Дисертації з теми "Payment of creditors"

Este trabalho propõe-se a analisar os mútuos como direitos creditórios dos sócios das sociedades limitadas e dos acionistas das sociedades anônimas na legislação nacional e o tratamento dado pela legislação falimentar brasileira a esses direitos de crédito, à luz dos mesmos conceitos existentes no Direito Comparado, especificamente na Alemanha e nos Estados Unidos da América. A eleição dos referidos dois países para a análise do Direito alienígena justifica-se porque: (i) a Lei de Insolvência Alemã (Insolvenzordnung InsO), de 5.10.1994, em vigor desde 1.1.1999 e editada em substituição à antiga legislação datada de 1877, que previa os institutos da falência e concordata de forma muito semelhante ao sistema falimentar brasileiro do Decreto-lei nº 7.661, de 21.6.1945 (Decreto-lei 7.661/45), veio a regulamentar os institutos da recuperação e liquidação de empresas, com objetivos também muito semelhantes aos da Lei nº 11.101, de 9.2.2005 (Lei de Recuperação de Empresas e Falências), tendo ainda passado por recente reforma em novembro de 2008; (ii) o Bankruptcy Code, que compõe o Título 11 do United States Code, em vigor desde a reforma inserida no sistema concursal norte-americano por meio do Bankruptcy Reform Act of 1978, foi utilizado como base para muitos dos dispositivos da Lei de Recuperação de Empresas e Falências, seja quanto ao instituto da recuperação extrajudicial, da recuperação judicial ou da falência. Para o estudo do Direito Comparado elegeu-se, assim, um país do direito continental, com legislação bastante avançada e aproximada da nossa; e um país do common law, que foi pioneiro em vários aspectos do direito falimentar, sobretudo na concepção de reorganização de empresas em crise, tendo sua legislação servido de modelo para diversos outros países, além de para o Brasil. Os tipos de sociedades eleitos - sociedades anônimas e limitadas - justificam-se por serem os tipos societários mais utilizados no Brasil e, resguardadas algumas características específicas que assumem em cada ordenamento jurídico, pode-se dizer que são os tipos societários mais utilizados mundialmente; seja sob a denominação, respectivamente, de limited liability partnership e corporation, nos Estados Unidos da América; Gesellschaft mit beschränkter Haftung (GmbH) e Aktiengesellschaft (AktG), na Alemanha; e denominações diversas em outros países. O trabalho (i) busca a intersecção dos seguintes temas: direitos creditórios dos sócios das sociedades limitadas e dos acionistas das sociedades anônimas, direitos patrimoniais dos sócios das sociedades limitadas e dos acionistas das sociedades anônimas, capital social, subcapitalização e, finalmente, direitos creditórios dos sócios e acionistas na falência das sociedades limitadas e anônimas, dentre estes especialmente os contratos de mútuo entre sócios ou acionistas e a sociedade falida; e (ii) estuda os mencionados temas à luz do Direito pátrio e do Direito comparado. Com base nos conceitos acima, este trabalho pretende contribuir para a interpretação das normas que dispõem sobre os direitos creditórios dos sócios e acionistas na falência das sociedades limitas e anônimas, tendo por princípio a adequação da cifra do capital social à realização do objeto social (em oposição à subcapitalização das sociedades), e visando à concessão de crédito, sobretudo mútuos, à prestação de serviços e ao fornecimento de bens à sociedade por seus próprios sócios e acionistas, estes na qualidade de terceiros perante a sociedade, respeitando-se o princípio da separação da personalidade jurídica.
The purpose of this study is to analyze loans as credits rights of partners of limited liability partnerships (sociedades limitadas) and shareholders of corporations (sociedades anônimas) under Brazilian law and the treatment granted by the Brazilian bankruptcy law to those credits rights, in view of the same concepts existing under foreign Law, specifically in Germany and in the United States of America. Both countries were chosen for the analysis of the foreign Law due to the facts that: (i) the Insolvency German Law (Insolvenzordnung InsO), as of 10.5.1994, in effect since 1.1.1999 and edited to replace the former legislation of 1877, which foresaw the bankruptcy and concordata institutes in a very similar way to the Brazilian bankruptcy system of Decree-law No. 7.661, of 6.21.1945 (Decree-law 7.661/45), came into force to regulate the institutes of business reorganization and liquidation of companies, also with similar objectives to the ones of the Law No. 11.101, of 2.9.2005 (Business Reorganization and Bankruptcy Law), having passed through a recent reform in November 2008; (ii) the Bankruptcy Code, which composes Title 11 of the United States Code, in effect since the reform brought into effect in the North-American bankruptcy system by means of the Bankruptcy Reform Act of 1978, and which has been used as basis for many rules of the Brazilian Business Reorganization and Bankruptcy Law, regarding the institutes of out-of-court business reorganization, judicial business reorganization and bankruptcy. Thus, for the study of the foreign Law, two countries were elected: one of continental right, with a very advanced legislation and very similar to ours; and the other of common law, pioneer in many aspects of the bankruptcy law, especially with regard to the concept of business reorganization of companies in financial distress, having its legislation as standard for many other countries besides Brazil. The types of companies corporations (sociedades anônimas) and limited liability partnerships (limitadas) were chosen due to the fact that they are the corporate types more used under Brazilian law and, besides some specific features that they assume under each legal system, some may say that they are the corporate types more used worldwide being nominated, respectively, as limited liability partnership and corporation, in the United States of America, or Gesellschaft mit beschränkter Haftung (GmbH) and Aktiengesellschaft (AktG) in Germany; or with other nominations in other countries. This study (i) searches the intersection of the following subjects: credits rights of partners of limited liability partnerships (sociedades limitadas) and shareholders of corporations (sociedades anônimas), patrimonial rights of partners of limited liability partnerships (sociedades limitadas) and shareholders of corporations (sociedades anônimas), corporate capital, undercapitalization/thin-capitalization and, finally, credits rights of partners of limited liability partnerships (sociedades limitadas) and shareholders of corporations (sociedades anônimas) in bankruptcy proceedings, especially with regard to loans granted by partners or shareholders to the bankrupt company; and (ii) studies the referred subjects in view of the national Law and the foreign Law. With basis on the concepts referred above, the study intends to contribute with the interpretation of the rules about credits rights of partners and shareholders in bankruptcy proceedings of limited liability partnerships (sociedades limitadas) and corporations (sociedades anônimas), having as principle the adequacy of the amount of the corporate capital to the accomplishment of the corporate subject (opposed to the undercapitalization of companies), and aiming the granting of credit, the granting of services and the supply of goods to the company by its own partners or shareholders in the capacity of third parties before the company, in accordance with the principle of separation of the corporate entity from its partners or shareholders.

Comment payer les créanciers d'une entreprise placée sous procédure collective lorsque cela n'est pas possible ? Telle est la délicate question que les répartitions de fonds se proposent de résoudre. Le plus souvent, en effet, le montant de l'actif à distribuer est inférieur à celui du passif à apurer. Or, le système juridique ne saurait créer un actif pour corriger cette balance négative. Face à une telle pénurie, le Droit ne peut donc guère qu'arbitrer entre les multiples intérêts en présence. Mais la façon dont il opère cet arbitrage est éminemment problématique. Le régime des répartitions est d'une telle complexité qu'il en devient indéchiffrable, à telle enseigne qu'il est pour ainsi dire impossible de les réaliser correctement. Déterminer le périmètre de l'actif distribuable, identifier les personnes autorisées à participer aux répartitions et les attributs à prendre en considération, définir l'ordre des paiements, c'est-à-dire établir le classement des créanciers et fixer l'ordre des distributions, et rectifier les éventuelles erreurs de répartition, constituent autant d'étapes aussi nécessaires qu'impraticables. Afin d'y voir plus clair, doctrine et praticiens ont exhorté les pouvoirs publics à dégager un ensemble de principes directeurs, et, faute de réponse à cette sollicitation, ont eux-mêmes entrepris leur formalisation. Partant du constat qu'une procédure collective s'analyse en une saisie collective, et, par suite, en une procédure de distribution collective régie par des règles essentielles qui lui sont propres et distinctes de celles gouvernant le droit commun de l'exécution forcée et des procédures de distribution, la présente étude s'appuie sur ces travaux pour livrer une présentation des répartitions de fonds en procédure collective sous la forme d'un système dynamique de principes directeurs destinée à clarifier leur régime juridique et à le rendre praticable
How can the creditors of a company that is the subject of collective insolvency proceedings be paid when it is not possible to do so ? This is the sensitive issue that fund apportionments seek to resolve. Often, the amount of assets to be distributed falls short of liabilities to be discharged. Nevertheless, the legal system cannot create an asset to correct this negative balance. In view of the lack of funds, the law can only arbitrate between the many interests involved. However, the way in which such arbitration works is extremely problematic. The apportionment procedure is so complex as to be incomprehensible, to the extent that it is more or less impossible to carry it out in a satisfactory manner. Determining the perimeter of distributable assets ; identifying the persons authorized to participate in apportionments and the attributes to be taken into consideration ; defining the order of payments, i.e., prioritizing creditors and establishing an order for distributions ; and correcting any apportionment errors are all steps that are at once necessary and unworkable. In order to make sense of all this, legal theorists and practitioners have urged the authorities to issue guidelines and, in the absence of any response to their request, have them-selves set about drafting some. Starting from the observation that collective insolvency proceedings can be seen as a collective seizure, and, therefore, as collective distribution governed by essential rules that are specific to it and distinct from those governing the ordinary law of compulsory enforcement and distribution proceedings, this study draws from such work in order to present fund apportionments in collective insolvency proceedings in the form of a dynamic system of guidelines seeking to clarify their legal regime and render it practicable

The documentary credit has for a long time served as a very reliable form of financial instrument in the trading of international goods. The certainty of payment guaranteed under the documentary system is attributed to the autonomous nature of the credit contract, which is that it is independent of and unaffected by the contract of sale which it supports. So long as the documents which are presented strictly comply with the terms of the credit, the paying bank will be under an obligation to pay. However, documents which are non-compliant are also frequently presented in practice. The autonomous characteristic of the instrument also gives rise to problems because there are circumstances where, even though compliant documents are tendered, payment made under the credit would be unfair. This thesis attempts to investigate the various grounds which could provide a basis for withholding payment under a documentary credit. From the perspective of all the main parties involved in a documentary credit transaction, issues relating to payment are of utmost importance. Discrepant documents and fraud, which are well established as valid grounds, will be examined. The thesis will also explore other possible grounds to withhold payment such as illegality, nullity, unconscionability and breach of negative stipulations which exist in the underlying contract connected to the credit. The parameters of these grounds will be identified and where appropriate, recommendations will be made.

2014 - 2015
This research concerns the Mobile payment, which is a new scheme of payment: execution of payment transactions where the consent of the payer to execute a payment transaction is given by means of any telecommunication, digital or IT device and the payment is made to the telecommunication, IT system or network operator, acting only as an intermediary between the payment service user and the supplier of the goods and services, or payment transactions executed by means of any telecommunication, digital or IT device, where the goods or services purchased are delivered to and are to be used through a telecommunication, digital or IT device, provided that the telecommunication, digital or IT operator does not act only as an intermediary between the payment service user and the supplier of the goods and services. The research tries to verify the compatibility of the financial values communicated from such innovative system of payment (i.e. phone credit) with the general categories, especially with the notion of legal money (art. 1277 c.c.) in its known and currently diffused forms: coin, banking and electronic money. Because of the fact that the "phone credit" is only a representative value of the price of the phone service used by the customer and provided by the telephone operator, according to the Author it is necessary to distinguish two kinds of phone credit: 1) pre-paid form (subscriber pre-funds its account with the provider of the electronic communications network or service): nulla quaestio, because in this case the monetary values represent the result of the connection established between the phone account and banking (or postal) account; in such case, it is almost certain the nature of the phone credit, which is banking or electronic money; 2) post-paid form (subscriber to the network or service): it is necessary to distinguish between two different kind of recharges. In the first case (phone credit recharged by bank, post and Imel) it seems quite certain that phone credit is banking or electronic money; on the other hand, it is also certain that the these values, “once converted in phone credit”, are burdened by a tie of destination, that should not allow their generalized use (i.e. to buy every kind of goods). In the case of a direct recharge (i.e. without bank, post or Imel), credit fund is not banking money because of the fact that a TELCO is not a bank. And it is neither electronic money, in spite of there being many points of similarity with such kind of money. In fact, art. 1 TUB co. 1, lett. h-ter) is an insurmountable obstacle, and it’s not possible to say that credit phone is legal money because of the nature of subjects involved in the recharge procedure: TELCO still are commercial companies, so they are not allowed to send forth electronic money. In conclusion, the exact nature of the financial values communicated from Mobile Payment (i.e. phone credit) is uncertain, and more in the case of a direct charge. These values, neither electronic, neither banking, seems to place in a sort of so called "monetary limbo", having points of contact and divergence with all kind of currently diffused money. According to the Author, these values are becoming a further monetary species, i.e. phone money, because of the fact that the range of goods and services that it is possible to buy by these value, is constantly increasing. [edited by Author]
XIV n.s.

Money is whatever is generally accepted in Exchange for goods and represents a temporary adobe of purchasing power to be used for buyng still other goods and service. the coming of the checkless and cashless society will involve a shift from the check or document system to an electronic system. The order will be transmitted via electronic impulse initiated at a terminal in the merchant's establishment. The merchant will be paid at the instant of the cardholder's order transmittal by means of a credit to his account: the cardholder's account will be debited at the same time. In Italian civil code art. 1277 there is nominalistic principle that applies to fluctuations in the value of money , that means if an obligation to pay one euro was incurred in 2010 but payable in 2020, it remains an obligation to pay one euro. This paper analyze the evolution of concept of money and the consequences about nominalistic principle, paying attention to different way to perform the duties of money obligation.

Thesis provides an overview of different types of mortgages and mortgage protection assurances available in czech credit and insurance markets. Thesis is composed of detailed description of particular products and case study describing comparison of three types of mortgages: classic anuity mortgage, mortgage with postpone payment of principal in combination with unit linked life assurance, mortgage with postpone payment of principal in combination with investment to securities. The aim was the comparison on the basis of chosen evaluations of unit linked life assurance and securities and determination of boundary percentage value of evaluation by which the combine product become preferable to classic mortgage.

Thesis ((LLD (Law))--University of Stellenbosch, 1996.
424 leaves single sided printed, preliminary pages and numbered pages 1-356. Includes bibliography, digitized at 300 dpi (OCR), used Bizhub 250.
ENGLISH ABSTRACT: The documentary credit is one of the most important methods of payment utilised in international trade. This versatile instrument is encountered in a variety of forms. In its simplest form it is an undertaking by a bank given on application by a buyer-importer (the bank's client) to pay the seller-exporter (the beneficiary) against delivery of stipulated documents. It has two essential characteristics: (i) the bank's undertaking to pay the beneficiary is independent of the contract of sale and the contract between the bank and its client; and (ii) the bank will pay only against the precise documents stipulated in the credit. In Chapter One the different relationships established between the parties involved are dealt with against this background, and the different types of credits are discussed. Documentary credits are, comparatively speaking, modern instruments. Possible historical origins are explored briefly in Chapter Two. Documentary credits are virtually invariably applied for and issued subject to the Uniform Customs and Practice for Documentary Credits (the UCP). The UCP is a set of rules formulated by the International Chamber of Commerce. The modern history of documentary credits as reflected in the development of the UCP is discussed in Chapter Three. The legal nature of the UCP is analysed from a civilian, common-law and South African perspective in Chapter Four. The legal nature of the relationship between the bank and the beneficiary is the focal point of Chapter Five. The question is approached from a civilian (especially German and Dutch), common-law (especially English and American) and South African point of view. Special attention is devoted to the ability (or inability) of the traditional law of contract of the different jurisdictions to provide a theoretical foundation for (i) the independence of the bank's obligation, and (ii) the irrevocability of the bank's undertaking. The conclusion arrived at is that the South African law of contract is able to provide an adequate basis for this relationship in general and these two matters in particular. In the final chapter the defences available to the bank against the beneficiary's claim are scrutinised, as well as the possibility of the bank being interdicted from paying the beneficiary. Related issues such as anti-dissipation interdicts and attachments in the documentary-credit context are also dealt with. These questions are likewise investigated from a civilian, common-law and South African perspective. This investigation leads to the conclusion that the South African law is essentially in harmony with the law elsewhere and that our courts have been successful to date in protecting the integrity of documentary credits.
AFRIKAANSE OPSOMMING: Die dokumentêre kredietbrief is een van die belangrikste betalingsmetodes wat in die internasionale handel aangewend word. Hierdie buigbare middel kan 'n verskeidenheid van vorms aanneem. In sy eenvoudigste vorm is dit 'n onderneming deur 'n bank wat op aansoek van 'n koper-invoerder (die bank se kliënt) aan die verkoper-uitvoerder (die begunstigde) gegee word. Dit het twee essensiele eienskappe: (i) die onderneming van die bank om die begunstigde te betaal is onafhanklik van die koopkontrak sowel as die kontrak tussen die bank en sy klient; en (ii) die bank sal slegs betaal teen lewering van die presiese dokumente vereis in die kredietbrief. In Hoofstuk Een word die verskillende verhoudinge tussen die partye betrokke teen hierdie agtergrond bespreek asook die verskillende tipes kredietbriewe. Dokumentere kredietbriewe is relatief gesproke moderne instrumente. Moontlike historiese oorspronge word kortliks in Hoofstuk Twee verken. Kredietbriewe word bykans sonder uitsondering aangevra en uitgereik onderworpe aan die Uniform Customs and Practice for Documentary Credits (die UCP). Die UCP is 'n stel reels wat deur die Internasionale Kamer van Koophandel opgestel is. Die moderne geskiedenis van kredietbriewe soos in die ontwikkeling van die UCP weerspieel, is die hoofonderwerp van Hoofstuk Drie. In Hoofstuk Vier word die regsaard van die UCP vanuit die perspektief van die regstelsels baseer op die ius civile, die common-law stelsels en die Suid-Afrikaanse reg beskou. In Hoofstuk Vyf word op die regsaard van die verhouding tussen die bank en die begunstigde gefokus. Die aangeleentheid word benader vanuit 'n ius civile (veral Duitse en Nederlandse) perspektief, 'n common-law (veral Engelse en Amerikaanse) perspektief, asook 'n Suid-Afrikaanse perspektief. Besondere aandag word verleen aan die vermoe (of onvermoe) van die tradisionele kontraktereg in die verskillende jurisdiksies om 'n teoretiese grondslag daar te stel vir: (i) die onafhanklikheid van die bank se verpligting; en (ii) die onherroepbaarheid van die bank se betalingsonderneming. Daar word tot die gevolgtrekking geraak dat die Suid-Afrikaanse kontraktereg wel in staat is om 'n bevredigende basis vir die verhouding in die algemeen, en hierdie twee aangeleenthede in die besonder, daar te stel. In die laaste hoofstuk word aandag geskenk aan die verwere wat 'n bank teenoor die begunstigde se aanspraak kan opper, asook aan die moontlikheid dat die bank by wyse van interdik belet kan word om die begunstigde te betaal. Verwante aangeleenthede soos interdikte in securitatem debiti en beslagleggings in die konteks van kredietbriewe word ook bygehaal. Hierdie aangeleenthede word eweneens vanuit 'n ius civile, common-law, en Suid-Afrikaanse perspektief benader. Die ondersoek lei tot die gevolgtrekking dat die Suid-Afrikaanse reg breedweg beskou in harmonie is met ander stelsels en dat ons howe die integriteit van kredietbriewe tot dusver suksesvol beskerm het.

My research seeks to explain the evolution of trade policy debates among American business leaders between World War I and the 1960s. The key finding is that a new framework for discussing trade policy was widely adopted after the United States became a creditor nation during World War I. This framework related tariffs and imports to exports, international lending and American foreign policy. High levels of imports ceased to be a threat and instead came to be seen as a pre-requisite for high levels of exports and a well-functioning global economy; raising the levels of imports, including through tariff cuts, became a strategy for providing American allies and debtors with dollar revenues. This new insight into the political economy of American foreign economic policy is based on new evidence from the archival records of business associations and a wide range of other primary and secondary sources. In addition to bringing to light new evidence, my research also addresses some of the gaps that still exist in the literature on the history of the foreign economic policy of the United States, the Cold War and transatlantic relations.

Thesis (Ph. D.)--Georgia State University, 2006.
Ernest R. Larkins, committee chair; Fred A. Jacobs, Detmar W. Straub , Sally Wallace, committee members. Electronic text (100 p.) : digital, PDF file. Description based on contents viewed Aug. 9, 2007. Includes bibliographical references (p. 78-85).

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Coordenação de Aperfeiçoamento de Pessoal de Nível Superior
This study is focused on the tax transaction between the Government and tax payers. The scope of the analysis of this legal institute, created to be an alternative way to set up tax obligations, goes beyond the interpretation of the instrument itself, covering theoretical and axiological assumptions contained explicitly or not, in the legal system. Tax transaction may be a mean of tax credits payment arising from law obligation, but as it is an alternative by regular payments, it does really need to be understood from a systemic point of view, covering the whole legal system. The transaction is not really new, but it hasn´t already been totally accepted by legal operators because there are a lot of prejudices regarding the alternative tax mean of payment. Actually people are still afraid that transaction become a legal tool to avoid taxation and may reduce state revenues compromising the supremacy of the public interest. The tax credits are required by Government activity endorsed by law contains and are protected by lots of rules that guarantees the liability presumed of credits obligations. That is why this study´s scenario seems to be so challenging. It seems very important to spend some reflection on this issue and to understand the tax payments in a bigger perspective, although it can´t be a complete study, it may bring some lights to the subject. The relevance of the study gets bigger considering the actual Judiciary crises, because it is outstanding knowledge of mostly law suits are filed by Public revenues in order to charge not payed taxes. So this study claims are indeed necessary and will be leaded by the new thinking about the supremacy of public interest and its impact on demand of tax debt
O presente trabalho tem por foco o estudo da transação tributária, instituto previsto no Código Tributário Nacional como causa de extinção do crédito tributário. A análise transcende a compreensão do instituto como tal, abrangendo pressupostos teóricos e axiológicos positivados de forma expressa, ou não, no ordenamento jurídico, com vistas à verificação da harmonização da causa extintiva com a supremacia do interesse público e com a indisponibilidade do crédito tributário. Isso porque, conquanto a transação seja, efetivamente, causa de extinção do crédito tributário, a análise de sua relação de pertinência em nosso sistema jurídico, além da expressa previsão no Código Tributário Nacional, é o que se busca pelo presente estudo. Com efeito, a norma de transação esbarra em preconceitos concebidos ao longo da história do direito tributário nacional, calcados nos arraigados conceitos de supremacia do interesse público e da indisponibilidade do crédito tributário, os quais muitas vezes são interpretados ou concebidos de forma ultrapassada. Outrossim, como o crédito tributário é exigido a partir da atividade dos entes tributantes de forma estritamente vinculada à lei, sendo protegido por um sem número de privilégios e garantias previstos no Código Tributário e Lei de Execuções Fiscais, há uma tendência de resistência às formas alternativas de solução de conflitos relativos à sua exigência e cobrança, dentre elas, a transação. Assim, em que pese o cenário descrito se revelar um tanto desafiador, a proposta deste trabalho é ampliar a perspectiva da análise do instituto jurídico e redimensionar o seu impacto nos antigos conceitos de supremacia do interesse público e garantias do crédito tributário, de modo a permitir novas e inovadoras reflexões sobre o tema e acerca da tributação sob um ponto de vista macro. É dizer, o intuito deste estudo não é desvendar a transação tributária em todas as suas dimensões e nuanças ou esgotar o tema, mas apenas trazer luz e novas ideias sobre questão que se apresenta como solução a um sistema tributário e processual tributário manifestamente em crise

Le législateur a fait le pari que la lutte contre le risque de défaillance des entreprises pouvait être mieux menée que dans un rapport de confiance avec le débiteur puisqu’en tant que dirigeant de l’entreprise, il est, de facto, la personne la mieux placée. Mais il n’a pas placé cette confiance à tout débiteur. Il l’a fait seulement au débiteur diligent. C’est pourquoi à travers la loi n°2005-845 du 26 juillet 2005 il a créé une autre philosophie qui consiste à le traiter différemment de celui qui est en cessation de paiement. Et au fil des réformes de la loi de sauvegarde, il a davantage creusé cette différence. En effet, qu’il s’agisse des ordonnances (n°2008-1345 du 18 décembre 2008, n°2014-326 du 12 mars 2014 et n°2014-1088 du 26 septembre 2014) et des lois (n°2010-1249 du 22 octobre 2010, n°2015-990 du 6 août 2015 et n°2016-1547 du 18 novembre 2016), il est possible de constater de nombreuses prérogatives reconnues au débiteur diligent. L’objectif étant de le motiver à saisir le juge dès ses premières difficultés, c’est-à-dire en amont de la cessation des paiements. On le retrouve donc aussi bien lorsqu’il s’agit de la protection de l’entreprise que dans le traitement des difficultés, c'est-à-dire pendant la période d’observation et l’adoption du plan
The legislator was betting that the fight against the risk of business failure could be better conducted than in a relationship of trust with the debtor since, as the company's manager, he is, de facto, the best person. to place. But he did not place this trust in any debtor. He did it only to the diligent debtor. That is why through the law of the n ° 2005-845 of July 26th, 2005 it created another philosophy which consists in treating it differently than that which is less it. And over time reforms of the law of safeguard, he further widened this difference. Indeed, these are the ordinances (n° 2008-1345 of December 18, 2008, n° 2014-326 of March 12, 2014 and n° 2014-1088 of September 26, 2014) and the laws (n° 2010-1249 of 22 October 2010, n° 2015-990 of 6 August 2015 and n° 2016-1547 of 18 November 2016), it is possible to note many prerogatives recognized to the diligent debtor. The aim is to motivate him to seize the judge from his first difficulties, that is to say before the cessation of payments. It is therefore found both in the protection of the company and in the treatment of difficulties, that is to say during the observation period and the adoption of the plan

En el presente estudio se identificó los factores que influyen en el incumplimiento de pago en el sistema financiero (bancos) por uso inadecuado de las tarjetas de crédito de los consumidores de la provincia de Lima. Se empleó un enfoque mixto. Al ser cualitativo, se aplicó la técnica de recopilación de información realizando entrevistas semiestructuradas a expertos del sistema financiero. Para el enfoque cuantitativo, se empleó un diseño no experimental-transversal-correlacional, porque se recolectaron datos y se analizó e interpretó la relación entre ellos en un determinado momento, aplicando cuestionarios a un público objetivo. Se utilizó una muestra de 385 personas de una población de 1’518,897 entre hombres y mujeres mayores de 18 años, que contaban al menos con una tarjeta de crédito con saldo deudor en la provincia de Lima. Se optó por un alcance correlacional para identificar el comportamiento de una variable en relación con otras. En este caso, se analizaron las variables que influyen en el incumplimiento de pago. Concluida la investigación, la hipótesis general fue aceptada obteniendo una correlación positiva con nivel débil, identificando que las variables que influyen en mayor proporción en el incumplimiento de pago fueron: el uso frecuente que le dan a las tarjetas, seguido de la existencia de malos asesores crediticios. Por lo tanto, se recomienda a los usuarios tener un mejor control de sus gastos, a los bancos a mejorar la capacitación de sus asesores crediticios y a las entidades reguladoras bancarias brindar un soporte de educación financiera a los usuarios.
In this study we identified the factors that influence payment default in the financial system (banks) due to improper use of consumer credit cards in the province of Lima. A mixed approach was employed. Being qualitative, the information gathering technique was applied by conducting semi-structured interviews with experts of the financial system. For the quantitative approach, a non-experimental-transversal-correlational design was used, because data was collected and the relationship between them analyzed and interpreted at a certain moment, applying questionnaires to a target audience. A sample of 385 people from a population of 1'518,897 was used among men and women over 18 years of age, who had at least one credit card with a debit balance in the province of Lima. A correlational scope was chosen to identify the behavior of one variable in relation to others. In this case, the main variables that influence payment default were analyzed. Once the research was concluded, the general hypothesis was accepted, obtaining a positive correlation with a weak level, identifying that the variables that most influence payment default were: the frequent use they give to the cards, followed by the existence of bad advisors credit. Therefore, it is recommended that users have better control of their expenses, that banks improve the training of their credit advisors and that banking regulators provide financial education support to users.
Tesis

Depuis l'Antiquité, le principe d'égalité entre créanciers apparaît comme le principe fondateur des procédures collectives. Il permet de répartir de manière juste les actifs d'un débiteur impécunieux. Pourtant, l'existence et la portée de la norme sont sans cesse contestées. Les multiples réformes de la matière et ses nouvelles orientations économiques, la place grandissante du droit des sûretés, ainsi que l'internationalisation des procédures, ont contribué a renforcer les controverses autour du traitement égalitaire des créanciers. Les débats relatifs aux manifestations de l'égalité en droit de l'insolvabilité révèlent toutefois une problématique plus profonde liée a l'insuffisante définition de ce que constitue le principe d'égalité en procédure collective. Or, la notion d'égalité est ambivalente, il ne peut dès lors exister une unique signification du principe. Par ailleurs, l'égalité entre créanciers n'est pas qu'une simple règle mais constitue un véritable principe général du droit. Son caractère éminemment supérieur impose qu'il soit observé dans les différentes étapes de la procédure collective. Malgré les modifications législatives successives, il est possible de constater que le principe d'égalité entre créanciers constitue toujours la pierre angulaire du droit de l'insolvabilité. Les éléments traditionnels de la discipline collective demeurent et s'appliquent aujourd'hui sans distinction à tous les créanciers. Bien que l'élaboration de traitements différenciés soit de plus en plus récurrente, elle n'entraîne pas systématiquement une rupture d'égalité injustifiée. La rupture d'égalité formelle est admise des lors que les régimes différents mènent à la réalisation des objectifs des procédures ou visent à la protection d'intérêts supérieurs. Mais les vives critiques quant à la réalité du principe et les contestations portant sur ses manifestations ne sont pas toutes infondées. Le législateur à organisé un certain nombre de traitements privilégiés illégitimes, afin de satisfaire les intérêts personnels de quelques créanciers. Or, le respect du principe d'égalité est primordial en procédure collective pour repartir le poids de la dette du débiteur et renforcer l'impératif de moralisation du droit des affaires
Since ancient times, equality between creditors appears to be the core principle of insolvency proceedings. It allows for a fairly sharing of the debtor's assets. However, existence and scope of that application standard are persistently contested. Many reforms, new economic orientations of the subject, added to the increasing place that securities law takes and the globalization of procedures have contributed to strengthen the debate around creditor's rights. Discussions about equality in the insolvency law though disclose a specific problem, due to an inadequate definition of equality principle in insolvency proceedings. More than anything, the concept of equality is ambivalent ; therefore, a single meaning for the principle is unmanageable. Furthermore, equality between creditors is not a plain rule but represents a full-fledged principle of law. That higher nature requires to be enforced at each stage of proceedings. In spite of subsequent amendments, the principle of equality between creditors appears to be the cornerstone of insolvency law. Traditional elements of the collective discipline remain and apply equality to all creditors. Development for differentiated treatments do not systematically lead to an unwarranted breach of equality. The breach of formal equality is accepted if the schemes carry out the proceedings objectives, or aim for protection of the best interests. Strong critics concerning the principle, and challenges about the expression are not unfounded for most. The legislator staged a number of unjust privileged treatments, with the aim of satisfying the personal interest of a few creditors. However, compliance with equality is essential in bankruptcy law for the purposes of sharing the assets and liabilities of the debt, and strengthen the imperative of moralization in business law

L’article L 626-27 du Code de commerce sanctionne l’échec du plan de sauvegarde par la résolution. L’effet destructeur de cette sanction peut, de prime abord, séduire lorsque la solution arrêtée par le tribunal ne répond plus à l’objectif de sauvegarde de l’entreprise. Cependant, ce choix suscite l’étonnement dans la mesure où il s’agit d’une sanction de l’inexécution d’une obligation contractuelle. Or, il apparaît difficile de considérer le plan comme un contrat. Malgré l’effort de contractualisation opéré par la loi du 26 juillet 2005 à travers la participation des comités de créanciers à son élaboration, il demeure un acte juridictionnel. Cette incompatibilité invite à redéfinir la nature de la sanction. Une étude minutieuse de l’échec du plan montre que sa sanction répond à une logique propre à la procédure collective qui s’illustre principalement dans la diversité de ses causes et de ses effets. Contrairement à la résolution, la sanction de l’échec du plan peut être prononcée soit en présence d’une inexécution des engagements qu’il contient soit en raison de la survenance d’une cessation des paiements au cours de son exécution. En outre, elle produit des effets distincts étrangers à toute idée de rétroactivité. Si elle permet, en cas d’inexécution, de revenir à la relation contractuelle initiale, elle assure, en cas de cessation des paiements, la clôture de la sauvegarde et le retour simultané de la procédure collective. Aussi, elle ne saurait être une résolution, mais constitue un instrument de nature procédurale hybride propre à la procédure collective. Une approche cohérente de l’échec du plan de sauvegarde invite, par conséquent, à reformuler l’article L 626-27 du Code de commerce
Article L 626-27 of the French Commercial Code punishes the failure of a bankruptcy plan by cancellation. The destructive impact of this sanction may, at first, trigger a company's interest when the court's decision does not correspond to the company's bankruptcy goal. Nonetheless this choice is surprising given that it punishes the non-execution of a contractual obligation. However it seems difficult to consider the plan as a contract. The Act of July 26, 2005 looks to formalizing this process by contract namely through the participation of creditor committees in the early stages of the procedure, but it remains a jurisdictional action. This incompatibility encourages one to redefine the nature of this sanction. A careful examination of the plan's failure shows that the sanction fulfills a logic pertaining to a collective procedure, the causes and consequences of which are diverse. Contrary to the cancellation, the sanction punishing the plan's failure may be delivered in case of the non-execution of commitments put forth in the plan or the suspension of payments during its execution. Furthermore its consequences are distinct, with no retro activity. In case of non-execution, the sanction allows for a return to the initial contractual relation, but in case of suspension of payments it guarantees a bankruptcy closure and a return to collective procedure. Thus, it would no longer be a cancellation but a hybrid procedural instrument pertaining to a collective procedure. Therefore a coherent approach to the failure of the bankruptcy plan encourages one to rephrase article L 626-27 of the French Commercial Code

博士
國立成功大學
會計學系
102
Recently, in Taiwan’s Company Act, amendments for capital regime all focus on the perspective that the company flexibly uses capital instead of focusing on the protection of creditors. As a result, in the current law, there are increasingly reduced protection mechanisms for creditors. Therefore, in this study, based on the position of the creditors, the following lists are investigated: i. whether cash distribution of capital reserves violates the principle of capital maintenance and damage to the interests of creditors; ii. in the decision-making of cash distribution of capital reserves and cash capital decrease, whether the company will pass risks to creditors; and iii. the role the corporate governance system plays in the decision-making of cash distribution of capital reserves and cash capital decrease. In empirical findings of this study, the solvency of the companies paying cash dividends with capital reserves is poor compared to other companies paying cash dividends with earnings and thus the likelihood of damaging creditor's rights is relatively high. Furthermore, in considerations of the cash capital reduction system, cash capital reduction will better protect the interests of creditors compared to cash dividends paid with capital reserves. Therefore, regulatory authorities should also consider creditors’ protection mechanisms or strengthen the governance system of companies when amending the Company Act, to ease the agency problem between companies and creditors.

Dissertação de Mestrado em Direito: Especialidade em Ciências Juridico-Forenses apresentada à Faculdade de Direito
A presente dissertação, intitulada “As Garantias Reais do Credor no Processo de Insolvência - Em Especial: A Graduação e Pagamento de Créditos” apresenta uma análise catalogada dos expedientes, previstos no CIRE, colocados à disposição dos credores garantidos (ou credores com direitos reais de garantia), para efectivação dos seus créditos e portanto pagamento dos mesmos, aquando do processo de insolvência. A opção pela redacção desta monografia prendeu-se com a utilidade de tratamento conjunto, dos diversos meios colocados ao dispor dos credores, em especial os garantidos (pela importância dos seus direitos), aquando do processo de insolvência, para satisfação dos seus interesses. Fundamentou-se, pois, a análise da monografia, na tentativa de resposta a questões relacionadas com a figura das garantias reais, como são, nomeadamente, o porquê e o quando surgiram, bem como, qual a sua real importância e nível de eficácia. Sendo que, sobre a penhora se pretendeu dissertar, por acréscimo, a respeito da sua controvertida natureza; Ambicionou-se, também, dar resposta, a título enumerativo, a quais os actos, no âmbito das garantias reais, resolúveis em benefício da massa insolvente: questão de relevo contextual, uma vez perderem os credores (e mesmo os titulares de direitos reais), a favor da massa, as suas garantias; Numa fase mais avançada da dissertação pretendeu-se dar resposta à indagação de quais os expedientes gerais de tutela dos créditos, previstos no CIRE, passando a mesma pela análise das garantias com génese no seio do Processo Especial de Revitalização. Bem como e no mesmo âmbito, se pretendeu enunciar, quais os expedientes específicos de tutela dos créditos garantidos, sendo que, implicou tal resposta, entre outras vertentes, um estudo da ordem de pagamentos dos credores garantidos; do regime insolvencial, específico, de cada garantia real e do Regulamento (UE) n.º2015/848, uma vez tecer este, também ele, algumas considerações sobre os direitos reais e garantias deles provenientes. Por último, procurou-se responder, discorrendo-se sobre o mesmo, a quais as consequências da declaração da insolvência, tanto para a instância executiva, como para o executado. Pode assim dizer-se, de uma forma genérica, que a monografia a seguir exposta, se organiza em três grandes grupos, a saber: i) tratamento das figuras das garantias reais; ii) exploração do regime do CIRE relativo à tutela e pagamento dos credores garantidos e iii) verificação das consequências da iniciação de um processo de insolvência, para a acção executiva e executado.
The following dissertation, entitled “The Creditor’s Securities in rem within the insolvency proceedings – In particular: The Ranking and Payment of Claims” presents an analysis of the remedies under CIRE [Portuguese Insolvency Code], made available to secured creditors (or creditors secured by rights in rem), towards granting their claims and therefore its payment within the insolvency proceedings. The purpose of this paper refers to the utility of joint treatment of the various tools at the disposal of the creditors, especially the secured creditors (for the importance of their rights), within the insolvency proceedings, towards the satisfaction of their interests. The analysis of the paper was, therefore, based on an attempt to answer questions related to the figure of securities in rem, such as why and when they emerged, as well as their real importance and level of effectiveness. About the garnishment, it was pretended to talk, by addition, about its controversial nature; It was also intended to give a summary answer to which acts, within the framework of securities in rem, were resolvable for the benefit of the insolvent estate: a question of great importance, once the creditors loose (even the holders of rights in rem), in favor of the mass, their guarantees. In a more advanced phase of the dissertation, it was pretended to answer the question of which are the general remedies of protection of the credits, under CIRE, passing the same, by making the analysis of the guarantees with origin in the Special Revitalization Process (PER). It was intended to state, as well, and in the same scope, what were the specific procedures to protect secured claims, since such response implied, among other aspects, a study about order of payments of secured creditors; of the insolvency regime, specific of each security in rem; and about the Regulation (EU) n.º2015/848, since it also stipulates some considerations about rights in rem and securities coming from them. Lastly, an attempt was made to respond to the consequences of declaring insolvency, both for the enforcement procedure and the debtor. It can thus be said, in a general way, that the dissertation set out below, is organized into three main groups, namely: i) treatment of the figures of the securities in rem; (ii) exploration of the scheme of CIRE concerning the protection and payment of secured creditors; and (iii) verification of the consequences of the initiation of insolvency proceedings, for the enforcement procedure and the debtor.

Em caso de incumprimento, a hipoteca atribui ao credor a possibilidade de ser pago pelo valor da coisa que onera, com prevalência relativamente aos demais credores. Estando o devedor insolvente, estará com toda a certeza em incumprimento perante o credor hipotecário, o que confere a este último uma posição privilegiada no âmbito de processo de insolvência. O credor será considerado um credor garantido, pelo que, dentro do leque de credores da insolvência pertence aqueles que serão pagos em primeiro lugar. Não obstante a posição de primazia que ocupa, o credor titular de hipoteca poderá não obter a satisfação do seu crédito, uma vez que apenas será pago depois de pagas as dívidas da massa insolvente e depois de pagos os credores titulares de eventuais garantias prevalecentes, como os privilégios imobiliários especiais e o direito de retenção.
In case of default, the mortgage assigns to the mortgagee the possibility of being paid for the value of the thing that charges, with prevalence in relation to other creditors. If the debtor is insolvent, he will be in all likelihood in default to the mortgage lender, which gives the latter a privileged position in insolvency proceedings. The creditor will be considered a secured creditor, so within the range of insolvency creditors he belongs to those who will be paid first. Although the primacy position that occupies, the mortgagee may not obtain the satisfaction of his credit, as it he will only be paid after the payment of the debts of the insolvent mass and after the payment of creditors holding any prevailing guarantees, such as special real estate privileges and right of retention.

As sociedades comerciais de responsabilidade limitada formam como que a espinha dorsal das modernas economias de mercado, atento o facto de a maioria da actividade económica passar por elas. Isto não acontece por acidente. Com efeito, as referidas sociedades possuem características específicas que as tornam particularmente aptas para serem utilizadas como veículos de investimento e produção de bens e serviços para o mercado. No entanto, são essas mesmas características que, por outro lado, potenciam a verificação de comportamentos oportunistas por parte dos sócios e/ou gestores em relação à sociedade, credores sociais e demais sócios. Estas situações são conhecidas como conflitos de agência e, se não forem contidas dentro de certos limites, são susceptíveis de pôr em causa a forma societária e os seus efeitos positivos, com as respectivas consequências económicas. É missão essencial do Direito Societário estabelecer um quadro regulatório apto a controlar estes conflitos de agência. Neste trabalho, procura-se demonstrar que o legislador português foi sensível a estas considerações quando previu e regulou o regime jurídico dos suprimentos, servindo, pois, a análise do regime jurídico deste contrato de financiamento societário como teste para as ideias acima expostas, dada a sua especial vocação para desencadear o surgimento de todos os conflitos de agência acima referidos. Após o estudo do tipo contratual previsto pelo legislador e da qualificação dos negócios que podem ser qualificados como sendo suprimentos, procede-se à análise do seu regime jurídico. Esta parte da premissa de que o regime visa a resolução de conflitos de agência e será à luz desta sua função instrumental que o regime será analisado e avaliado. Nesta análise, não deixaremos de ter em conta a jurisprudência comunitária relativa à liberdade de estabelecimento e a pressão (concorrência regulatória) que a mesma veio a exercer sobre os legisladores pertencentes ao espaço da União Europeia e também o facto de que o regime dos suprimentos, como todos os remédios, deve ser utilizado com moderação para que não produza, ele próprio, efeitos adversos.
Limited liability companies form the backbone of our modern economy given the fact that most of the economic activity is carried out through them. This is no accident. In fact, limited liability companies possess certain legal characteristics that make them particularly suitable as business vehicles for the production of goods and services for the market. However, on the other hand, these same characteristics give rise to a persistent risk of opportunistic behavior on the part of shareholders and/or directors vis-à-vis the company itself, company creditors and other shareholders. These situations are known as agency problems and, unless contained under certain limits, they are capable of putting at risk the company form and its positive net effects as a business vehicle. It is company law´s task to provide for a regulatory framework which is apt to cope with these agency problems. In this work, we seek to demonstrate that the portuguese legislature was sensitive to these kinds of problems when it regulated the equity-substituting shareholder credit. We have chosen this topic because we believe that it is perfectly suitable to cause the appearance of all the agency problems above mentioned and, thus, a good means to test the agency theory and how the law might deal with it in order to prevent value-reducing forms of opportunism. After studying the contractual regime as envisaged by the legislature and the qualification of the situations that might be considered equity-substituting shareholder credit, we proceed to the analysis of the regulatory implications of this kind of shareholder credit. This will start from the premise that its goal is to deal with the described agency problems, having, thus, a functional (instrumental) nature. In the course of this analysis it will be taken in due account the European Court of Justice Jurisprudence regarding the freedom of establishment and its implication regarding our subject matter. A warning should also derive from this work: an excess of regulation might itself be a source of value reducing.

Delay in commercial commitments and its consequences The purpose of the thesis is to describe all the aspects of delay in commercial commitments in the law system of the Czech Republic with focus on the consequences a delay may cause. Even though the history of the respective legislation is long and uninterrupted (it basically dates back to the Austrian General Civil Code from 1811), certain cases of indistinct interpretation in every-day use of the rules may still arise and that is the reason for elaborating the research. Legislation, expert interpretation of the legislation, papers from professional journals and a number of judicatures, mostly decisions of the Supreme Court of the Czech Republic, are used to thoroughly analyse the topic. The Czech Commercial Code recognises two general kinds of delay - debtor's delay, which occurs if the debtor does not fulfil their (usually contractual) duties in time and/or properly and creditor's delay, that is initiated by the creditor if they do not accept proper fulfilment from the debtor and that supersedes the debtor's delay, if it may be in place. In case of the debtor's delay the law automatically guarantees the creditor several rights. They have the right to insist on the proper fulfilment to be delivered or they are entitled to cancel the contract, if...

This dissertation is a collection of three essays dealing with selected problems of the Euro Area during its most recent crisis. It applies empirical, theoretical, and institutional analyses to gain new insights into many of its financial aspects. The first essay offers an alternative explanation for the surge in government bond spreads. Many researchers attribute this phenomenon to market sentiment and multiple equilibria alone. We show that an often neglected fundamental variable may drive spreads: a decrease in the expected recovery value of private market participants. With an ever-increasing share of crisis countries’ debt held by official creditors, private investors may feel pushed into the position of subordinated creditors. The other two essays both explain the sharp increase in central bank credit from different perspectives. First, from the national perspective, central banks may be confronted with a classical tragedy-of-the-commons problem, which gives rise to an expansionary bias. Second, from the perspective of the ECB, we argue that the empirical patterns surrounding the liquidity provision in December 2011 are reminiscent of a speculative attack on a fixed exchange rate system.

A bill of Exchange was originally used as payment instrument. Recently, it is mostly used as securing instrument. This purpose was mainly evolved by legal practice and its legislation could be problematic and unclear for laymen. The main aim of this thesis is to analyze a bill of exchange as a securing instrument. Further attention is paid to the function of payment. However, the bill of exchange and check are both regulated in identical law, so to some of its institutes I also describe a checks. The main attention of my thesis is devoted to the securing purpose of the bill of exchange. There I describe the specifics of this instrument in the comparison of other civil securing instruments. Due to this contrast, it can be said, that the bill of exchange gives the creditor some significant advantage on one hand, but finds some insuperable limits on the other hand. My thesis is divided into five chapters. The first chapter describes the historical development of bills of exchange and check, and the circumstances under which these institutions were created. The second chapter deals with the exchange and check law, their rules, the systematic inclusion of this branch of law and the basic peculiarities are defined. The third chapter is devoted to a general definition of the bill of exchange, describes...