scholarly journals Problems of Determination and Payment of Bankruptcy Administration Costs

Teisė ◽  
2021 ◽  
Vol 120 ◽  
pp. 21-35
Author(s):  
Egidija Tamošiūnienė ◽  
Vigintas Višinskis ◽  
Mykolas Kirkutis ◽  
Remigijus Jokubauskas
Keyword(s):  
Legal Person ◽  
Administrative Costs ◽  
Administrative Expenses ◽  
Insolvency Proceedings ◽  
Legal Entities

This article continues the research of peculiarities seen in the insolvency proceedings of legal entities and examines the problems of determination and payment of administrative costs of the bankruptcy proceedings of legal entities. The authors analyze the features of these costs in bankruptcy proceedings and how they can be identified. It also assesses the order in which administrative expenses must be paid in cases where the expenses do not exceed the estimate of administrative expenses, exceed it, or if assets of the legal person are insufficient to reimburse these costs.

scholarly journals Maksātnespējas process Covid-19 pandēmijas ēnā

2021 ◽  
Vol 3 (21) ◽  
pp. 70-81
Author(s):  
Valdis Savickis
Keyword(s):  
Comparative Method ◽  
National Level ◽  
Legal Framework ◽  
Legal Person ◽  
Financial Instruments ◽  
Historical Method ◽  
Regulatory Frameworks ◽  
Support Mechanisms ◽  
Insolvency Proceedings ◽  
Legal Entities

The author has set two main objectives researching the topic concerning the influence of the COVID-19 pandemic to the insolvency proceedings; the first one being identification how the scope of prohibitions and restrictions impact insolvency proceedings (in particular – legal entities), while the second concerns determining legal and financial instruments that have been implemented on national level, influencing solvency and insolvency proceedings policy during the emergency period. Using analytical and descriptive methods, normative acts and political planning documents have been studied. The historical method provides insight into evolution and development of regulatory frameworks. The comparative method has been applied by comparing the scope of legal and financial instruments on national level in the sphere of management and suppression of consequences of the spread of COVID-19 infection. Conducting the research, the author has aimed to establish specifics of crisis management legislation on both executive and parliamentary powers levels, and relationships with the specific legal framework in the field of insolvency proceedings. State, declaring the emergency state, invented scope of prohibitions and restrictions on the one hand, and promoted targeted financial and legal assistance on the other. The extent of bargaining was balanced with support mechanisms also in the sphere of insolvency of legal entities, highlighting clear and predictable insolvency policy. Targeted restrictions on prohibitions for creditors for submission of an application for insolvency proceedings of a legal person were synchronised with both periods of declaration of the emergency state. A more precise and extended regulation concerning submission of an application for insolvency proceedings of a legal person were invented after the second period of emergency state lasting until 1 March 2021. Scope of legal and financial instruments, invented on both pandemic periods (Year 2020 Fall and Autumn), in majority of cases were of the same nature, but with a different perspective of implementation and availability. In this particular segment of support mechanisms are evolutionary, inventing more flexible and accessible instruments of pandemic recovery funds. Keywords: insolvency, COVID-19, state of emergency, prohibition, legal entities.

scholarly journals Criminal Liability and Crime and Punishment Proportionality in the Crime of Legal Entities

2016 ◽  
Vol 9 (6) ◽  
pp. 61
Author(s):  
Samira Soltani ◽  
Ahmad Ramazani
Keyword(s):  
Criminal Liability ◽  
Penal Code ◽  
Legal Person ◽  
The Public ◽  
Crime And Punishment ◽  
Economic Exclusion ◽  
The Law ◽  
Definition Of ◽  
Legal Entities ◽  
The Way

One of the innovations of Islamic Penal Code in 2013 was to accept criminal liability of legal entities. By accepting criminal liability of legal entities, the way to punish them is arisen. As a legal person cannot commit any crime, any punishments are not applicable to them. Accordingly, Article 20 of this Law enumerated a list of penalties applicable to legal persons and it was tried to use penalties in accordance with the legal entities to deal with them. Punishments such as dissolution, confiscation, cash fine, announcement of the judgment, Diyeh, social and economic exclusion; such as a ban on business activities, prohibition of the public invitation to raise capital and ban from drawing business documents listed in Article 20 and Article 14, are a set of punishments which relatively different from usual punishment for individuals. These penalties are relative diversity, but what is objectionable is that the details and conditions of implementation of each of these punishments are not clear. If legislator described the details exactly or provided the condition to require the adoption of The Executive Bylaw of the punishment, it would be better. Given that all the points and issues about penalties for legal persons are not stated in this law as well as ambiguities in the law for a comprehensive definition of legal person, the way to implement main and supplementary punishments, In this study it was tried to evaluate and criticize the legal entities penalties including main and supplementary ones and their grading.

scholarly journals THE RESPONSIBILITY OF PERSONS CAUSING DEBTOR’S INSOLVENCY IN THE BILL ON PRE-INSOLVENCY AND INSOLVENCY PROCEEDINGS

2014 ◽  
Vol 8 (1) ◽  
pp. 47-53
Author(s):  
Simona Petrin Gavrilă
Keyword(s):  
The State ◽  
Point Of View ◽  
Legal Person ◽  
Special Mechanism ◽  
Insolvency Proceedings ◽  
Managerial Activity

Insolvency is the state of the debtor’s patrimony characterized by insufficientmonetary funds available for the payment of exigible debts. It may be the consequence ofunfavourable economic circumstances, but also the result of managerial deficiencies of evenfraud.If insolvency is caused by the gross incompetence or the fraud of the debtor’s board ofdirectors, then the syndic judge, by means of the special mechanism created in the insolvencyproceedings, i.e. the joint responsibility action, may include the responsibility of the debtor’smanagers (if the debtor is a legal person) in covering the debtor’s liabilities. From apsychological point of view, such a menacing perspective may bring about a certain control ofthe managerial activity, a certain caution of a bonus pater familias in managing the debtor’saffairs1.

Latvia

2020 ◽  
Keyword(s):  
Criminal Liability ◽  
Legal Protection ◽  
Legal Person ◽  
Insolvency Law ◽  
Insolvency Proceedings

According to the paragraph 62 part 3 of Latvian Insolvency Law the debtor (legal person) is obliged to file for insolvency proceedings (liquidation) if the debtor is not able to service its debts and it is not possible to file for legal protection procedure (court approved reorganisation) or to reach out of court settlement with creditors. According to Latvian legislation the management of the debtor is criminally liable for hesitation to file insolvency petition and according to the mentioned provisions of Insolvency Law management of a debtor may avoid criminal liability if they try to reach out of court restructuring.

Reorganization of legal entities by merger

Auditor ◽  
2015 ◽  
Vol 1 (9) ◽  
pp. 45-53
Author(s):  
Миславская ◽  
N. Mislavskaya
Keyword(s):  
Economic Activity ◽  
Legal Aspects ◽  
Legal Person ◽  
Legal Entities

Despite the fact that the reorganization through merger is one of the most common ways to reform and change the format of the financial and economic activity of the organizations, the number of issues related to the conduct of the process is not reduced. The article discusses stages of organizational and legal aspects of the merger, given the mandatory procedural matters, without which can not do any one legal person in the course of this type of reorganization. It is also a practical example explains the methodology and peculiarities of the accounting reporting joining organizations and the successor.

scholarly journals Reduction of Costs of Logistics for Chains of Pharmaceutical Products through the variation of the minimum value per order

2017 ◽  
Author(s):  
daniel sarcos
Keyword(s):  
Statistical Analysis ◽  
Pharmaceutical Products ◽  
Consumer Market ◽  
Administrative Costs ◽  
Minimum Value ◽  
Administrative Expenses ◽  
Great Complexity ◽  
Reduction Of Costs

Objectives: The Company under study is a leader in the mass consumer market, specifically in the production of pharmaceutical products based in France. It has developed all the organization necessary to get its products from the factories to the consumer, through the establishment of alliances with providers of logistics and sales services. Likewise, it uses a system of contracts with pharmacies, which establishes the commercial conditions and discounts that both parties must comply with. The company considers that this strategy presents a great complexity and difficulty given the differences between the categories. Therefore, the objective of this article is the design of strategies for the reduction of logistics costs of the company under study.Methods/Statistical analysis: The process was divided into four (4) phases Diagnosis, analyse, proposals e implementation. Findings: As a result, the minimum value per order (MOV) is diagnosed and the implications of the current commercial strategy are evaluated. Then the proposal to increase the MOV is developed, allowing a reduction in administrative costs and the reinvestment of these resources in the search for new clients.Application/Improvements: This drives customers to make higher-value orders and therefore less orders a year, generating savings in the administrative expenses of the company studied. These proposals are evaluated and validated using historical sales records.

scholarly journals BANKRUPTCY OF INDIVIDUALS: PROBLEMS OF THEORY AND PRACTICE

2021 ◽  
pp. 89-95
Author(s):  
I.A. Butyrska ◽  
Keyword(s):  
Family Members ◽  
Case Law ◽  
Legal Regulation ◽  
Theory And Practice ◽  
Unified Approach ◽  
Close Attention ◽  
Legal Requirement ◽  
Insolvency Proceedings ◽  
Commercial Courts ◽  
Legal Entities

One of the main novelties of the Code of Ukraine on Bankruptcy Procedures was the introduction in Ukraine of the institution of bankruptcy of individuals, which was a long-awaited event among scientists and practitioners. It has been more than a year since the introduction of the institution of bankruptcy of individuals in Ukraine, and in some Economic Courts there are not even 10 cases of insolvency of individuals. There are many reasons for this: the high cost of the procedure, the complexity of paperwork to open proceedings, as well as a number of problematic and conflicting issues that arise in practice relevant legislative provisions. The purpose of the article is to identify problematic aspects in the legal regulation of bankruptcy of individuals and the practice of applying the relevant provisions of the Code of Ukraine on Bankruptcy Procedures, as well as to develop proposals to improve legislation in this area. Given the relatively small number of lawsuits to restore the solvency of individuals in Economic Courts, today it is necessary to state the lack of a unified approach of national commercial courts to most of the problematic issues that arise during the consideration of this category of cases. It is emphasized that since the opening of insolvency proceedings, the debtor — an individual and his family members are under the close attention of the Economic Court and the arbitral trustee, who must examine in detail all the circumstances that caused the insolvency of an individual. Based on the analysis of case law, it is established that the practice of most Economic Courts, especially Appellate, shows the absence of a legal requirement to pay court fees by the debtor for filing an application to open insolvency proceedings, and the application of requirements to the application to open proceedings insolvency of an individual of the general requirements provided for in Art. 34 of the Code of Ukraine on Bankruptcy Procedures, is inappropriate in this part. Prohibition of the debtor’s departure abroad is a measure to ensure creditors’ claims, which should not be applied automatically in all cases, but only when it is proved that the debtor intentionally acted to prevent the procedures provided for him by the Code of Ukraine on Bankruptcy Procedures. As a result of the study, the author concludes that an individual entrepreneur has a number of unjustified preferences, compared to legal entities, to initiate bankruptcy proceedings, which is not fair in terms of equality of all entities and causes unequal position of creditors of legal entities and creditors of individuals — entrepreneurs.

MORAL DAMAGE OF A JURISDIC PERSON ARISING FROM UNFAIR COMPETITION

2021 ◽  
Vol 6 (11) ◽  
pp. 183-205
Author(s):  
Burcu ZENGİN-ÖZKÜÇÜKPARLAK
Keyword(s):  
Social Life ◽  
Free Market ◽  
Human Life ◽  
Electrical Energy ◽  
Unfair Competition ◽  
Legal Person ◽  
Human Beings ◽  
Economic Activities ◽  
Moral Damage ◽  
Legal Entities

Our law does not consider human beings as the only entities that can enter into debt. Besides the human being expressed as a real person; although they do not have material assets, there are also some individuals or groups of property attributed to being a person by the legal order. The finite and limited power of human life in achieving certain goals has created a need for legal entities that emerge as a requirement of social life and have an independent personality from those who constitute them. An association that establishes a kermis to give scholarships to students with its income, a bank that opens a new branch, an airline company that carries out passenger transport, a holding that establishes a facility to generate electrical energy, is on the legal scene just like real persons and carries out various activities in the free market. The legislator has introduced unfair competition provisions to establish an enviroment that legal entities can freely engage in economic activities in the market, and do not distort the competitive environment by acts contrary to goodwill. With these provisions, it has been stated that, if the conditions are met, the plaintiff who suffers damage as a result of an act that can be described as unfair competition may request non-pecuniary damages by referring to the provisions regarding the determination, rejection of unfair competition, return of the former, pecuniary compensation and protection of personal rights. However, there are opinions stating that legal entities will not suffer moral damage because they do not have feelings of pain, and sadness like real persons. In this statement, the concepts of legal person and unfair competition, and in the light of the different ideas in the doctrine and the decisions of the Supreme Court, the conditions under which the legal person may claim moral damages arising from unfair competition will be explained.

scholarly journals Corporate Insolvency Proceedings: A Case of Visegrad Four

2016 ◽  
Vol 64 (1) ◽  
pp. 235-243 ◽  
Author(s):  
Zuzana Crhová ◽  
Zuzana Fišerová ◽  
Marie Paseková
Keyword(s):  
Economic Development ◽  
Financial Crisis ◽  
Point Of View ◽  
Insolvency Proceeding ◽  
Insolvency Law ◽  
Economic Slowdown ◽  
Corporate Insolvency ◽  
Insolvency Proceedings ◽  
Legal Entities

Insolvency proceeding and liquidation of bankrupt companies are important topics in days of economic slowdown which affected all economies after financial crisis. This paper aims to find main differences between insolvency proceedings in the countries of Visegrad four. The main goal is to describe insolvency law in member countries and then to compare it from the poin of view of main actors. This comparison can help to find which changes and ideas could be applied to improve and make more effective the Czech insolvency system. The countries of Visegrad four was selected because of their common history and similar economic development. First of all, the legal background of insolvency proceedings which is possible for legal entities in these countries is examined. Then this paper deals with insolvency proceedings from the point of view of their participants – creditors, debtors and insolvency administrator. We have found that insolvency proceedings in these countries are very similar but there is still some inspiration for the Czech insolvency system.

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