Esta dissertação de mestrado utiliza metodologia de direito e economia para apresentar modelo teórico construído a partir do ferramental disponibilizado pela teoria dos jogos. O modelo é desenhado com o objetivo de analisar as estratégias para tomada de decisão de devedores e credores sobre o pedido de falência e recuperação da empresa em crise no Brasil. As estratégias sugeridas pelo modelo são comparadas às alternativas existentes na lei brasileira de falências e recuperação de empresas (Lei n. 11.10112005). Os conceitos relacionados aos temas tratados são apresentados no capítulo II, onde há também uma visão resumida das teorias econômicas utilizadas, com o objetivo de auxiliar o leitor a compreender os conceitos. Há, ainda, uma breve exposição da teoria dos jogos e da teoria do desenho de mecanismos. O modelo proposto é estruturado de acordo com a teoria da escolha racional e a teoria dos jogos. Analisam-se os principais interesses envolvidos, limitados às restrições existentes, que reduzem as escolhas dos agentes (capítulo III). Estudam-se também os comportamentos de devedor e credores, resumidos a três possibilidades: estabelecimento de negociações privadas, falência e recuperação da empresa. Compreendem-se as decisões mais prováveis e também os possíveis erros na tomada de decisão, influenciados pelos interesses dos agentes, restrições econômicas e imposições legais. Apontam-se os problemas de revelação de informações, as decisões tomadas em assembléia de credores, os efeitos das decisões e propõem-se soluções para os principais problemas, sempre com base nos conceitos da teoria dos jogos e na teoria do desenho de mecanismos (capítulo IV). A formulação matemática do modelo proposto é apresentada no capítulo V. / This dissertation uses a methodology of law and economics to present a game-theoretic model, designed with the purpose of analyzing the strategies, selected by debtors and creditors, to make decisions between liquidation and reorganization of a distressed firm. The strategies recommended by the model are compared with the existing alternatives in the Brazilian Bankruptcy Law (law n. 11.101/2005). The concepts related to the subject are presented in chapter II, where there is an overview of the economic theories, to simplify the understanding of the concepts. There is also an overview of game theory and mechanism design theory. The proposed model is structured according to the rational choice theory and game theory. It analyzes the main interests involved, and the existing constraints that limit the choices made by the agents (chapter III). It also studies the behavior of debtors and creditors, limited to three possibilities: establishment of private negotiations (workout), liquidation or reorganization of the firm. It analyzes the most probable decisions and also the possible errors in the decision making process, influenced by interests involved, economic and legal constraints. The dissertation analyses the problem of revelation of information, decisions taken in creditors assemblies, effects of those decisions, and proposes solution to the main problems, based on concepts of game theory and mechanism design theory (chapter IV). The models mathematical formulation is presented in chapter V.

This research is a study on insolvency in agricultural activity in Mercosul countries, from 1990 to 2003. In 1990, rice farmers insolvency started in Brasil, in Argentina and Uruguai it started five years later. The how and the why the crises arouse in these countries in the rice sector as well as the government and banks decisions in order to solve it are dicussed in the fisrt part of the paper. In the second part, the particular situation of Rio Grande do Sul, the main rice producer of Brasil, is discussed. A group of 1% of the rice farmer of the State was separated into three groups. The first group included the farmers who passed through the crisis with few problems and had no rstrictions to get oficial credits. The second group included farmers that had problems during the crisis but now they acceed to oficial creditsagain. The farmers of the third group also suffered the crisis, they could not overcome it and nowadays they don´t get bank credits. Bibliography review was the methodology for developing the first part or the research. For the second part, in order to get farmers information a questionaire was constructed. The conclusions show that agricultural crisis started in Brasil before than in Argentina and Uruguai as well as the solutions in those countries followed the ones in Brasil. All of them had strong government intevention. In relation to the farmer groups, it was detected that age, schooling and productivity among other parameters influenced their behaviors. / O presente trabalho tratou da inadimplência na atividade agropecuária do Mercosul, no período de 1990-2003. O período analisado foi em função do início da inadimplência dos produtores de arroz, nos diferentes momentos em que a crise ocorreu nos principais países integrantes do bloco econômico, Argentina, Brasil e Uruguai. No Brasil, o problema ocorreu no início da década de 1990 e, nos outros dois países, durante o segundo qüinqüênio. O trabalho foi dividido em duas seções. A primeira estudou como e porque aconteceu essa crise nesses três países, principalmente no setor orizícola e quais as medidas governamentais e bancárias tomadas para solucionar o problema e seus resultados. Na segunda parte, tomandose como foco o Estado do Rio Grande do Sul, principal produtor de arroz do Mercosul, selecionou-se aproximadamente um por cento dos produtores, que foram separados em três grupos de orizicultores. O primeiro grupo foi composto por produtores que passaram pela crise sem maiores problemas econômicos e financeiros e continuaram a desfrutar de crédito oficial subsidiado junto às instituições financeiras. O segundo grupo foi composto de orizicultores que tiveram problemas econômicos e financeiros durante a crise, alguns recorreram à justiça para discutir com os bancos índices de reajustes das dívidas e taxas de juros, perderam o crédito durante algum tempo, mas, posteriormente, renegociaram suas dívidas, principalmente através de planos governamentais e, atualmente, operam normalmente com os bancos, obtendo crédito oficial subsidiado. O terceiro grupo foi aquele que, como os outros, passaram pela crise, mas não conseguiram superá-la e atualmente não possuem crédito com os bancos, não conseguem crédito oficial, sendo que muitos produtores abandonaram a atividade. Na primeira parte foram feitos levantamentos de dados. Na etapa seguinte foram usados instrumentos de consulta a produtores integrantes dos 3 grupos, buscando verificar diferenças entre eles, em vários aspectos, desde características dos produtores, formas de financiamento da atividade, comportamento durante a crise, perguntas técnicas, manejo do agronegócio e perguntas específicas sobre a influência do Mercosul em sua atividade e as perspectivas para o futuro da lavoura de arroz no Estado. A crise da agropecuária brasileira iniciou antes das crises uruguaia e argentina e as soluções para o Brasil foram anteriores, sendo verificado que as medidas tomadas pelo Uruguai e Argentina eram semelhantes às tomadas pelo Brasil, todas elas com forte intervenção governamental. Em relação aos grupos de produtores, vários parâmetros tais como idade, escolaridade, produtividade entre outros, mostraram haver diferenças entre estes grupos.

This thesis discusses insolvency proceedings regarding an insolvency of one or both spouses. The author aims to explain problems occurring during such insolvency proceedings. The thesis is not limited to a description of these procedural peculiarities, but also discusses their impact on the matrimonial property. The author addresses above all a debt discharge and a bankruptcy, for these are the most frequent mechanisms to resolve an insolvency of the debtor. On the contrary the author does not address the reorganization, for it is not very frequently used in practise. Furthermore, the author does not address a position of legal persons in insolvency proceedings, since it is not of any importance for this thesis. The author only describes the current legislation as it is. The author therefore neither discusses legislation and court rulings prior the 2013 insolvency act revision, nor considers the revision of the insolvency law that is currently (2017) under way. The thesis is divided into four chapters. In the first chapter, the author briefly discusses matrimonial property law, since it is essential in order to understand legal arguments in the third and fourth chapter of this thesis. Similarly in the second chapter the author briefly introduces insolvency proceedings and establishes essential...

The aim of this thesis is to describe and bring the issue of the position of spouses in insolvency proceedings to the reader. In last few years this issue has become more and more relevant and brought a lot of questions and problems to case law but also to the legislation that deals with it. The thesis is divided into three chapters. Chapter One introduces the basic terminology used in the thesis to the reader in order to help him or her understand issues presented later. The definitions of following concepts may be found in this chapter: insolvency proceedings, insolvency and its solution modes, marriage, common property of spouses and the estate in insolvency proceedings. Chapter Two deals with the discharge of the debts of spouses which represents the new legal institute adopted by Act No. 294/2013 Coll., which changes the Act No. 186/2006 Coll., on insolvency and its solution modes (Insolvency Act) and Act No. 312/2006 Coll., on insolvency administrators (hereinafter referred to as "revising amendment"). The first subchapter briefly illustrates the previous legislation so the reader can compare the differences and note the changes brought by the revising amendment. The following subchapters describe the whole process of discharge of the debts step by step concentrating on the specifics of...

(ENG) DISCHARGE OF A DEBTOR - ONE OF MODES OF INSOLVENCY SOLUTION This diploma thesis aims to provide a detailed overview of the discharge from debts in the insolvency proceedings. The debt relief was incorporated into the Czech legal system by the Insolvency act, No. 182, 2006 Coll, which entered into force on the January 1st 2008. The idea of debt discharge was led by an intention to provide highest possible and proportional satisfaction equally to all creditors and in the same time, to protect debtor's right to decent living conditions. In the case of successful debt discharge, the debtor is forgiven part of his debts, as long as he performs his good will during entire insolvency process. The debtor must not have any debts originated in his business activities, unless he specifically agrees on an exception with the creditor. This determinates a debt discharge to be used mainly by individual persons, not by companies. Also, the final creditors' satisfaction must reach at least 30 % of debtor's claims. We distinguish two forms of debt discharge. In the first case, which is called audition, all debtor's assets are sold out and received funds are used for creditors' satisfaction. In the second case, which uses agreed payment schedule, all debtor's income over the minimum base is regularly...

The Title of the Diploma Thesis The issues of the community property in insolvency proceedings, with the emphasis on the property and common discharge of debts. Resume: The aim of this thesis is to map the field of the issues of the community property in insolvency proceedings; both in case of solving the insolvency of the debtors through discharge of the debts and in case of the bankruptcy. These are very hot issues because the current legal regulations are insufficient in their reaction to the problems which appear in common practice. Another reason is the wide variety of these problems which the practice brings and which cannot be answered with the help of the law. I tried to point out some of them and in the second part of the thesis to propose some particular cases and their solutions. Regarding the contents of this thesis it is divided into two parts, namely theoretical and practical. The first part also contains in its introduction the evaluation of the current legal regulations and the amendments being prepared, in particular the amendment No. 64/2017 Coll., which will be effective since 1st July 2017 and brings a lot of essential changes. Further I focused on the terms community property (its formation, termination, object and potential modifications) and the term property (its securing and extent,...

This diploma thesis describes the main specifics of position of spouses in insolvency proceedings, which is recently more and more relevant, but there is a lot of application and interpretation ambiguilties, which are related with this topic. This problem is by degrees solved by case law. The content of the diploma thesis is divided into four chapters. In the first chapter, the author gives a brief description of the history of the insolvency proceedings. The author's attention is paid especially to the regulation, which preceded the force of the Act. No. 294/2013 Coll., which changes the Act No. 186/2006 Coll., on insolvency and its solution modes (Insolvency Act) and Act No. 312/2006 Coll., on insolvency administrators. The emphasis is placed on the three ways of discharge of debts, which were possible for spouses in that time. The second chapter, defines terms, that are closely related to the topic and are necessary for further treatise of insolvency proceedings. These are marriage, common property of the spouses, insolvency proceedings and its solution modes. The third and also the main chapter of the whole work is devoted to discharge of debts of spouses. It is a relatively new institute, which was regulated by the Act No. 294/2013 Coll., which changes the Act No. 186/2006 Coll., on insolvency...

Thesis title: Reorganization under Czech legal regulation Main goal of this diploma thesis is to describe and to analyze the applicable legal regulation of reorganization, contained in Act No. 182/2006 Coll., on insolvency and modes of its solutions. Reorganization, as governed today, represents one of the rescue modes of resolution of insolvency, suitable mainly for the mid-sized to large enterprises. Although even after meeting of all the conditions for its allowance by court, it cannot be understood as a solution for everybody, it represents an interesting alternative to the bankruptcy, leading to the winding-up of the particular company. The diploma thesis is divided into fourteen chapters in total. The first two chapters are dedicated to general issues, i.e. to the definition of the concept of the insolvency proceedings and of its legal regulation, as well as to the legal regulation of reorganization. The emphasis therein is given to the character and goal of the insolvency proceedings, with focus on the interpretation of the concept of "principally proportionate satisfaction of creditors" as one of the key concepts determining the main purpose of insolvency proceedings. Third chapter reflects the basic overview of the process of insolvency proceedings until the issuance of the court decision...

The Slovak insolvency law reform, which came into effect on 1 January 2006, introduced a brand new restructuring option for business debtors. In this thesis, we present the first complex empirical analysis of all restructuring attempts allowed in the period 2006-2010. Results, based on a large amount of data, which we gathered for this purpose, suggest that the restructuring option is much more viable than the composition option under the previous Bankrupcty and Composition Act. The system is characterized by very high success rates (in terms of plan confirmation) and speedy proceedings. The size of the debtor affects neither the prospects for success, nor the length of proceedings significantly. We conclude that, even though a lot of improvements still need to be done, the reform moved the Slovak insolvency law closer to the standards of the best-performing jurisdictions. JEL Classification D23, K12, K20 Keywords insolvency law, reform, restructuring, bankruptcy, restructuring plan, trustee Author's e-mail hrnciarpavel@gmail.com Supervisor's e-mail tomas.richter@cliffordchance.com

The aim of this master´s thesis is to verify the usability of credibility and bankruptcy models for predicting the bankruptcy of the company and evaluate the financial situation of the company after the reorganization in the conditions of the Czech Republic. The theoretical part of this thesis contains of descriptions corporate crisis and its causes, consequences and individual phases. Next in this part are described models and their method of calculation. In the practical part are presented selected companies on which are applied the models. The companies´ situation has been evaluated several years before and after the declaring bankruptcy and then has been evaluated the ability of the credibility and bankruptcy models to predict the companies´ problems ahead of time. At the end of this thesis are summarized the results from evaluating of these companies by prediction models, the influence of input data on results and the recommendations to include the models in financial management of the company.