The thesis deals with the valuation of income-poor enterprise KM-System s. r. o. as at 31.12.2011. The financial and strategic analysis are followed by the main part, which deals with suitability for rehabilitation of the company. The work includes the valuation at a liquidation and a book value.

The liquidation is a topic which is not properly defined by the Czech legislation. There is no dedicated law, which would bring a complex description of the liquidation. The actual law regulation does not address the whole complexity and brings many questions. Therefore this thesis is concerned with problems of the liquidation in accordance with the Czech legislation. The aim of the thesis is to provide sufficient information which would give a comprehensive picture of the liquidation. The introductory part of the thesis focuses on a general description, definitions and law regulation of the liquidation. The main part of the thesis describes the process of liquidation involving the beginning, course, distribution of the liquidation balance, and its termination. The thesis is supplemented by several examples of documents utilized during the liquidation and tables presenting liquidation statistics in past years.

No abstract available / Dissertation (LLM)--University of Pretoria, 2013. / gm2014 / Mercantile Law / unrestricted

The first part of this master’s thesis contain the history of photovoltaic technology and types of PV cells. Gave a consideration to advantages and disadvantages of solar cells. Compared their effectiveness and important parameters. In the next part described the recycling technology of modules at the end of their lifetime. Described certain recycled materials. At the end of the work described possible improvements to existing technologies used for encapsulating of cell. And wich would improve the recycling process.

This master thesis deals with the story of village of Dolní Jiřetín, liquidated on the beginning of 1980s, and a destiny of its inhabitants who lived in the village until it disappeared. Dolní Jiřetín was one of many villages destroyed in region of Most since World War II because of an expansion of coal mining and chemical industry. However, its liquidation was unique because the village was divided into two parts. The southeast of the village became part of sanitary zone of chemical works in Záluží, the rest of Dolní Jiřetín was undermined by colliery called Centrum. This thesis describes history of the village and life of its inhabitants before the liquidation, especially in time of industrialization boom. The text concentrates on development of both causes of disappearance of the village - brown coal collieries and chemical works in the region of Most. Then it follows the liquidation itself, since preparation through realization to what happened in the village after all the inhabitants left. It shows the process both from the side of institutions which organized the liquidation and from the view of inhabitants of Dolní Jiřetín. In the end the thesis deals with a case of village of Horní Jiřetín which shared some parts of its history with Dolní Jiřetín and today it faces probably very similar...

This master's thesis is about disposal of municipals Chudobín and Korouhvice, which ceased to exist in due to the construction Vír reservoir. While Chudobín brought the waterworks building complete extinction, for Korouhvice this reservoir construction wasn't so totally destructive - above the flood plain territory of the waterworks were built five new houses which were inhabited by indigenous people. The construction, which was built on the river Svratka in the 50's has very deep impact on human destinies and become one of the basic and essential element in that region. This thesis explores the historical development and character of both the flooded villages, river Svratka itself and even the idea of the construction and the actual implementation of that waterwork. A separate part of this thesis consists of the liquidation process itself, from its own preparations through depriving or buyout to search for new housing. The final part is about the development after finishing works on the reservoir - the new Korouhvice, life near the dam and restrictions imposed by the protection zone around the reservoir flow. KEYWORDS Svratka, Vír's dam, Chudobín, Korouhvice, liquidation, oral history.

Status of governing body of business corporation in liquidation Abstract The frequency of cases of business corporations in liquidation has an increasing trend, however, it cannot be said that the academic interest would sufficiently cover the topic of liquidations. There are still a number of insufficiently answered questions that lead to completely opposite conclusions in practice. This diploma thesis deals with one such issue, which is the position of the statutory body of a business corporation in liquidation. In the ranks of the professional community, one can also encounter certain doubts about the existence of the statutory body of a business corporation in liquidation, that the statutory body should cease to exist. This paper seeks to answer this question through a critical analysis of legal regulations and compilations of works by the professional community. At the beginning the work briefly defines the individual terms in the first chapter for the needs of this work in order to maintain the conceptual unity. The terms are business corporation, statutory body, liquidation and its purpose and, last but not least, the liquidator. First, however, the question of the existence of the statutory body of a business corporation in liquidation must be resolved. Here, I conclude, by means of a critical...

La confrontation des difficultés de l’entreprise aux droits des salariés conduit à s’interroger sur la coexistence et l’articulation de disciplines à vocations différentes. Face aux difficultés économiques de l’entreprise, les conflits d’intérêts peuvent atteindre leur paroxysme. Il revient alors au droit d’utiliser des critères objectifs, acceptés par l’ensemble des parties prenantes, afin de dégager des solutions permettant le maintien de l’activité et de l’emploi.L’analyse de la prise en compte des droits des salariés lorsque l’entreprise rencontre des difficultés économiques, faite sous le prisme de la stakeholder’s theory, aboutit à l’insatisfaction. Entre justice sociale et efficacité économique une recherche d’équilibre s’impose. Pourtant, aussi bien la loi que les apports jurisprudentiels n’y contribuent guère. Des pans entiers du droit du travail et du droit des entreprises en difficulté s’ignorent. L’absence de normes communes entre les matières stérilise la recherche de solutions de compromis. Par suite, aussi bien dans le cadre de la prévention des difficultés de l’entreprise, qu’au titre du traitement judiciaire de celles-ci, ou encore au niveau de la reprise de l’entreprise en difficulté, le conflit aboutit à un équilibre précaire et insatisfaisant. Les droits des salariés sont pris en compte de manière irrégulière, saccadée, et parfois, injustifiée. / Confronting the difficulties of companies with the rights of workers entails discussing the co-existence and the articulation of subject areas whose purposes are different. When a firm encounters economic difficulties, conflicts of interest can become paroxystic. Thus it is the Law which will be resorted to so as to provide objective criteria acceptable by all stakeholders in order to shape solutions which will ensure the preservation of both the activity and jobs. Assessing workers’ rights at a time when a company encounters economic difficulties through the prism of the stakeholders’ theory regularly leads to dissatisfaction. It is essential to balance social justice with economic efficiency. Yet neither the law nor any contributions of the court really help to do so. Large segments of labour law and of bankruptcy law are incompatible. The lack of common standards between both subject matters makes finding compromise solutions impossible. Thus the conflict leads to a precarious and unsatisfactory equilibrium, whether it be in matters of prevention of difficulties for a firm, of their judiciary treatment or of the takeover of the company in difficulty. Workers’ rights are taken into account in a fashion which can be irregular, erratic and at times unjustified.

We present three chapters on theoretical issues of banking. These deal with bank runs, risk sharing, lending and profitability. In the first chapter, we examine the agency problem in the bank-depositor relationship. Depositors are the principals and banks are the agents. Banks choose investment portfolios and are subject to moral hazard in that they have incentive to take on more risk than desirable to depositors because they are residual claimants. We study an incentive-compatible mechanism that prompts banks to follow a safe investment policy. This mechanism leaves the bank a profit margin in a similar manner to a CEO being paid a bonus by a company. In the second chapter, we extend Allen and Gale (1998) by adding a long-term riskless investment opportunity to the original portfolio of a short-term liquid asset and a long-term risky illiquid asset. Through portfolio diversification, we identify the risk-sharing deposit contract in a three-period model that maximizes the ex-ante expected utility of depositors. Unlike Allen and Gale, there are no information-based bank runs in equilibrium. In addition, our model can improve consumers' welfare over the Allen and Gale model. I also show that the bank will choose to liquidate the cheaper investments, in terms of the gain-loss ratios for the two types of existing long-term assets, when there is liquidity shortage in some cases. Such a policy reduces the liquidation cost and enables the bank to meet the outstanding liability to depositors without large liquidation losses. In the third chapter, we study the role of banks in providing loans to borrower firms. This paper extends the theory of designing optimal loan contracts (for profits) in the Bolton and Scharfstein (1996) model to a setting where asymmetry of information exists. Based on the verifiability of information structure, we analyze complete and incomplete contracts. Through this analysis, optimal, incentive-compatible loan contracts that maximize the expected profit of the bank are characterized. Our analysis suggests that a bank could be induced to liquidate a borrower's project under specific conditions. Furthermore, we identify implementable mechanisms for the renegotiation game given the bargaining power between a borrower and a bank.

L'objectif de cette thèse est de fournir à la Banque Audi des outils économétriques et appliqués pour une gestion des risques plus efficace et plus robuste. Les banques libanaises sont aujourd'hui confrontées à des défis plus importants que jamais: l'avenir de la région Moyen-Orient repose sur les conséquences de la guerre civile syrienne. Dans ce contexte, la gestion des taux d'intérêt et de la liquidité s'avère de plus en plus compliqué pour les banques commerciales. En premier lieu, le risque de taux d'intérêt sur le marché libanais sera étudié. Ce marché est connu pour son manque de liquidité et le problème de calibrage des modèles de taux est difficile. Afin de résoudre ce problème, nous utilisons les prix historiques des obligations émises par le gouvernement libanais et libellées en monnaie locale et en dollars américains. Nous considérons des modèles de Nelson-Siegel et Svensson et contraignons le niveau corrélation des facteurs pour stabiliser l'estimation des paramètres de ces modèles. La méthode conduit à des résultats qui s'interprètent très facilement d'un point de vue économique et peuvent être utilisés pour la prévision des variations de la courbe des taux en se basant une analyse ´économique prospective. En second lieu, la problématique des dépôts des clients traditionnels sera étudiée. Ces derniers sont reconnus comme étant la source principale de financement des banques commerciales libanaises (80-85% du passif). Bien qu'ils soient contractuellement des dépôts à court terme (principalement un mois) versant des taux d'intérêt fixes, ces dépôts sont assimilés à une source de financement stable possédant un comportement proche des taux d'intérêt du marché. Nous développons un modèle à correction d'erreur représentant un équilibre à long terme entre le Libor et le taux moyen du secteur bancaire libanais offert sur les dépôts en dollars américains. Les résultats permettent de déterminer une date de réévaluation des dépôts clientèles en cas de fluctuation des taux d'intérêt. Une nouvelle duration du passif tenant compte des comportements des clients a été mise en place. Elle sera par construction plus élevée que la duration contractuelle. En cas de hausse des taux d'intérêt, une baisse de l'écart entre la duration des actifs et des passifs sera alors observée menant à la diminution de l'impact négatif de la hausse. Après avoir étudié le profil de risque des taux des dépôts clientèles, nous commençons la deuxième partie de la thèse par la détermination de l'échéancier des retraits. Nous segmentons les données historiques des données sur les dépôts clientèles selon: la monnaie, le type de dépôt et la résidence du déposant. Pour chaque filtre, un modèle `a correction d'erreur est développé. Les résultats montrent la relation entre les dépôts clientèles, un indicateur relatif du niveau économique et les écarts entre les taux offerts sur le marché libanais. Ainsi, le modèle permettra d'évaluer le comportement des retraits des dépôts clientèles et de comprendre leur profil de risque de liquidité. Les grandes institutions financières détiennent des positions importantes en actifs financiers. La dernière partie de la thèse discute de la gestion du risque de liquidité de marché en cas de session forcée de ces actifs. Nous supposons qu'un investisseur détient une position importante d'un actif donné, à t = 0, un choc sévère provoque une forte dépréciation de la valeur de l'actif et par conséquent, force l'investisseur à opter pour la liquidation du portefeuille dès que possible en limitant ses pertes. Les rendements des actions sont modélisés par des processus de type GARCH qui sont adaptés pour décrire des comportements extrêmes suite à une grande variation de l'actif au temps initial. Suivant que le marché est liquide ou illiquide, nous proposons une stratégie optimale à l'investisseur qui maximise sa fonction d'utilité. Enfin, nous intégrons dans le modèle un avis d'expert pour optimiser la prise d'une décision / The aim of this thesis is to provide Bank Audi with econometric tools for sake of a more robust risk management. Lebanese businesses today are faced with greater challenges than ever before, both economical and political, and there is a question about the future of the middle east region after the Syrian civil war. Thus, Lebanese commercial banks face greater complications in the management of interest rate and liquidity risk. The first part of this thesis discusses interest rate risk management and measurement in the Lebanese market. First, we seek to build the Lebanese term structure. This market is known by its illiquidity, yields for a given maturity make a large jump with a small impact on other yields even if close to this maturity. Therefore, we face challenges in calibrating existing yield curve models. For this matter, we get historical prices of bonds issued by the Lebanese government, and denominated in Local currency and in US dollar. A new estimation method has been added to Nelson Siegel and Svensson model, we call it “Correlation Constraint Approach”. Model parameters can be interpreted from economical perspective which will be helpful in forecasting yield curve movements based on economist’s opinion. On the second hand, traditional customer deposits are the main funding source of Lebanese commercial banks (80-85% of liabilities). Although they are contractually short term (mainly one month) paying fixed interest rates, these deposits are historically known to be a stable source of funding and therefore exhibit a sticky behavior to changes in market interest rates. We develop an error correction model showing a long-run equilibrium between Libor and Lebanese banking sector average rate offered on USD deposits. Results make it possible to determine the behavioral duration (repricing date) of customer deposits when market interest rates fluctuate. Therefore, the behavioral duration of liabilities will be higher than the contractual one which will lower the duration gap between assets and liabilities and thus the negative impact of positive interest rate shocks. After understanding interest risk profile of customers’ deposits, we start the second part by determining their behavioral liquidation maturity. We get Bank Audi’s historical deposits outstanding balances filtered into the following categories: currency, account typology and residency of depositor. We develop an error correction model for each filter. Results show relationship between deposits behaviors, the coincident indicator and spreads between offered rates in the Lebanese market. The model will lead to assess behavioral liquidation maturity to deposits and understand their liquidity risk profile. This will be helpful for the funding liquidity risk management at Bank Audi. Large financial institutions are supposed to hold large positions of given assets. The last topic is related to market liquidity risk management. We suppose an investor holds a large position of a given asset. Then at time 0, a severe shock causes a large depreciation of the asset value and makes the investor decides to liquidate the portfolio as soon as possible with limited losses. Stock returns are modeled by GARCH process which has tail behaviors after large variation at time 0. Trading on liquid and illiquid markets, we provide the trader with best exit trading strategy maximizing his utility function, finally we incorporate into the model an expert opinion which will help the investor in taking the decision