Оценка вероятности банкротства является важной задачей для предприятий строительной отрасли и имеет первостепенное значение, особенно в условиях перехода на проектное финансирование и введения эскроу-счетов. Целью магистерской диссертации является совершенствование методического подхода к оценке вероятности банкротства строительных предприятий. В работе рассматриваются понятия банкротства и несостоятельности, исследуются различные методики оценки вероятности банкротства, а также оценивается их применимость к строительным компаниям. В качестве источников использовалась научно-исследовательская и методическая литература, нормативно-правовые акты и финансовая отчетность организаций в открытом доступе. В магистерской диссертации был разработан методический подход к оценке вероятности банкротства строительных компаний, в основе которого лежит построение logit-модели, которая учитывает специфику финансовых показателей за счет обязательного использования эскроу-счетов, а также различия в возрасте, размере компании, кредитной истории, практическое применение которого повысит точность и объективность расчетов при оценке вероятности банкротства в краткосрочном периоде, как для внутренних, так и для внешних пользователей. / Estimating the probability of bankruptcy is an important task for the construction industry and is of paramount importance, especially in the context of the transition to project financing and the introduction of escrow accounts. The purpose of the master's thesis is to improve the methodical approach to assessing the probability of bankruptcy of construction enterprises. The paper discusses the concepts of bankruptcy and insolvency, explores various methods for assessing the probability of bankruptcy, and evaluates their applicability to construction companies. As sources, research and methodical literature, legal acts and financial statements of organizations in the public domain were used. In the master's thesis, a methodical approach was developed to assess the probability of bankruptcy of construction companies, which is based on the construction of a logit model that takes into account the specifics of financial indicators through the mandatory use of escrow accounts, as well as differences in age, company size, credit history, practical application which will increase the accuracy and objectivity of calculations in assessing the probability of bankruptcy in the short term, both for internal and external users.

在金融市場國際化之趨勢下，各國金融交易參與者極可能受到跨國破產事件的影響。同時，受到金融創新潮流的驅使，非傳統金融工具的商業活動亦構成金融市場重要環節之一，從而探討破產法制對於非傳統金融交易契約之處理方式，實有其重要性。本文以店頭衍生性金融交易市場以及所選取案例為中心，探討跨國破產事件相關議題，包括破產法制對於店頭衍生性金融交易所給予的特殊規定（或在破產法制下承認提前終止與淨額結算條款之效力，以下均統稱為「破產法特殊規定」），以及相關跨國破產事件之可能處理模式或合作途徑。 本文以國內外學術文獻、法院見解之整理為基礎，進行法學分析，並輔以金融實務觀點進行研究，於各相關部分同時探討我國法制。本文分為七章，內容簡介如後。 首先，於第一章說明研究動機、目的、研究方法與架構，同時也限定研究範圍。又因跨國破產事件具多樣性與複雜性，為使本文討論範圍明確與聚焦，故於第二章先行提出具體跨國破產事件之美國與英國案例及其爭議問題，並以其做為本文探討中心與範圍，探討內容即包含破產法制涉及店頭衍生性金融交易之規範實體面議題，以及跨國破產事件處理方式之程序面議題。後續章節將陸續探討上開問題。 第三章簡介店頭衍生性金融交易，以及說明其常見契約結構、相關法律問題。本章同時介紹「單一主契約模式」與「提前終止與淨額結算條款」之概念，學者及實務工作者有謂上開契約條款之功能，包含避免於破產程序中破產管理人選擇性履行或拒絕契約、降低交易對手信用風險、提升未違約方之再避險可能性、減少銀行業之資本計提成本、降低系統性風險等，而其中最具爭議性的降低系統性風險功能，也是目前全球多國破產法制承認提前終止與淨額結算條款具有效性的重要理由之一。本章著重於顯示店頭衍生性金融交易之當事人約定事項與破產法制間之關聯性，此屬於破產法制之規範實體面議題，以便於次一章接續介紹外國破產法制之相關具體內容。本章內容與後續各章均有密切關聯，故有說明之必要。 第四章先說明破產法制之一般原則，再分別於美國、英國、歐盟、日本、以及我國法制下，觀察破產法制對於店頭衍生性金融交易之例外規定（或在破產法制下承認提前終止與淨額結算條款之效力），著重於說明破產法制立法或承認「提前終止與淨額結算條款」效力之現況，並參考外國文獻探討其立法理由是否具有充足正當性，以及其規定是否有修訂或調整之必要。相對於第三章彙整學說及實務觀點以說明「提前終止與淨額結算條款」之功能，本章則援引外國文獻對破產法制立法或承認「提前終止與淨額結算條款」效力之批評，並做出該條款效力於破產法制中至少應調整為受有一定限制之結論，也就是訂有交易提前終止權之暫時凍結期間、於具系統重要性金融機構清理程序中適用股東與債權人共同承擔損失機制、交易雙方善意無偏頗等，以及在我國法制下亦宜採取同等看法。本章最後分析本文第二章案例在破產法制下之實體面問題，同時也藉此試行探討「提前終止與淨額結算條款」在破產法制下的效力範圍以及第二章案例合成型債務抵押債券交易中有關「序位轉換條款」之效力爭議。本文認為美國破產法院、英國法院係分別各自依其破產法制與公共政策對「序位轉換條款」做出效力判斷，各具實體理由；以及「序位轉換條款」在我國法制下應屬有效。 第五章在本論文題旨範圍內，先說明2007年-2009年金融危機後，二十國集團（G20）所提出的國際性指導建議，之後擇要介紹美國與歐盟依循上開建議，對於店頭衍生性金融交易市場所採行的金融改革法規，包含（但不限於）交易執行平台、集中清算、交易資料之申報、對未集中清算交易加強徵提擔保品等管理措施；此外，在跨國交易監理層面上，簡要介紹替代遵循之概念。本章並說明以上規範與跨國破產事件之關係。本章在整體研究架構上的功能有二，一方面是做為第四章破產法規範實體面議題與第六章跨國破產法制程序面議題之連結，也就是觀察美國及歐盟金融改革法令對第四章所述破產法特殊規定之影響，以及金融改革法案所對應第六章目前國際金融市場之實務發展趨勢以及特殊清理架構下之相關規定。另一方面，相對於第六章係探討發生跨國破產事件時之程序處理模式，第五章則是從破產事件發生前之前階段觀察，藉由事前建構市場監理措施及規劃，以期促進跨國破產事件發生時之處理效能。 第六章探討跨國破產事件處理方式之程序面議題。先敘明跨國破產立法所採行的基礎原則理論，包含普及原則、屬地原則、修正式普及原則、現代化屬地原則；同時簡要介紹相關跨國破產法制。繼而說明金融穩定理事會 （FSB）相關建議，以及觀察近期國際金融實務發展。之後，綜結第四章至第六章之內容，按跨國破產事件之實體面議題與程序面議題，對於涉及店頭衍生性金融交易之跨國破產事件，說明本文在相關立法論或處理合作模式層面上所採取之立場。最末，分析本文第二章案例之程序處理問題。 最後，第七章就本論文探討範圍以及第二章所提出之問題，進行總結論，並試行對我國金融市場參與者提出相關建議。 / Abstract Due to globalization of financial markets, it is hard for market participants to avoid the impact arises from cross-border insolvency events. With the trend of financial innovation, non-traditional financial instruments become an important role in financial markets, and it’s necessary to understand the treatment of these instruments under insolvency law systems. This thesis discusses specific legal issues with regard to cross-border insolvency events in over-the-counter (OTC) derivatives financial markets with focus on the relevant cases selected, including the special treatment of OTC derivatives under insolvency law systems and the potential procedures or coordinate ways to deal with the cases. Based on and reference to research of academic papers and court decisions, this thesis discusses issues through legal analysis supplemented with views of financial practice. The relevant parts are also discussed under Taiwan’s law system. This thesis proceeds in 7 chapters briefly described as follows. Chapter 1 explains the objective, purpose, and fundamental structure together with the method used of this thesis. Assumptions and Confines of this thesis are also described in this chapter. Given diversity and complexity of cross-border insolvency events, Chapter 2 attempts to present actual cases for discussion in order to providing the scope and focuses of this thesis. Key finding of the presented cases includes substantive legal issues of insolvency laws applied to OTC derivatives transactions and procedural legal issues of dealing with cross-border insolvency events. Matters aforementioned will be addressed in further chapters. Chapter 3 describes the basic understanding of OTC derivatives and the legal elements of participants’ transaction contracts in market practice. This chapter also describes the concepts of “the single agreement approach” and “close-out netting provisions”. As academic opinions and practical views mentioned, close-out netting provisions encompass the functions of eliminating the risk of “cherry-picking” by a liquidator in the insolvency proceeding, minimizing counterparty credit risk by calculating exposures on a net basis, promoting the possibility of re-hedging transactions, applying lower capital requirements by regulators to refer to netted transactions for bank industry, and reducing systemic risk in the financial system. Insolvency law systems which allow the effectiveness of close-out netting provisions heavily rationalize the legislation as being founded on preventing the threat of systemic risk. While some academic papers argue that the rationalization on the basis of reducing systemic risk is unconvincing or unnecessary for reasons. Chapter 3 primarily concerns the connections between OTC derivatives contracts and insolvency law systems, in the dimension of substantive legal issues. What addressed in this chapter is highly connected with the subsequent chapters. Chapter 4 describes the general principles of insolvency laws at first, and then observes the exclusions of OTC derivatives transactions under insolvency law systems of U.S., UK, EU, Japan and Taiwan respectively, focusing on issues respecting of validity and enforceability of close-out netting provisions. Compared with Chapter 3 which describes the functions of close-out netting stated by advocators, this chapter illustrates challenges or arguments posed by academic papers with different views. Reference to the relevant academic opinions, this thesis considers that the effectiveness of close-out netting provisions shall, at least, be subject to restrictions to a reasonable extent, such as temporary stays on early termination rights as well as on enforcement rights of security interests, application of the bail-in tool in SIFIs’ resolution procedures, and each party’s good faith. The aforesaid views are also proposed to be referenced by Taiwan’s law regime in the future. In the end of this chapter, it analyzes the cases presented in Chapter 2 within the scope of substantive issues of insolvency laws, and concludes that both U.S. bankruptcy court’s ruling and UK courts’ decisions on the flip clause embedded in CDO instruments are correct respectively pursuant to their own insolvency laws and public policies. In addition, this thesis is in the opinion that the flip clause shall be effective under Taiwan’s current insolvency law system. Chapter 5 will first describe the international guidelines suggested by G20 after 2007-2009 financial crisis. It will then go on to introduce the financial regulatory reforms adopted by U.S. and EU following G20’s guidelines, including the mandatory requirements for trading on the regulated platforms, clearing through a central counterparty (CCP), reporting to a trade repository (TR), and exchanging margins for non-centrally cleared OTC derivative transactions. Besides, the concept of substituted compliance is briefly explained herein for implementing the regulatory regimes to cross-border activities. Chapter 5 also observes the connections between the aforesaid regulatory reforms and cross-border insolvency events. Under the structure of this thesis, substantive legal issues in Chapter 4 and procedural legal issues in Chapter 6 are bridged by Chapter 5. While Chapter 6 emphasizes on ex post measures to handle cross-border insolvency events, this Chapter 5 considers ex ante measures that monitor and supervise OTC derivatives markets and that also have been expected to promote ex post measures in case. Chapter 6 addresses the procedural aspects while dealing with cross-border insolvency cases. First, the theoretical principles for cross-border insolvency law are explained, including universality, territoriality, modified universality and modern territoriality. It herein also introduces legislative regimes in relation to UNCITRAL Model Law on Cross-Border Insolvency and some jurisdictions’ international insolvency laws. Second, it turns to suggestions made by FSB. Third, the recent international trend in market practice is observed. Then, section 4 of this Chapter proposes framework of regulatory aspects and cooperation arrangements to process cross-border insolvency events, comprehensively in the substantive and the procedural dimensions. Lastly, it analyzes the cases presented in Chapter 2 within the scope of procedural issues of insolvency laws. Chapter 7 summaries conclusions on this thesis and on issues raised in Chapter 2. This final Chapter also tries to provide suggestions to our financial market participants in Taiwan.

La faillite internationale est une matière complexe qui a donné lieu à un long et vif débat doctrinal entre les tenants des systèmes de la territorialité et de l'universalité. Une faillite est internationale lorsqu'elle met en présence un débiteur possédant des biens ou des créanciers dans plus d'un pays. Puisque la matière de faillite est souvent très différente d'un pays à l'autre, l'application du système de la pluralité, retenue dans la plupart des pays, soulève plusieurs problèmes particulièrement en ce qui concerne la coordination entre les diverses faillites et le manque de protection des créanciers, notamment parce qu'elle accorde des effets limités à la reconnaissance des procédures de faillite étrangères. En effet, en présence de procédures de faillite concurrentes il s'agit de répondre aux questions suivantes: quelle est la juridiction compétente pour ouvrir et organiser la faillite? Quelle est la loi applicable? Dans quels États cette faillite va-t-elle produire des effets? Dans le présent mémoire, il s'agit d'établir une comparaison entre le système canadien et le système européen en matière de faillite internationale. Le législateur canadien a récemment envisagé de modifier sa législation sur la faillite pour permettre une meilleure coopération internationale en matière de faillite internationale. Le projet canadien C-55 reprend pour l'essentiel les dispositions contenues dans la loi-type de la commission des Nations-Unis pour le droit commercial international (CNUDCI) sur «l'insolvabilité internationale». Ainsi, il permet de faciliter réellement la reconnaissance des décisions de faillite étrangères, il accorde une plus grande portée aux effets de cette reconnaissance et il prévoit une coordination des procédures multiples en établissant une «hiérarchisation» des procédures de faillite relativement semblable au système européen. Cependant, le projet canadien atteint moins bien l'objectif d'universalité que le Règlement européen 1346/2000 au niveau du traitement égalitaire entre les créanciers locaux et les créanciers étrangers. Si la loi-type offre à tous les États une utilité pratique considérable pour les nombreux cas de coopération internationale, l'harmonisation de la faillite internationale dépendra de son adoption dans les différentes législations. Bien que plusieurs pays aient inséré ce modèle dans leur législation sur la faillite, il n'est pas encore possible, à l'heure actuelle, de parler d'un droit international de la faillite. / International insolvency is a complex subject that has given rise to a long and sharp doctrinal debate between supporters of systems of territorialism and of universality. An insolvency is international where a debtor possesses goods or creditors in more than one country. Since the matter of bankruptcy is often very different from one country to another, the application of the system of plurality, which is retained in the majority of countries, raises several problems, particularly with regard to the coordination between several bankruptcies and the lack of protection of creditors, largely because plurality grants effects that are limited to the recognition of the foreign bankruptcy procedures. Indeed, in the presence of concurrent procedures of bankruptcy, the following questions must be addressed: Which is the court having jurisdiction to open and organize the bankruptcy? Which law is applicable? In which States will this bankruptcy produce effects? This thesis will establish a comparison between the Canadian system and the European system with respect to international bankruptcy. The Canadian legislator recently planned to modify its legislation on bankruptcy in order to better foster international co-operation in the realm of international bankruptcy. The Canadian Bill C-55 largely reiterates the provisions contained in the Model Law on cross border insolvency (UNCITRAL). Bill C-55 thus facilitates the recognition of foreign decisions of bankruptcy, it grants a greater scope to the effects of this recognition and it aims to coordinate multiple bankruptcy procedures by establishing a "hierarchisation" there of that is relatively similar to the European system. However, the Canadian project does not achieve the goal of universality as well as does the European regulation 1346/2000 with respect to equal treatment between local creditors and foreign creditors. If the Model Law offers all States the considerable practical utility for many incidences of international co-operation, the harmonization of international bankruptcy will depend on the adoption of the Model Law in various domestic legislations. Although several countries have inserted this model in their legislation on bankruptcy, it is not yet possible, at the present time, to speak of an international law of bankruptcy.

La faillite des entités juridiques a toujours fait partie de la vie économique globale. Depuis que l’échange commercial intracommunautaire existe le problème de la faillite se pose. L’Union Européenne essaie d’organiser uniformément la vie socio-économique de ses Etats membres, en particulier par la création et l’entrée en vigueur d’actes juridiques qui leur permettent d’agir dans cette réalité. De grands changements modifient la réalité socio-économique des Etats, notamment dans le domaine de la faillite. La réussite de l’Union Européenne consiste à s’adapter à ses changements en réglant de manière générale l’existence des entités juridiques de ses Etats membres en laissant aux droits nationaux leurs propres réglementations plus complexes. Ceci a permis de regrouper différents systèmes juridiques en leur imposant une réglementation générale commune. Le risque grandissant de faillite ou de redressement des entreprises fonctionnant dans plus d’un pays membre de l’Union Européenne (groupes de sociétés) a poussé le législateur à développer un droit de la faillite au niveau communautaire. Dans la présente thèse on analyse donc en profondeur le règlement (CE) nr 1346/2000 du Conseil du 29 mai 2000 relatif aux procédures d'insolvabilité, qui est le premier et unique acte juridique communautaire régissant de manière globale le thème de la faillite. Pourquoi analyser en parallèle le droit de la faillite en Pologne et en France ? Car la France est un des Etats fondateurs les plus importants de l’Union Européenne, la Pologne, elle, se trouve être le pays le plus important (en taille et en nombre d’habitants) des nouveaux Etats entrant dans l’Union Européenne en 2004. / Bankruptcy of legal entities has always been an element of global economy. The issue of insolvency has also been present since the beginning of intracommunity trade. The European Union has been trying to arrange the social and economic life of the Member States in a uniform manner, in particular by developing and implementing legislation supporting them operations in the reality. The social and economic reality of the Member States are subject to material changes, in particular with respect to bankruptcy. The success of the European Union consists in its ability to adapt to the changing environment by general regulations applicable to legal entities in the Member States, leaving more complex and detailed regulations to domestic regulations. As a result, varied legal systems were unified by imposing general Community regulations. The increasing risk of bankruptcy or reorganisation of enterprises functioning in more than one EU country (groups of companies) forced the legislator to develop bankruptcy law at the European level. This paper analyses the Council Regulation (EC) No. 1346/2000 of 29 May 2000 on insolvency proceedings which is the first and only EU legal act regulating the issue of bankruptcy in a general manner. Why should the bankruptcy laws in Poland and in France be analysed in parallel? Since France is one of the most important founder countries of the European Union and Poland is the largest country (in terms of its size and number of inhabitants) among the new members of the European Union that joined in 2004.

L’ordonnance du 23 mars 2006 a réformé le droit des sûretés en France et introduit un gage sans dépossession inspiré du security interest américain dans l’objectif d’améliorer l’efficacité de la matière. L’amélioration est visible mais peut encore être approfondie. En premier lieu, la prépondérance de l’autonomie de la volonté dans la constitution et le régime du gage sans dépossession traduit son détachement progressif de la matière réelle. En effet, le droit du créancier bénéficiaire a pour objet plus la valeur du contenu de l’assiette affectée que son incarnation matérielle. Ainsi, il faut, d’une part, autoriser l’évolution du contenu matériel de l’assiette de constitution pour admettre que l’assiette de réalisation ne soit pas constituée des mêmes biens mais représente toujours la même valeur affectée. D’autre part, il faut reconnaître l’opposabilité du droit de rétention fictif aux procédures d’insolvabilité. En second lieu, le détachement de la sûreté de son objet réel et la prévalence de l’autonomie de la volonté doivent se prolonger en droit international privé. Ainsi, il convient d’admettre l’abandon de la compétence de la lex rei sitae, source de difficultés liées à la nature mobilière du bien grevé, et de reconnaître la compétence de la lex contractus, tirée de la prépondérance de la source conventionnelle de la sûreté.Ainsi, tant l’adaptation de la sûreté permise par la place laissée la volonté des parties, que la possibilité de circulation transfrontalière offerte par la reconnaissance des sûretés étrangères, font du gage sans dépossession une sûreté plus efficace aussi bien en droit interne qu’au niveau international. / On March 23rd 2006, the French reform of security law introduced the « gage sans dépossession », inspired by the security interest of the Article 9 of the U.C.C. from the United- States, in order to improve the efficiency of security law in France. The enhancement is undeniable and yet but there remains room for improvement.First of all, the increased autonomy given to parties when creating and ruling a security results in its detachment from the scope of personal property. Indeed, the creditor is more entitled to the value of the collateral rather than to the good itself. Therefore, the physical content of the collateral should be allowed to change physically as long as collateral remains of same value. On the other hand, the creditor’s fictive right of retention must be enforceable against insolvency proceedings. Secondly, both the detachment of the security from its physical collateral and the preponderance of parties’ autonomy must be taken into account in international private law. Should a matter of choice of law arise, the security should be governed not by lex rei sitae, given the issues raised when applied to movable goods, but by lex contractus, on account of the contractual source of the security. As a result of its adaptability enabled by autonomy, and as a result of the ability to move the security over borders and still be enforceable, the French “gage sans dépossession” appears to be more efficient both in France and on an international level.

[pt] Considerando a importância da estrutura de capital para as finanças empresariais, e apesar de não ainda existir consenso sobre a existência de uma estrutura ótima de capital, buscamos neste trabalho investigar à luz da Teoria da Hierarquização das Fontes de Financiamento, desenvolvida por Myers (1984), como a estrutura de capital das empresas brasileiras de capital aberto, no período de 1998 a 2002, estaria associada a uma dada hierarquia de preferência por fontes de financiamento, dentro da lógica proposta pelo autor, onde as empresas utilizariam primeiramente o autofinanciamento, em seguida recorreriam ao uso de dívidas, e como última opção optariam por emitir ações. Desta forma, este trabalho não visa discutir a problemática da existência ou não de uma estrutura ótima de capitais, mas sim analisar empiricamente a importância e validade dos diversos fatores apontados na literatura como determinantes da Estrutura de Capital das Empresas: Dimensão ou Tamanho, Oportunidades de Crescimento, Composição do Ativo, Lucratividade, Risco, propondo e verificando, inclusive, a significância de novas variáveis independentes como o Controle Acionário, Impacto Cambial, da Inflação e da Taxa de Juros. / [en] In view of the importance of the capital structure to corporate finance, and inspite of not existing consensus about the existence of the optimal capital structure yet, we seek in this work to research how the Capital Structure of Open Capital Brazilian Companies, from 1998 untill 2002, would be associated to a specific Pecking Order, inside the logical proposed by Myers (1984). In this way, this work does not try to discuss the existence or not of one optimal capital structure, but analyses empirically the importance and the validity of the many factors pointed in the literature as determinants of the Companies Capital Structure: Dimension, Growth Oportunity, Asset Composition, Profitability, Risk, also proposing and verifying the significance of new independent variables like the type of capital control, the impact of currency devaluation, inflation and the interest levels.

La recrudescence des crises bancaires et financières place la problématique de la sécurité financière au centre des grands enjeux des politiques de régulation économique. En effet, la crise dite des Subprimes et les crises budgétaires y consécutives, puis la crise chypriote avec le sentiment de défiance du public qui en a résulté, amènent à penser que seule la sécurité financière permet de sauvegarder l’industrie financière malgré elle. Cet enjeu, plus pragmatique du reste, semble davantage trouver un écho en droit, contrairement à celui de stabilité financière qui apparait plutôt subjective, voire incantatoire.En Afrique centrale, comme dans les systèmes juridiques de tradition romano-latine, la question de la sécurité financière procède d’abord du statut juridique des déposants bancaires, de leur place dans l’ordre légal de désintéressement des créanciers, en cas défaillance. Mais la question de la sécurité d’un système bancaire intéresse aussi les établissements de crédit eux-mêmes, non simplement en raison de la nature risquée de leurs activités de transformation, mais surtout en raison de l’existence d’un risque systémique exacerbé par l’ingénierie financière. La question de la sécurité se pose dès lors non simplement en terme de protection des acteurs pris individuellement, mais davantage en terme de préservation voire de sauvegarde de l’outil économique qu’est le système bancaire et/ou financier. / The resurgence of banking and financial crises up the issue of financial security at the center of major policy issues of economic regulation. Indeed, the so-called subprime crisis and subsequent fiscal crises there, and the Cyprus crisis with a sense of public defiance that resulted, one may suggest that financial security will save the financial industry in spite of herself. This issue, more pragmatic moreover, seems to resonate more in law, unlike that of financial stability that appears rather subjective or incantatory. In Central Africa, as in the legal systems of Roman- Latin tradition, the question of financial security shall first the legal status of bank depositors, their place in the legal order of payment of creditors in the event of failure. But the question of the security of the banking system as interest credit institutions themselves, not simply because of the risky nature of their processing activities, but mainly because of the existence of systemic risk exacerbated by financial engineering. The question of safety arises therefore not simply in terms of protection of individual players , but more in terms of preservation or backup tool called economic banking and / or financial .

No description available.

La faillite internationale est une matière complexe qui a donné lieu à un long et vif débat doctrinal entre les tenants des systèmes de la territorialité et de l'universalité. Une faillite est internationale lorsqu'elle met en présence un débiteur possédant des biens ou des créanciers dans plus d'un pays. Puisque la matière de faillite est souvent très différente d'un pays à l'autre, l'application du système de la pluralité, retenue dans la plupart des pays, soulève plusieurs problèmes particulièrement en ce qui concerne la coordination entre les diverses faillites et le manque de protection des créanciers, notamment parce qu'elle accorde des effets limités à la reconnaissance des procédures de faillite étrangères. En effet, en présence de procédures de faillite concurrentes il s'agit de répondre aux questions suivantes: quelle est la juridiction compétente pour ouvrir et organiser la faillite? Quelle est la loi applicable? Dans quels États cette faillite va-t-elle produire des effets? Dans le présent mémoire, il s'agit d'établir une comparaison entre le système canadien et le système européen en matière de faillite internationale. Le législateur canadien a récemment envisagé de modifier sa législation sur la faillite pour permettre une meilleure coopération internationale en matière de faillite internationale. Le projet canadien C-55 reprend pour l'essentiel les dispositions contenues dans la loi-type de la commission des Nations-Unis pour le droit commercial international (CNUDCI) sur «l'insolvabilité internationale». Ainsi, il permet de faciliter réellement la reconnaissance des décisions de faillite étrangères, il accorde une plus grande portée aux effets de cette reconnaissance et il prévoit une coordination des procédures multiples en établissant une «hiérarchisation» des procédures de faillite relativement semblable au système européen. Cependant, le projet canadien atteint moins bien l'objectif d'universalité que le Règlement européen 1346/2000 au niveau du traitement égalitaire entre les créanciers locaux et les créanciers étrangers. Si la loi-type offre à tous les États une utilité pratique considérable pour les nombreux cas de coopération internationale, l'harmonisation de la faillite internationale dépendra de son adoption dans les différentes législations. Bien que plusieurs pays aient inséré ce modèle dans leur législation sur la faillite, il n'est pas encore possible, à l'heure actuelle, de parler d'un droit international de la faillite. / International insolvency is a complex subject that has given rise to a long and sharp doctrinal debate between supporters of systems of territorialism and of universality. An insolvency is international where a debtor possesses goods or creditors in more than one country. Since the matter of bankruptcy is often very different from one country to another, the application of the system of plurality, which is retained in the majority of countries, raises several problems, particularly with regard to the coordination between several bankruptcies and the lack of protection of creditors, largely because plurality grants effects that are limited to the recognition of the foreign bankruptcy procedures. Indeed, in the presence of concurrent procedures of bankruptcy, the following questions must be addressed: Which is the court having jurisdiction to open and organize the bankruptcy? Which law is applicable? In which States will this bankruptcy produce effects? This thesis will establish a comparison between the Canadian system and the European system with respect to international bankruptcy. The Canadian legislator recently planned to modify its legislation on bankruptcy in order to better foster international co-operation in the realm of international bankruptcy. The Canadian Bill C-55 largely reiterates the provisions contained in the Model Law on cross border insolvency (UNCITRAL). Bill C-55 thus facilitates the recognition of foreign decisions of bankruptcy, it grants a greater scope to the effects of this recognition and it aims to coordinate multiple bankruptcy procedures by establishing a "hierarchisation" there of that is relatively similar to the European system. However, the Canadian project does not achieve the goal of universality as well as does the European regulation 1346/2000 with respect to equal treatment between local creditors and foreign creditors. If the Model Law offers all States the considerable practical utility for many incidences of international co-operation, the harmonization of international bankruptcy will depend on the adoption of the Model Law in various domestic legislations. Although several countries have inserted this model in their legislation on bankruptcy, it is not yet possible, at the present time, to speak of an international law of bankruptcy.

我國在民國81年時，正式於保險法中立法規範保險安定基金之相關事項，迄今已逾十五年。在民國96年修法後，我國保險安定基金制度更有了重大變革：不但產壽險安定基金合併且組織實體化成為專責機構，保險法第143條之3也增訂了第一項第四～六款，擴大保險安定基金得辦理之事項，未來的角色不再只是單純的資金之收付、管理，而是更積極參與保險業之監理與退場機制之運作。而保險安定基金經歷如此大幅度的變革，無可避免將會面臨許多問題。 因此本研究將保險安定基金與金融制度完善之英國的金融服務補償計畫，以及處理我國存款金融機構退場事件經驗豐富，功能與組織皆堪稱完備的中央存款保險公司進行制度比較，並對於保險安定基金各層面改革之相關問題，諸如法律規範、組織架構、資金之徵收、資金不足之處理、各項工作執掌及作業、與其他單位之配合等事項，提出具體建議以供主管機關參考。 / The Insurance Stabilization Fund system of Taiwan, found in 1992, has operated for more than 15 years according to the Insurance Act. After the amendment of 2007, some major differences were brought to the system. First of all, the two originally independent foundations for life and non-life insurance stabilization fund would be merged and organized with substantial structure. Moreover, by amending article 143-3 of the act, the legislature expanded more functions for the stabilization fund. As a result, the Fund would no longer be just a “pay box”, but instead, handling the liquidation procedures, and providing constructive assistance to the regulation of insurers. However, with the scale and level of the reform, it is inevitable to face lots of challenges and problems. The following study dedicated to the introduction of the Insurance Stabilization Fund in Taiwan, the Financial Services Compensation Scheme of the UK and Central Deposit Insurance Corporation in Taiwan, then make thorough comparison over main aspects among the three systems. Through the analysis with these three systems, this study will provide solutions and recommendations to the conflicts that may occur.