Die vererbte OHG-Beteiligung in der Nachlassinsolvenz der Erbengemeinschaft

The paper examens the case of an insolvency proceeding of an estate under the condition that the inheritance contents a share in a partnership. The study shows the issues, which are related with the inheritance of a share in a partnership in general. This includes the allocation of profit claims, the liability for corporate obligations, the application of surrogation in rem, the classification of the compensation of heirs, which don’t follow in the membership, and the determination of the estate distribution. Based on this, the paper discusses the legal authority the insolvency administrator has regarding the management of the membership, taking into account the various basic principles, which exist in partnership law.

FINANCIAL SITUATION OF PRE-PACKED INSOLVENCIES

This paper is focused on the financial situation of companies entering insolvency proceedings. It does not work with all kinds of the insolvent companies, but this paper concentrates on one specific issue. The issue is pre-pack insolvencies. The main aim is to show if the financial situation is an important factor for consent to pre-pack. The pre-pack insolvencies are insolvency cases which start with an insolvency proposal which is accompanied by a reorganization plan already approved by creditors. Prepacks should help make the insolvency process quicker and enable enterprise financial rehabilitation and sustain the going concern principle. On the other hand, the procedure can hardly be successful when the financial situation of the company is extremely poor. Therefore this paper evaluates the financial situation of the companies with pre-packed insolvency in the Czech Republic. The analysis of companies was conducted over one, two or three year periods prior to the companies entering an insolvency proceeding. According to the literature, financial indicators used for evaluation are commonly EBITDA, cash liquidity, debt ratio, ROA and the Altman Z-Score prediction model. Results for the individual enterprises are summed up in this paper using basic descriptive and variable statistics. Conclusions have especially practical implications because they show financial inability of majority pre-packed cases.

Corporate Group Issues

Since the last decade of the last century, the need to treat an enterprise group in insolvency proceedings as one unit is looking for an adequate legislative answer. An efficient administration of insolvency proceedings related to companies belonging to the same group would minimise costs and loss of time, should minimise losses for creditors, employers and shareholders of the companies, assembled in the group and would maximise the groups’ value. However, national insolvency laws applicable in the EU as well as international proposals are based on the central principle of insolvency law, generally being the principle of the five one’s: one insolvent debtor, one estate, one insolvency proceeding, one court, and one insolvency office holder. It is rather complex to apply this strict legal foundation to the economic phenomenon of a group of companies. Remarkably, however, as of 26 June 2017 the EIR (2015) applies a novelty in that groups of companies are addressed in some twenty legislative provisions, in an aim to ‘… ensure the efficient administration of insolvency proceedings relating to different companies forming part of a group of companies’.

PROTOCOLS AND OTHER VOLUNTARY COMMITMENTS WITHIN EUROPEAN TRANSNATIONAL INSOLVENCY REGULATION, EIR 848/2015

In response to cross-border insolvencies, conflicts of law and jurisdiction may arise and they cannot be resolved in a strictly Territorial approach. In fact, in an era of globalized and interconnected economies, an insolvency proceeding on a narrow national basis, which coexists with at least one other local proceeding may leadto unexpected outcomes. Actually, under Territorialism, each Country seizes the debtor’s assets which are located within its borders and conducts a separate bankruptcy proceeding to divide those assets among local creditors according to local law, while no proceeding affects each other. This causes a sharp fragmentation of the active and passive masses, and produces disappointing effects both on the level of creditors’ recovery, and on the front of an increase of costs as well.

INSOLVENCY PROCESS PECULIARITIES OF PHYSICAL PERSONS AS A KIND OF RESUMES HOW TO UPGRADE PAYMENT AND RESTRUCTURING OUTSIDE DEBT

Existing problems in process of insolvency proceedings of a natural person, which are not exactly defined in law regulation, make specification for each insolvency process. Which often make wrong notions about process of the natural person insolvency proceeding. And what should be taken into account, for renewing the natural person solvency in the way that the natural person obligations must be extinguishing.

Scheming to defraud in an insolvency proceeding: a specific case of economic criminal acts

The article presents the theoretical foundations of the criminal act of scheming to defraud in an insolvency proceeding. A criminal act according to the § 226 Act No. 40/2009 Coll. (Criminal Code) is often a part of organized crime. Crime is made easier by the difficult proceedings of solving the debtor’s bankruptcy in the Czech Republic. The article includes a case interpretation in which the judge committed a crime. She caused severe harm to several participants of the insolvency proceeding and secured that the debtor’s shareholder benefited.

English Corporate Insolvency Proceedings

There are currently three forms of corporate insolvency proceeding in English law. Liquidation (whether compulsory or voluntary) is a terminal proceeding designed to realize the assets of the debtor company and distribute the realized value amongst creditors according to their respective priorities, following which the company is dissolved. Administration and company voluntary arrangements (CVA) (not mutually exclusive and sometimes used together) are two different forms of proceeding which are primarily designed to preserve going concerns. Although the three procedures are constituted as standalone procedures under the Act, there is considerable room for movement from one procedure into another in order to achieve an optimal outcome for creditors.