This Master's thesis describe process of liquidation which precluding disappearance of the enterprise. As a result is to show this action in reality. The practical part of this thesis contains activities of liquidator in the joint-stock company. The thesis refers to possibility of bankruptcy the company and the liquidator's procedure in this situation. The goal of this thesis is describing the procedure of liquidation, direct the attention to mentioned problems that could occur during liquidation and trying to find some solutions.

Liquidation of a company having insufficient assets Abstract The diploma thesis primarily deals with situations in which a liquidated company with insufficient assets may find itself. It deals, among other subjects, with cases where the liquidator finds out during the liquidation process that the liquidated company is in bankruptcy or when any undistributed assets of the liquidated company appear after the end of the insolvency proceedings. The aim of the thesis was mainly to describe and critically analyze the legal regulation of the above-mentioned situations, focusing on the interconnectedness and the most significant differences between the process of liquidation and insolvency proceedings. The thesis also deals in more detail with the figures of liquidator and insolvency trustee, their rights and obligations and mutual cooperation within both proceedings or the simplified liquidation of a company with insufficient assets to cover the costs of insolvency proceedings. The author of the thesis tried to achieve the set intention mainly by a detailed analysis of legal regulations, academic writing and relevant case law. At the same time, the thesis deals with controversial and unclear provisions of effective legal regulation concerning the subject matter. The diploma thesis is divided into five structured...

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Economic theory and empirical research suggests product market competition can result in both positive and negative capital market effects. Specifically, research suggests competition reduces agency costs, but also reduces profitability. I examine the relation between product market competition and firm value in an international setting, focusing on how the relation varies with firm- and country-specific characteristics. I document lower values for firms in more competitive industries. However, the negative relation between competition and firm value is less pronounced for firms with higher firm-level liquidation risk, stronger country-level investor protection mechanisms, and higher firm-level transparency. These findings are consistent with an agency cost benefit resulting from product market competition. / Ph. D.

Based on a long span database, four important issues are addressed in this study. First one is about their holding preference in Taiwan stock market. The second and third issues are relative to the positive feedback trading and herding. Finally, the price impact of their trading behavior is also discussed on various angles. / In sum, the empirical results of this study suggest the success of the QFIIs scheme in Taiwan, and the import role played by the foreign institutional investors for this success. However it should be noted that the trading behaviors of the foreign investors in the emerging market has a close relationship with the nature and characteristics of the industry and economy of this country, especially the internationalization levels of the domestic industry and the opening degree of the national economy. / Part I. This study provides an integrate investigation into the trading behaviors and the price impact of the qualified foreign institutional investors (QFIIs) in Taiwan stock market. The main purpose of this study is to provide some policy implications to the regulators of emerging financial markets by giving a comprehensive insight into the whole development process of QFIIs scheme in Taiwan. Another purpose is to contribute to the literature, especially on the emerging market, with extensive and in-depth evidences of the QFIIs a sub-group of institutional investors. / Part II. A populous viewpoint ascribes the resent stagnancy in the Chinese stock market to the original inequality of the equity price and rights between the non-liquid equity holders and liquid equity holders. Using the Capital cost IRR method, this paper provides another view on this problem by analyzing the interest balance between the two types of equity holders in the Chinese listed companies. The theoretical models and empirical results suggest the two types of equity holders can reach their interest balance under the original of stock market system, though the balancing mechanism is skewed and results in a wealth outflow due to the specific equity structure and agency problem of the Chinese listed companies. As the necessary step for the long-term development of the Chinese stock market, "Full liquidity" may lead to the break down of the original balance mechanism. Some problems results from the skew mechanism may float up in the new balance achievement and put some pressure to the market. The key to the market reform is not making any compensation to any type of the equity holders but lies in how to restrict a new balance system and mitigate the market pressure. (Abstract shortened by UMI.) / Kang, Li. / "April 2005." / Adviser: He Jia. / Source: Dissertation Abstracts International, Volume: 67-01, Section: A, page: 0284. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2005. / Includes bibliographical references. / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. [Ann Arbor, MI] : ProQuest Information and Learning, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. Ann Arbor, MI : ProQuest dissertations and theses, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. Ann Arbor, MI : ProQuest Information and Learning Company, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstracts in English and Chinese. / School code: 1307.

This thesis deals with the liquidation of legal persons. It deals with the demands of the liquidator to enter into liquidation. It describes the registration requirements, accounting and tax obligations. The output is an example of completing the processing of tax return.

LL.M. (Commercial law) / This dissertation seeks to explore the fundamental differences between the rights of employees in terms of windiqg-up procedures and that of business rescue proceedings. I will be specifically looking at each procedure, winding-up and business rescue proceedings, and the effect that each of these procedures have on the rights of employees. In terms of the analysis of the procedures, I will be looking at the history of both insolvency law and labour law, as well as a look at the old Companies Act of 1973 and specifically at judicial management. By looking at the history we can gain an outlook on the problems we encountered then and how they can be improved today. I will then move on to look specifically at the specific proceedings of winding-up in Chapter 14 of the old 1973 Act and Chapter 6 of the new 2008 for the provisions on business rescue. Through analysing the proceedings I will also look at the legal position in other jurisdictions on the specific matter into account. Specifically I will look to the UK and Australia. Additionally, I will be looking at the International Labour Organisations position on employees' rights in terms of insolvency law. The specific rights of employees that I will be considering are employees rights to commence proceedings, their right to be informed, their right to be consulted, the effect on their employment contracts, retrenchments, claims which they may have against the company as well as the specific rights of employees in the case of a transfer of the business. In analysing all of the above aspects, I will come to conclude from my findings that the rights afforded to employees under business rescue and Chapter 6 of the 2008 Act are extremely beneficial to the employees and are so extensive that they cover almost all rights of employees. In comparison with the rights afforded to employees' in terms of winding-up procedures under Chapter 14 of the 1973 Act these rights are stiII beneficial to employees but they are not as extensive. Both procedures afford employees a significant amount of protection.

Le droit au partage est généralement présenté comme étant consubstantiel du droit de propriété. Ce dernier est garanti par des textes de valeur constitutionnelle. Or, sinon le caractère prétendument absolu du droit de propriété, du moins son rang dans la hiérarchie des droits réels, s'opposent à ce que ses titulaires se trouvent contraints de l’exercer selon des modalités non voulues. Il importe dès lors que l'opération de partage soit impérativement réalisée dans le respect du droit dont elle est le prolongement, c'est-à-dire conformément aux intérêts patrimoniaux des copartageants. C'est « l’égalité » du partage, entendue alors comme synonyme de neutralité économique de l’opération. Mais les relations entre égalité et partage excèdent largement la notion d'égalité face à l'opération de « conversion » que réalise le partage. L'égalité n'est pas seulement le critère et l'impératif du partage ; elle en est aussi la « cause-impulsive », et parfois le motif. En certaines occasions, c'est parce qu'une certaine forme d'égalité aura été voulue qu'un partage s'établira. A cet égard, l’égalité ne se borne alors plus à assurer la bonne fin du partage ; elle le suscite. Le partage ne saurait se réduire en effet à la simple réalisation d’une opération commutative. Il assure la réception, en droit privé et, plus particulièrement, au sein du droit patrimonial de la famille, d’une aspiration égalitaire transcendant la technique juridique. La convention de partage n’est pas seulement un contrat nécessairement « égalitaire » ; elle emporte « contractualisation de l’égalité ». L’égalité en constitue le principal objet / The right to an equal share in the partition / to equal partition is undisociable from the right to property which is garanteed by Constitutional law. So, If not because of the allegedly absolute right to property, at least because of its rank in the hierarchy of real rights, the right to division is contrary to any acceptance by the entitled (of the proceedings) on undesired modalities. This is equality in partition in the full sense of the word – a synonym, here, of economic neutrality of the operation. The relations between equality and partition go beyond the notion of equality as understood in partition proper. Equality, indeed, is not solely the criterium and imperative for the partition, it is also the cause and, at times, even, the mobile. It may happen that partitioning is made because a certain kind of equality is desired. In these cases, equality has not its goal limited in bringing about a partition; but partition finds its cause in equality. It can, thus, be said that partitioning sums up both the efficacy of the right to property and the enforcement of a principle of equality that far exceeds its legal technique. It is clear, indeed, that the partition can’t be reduced to the sole effectiveness of a necessarily accumulative operation. It helps acknowledge, within, the private law and the patrimonial family law, in particular, that aspiration for equality that far transcends legal procedures. In that sense, the partition agreement must not be regarded solely as a necessarily egalitarian contract; it entails that equality itself be a contract. Indeed, equality is not a characteristic of the operation but its main object

Wir studieren optimale Handelsstrategien für einen risikoaversen Investor, der bis zu einem Zeitpunkt T ein Portfolio aufzulösen hat. Dieser kann auf einem traditionellen Markt (dem "Primärmarkt") handeln, wodurch er den Preis beeinflusst, und gleichzeitig Aufträge in einem Dark Pool erteilen. Dort ist die Liquidität nicht öffentlich bekannt, und es findet keine Preisfindung statt: Aufträge werden zum Preis des Primärmarkts abgewickelt. Deshalb haben sie keinen Preiseinfluss, die Ausführung ist aber unsicher; es muss zwischen den Preiseinflusskosten am Primärmarkt und den indirekten Kosten durch die Ausübungsunsicherheit im Dark Pool abgewogen werden. In einem zeitdiskreten Handelsmodell betrachten wir ein Kostenfunktional aus erwarteten Preiseinfluss- und Marktrisikokosten. Für linearen Preiseinfluss ist dieses linear-quadratisch und wir erhalten eine Rekursion für die optimale Handelsstrategie. Eine Position in einem einzelnen Wertpapier wird langsam am Primärmarkt abgebaut während der Rest im Dark Pool angeboten wird. Für eine Position in mehreren Wertpapieren ist dies wegen der Korrelation der Wertpapiere nicht optimal. Tritt im eindimensionalen Fall adverse Selektion auf, so wird die Attraktivität des Dark Pools verringert. In stetiger Zeit impliziert die Liquidationsbedingung eine Singularität der Wertfunktion am Endzeitpunkt T. Diese wird im linear-quadratischen Fall ohne adverse Selektion durch den Grenzwert einer Folge von Lösungen einer Matrix Differentialgleichung beschrieben. Mit Hilfe einer Matrixungleichung erhalten wir Schranken für diese Lösungen, die Existenz des Grenzwertes sowie ein Verifikationsargument mittels HJB Gleichung. Tritt adverse Selektion auf, ergeben umfangreiche heuristische Betrachtungen eine ungewöhnliche Struktur der Wertfunktion: Sie ist ein quadratisches "Quasi-Polynom", dessen Koeffizienten in nicht-trivialer Weise von der Position abhängen. Wir bestimmen dieses semi-explizit und führen ein Verifikationsargument durch. / We study optimal trading strategies of a risk-averse investor who has to liquidate a portfolio within a finite time horizon [0,T]. The investor has the option to trade at a traditional exchange (the "primary venue") which yields price impact and to place orders in a dark pool. The liquidity in dark pools is not openly displayed and dark pools do not contribute to the price formation process: orders are executed at the price of the primary venue. Hence, they have no price impact, but their execution is uncertain. The investor thus faces the trade-off between the price impact costs at the primary venue and the indirect costs resulting from the execution uncertainty in the dark pool. In a discrete-time market model we consider a cost functional which incorporates the expected price impact costs and market risk costs. For linear price impact, it is linear-quadratic and we obtain a recursion for the optimal trading strategy. For single asset liquidation, the investor trades out of her position at the primary venue, with the remainder being placed in the dark pool. For multi asset liquidation this is not optimal because of the correlation of the assets. In the presence of adverse selection in the one dimensional setting the dark pool is less attractive. In continuous time the liquidation constraint implies a singularity of the value function at the terminal time T. In the linear-quadratic case without adverse selection it is described by the limit of a sequence of solutions of a matrix differential equation. By means of a matrix inequality we obtain bounds of these solutions, the existence of the limit and a verification argument via HJB equation. In the presence of adverse selection the value function has an unusual structure, which we obtain via extensive heuristic considerations: it is a "quasi-polynomial" whose coefficients depend on the asset position in a non-trivial way. We characterize the value function semi-explicitly and carry out a verification argument.

Depuis la réforme du droit des procédures collectives par la loi de sauvegarde des entreprises du 26 juillet 2005, deux régimes de cession aux conséquences juridiques dissemblables restent applicables lors des réalisations d’actifs en liquidation judiciaire. Le fonds de commerce, bien particulier à la définition lacunaire, présente la particularité d’être éligible tant à l’application du régime de la cession d’entreprise des articles L 642-1 et suivants du Code de Commerce, qu’à celle de la cession de biens isolés de l’article L 642-19 du Code de Commerce. Les éléments guidant la répartition des ensembles cédés sous l’un ou l’autre régime restent cependant à ce jour imprécis, compromettant la sécurité juridique des différents acteurs de la procédure. Suite à l’étude des causes théoriques et pratiques de cette confusion, des propositions de réforme de ces régimes peuvent être formulées afin d’offrir aux intervenants à la procédure, qu’ils soient parties à la cession, créanciers, ou salariés, une meilleure lisibilité de leurs droits et obligations / Since the reform of the collective procedures by the July 26, 2005 Companies backup Act, two regimes of sales, of dissimilar legal consequences, can be applied during the divestments of the assets that takes place in the final stages of the judicial liquidation. The goodwill, specific asset of lacunar definition, has the particularity to be eligible both for the application of the system of transfer of companies mentionned at the article L 642-1, to that of isolated assets divestment regime mentionned at the article article L 642-19 of the French Commercial Code. Elements guiding the distribution of sets sold under one or the other regime remain however to this day unclear, compromising the legal security of the different actors in the process. Following the study of the theory and practice of this confusion causes, proposals for reform of these regimes can be formulated to provide to the participants in the proceedings, may they be parties to the sales, creditors or employees, a better readability of their rights and obligations