La thèse a pour objet de traiter la rencontre entre l’arbitrage et les procédures collectives. Elle s’ordonne autour d’un triple constat. Dans un premier temps, marquée par un fort impérialisme, des considérations d’ordre public, l’ouverture d’une procédure collective n’est pas sans incidence sur les instances arbitrales en cours et sur les instances arbitrales qui n’ont pas encore débuté. L’ordre public des procédures collectives a un impact tant sur le déroulement de l’instance arbitrale que sur l’issue de la sentence arbitrale. Ensuite, l’arbitrage marqué à l’opposé par la volonté des parties, la liberté contractuelle, survit en dépit de l’ouverture d’une procédure collective. En effet, l’ordre public des procédures ne suffit pas à exclure l’arbitrage. La compétence de l’arbitre est maintenue pour tous les litiges qui ne sont pas nés de la procédure collective et sur lesquels celle-ci n’exerce pas une influence juridique. Enfin, persiste lors de la rencontre entre l’arbitrage et les procédures collectives, un contentieux post-arbitral. / The purpose of the thesis is to deal with the meeting between arbitration and collective proceedings. It is organized around a triple statement. At first, marked by a strong imperialism, considerations of public order, the opening of a collective procedure is not without incidence on the arbitration bodies in course and on the arbitration bodies which have not yet started . The public order of collective proceedings has an impact both on the conduct of the arbitral proceedings and on the outcome of the arbitral award.Secondly, arbitration, which is marked by the will of the parties, contractual freedom, survives despite the opening of a collective proceeding. Indeed, the public order of the collective proceedings is not sufficient to exclude arbitration. The arbitrator's jurisdiction is upheld for all disputes that are not born of the collective proceeding and over which the latter has no legal influence. Lastly, persists during the meeting between arbitration and collective proceeding, a post-arbitration litigation.

The PhD thesis "Current Issues in International Insolvency Law" aims to describe and draw attention to the moments that, in the opinion of its author, have had the strongest impact on international insolvency law so far. As such it is chiefly devoted to the analysis of existing regulation in the area of European insolvency law (which is principally based on Council Regulation (EC) No 1346/2000 of 29 May 2000 on insolvency proceedings - the "Old Insolvency Regulation" - and Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings - the "New Insolvency Regulation"), and also provides a selection of the relevant case law which has over time significantly changed the way in which specific issues and instruments related to this area are viewed. To do justice to the complexity of the subject matter, the thesis also discusses the determination of jurisdiction in cross-border insolvency proceedings and recognition of the effects of foreign insolvency proceedings in relations between EU and non-EU countries. The main aim of the thesis is to answer the following questions: which legal documents have had the strongest impact on the current form of international insolvency law; whether and how the interpretation of the concept of centre of a debtor's main...

As the topic of my master's thesis, I chose to focus on acquisition of immovable property in insolvency proceedings, especially from the point of view of the acquirer. This thesis aims to summarize the process of acquiring immovable property included in a debtor's assets and to call attention to specific procedural approaches and potentially complicated situations. I begin with an overview of the legislation applicable to the issue and then briefly define the related key terms which I use in the text. I believe it is important to consider which immovable property shall be included in a debtor's insolvency assets as well as the follow-up procedure if someone claims that certain immovable property should be excluded from the debtor's assets. I also discuss the general principles of insolvency proceedings, especially as regards liquidation of assets related to the acquisition of immovable property. Then I deal with particular methods of liquidation of assets. I briefly summarize the process of each method, outline possible positives and negatives, and specify the applicable appeals. Various obligatory approval processes are related with a particular method of liquidation of assets. The approval process with liquidation of an item serving to secure a secured creditor's claim is dealt with separately. As...

Cette thèse examine les canaux par lesquels la crise financière mondiale aurait une incidence sur les institutions financières islamiques et les instruments qui peuvent aider à contenir une crise dans un système bancaire dualiste. Notre échantillon couvre 467 banques conventionnelles et 90 banques islamiques dans 16 pays pour la période 2000-2008. Nous estimons la stabilité financière (z-score) dans les banques conventionnelles et les banques islamiques. Le z-score est devenu l’instrument le plus employé par les chercheurs en économie financière (Boyd et Runkle, 1993; Maechler, Mitra et Worrell, 2005; Beck et Laeven, 2006; Laeven et Levine, 2006; Hesse et Čihák, 2007, 2008, 2010; Mercieca, Laeven et Levine, 2009; Beck; Demirgüç-Kunt et Merrouche, 2010). A cette fin, nous utilisons un modèle d'estimation robuste et quantile. Cette thèse compare les causes de l’insolvabilité entre les banques islamiques et les banques conventionnelles dans les pays de la région du Moyen Orient et Afrique du nord (MOAN) et du Sud-est asiatique. À cet effet, nous utilisons différents facteurs microéconomiques, macroéconomiques et également un certain nombre d’autres indicateurs systémiques. / 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.

Na última década, o Governo Federal incentivou a maior participação de cooperativas de crédito nos agregados financeiros do mercado brasileiro. Normas do Conselho Monetário Nacional (CMN) tiveram o objetivo de incentivar o desenvolvimento dessas instituições no país, com destaque para a possibilidade de livre admissão de associados e a motivação da administração profissional. Por isso, o conhecimento sobre aspectos da informação contábil dessas instituições é ainda mais oportuno e importante. Considerando o contexto acima e as características peculiares de cooperativas de crédito, o objetivo desta pesquisa consiste em avaliar a relação da informação contábil com o risco de insolvência de cooperativas de crédito no Brasil, assim como influência de fatores que podem alterar a relevância dessa informação. Numa etapa exploratória, foram avaliados, de forma agregada, indicadores contábeis por meio de Análise de Conglomerados e Análise de Correspondência (ANACOR). Essa análise revelou a existência de influência significativa de características qualitativas (tipo de associação, região de atuação e tamanho do ativo) nos valores de indicadores contábeis de cooperativas de crédito no Brasil. Esse aspecto fundamentou a necessidade de adequação do tipo de amostra ao objetivo principal da pesquisa. Quanto à relação da informação contábil com o risco de insolvência foi utilizada a Análise de Regressão Logística. Para a amostra selecionada, foi possível sinalizar a existência de diferenças nessa relação quando considerados dois anos antes do evento de insolvência e um ano. No primeiro momento ocorreu redução relativa de ativos líquidos e desequilíbrio entre despesas e receitas operacionais. Mais próximo do evento, um ano antes, o risco de insolvência ficou mais relacionado com aumento do percentual de créditos em atraso, redução do saldo de operações de crédito e redução da margem operacional com aumento de despesas operacionais, ambos em relação ao saldo médio dos ativos totais. Os indicadores que incluíram rubricas contábeis de resultado demonstraram ter maior peso para percepção do risco de insolvência do que aqueles baseados em rubricas contábeis de estrutura patrimonial. Foi verificado também o aumento de relevância da informação contábil na relação com o risco de insolvência após a disponibilidade de informações provenientes do Sistema de Informações de Crédito do Banco Central (SCR). A influência no aumento dessa relevância, apesar dessas novas informações disponíveis, foi também oriunda da informação disponível dos próprios demonstrativos contábeis convencionais. Esses resultados trazem indícios de que a implantação do SCR requereu melhor sistematização e controle das informações contábeis por parte das cooperativas de crédito, com efeito na relevância geral dessa informação, inclusive das demais fontes de informação, demonstração de resultados e balanço patrimonial. / Last decade, the Brazilian Government improved the participation of credit unions in Brazilian Financial System. Rules and Standards were aimed to encourage the development of these institutions in the country, highlighting the possibility of free admission of members and the motivation for professional administration. Because of this, acknowledgement about aspects of accounting information about these institutions became more important. Considering this context and the peculiarities of credit unions, the intention of this research is to evaluate the relationship of accounting information and the insolvency risk of credit unions in Brazil, as well as factors that may alter the relevance of such information. We evaluated some financial ratios through Cluster Analysis and Correspondence Analysis (ANACOR). This analyzing led to the conclusion that there is significant influence of qualitative aspects (membership type, Brazilian regions and asset size) in financial ratios of credit unions in Brazil. These results supported the adequacy in sample of research. In order to evaluate the relationship of accounting information with insolvency risk was applied logistic regression analysis. There are signals of differences in this relationship when considering two years before the insolvency event and one year before the insolvency event. At first there was a relative reduction of liquid assets added to instability between operational costs and operational revenues. One year before the event, the insolvency risk was more related to the increase of loan arrears, reduction of portfolio of loans and reduction of operating margin combined with higher operating costs, both in relation to average total assets. In conclusion, the income statement ratios were more important than balance sheet ratios. Accounting information has had increase in relevance in relation to insolvency risk after availability of financial information based on Credit Information System of Brazilian Central Bank (SCR). The influence in increasing of this relevance, despite the availability of this new information, is also originated from conventional financial statements. These results signal that SCR, once implemented, requires better systematization and data control by credit unions and produced effects on the overall relevance of accounting information, including income statement and balance sheet.

O objetivo central da tese é o de identificar os possíveis fundamentos da proibição do pacto comissório e testá-los mediante contraste com a legislação vigente. Em termos de método, isso é feito como exercício de argumentação jurídica, pautada na ideia de reconstrução racional (MACCORMICK) e na hipótese do legislador racional (FERRAZ JR.). Para alcançar esse objetivo, o trabalho começa por investigar (a) os sentidos dos termos que compõem a locução pacto comissório; e (b) a função e a estrutura da cláusula, que são analisadas sob a premissa teórica da sua licitude. Na sequência, é perquirida a presença da proibição nas legislações estrangeiras e na legislação brasileira. Disso resulta a percepção de que, embora a proibição permaneça largamente presente, há indícios de que ela começa a sofrer erosões, ou de que está a se disseminar uma visão mais clara do seu anacronismo, ou dos limites mais estreitos em que ela se justifica. Na consecução do referido objetivo central, a tese põe à prova, com base na legislação brasileira vigente, os seguintes possíveis fundamentos da vedação: (a) proteção do devedor; (b) repressão à usura; (c) caráter inderrogável da via judicial como forma de execução; (d) interesse social em impedir a difusão do pacto comissório; e (e) preservação da par conditio creditorum. A conclusão que se alcança é que não existe explicação, senão a de cunho apenas histórico, sobre o porquê de a vedação continuar sancionada por nulidade no direito brasileiro. A partir disso, propõe-se a reconstrução de um sentido para a proibição do pacto comissório, baseada na licitude do pacto marciano e na disciplina da excussão das garantias já nominadas em dinheiro. Essa iniciativa identifica como cerne da reprovabilidade do pacto comissório o risco de desproporção entre o montante da dívida e o valor de mercado do bem dado em garantia. Dessa constatação, e do quanto mais resulta da pesquisa, emergem certas sugestões de aperfeiçoamento legislativo. A tese é complementada pela análise dos julgados dos tribunais superiores brasileiros (STF e STJ) que, ao longo dos últimos cinquenta anos, debateram a extensão da proibição do pacto comissório. A parte final do trabalho aponta certas questões da economia e da cultura que se entende estarem também envolvidas na proibição do pacto comissório. / The thesis main purpose is to identify the possible reasons for prohibiting the pacto comissório and to test them by contrast with the provisions of Brazilian Law. In terms of method, this goal is attained as an exercise of legal reasoning, grounded on the ideas of rational reconstruction (MACCORMICK) and on the assumption of the rational lawmaker (FERRAZ JR.). The essay starts by discussing (a) the meanings of the terms in the expression pacto comissório and (b) the function and the structure of the clause, under the theoretical assumption of its conformity with the Law. After such discussion, the thesis points out the presence of the prohibition in certain foreign legislations and also in the Brazilian Laws. This leads to the perception that, although the prohibition remains largely present, there are signs that it is being eroded, or that it is becoming clear that it is outdated, or that may be justified in a much narrower sense. While pursuing its central objective, the essay tries out, in light of Brazilian Law, the following possible reasons for prohibiting the pacto comissório: (a) the protection of the debtor; (b) the repression to the usury; (c) the judicial foreclosure as the mandatory form for the enforcement of security interests; (d) the social interest in avoiding the dissemination of the pacto comissório; and (e) the observance of the par conditio creditorum rule. The conclusion that arises from this test is that there is no explanation, except for a historical one, for the prohibition of the pacto comissório to remain sanctioned by nullity in Brazilian Law. The thesis suggests then the reconstruction of a reasonable meaning for the prohibition, which takes into account the legitimacy of the pacto marciano and the legal discipline of the security interests over money or money-like assets. This initiative identifies the risk of discrepancy between the amount of the debt and the market value of the collateral as the real core of the rule prohibiting the pacto comissório. From this conclusion, and from what else is perceived by the research, certain suggestions for enhancing the quality of Brazilian legislation are presented. The essay is complemented by the analysis of the decisions rendered by Brazilian superior courts (STF and STJ) during the last fifty years, regarding the extension of the prohibition of the pacto comissório. A last part of the thesis points out certain economic and cultural issues that are also considered involved in the prohibition of the pacto comissório.

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.

O presente trabalho visa a analisar aspectos específicos da microeconomia bancária no que se refere à relação entre banco e consumidor. Três diferentes abordagens são adotadas. No primeiro capítulo a abordagem é teórica. Um modelo de equilíbrio geral com incerteza é desenvolvido, com o objetivo de analisar a relação depositante banco e as características do equilíbrio dos contratos de depósito bancários. Questões como eficiência e concentração são analisadas, tanto em um contexto estático quanto na relação de longo prazo entre bancos e depositante. Os resultados sugerem contratos de equilíbrio com características contingentes ao espaço de contratos factíveis e uma relação entre esforço eficiente do banco e não comprometimento pleno do depositante na relação de longo prazo. A segunda parte do trabalho se concentra em analisar empiricamente a relação entre banco e tomador de recursos e tem como objetivo contribuir com avanços metodológicos para a decomposição do spread bancário no Brasil. Para tanto, estima-se uma função custo multiproduto para o setor bancário brasileiro e calcula-se, a partir dela, os preços de Aumann-Shapley dos diversos produtos oferecidos pelos bancos. Essa aplicação da teoria de alocação de custos conjuntos à firma bancária permite que se faça a alocação dos custos administrativos de forma mais precisa, melhorando a decomposição do spread no Brasil. Além disso, novos avanços são conseguidos em termos de precisão por meio da ampliação da amostra e portanto pela correção de um grave viés de seleção presente na abordagem original do Banco Central. A terceira - e última - parte do trabalho faz uma discussão institucional dos sistemas de resolução de insolvências coorporativas e da relação destes com a decisão do banco de emprestar e portanto com o funcionamento do mercado de crédito. A motivação foi a de analisar um aspecto específico da relação banco tomador com impactos diretos sobre preço e volume de empréstimos concedidos. Neste ponto, questões relacionadas a incentivos e eficiência emergem e são analisados tendo como pano de fundo a reforma do sistema legal de insolvência brasileiro, atualmente em curso. / The present work analyzes specific aspects of microeconomics of banking, concerning the relationship between financial intermediaries and non-financial agents. Three different approaches are adopted. In the first chapter the approach is theoretical. A model of general equilibrium with uncertainty is developed, analyzing the relationship between banks and depositors and the characteristics of the equilibrium deposit contracts. Efficiency and concentration issues are analyzed, in a static context and in a long-term relationship among banks and depositors. Results suggest that deposit contracts observed in equilibrium are contingent to the space of contract possibilities and that it exists a relationship between efficient effort exerted by the bank and no full commitment by depositors in a long term relationship. Chapter 2 makes an empirical analysis of the bank-borrower relationship, contributing with methodological improvements for the decomposition of banking spreads in Brazil. A multi-product cost function for the Brazilian banking industry is estimated and used to calculate the Aumann-Shapley prices for each of the defined banking products. That application of cost allocation to the banking firm allows a better allocation of administrative costs, improving on the original decomposition made by Brazilian Central Bank. Additionally, a more accurate decomposition results from the use of a larger sample and therefore the correction of a serious selection bias present in the original approach. The third chapter concentrates on an institutional discussion about insolvency resolution. The main motivation was the analysis of a specific aspect of the bank-borrower relationship and its impacts on price and volumes of loan concessions. At this point, incentives and efficiency issues emerge and are analyzed having the Brazilian legal system of insolvency reform, now in course, as a background.

This thesis compares satisfaction of creditors with different ways of resolving debtors' bankruptcy. It describes different ways of resolving bankruptcy and uses specific data to analyse and compare level of creditor's satisfaction with the way bankruptcy was resolved. The thesis consists of two parts - theoretical and practical. Theoretical part describes historical development of bankruptcy law, defines basic terms, procedural subjects of insolvency proceedings, and outlines particular ways of solving bankruptcy. Practical part of the thesis describes a chosen company, analyses and compares bankruptcy data of debtors and provides recommendation for creditor based on results.

Le règlement n°2015/848 est-il applicable aux procédures d’insolvabilité présentant un lien avec un État tiers comme la Suisse ? D’un côté, la CJUE répond par l’affirmative concernant le principe vis attractiva concursus. D’un autre côté toutefois, le règlement n°2015/848, plus encore que le règlement n°1346/2000, a été conçu par le législateur européen pour les situations intra-européennes. La décision Schmid (CJUE, 16 janvier 2014, C-328/12) est une boîte de Pandore, car très peu de dispositions pourront en réalité être étendues à l’international. Le chapitre IV assure p. ex. l’égalité de traitement aux seuls créanciers étrangers européens.Comment les autorités suisses vont-elles réagir ? Le chapitre 11 de la LDIP suisse a récemment été révisé, afin de simplifier la reconnaissance des décisions étrangères de faillite. La réciprocité n’est plus requise, et un nouveau chef de compétence internationale indirecte a fait son apparition : le COMI du débiteur. De plus, la faillite ancillaire devient optionnelle. Cela étant, la protection des créanciers locaux reste la priorité : le juge suisse luttera toujours contre les discriminations subies par les créanciers locaux, et refusera la reconnaissance des décisions annexes rendues contre un défendeur domicilié en Suisse. L’applicabilité des règles européennes aux situations relatives aux États tiers serait par conséquent incohérente, et risquerait de paralyser l’entraide internationale avec la Suisse. / Is Regulation 2015/2018 applicable to insolvencies linked with third States such as Switzerland ? On the one hand, the CJEU extends the vis attractiva concursus principle beyond European borders. But on the other hand, Regulation 2015/848, even more than Regulation 1346/2000, is designed for intra-EU insolvencies. The Schmid decision (CJEU, 16th January 2014, C-328/12) is a Pandora’s box, because very few provisions may in fact be extended to extra-EU cases. Chapter IV e.g. focuses on the equal treatment of European foreign creditors. How are the Swiss authorities going to react ? Chapter 11 of the Swiss PILA has recently been modified, in order to simplify the recognition of foreign insolvency proceedings. Exit the requirement of reciprocity, and welcome to a new ground of international indirect jurisdiction : the COMI of the debtor. Moreover, the opening of an ancillary proceeding in Switzerland becomes optional. However, the protection of local interests still comes first : no to discriminations of local creditors, and no to recognition of insolvency-related decisions if the defendant lives in Switzerland. Applying Regulation 2015/848 to insolvencies linked with third States would thus be incoherent, and cooperation with Swiss authorities may come to an end.