Pour répondre à leurs difficultés financières, les entreprises doivent procéder à une opération de restructuration consistant à modifier leurs éléments de passif et subsidiairement d’actif. Pour cela, elles doivent identifier et surmonter les obstacles à cette opération en vue d’aboutir à un résultat qui correspond à leurs nouveaux besoins. Chaque système juridique apporte des réponses différentes en fonction de sa tradition, de common law ou de civil law, et des intérêts qu’il cherche à préserver. Entre les intérêts du débiteur et ceux des créanciers, le droit des entreprises en difficulté français a lui-même beaucoup évolué à mesure que les entreprises et les créanciers se sont sophistiqués. D’un droit de la faillite, à un droit pro-créanciers, il est devenu un droit pro-débiteur et semble devenir un droit mixte dont la protection des intérêts de l’une et l’autre des parties parait plus équilibrée. De tradition civiliste, il subit pourtant une influence constante des tribunaux de commerce qui semblent forcer une mutation tenant compte des innovations financières et juridiques des grandes entreprises, tout en restant adapté aux petites entreprises. Ce droit vivant et volontariste affirme clairement ses objectifs de préserver l’activité, les emplois, d’apurer le passif et apporte des outils aux entreprises en difficulté, lorsque le débiteur et les créanciers n’arrivent pas à surmonter eux-mêmes leurs divergences d’intérêts. Ces outils ont évolué et doivent continuer à évoluer pour s’adapter aux innovations contractuelles de certains commerçants, tout en restant un cadre protecteur pour d’autres. / To face financial difficulties, companies shall proceed to restructuring operation involving modification of their assets and liabilities. To this end, companies shall identify and overcome barriers to this operation to reach an overcome suited to their new needs. Each legal system provides different responses according to its legal origin, common law or civil law, and the interests it aims to protect. Between the debtor’s and the creditor’s interests, French insolvency law evolved a lot as the companies and the creditors became more sophisticated. From a bankrupt law to a creditors-friendly law, French insolvency law became a debtor-friendly law and now appears to be a mixed law which seems to protect both parties interests in a more balanced way. Despite its civil law origin, French law is constantly influenced by commercial courts that seem to force a mutation following the financial and legal innovations of large companies, while remaining adapted to small businesses. This living and proactive law clearly states its objectives to preserve the business, the employment, reduce liabilities and provides tools for companies facing difficulties, when the debtor and the creditors fail to overcome their diverging interests. These tools evolved and have to continue to evolve to adapt to contractual innovations of some business stakeholders, while remaining a protective environment for others.

L’extrême complexité de notre droit contemporain conduit de plus en plus de juristes à rechercher la spécialisation, synonyme d’approfondissement et donc de compétence. Mais si une telle démarche a d’évidents aspects positifs, elle recèle parfois l’inconvénient de laisser dans l’ombre les questions qui se trouvent à l’intersection de plusieurs disciplines. Or là, dans ces conflits ou coordinations de droits spéciaux, gisent souvent de nos jours de beaux sujets de thèse. Dans la législation de l'insolvabilité, les pays doivent trancher un certain nombre de questions du fond et de la forme. Nonobstant la diversité des questions du fond à résoudre, la législation de l'insolvabilité est d'une nature procédurale. Les règles de la procédure collective sont conçues pour jouer un rôle crucial dans la répartition des risques entre les divers acteurs de la procédure judiciaire. La question de procédure est de savoir quels sont les facteurs déclenchant pour l’introduction d’une procédure collective. La première partie de l’étude montre que les critères d’insolvabilité existaient toujours mais leur sens a changé à travers le temps et dépendaient du système juridique du pays en question. La seconde partie de cette recherche est consacrée au contenu des critères d’insolvabilité en France, en Ukraine et dans l’UE. Un second enjeu de la recherche est de voir comment le troisième critère (l'insolvabilité imminente) est apparu dans le droit commun français et à quel moment la réforme de la législation de l’insolvabilité en Ukraine s’arrêtait. L’internationalisation de l’économie engendre nécessairement des situations de défaillance d’entreprises multinationales ou/et possédantes d'actifs à travers toute la planète. Nous allons donc essayer d'élaborer une approche commune dans un droit européen qui s’inscrirait dans la suite logique des législations nationales. / The extreme complexity of the modern law leads that more and more lawyers are looking for a specialization, in-depth knowledge and therefore synonym to skill. But if this approach has an obvious positive aspect, it sometimes receives a disadvantage to leave in a shadow the issues that are in the intersection of several disciplines. In the conflicts and subordination of special legal rights, nowadays the interesting thesis topics can be found. In the insolvency law, the countries have to solve a number of questions, the formal and the substantial aspects. Notwithstanding the diversity of background issues to be solved, the insolvency legislation is a law of a procedural character. The rules of the collective proceedings are vested to play a crucial role in the allocation of the risks between the various actors during the judicial process. However, the key question of the procedure is to define the trigger criteria for the introduction of collective proceedings. The first part of the study demonstrates that the insolvency criteria exist always but their meaning has been changing over the years and has been depending upon the system of law of the country. The second part of this research is devoted to the content of the insolvency criteria in France, Ukraine and in the EU. A second issue of the research is to see how the third criterion (the imminent illiquidity) has been appeared in the French and Ukrainian law and when the reform of insolvency law in Ukraine has stopped. The internationalization of the economy necessarily leads to the situations of possible dysfunction of the multinational companies (or even their failure) and / or possessing assets across the globe. We will try to develop a common approach in a European commercial law that would fit into the logical continuation of national legislation.

The goal of this Diploma Thesis is to evaluate the financial situation of agricultural company AGRO BYSTŘICE a. s. (JSC) in their investment decisions. The thesis has been divided into theoretical and practical parts. The theoretical part has been dealing with the investment's issues as well as with the profitability of investment projects. It continues with the subject of financial analysis and its individual indicators. The practical part concentrates on the company AGRO BYSTŘICE a.s. issues and its investment project. It evaluates the economic profitability of the given project by means of theoretical findings. It considers the results of financial analysis of the company before and after the implementation of investment project.

This thesis first describes the insolvency proceedings in general, explains basic concepts, describes the different stages of insolvency proceedings and introduces the reader to the entitiesin the insolvency process. It also explains what is a bankruptcy and presents possible ways of solving it. The current situation in relation to insolvency proceedings is shown based on the basic statistics. In the next section, the thesis is focused on the classification of debts and the possibility of creditors to submit their claims in an insolvency proceeding. It also deals with special cases that may occur. The final part of the thesis describes an example application of claims in practise, incl. complications that the creditor must solve.

We provide an economic analysis of the Karlovarské mineralní vody company between years 2008 and 2012. Strategic and financial analyses are delivered from the external user perspective using the publicly available accounts only. In the strategic analysis, we examine micro-vicinity and macro-vicinity of the company and we provide the SWOT analysis. The financial analysis brings absolute, difference and ratio indicators. In addition, the analysis covers the solvency and insolvency models, the pyramid decomposition of the return on equity, financing rules, stock and leverage analyses, and inter-company comparison. Eventually, we also provide several suggestions to improve the financial situation of the examined company.

Doctor Legum - LLD / The ideals of shareholder and creditor protection are affected by legislation pertaining to the validity of a company’s transactions. Until legislative reforms introduced in the twentieth century, a company’s capacity and the ultra vires doctrine traditionally limited the company’s ability to contract. Therefore, the legal framework regulating corporate capacity influences a company’s interactions with outsiders. The goal of the law in this regard should be to facilitate commerce while providing adequate protection to all affected stakeholders. South Africa’s Companies Act 71 of 2008 (the Act) contains several novel provisions regarding a company’s capacity, the desirability of which is questionable. Special purpose vehicles (SPVs) are used for various purposes in commerce, from asset holding in the financial services sector to concluding complex financial functions in corporate finance. For instance, traditional securitisation is a financial engineering technique that makes use of corporate SPVs. Traditional securitisation is a valuable risk management, earnings management, and corporate financing tool. Incorporators of securitisation SPVs often include capacity restrictions in the constitutions of such entities as a means of reducing the likelihood that the SPV will be subject to liquidation proceedings.This thesis analyses the capacity provisions in the Act to determine whether they provide a commercially desirable framework to facilitate the activities of SPVs used in traditional securitisation schemes. The thesis argues that the capacity provisions in the Act in their current form are undesirable because they place third parties at too great a risk in exchange for inconsistent and unreliable shareholder protection. Executory ultra vires contracts concluded by limited capacity companies are at the same time valid and capable of being restrained by a single shareholder, director or prescribed officer of the company. It is argued that the Act’s approach to corporate capacity is detrimental to commercial certainty and creditor protection, and that capacity restrictions under the current framework do not provide any more shareholder protection than ordinary authority limitations would. Consequently, it is argued that the capacity provisions in the Act do not make a positive contribution to the “insolvency-remoteness” of SPVs used in traditional securitisation schemes. It is recommended that the capacity provisions in the Act should be substantially amended, or deleted.

The goal of this thesis is appreciation financial health of chosen company based on the analysis of financial statements. The thesis includes theoretic and practical part. Theoretic part is intent on description methods financial analysis. In practical parts is given to theory apply to company SATT Inc. At the close thesis are mentioned record financial analysis benchmarking summary and proposals that the firm in years to come will help improve pertinent bad financial situation.

This master thesis analyses the financial situation of the company Olma, a.s. in years 2003-2007 using selected methods of financial analysis. The thesis contains proposals of possible solutions and recommendations for an improvement of financial situation of the firm in the next years as well as for the secure of its stability.

This master’s thesis evaluates the financial situation of the company RIBE Slovakia Ltd. in the time period of 2002 to 2007 detected by selected methods of financial analysis. This thesis contains proposals of possible solutions for improvement of financial situation of company in the future.

My master`s thesis called Financing corporate activities concerns about the evaluation finance health of the company using tools of financial analysis. The master`s thesis contains theoretical, analytical and proposal part. Object of my theoretical part is financial analysis description and methods and also financing forms of the company. In analytical part I am applying theoretical knowledge to the particular company. Thesis conclusion points on possibilities of the company situation improvement and future development.