Final thesis is monitoring new legislation concerning reorganization. This process is quite new in Czech Republic. First chapter is theoretical introduction to insolvency in general. Second chapter deals with statistics in this area. Final chapter is dedicated to two case studies of real companies.

Insolvency of a dependant person and its group consequences Abstract The thesis deals with the consequences that the Czech Act on Business Corporations and the Insolvency Act provides for the case of bankruptcy of a dependant entity in relation to the remaining entities in the group. First, the general conceptual bases are discussed and the value of the principles of limited liability and individual legal personality in the context of the business group is explained. One chapter is devoted to international issues that arise in the context of bankruptcy within business groups, that is, both private international law and harmonization issues. The importance of harmonization is explained with reference to universalism, the leading way of thinking in solving cross-border bankruptcy, and in other parts of the thesis, Czech law is compared with the international standards of insolvency law of UNCITRAL and the World Bank. Furthermore, the ways in which the liability of a group member for the debts of an insolvent corporation can be inferred are analyzed. These include, in particular, the English law inspired wrongful trading regime contained in s. 68 of the Act on Business Corporations and the liability of the dominant entity for the debts of the dependant entity if the dominant entity causes the dependant entity...

acase@tulane.edu / Cross-border cases involving admiralty and bankruptcy law are troublesome because of the fundamentally different natures of the policy objectives of these two private avenues. The current declining shipping market shows the urgent need to address these issues at both a theoretical and practical level. The basic problem considered in this dissertation is what should happen when a ship owner files an insolvency proceeding in one country, while at the same time facing an in rem action against its vessel in another country? In other words, should the in rem action arising in one country be stayed or dismissed because of the existence of insolvency proceedings in another country? This dissertation also discusses the relevant issues regarding the determination of the “center of main interest” of an offshore shipping company and the scope of a debtor’s assets. The author uses a comparative law analysis, selecting four leading shipping countries—Australia, the U.K., the U.S., and Singapore—and examining their approaches to the treatment of maritime claimants. The author also proposes a solution to help eliminate the ambiguity occurred in maritime cross-border insolvency cases under the UNCITRAL Model Law regime, with an eye to enhancing the development of the shipping industry. / 1 / Jingchen Xu

Due to economic globalisation and integration, as well as the global economic downturn since 2008, the appearance of cross-border insolvencies have increased dramatically. This increase in cross-border insolvencies has led to a demand for a general and fair system to administer cross-border insolvencies globally. In 1997 United Nations Commission on International Trade Law (UNCITRAL) promulgated the Model Law on Cross-Border Insolvency to act as an aide to countries in globally administering cross-border insolvencies in a uniform way. South Africa, and the United States of America (USA), subsequently accepted this Model Law approach into their respective national legislation. South Africa did this through the Cross-Border Insolvency Act 42 of 2000 (CBIA) and the USA by way of Chapter 15 of the United States Bankruptcy Code. The CBIA is, however, not currently in operation as the Minister of Justice has not yet designated countries to which the CBIA will apply. Chapter 15 is, however, effective and operational in the USA. The two theories that underlie cross-border insolvencies – universalism and territorialism – have been further refined in the theories of modern universalism and modern territorialism. Supporters of modern universalism hailed the acceptance of the Model Law into the national legislation of countries as a victory over modern territorialism as the characteristics of modern universalism can be found throughout the Model Law. Modern universalism is, however, seen as theory which endangers the interests of local creditors as it favours universal administration of assets. However, modern territorialism is, on the other hand, acknowledged to protect the interests of local creditors. Therefore an investigation into the application of Chapter 15 by the courts of the USA will indicate if the interests of local creditors are sufficiently protected under this so-called modern universalistic approach and, if indeed so, how this is achieved. As the CBIA is neither operational nor effective in South Africa, cross-border insolvencies are governed by the common law and the precedents set down in case law. Writers and case law indicate that South Africa uses a system that can be described as between pure territorialism and modern territorialism. It can therefore be accepted that South Africa currently protects the interests of its local creditors sufficiently. The question then arises if, when South Africa made the CBIA effective and operational, would local creditors‟ interests still be sufficiently protected? As the CBIA and Chapter 15 are both based on the Model Law, they are basically identical in most aspects. Therefore an investigation into the application of Chapter 15 will also indicate if the CBIA will sufficiently protect the interests of local creditors. This dissertation thus attempts, through an investigation of the applications lodged under Chapter 15, to indicate that the USA still succeeds in protecting the interests of its local creditors. The USA achieves this through utilising mechanisms made available through Chapter 15 itself. Consequently this dissertation shows that South Africa can make the CBIA operational, while still sufficiently protecting the interests of its local creditors. / Thesis (LLM (Import and Export Law))--North-West University, Potchefstroom Campus, 2013

Due to economic globalisation and integration, as well as the global economic downturn since 2008, the appearance of cross-border insolvencies have increased dramatically. This increase in cross-border insolvencies has led to a demand for a general and fair system to administer cross-border insolvencies globally. In 1997 United Nations Commission on International Trade Law (UNCITRAL) promulgated the Model Law on Cross-Border Insolvency to act as an aide to countries in globally administering cross-border insolvencies in a uniform way. South Africa, and the United States of America (USA), subsequently accepted this Model Law approach into their respective national legislation. South Africa did this through the Cross-Border Insolvency Act 42 of 2000 (CBIA) and the USA by way of Chapter 15 of the United States Bankruptcy Code. The CBIA is, however, not currently in operation as the Minister of Justice has not yet designated countries to which the CBIA will apply. Chapter 15 is, however, effective and operational in the USA. The two theories that underlie cross-border insolvencies – universalism and territorialism – have been further refined in the theories of modern universalism and modern territorialism. Supporters of modern universalism hailed the acceptance of the Model Law into the national legislation of countries as a victory over modern territorialism as the characteristics of modern universalism can be found throughout the Model Law. Modern universalism is, however, seen as theory which endangers the interests of local creditors as it favours universal administration of assets. However, modern territorialism is, on the other hand, acknowledged to protect the interests of local creditors. Therefore an investigation into the application of Chapter 15 by the courts of the USA will indicate if the interests of local creditors are sufficiently protected under this so-called modern universalistic approach and, if indeed so, how this is achieved. As the CBIA is neither operational nor effective in South Africa, cross-border insolvencies are governed by the common law and the precedents set down in case law. Writers and case law indicate that South Africa uses a system that can be described as between pure territorialism and modern territorialism. It can therefore be accepted that South Africa currently protects the interests of its local creditors sufficiently. The question then arises if, when South Africa made the CBIA effective and operational, would local creditors‟ interests still be sufficiently protected? As the CBIA and Chapter 15 are both based on the Model Law, they are basically identical in most aspects. Therefore an investigation into the application of Chapter 15 will also indicate if the CBIA will sufficiently protect the interests of local creditors. This dissertation thus attempts, through an investigation of the applications lodged under Chapter 15, to indicate that the USA still succeeds in protecting the interests of its local creditors. The USA achieves this through utilising mechanisms made available through Chapter 15 itself. Consequently this dissertation shows that South Africa can make the CBIA operational, while still sufficiently protecting the interests of its local creditors. / Thesis (LLM (Import and Export Law))--North-West University, Potchefstroom Campus, 2013

The topic of this thesis is Discharge from debts by individuals doing business - the possible effects on the economy. The aim of the diploma thesis is to introduce and to evaluate the discharge from debts of individuals-businessmen as one of the rehabilitative solutions of insolvency. In the first part, we get acquainted with development of legislative adjustment of insolvency law, course of the insolvency proceedings and process subjects. The thesis follows with introducing methods of solving the insolvency of a debtor. The main part of the thesis discusses the issue of discharge from debts of businessmen in detail including formulation of calculation of repayment and evaluation of suitability of this approach to solution of business debts based on data from publicly available sources. In the last part, we focus on assessing the degree of burden on borrowers and creditors and possible impacts on the economy. In the conclusion there are summarized all learned facts.

This thesis seeks to contribute to our understanding of why creditors and debtors do not ordinarily use China's reformed Enterprise Bankruptcy Law ('EBL'), whether the low use of the EBL is problematic, and if so, what can be done to ensure a more efficient resolution of corporate insolvencies and corporate financial distress in China. The EBL has been lauded – domestically and internationally – as a major legislative success. However, despite the rapidly growing number of companies, level of corporate indebtedness and non-performing loans – which should, one might expect, lead to an increase in the use of the EBL – the number of court-run insolvency cases has in fact been decreasing since the law was implemented in 2007. The thesis draws on newly collected insights from a series of interviews in China - to supplement the scarce and often incoherent data that is available - to determine what motivates debtors and creditors not to use the EBL. The findings are presented as four complementary constraints on a more effective and efficient operation of the EBL. First two constraints relate to the low payoffs under the EBL that debtors and creditors expect to receive due to (i) flaws in the EBL itself and (ii) problems in surrounding non-bankruptcy rules and practices that reduce or prevent recoveries under the EBL. A third constraint affects those debtors and creditors who wish to use the EBL despite the low expected payoffs – for example to avoid directors' liability for corporate insolvency – but are prevented from doing so due to (iii) potential enforcers' limitations and biases. A fourth and final constraint on the use of the EBL that reinforces debtors' and creditors' unwillingness to use the EBL is (iv) the parties' (often inaccurate) perception that alternative debt enforcement mechanisms may offer comparatively higher payoffs (v. the EBL). Building on this discussion, the thesis then considers the desirability of, and options for, reform. It argues that reform and subsequent greater use of court-enforced insolvency law are desirable in China because the (reformed) EBL has the potential to contribute to economic development through more efficient resolution of complex financial distress; better control of bad debt; easier and cheaper corporate financing; more efficient allocation of resources; and more entrepreneurial activity. However, because the necessary changes to deliver this are likely to be slow in coming, it proposes a dual-track reform encompassing (i) substantive reform of the EBL and select non-bankruptcy laws and practices; accompanied by (ii) the introduction of a new speedy, independent and confidential mechanism for insolvency resolution, 'MedArb'.

This thesis focuses primarily on the field of European cross-border insolvency law, currently represented by the EU Regulation on Insolvency Proceedings (EC No 1346/2000). The EU Regulation considered theoretical conflict between advocates of universalism and territorialism, and is generally regarded as reflecting it in a way of modification, which is represented by distinction between main and ancillary insolvency proceedings. Determination of international jurisdiction in the main insolvency proceedings is inherently linked with the criteria of the centre of main interests (COMI), which serves as a specific connecting factor to constitute both the court with jurisdiction and applicable law, for the purpose of the whole insolvency process in accordance with the principle lex fori concursus. The COMI concept is the root of the jurisdiction trouble, thus this thesis aims at providing substantial information on the concept, since the EU Regulation neglects its proper introduction. One of many issues related to COMI conception is a phenomenon of forum shopping, term used to describe situations when debtors manipulate with facts relevant for establishing jurisdiction, in order to obtain more favourable position, usually at creditors' expense. The thesis also deals with another important initiative in...

Administration of the estate is one of the most important activities in insolvency proceedings, when debtor's insolvency is resoluted by bankruptcy. Everyone can see information about the administration's results in Insolvency Register. The procedure of it is not well known nonetheless. The goal of the thesis is to enlighten the procedure of administration of the estate (including defining its content) since declaration of debtor's insolvency, when the authorization to dispose of the estate is held by insolvency administrator and to point out some relatively new legislative changes and its problems. Diploma thesis is divided into eight chapters, where there is gradual analysis of administration of the estate from the beginnings of insolvency proceedings and declaration of bankruptcy to realization of the estate and canceling the bankruptcy. The first chapter brings short review of historic legislation and tries to point out some similarities of roman bankruptcy law and present legislation. The second chapter describes initiation of insolvency proceedings, declaration of debtor's insolvency and it defines insolvency administrator and the way of his election by insolvency court. Following chapters are the core of the thesis. The third chapter pursues the declaration of bankruptcy itself and...

LL.M. / The main objective of the South African interrogation procedures during corporate insolvency is to trace and recover all corporate assets. The focus of such procedures is therefore on gathering information rather than investigating any probable causes of the insolvency and failure of the company, as English legislation prescribes. At present in South Africa no reasons have to be supplied to creditors, contributors or the public to explain the failure of companies. This situation contributes to the hesitant and sceptical attitude of the public towards companies and their reluctance to invest in companies. This aspect of our insolvency law can also have a negative impact on the level of foreign investment. The question therefore arises on how the insolvency industry should deal with the various challenges that such a situation presents, which entails at the same time challenging the general effectiveness of the South African insolvency system in its entirety.