in the foreign countries, having an aim to define the purposes of the process of bankruptcy in Lithuania, the gaps of legal regulation, the mistakes of judicial practice, and to offer possible solutions of the above-mentioned problem matters.

Baigiamajame magistro darbe autorė nagrinėja Lietuvos Garantinio fondo teisinio reglamentavimo kokybę ir siekia nustatyti jo veiklos efektyvumą. Šiems tikslams pasiekti darbe aptariamos pasaulyje taikomos darbuotojų teisių apsaugos sistemos bei konkretūs skirtingose valstybėse veikiantys garantinių institucijų modeliai. Autorė taip pat atkreipia dėmesį į Lietuvos Garantinio fondo įstatymo nuostatų atitikimą Tarptautinės darbo organizacijos Konvencijoms, Europos Sąjungos direktyvoms ir Europos Bendrijų Teisingumo Teismo suformuotai praktikai. Pagrindinės darbe iškeltos problemos yra susijusios su Garantinio fondo įstatymo nuostatų atitikimu Europos Sąjungos direktyvoms. Viena iš aptariamų problemų yra darbuotojų, kurių darbdaviams šiuo metu netaikomas Garantinio fondo įstatymas, teisė reikalauti išmokų darbdavių bankroto atveju. Kitas klausimas yra susijęs su Garantinio fondo įstatymo taikymu bankrutavus privačiai pensijų kaupimo sistemai. Be to, autorė aptaria ir atvejus, kai išmokos iš Garantinio fondo skiriamos užsieniečiams, kurių darbo leidimo galiojimas yra pasibaigęs. Magistro baigiamajame darbe taip pat siekiama nustatyti Lietuvos Garantinio fondo veiklos efektyvumą ekonominės recesijos metu ir pateikti rekomendacijas sprendžiant darbe aptartas problemas. / The author of the paper analyses the quality of the legal acts related to the Lithuanian Guarantte Fund and seeks to determine the effectiveness of its practical activity. In order to reach these aims the paper dicusses the systems of the protection of employees rights, which are used worldwide and the particular models of guarantee institutions which are used in different countries. The author turn one‘s attention to how Lithuanian law of Guarantee Fund correspond to the Conventions of the International Labour Organization, to the directives of European Union and practise of the European Court of Justice. The main problems discussed in the paper are related with Lithuanian Law of Guarantee Fund correspondance to the directives of European Union. One of considered problems is the right of emploees, whose employers are not the subjects of the Law of Guarantee Fund, to seek compensation from Guarantee Fund. Another question is related to the application of the Law of Guarantee Fund to the private pension system. Furthermore, the cases of compensation from Guarantee Fund to foreign employees whose permission to work is not valid, are discussed. Also, in the paper we seek to determine the importance of the Lithuanian Guarantee Fund in the depression and give recommendations how to solve the problems discussed in the paper.

The author of this thesis raised question if the insolvency of a State is the legitimate basis for suspension or repudiation on international financial obligations. Since there is no uniform way to deal with the issue, the attention is given to different practices and guidelines of court’s reasoning. In order to answer the legal question, prove or neglect the hypothesis and fulfill goals descriptive, analytical and comparative methods are used. The paper consists of four major parts and proceeds in the following order. Part one provides general understanding of State as subject of international law, gives basic legal characteristics of Sovereign debt, introduces the legal definition of insolvent State and explores responsibility of the State in case of unilateral suspension or repudiation on external public debt. The second part explores the existing judicial regulation, defines the absence of international law containing a uniform or a codified insolvency law of states and outlines the main principles applicable to the dispute resolution between insolvent Sovereign State and its creditors. This section also analyzes the frequent practice of solvency crises resolutions and sifts through main judicial problems. It is concluded that current Sovereign crisis resolution violates the main fundamental principle of the rule of law: that one must not be judge in one's own cause. Author emphasizes that diversity among creditors creates uncertainty among all participants as to how... [to full text] / Darbo tikslas yra atsakyti į klausimą, ar valstybės nemokumas yra teisėtas pagrindas sustabdyti arba panaikinti tarptautinių įsipareigojimų vykdymą. Jam pasiekti naudojami aprašomasis, analitinis bei palyginamasis metodai. Magistro baigiamasis darbas yra sudarytas iš keturių pagrindinių dalių. Pirmiausia yra pristatoma valstybės kaip tarptautinės teisės subjekto samprata, bendra valstybės skolos charakteristika, pateikiamas nemokios valstybės apibrėžimas bei analizuojama valstybės atsakomybė vienašališkai sustabdant tarptautinių įsipareigojimų vykdymą arbą jų atsisakant. Antrojoje dalyje atskleidžiama nemokios valstybės is jos kreditorių santykių reglamentacija, aptariami bendrieji teisės principai taikytini valstybės nemokumui. Analizuojama dabartinė nemokių valstybių problemų sprendimo praktika bei atskleidžiamos pagrindinės teisinės problemos. Trečioji dalys yra skirta sąlygų, kurioms esant nemoki valstybė gali teisėtai atsisakyti vykdyti savo finansinius įsipareigojimus, analizei. Prieinama prie išvados, kad valstybės nemokumas gali būti teisėtas pagrindas sustabdyti arba panaikinti tarptautinių įsipareigojimų vykdymą , tačiau tik esant tam tikroms aplinkybėms – kuomet tarptautinių finansinių įsipareigojimų vykdymas pažeidžia pagrindinius nemokios valstybės piliečių poreikius bei teises. Paskutinėje dalyje pristatomi siūlymai kaip galima būtų teisiškai reguliuoti nemokios valstybės ir jos kretitorių santykius. Pateikti projektai palyginami, aptariamos jų trūkumai ir... [toliau žr. visą tekstą]

Šiuolaikinėse teisinėse sistemose įtvirtintų įmonės vadovo fiduciarinių pareigų instituto tikslas - apsaugoti įmonės (akcininkų) interesus nuo įmonės vadovo veiksmų. Vadovaudamasis fiduciarinėmis pareigomis, įmonės vadovas privalo veikti išimtinai įmonės interesams. Šio darbo problema yra ta, kad įmonės vadovas veikdamas išimtinai įmonės (akcininkų) interesams įmonės nemokumo laikotarpiu, pažeistų įmonės kreditorių teises bei interesus. Šiam darbui keliami šie uždaviniai : (1) išsiaiškinti privataus juridinio asmens vaidmenį teisinėje sistemoje; (2) pateikti įmonės vadovo fiduciarinių pareigų sampratą ir reglamentavimą tarptautiniame kontekste; (3) atskleisti įmonės nemokumo atsiradimo momentą bei teisines pasekmes; (4) išsiaiškinti, kokį poveikį daro įmonės nemokumas privataus juridinio asmens vadovo fiduciarinėms pareigoms. Šio darbo tikslas – išsiaiškinti įmonės vadovo fiduciarines pareigas bei atsakyti į klausimą, ar keičiasi įmonės vadovo fiduciarinės pareigos įmonei esant nemokiai. Šio darbo objektas – privataus juridinio asmens fiduciarinės pareigos. Įgyvendinant darbo tikslą, daugiausia dėmesio buvo skiriama įmonės vadovo fiduciarinių pareigų ir įmonės nemokumo sąvokų sampratoms bei įmonės vadovo fiduciarinių pareigų pasikeitimo nustatymui ryšium su įmonės nemokumu. Šis iškeltas tikslas darbe sėkmingai įgyvendintas – vadovaujantis Lietuvos bei tarptautine teismų praktika, įstatymais bei moksline literatūra. Vadovaujantis JAV (išskyrus Šiaurės Karolinos valstiją) ir... [toliau žr. visą tekstą] / The title of this work is: do the fiduciary duties of director of the company change during the period of insolvency? The problem of this work is that lots of directors of companies uses creditors funds and deepens the company insolvency. It’s because they have a fiduciary duty to act in the best interests of their company, so they are trying to get back their company to solvency. The actuality. The main purpose of every company is to get the bigger profit in what their work. Often, profit enforces the director of the company to take untenable, risky business decisions independently of other subjects’ interests. In modern law countries, the fiduciary duties of director of the company are the main protector for other subjects (most often shareholders) from useless, conflicting business decisions. According to the statistics department of Lithuania and data of Lithuanian courts, there were 957 company bankruptcy cases in 2008 and 1409 company bankruptcy case in 2009. Constantly rising numbers of bankruptcy procedures in Lithuania show that more and more companies faces the insolvency financial stage during the economical crisis in the world, so proper regulation of directors fiduciary duties become more and more important question in every countries legal system. Insolvency of the company establishes specific relationships between company and the creditors of the company. In the financial period of insolvency, company starts to use creditors’ resources, to get back to the... [to full text]