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In order for companies to generate profit, it is necessary for them to remain competitive, which is achievable only through new investments. Sources for this can be categorized into those from internal accumulation, borrowing from banks, issuing debt securities, and issuing new shares and exchanging them for capital on the stock market. The challenges of self-financing often involve insufficient funds for envisioned investment projects, and this method of financing also jeopardizes the liquidity of the company. This paper presents the main characteristics and methods of financing through stock issuance. Examples of financing through stock issuance by Croatian companies in the last twenty years are analyzed, highlighting the advantages and obstacles of this financing method. The paper seeks to explain the reasons why the capital of Croatian companies is still relatively closed compared to companies from developed market economies. [ABSTRACT FROM AUTHOR]

The opening of the insolvency proceedings, i. e. declaring bankruptcy, is stigmatic and shunned throughout Europe (and elsewhere). Insolvency procedures are often reduced to liquidation procedures; much too rare do they involve restructuring with an operating business as an outcome. Additionally, they are known to be costly and inefficient. Pre-insolvency, "hybrid" procedures were introduced in order to avoid this. They enable application of insolvency regulations without actually declaring insolvency. This paper aims to analyse and compare such procedures in Central and Eastern Europe. [ABSTRACT FROM AUTHOR]

The paper deals with the analysis of existing and perspective business restructuring opportunities in Russia by examining the main features of Russian Insolvency Law, including the conduct of insolvency proceedings, the role and methodology of financial analysis as a basis for choosing strategy and tactics of corporate rescue. Special attention is devoted to the empirical study or effectiveness of insolvency system in Russia based including recent statistical data analysis. The main factors caused prevalence of liquidation procedures over rehabilitation legal mechanisms are determined. As a result of research, the paper presents the main directions of systemic transformation of the Russian insolvency institution through legislation amendments i.e. development of professional standards for financial analysis within procedures, introducing the option for direct commencement of restructuring procedure, measures for insolvency prevention, advanced training and independent certification of business rescue managers, increase motivation of corporate rescue by changing the concept of insolvency administrators remuneration. [ABSTRACT FROM AUTHOR]

The aim of this research paper is the study of legal status of the European Private Company and the European Foundation, the identification of features of the legal regulation of their establishment and operating activities, the identification of their advantages, as well as the historical analysis of proposals' development and analysis of underlying controversies on key matters of European legal forms developed for small and medium-sized enterprises and foundations. The methodological basis of the research is historical, comparative-legal, particular-legal analysis, as well as secondary data analysis. One of the most important findings is that the European Private Company and the European Foundation are vested with the prominent features of existing supranational legal entities. Firstly, the appropriate proposal relating to the status of supranational legal entity is directly applicable legal act and vest the supranational legal entity with legal capacity of European origin. The second feature is the availability of cross-border component in some circumstances for the foundation. The third feature is the ability to change the location within the EU Member States without the need for passing the liquidation procedure of the company in the Member State of the original location. At the same time, these European legal forms have a supranational character, because of the influence of the applicable national law of the EU Member States in the management of their activities, due to the lack of unified rules for governing all aspects of their activities, and because of the need to identify a single registry at EU level. Both the European Private Company and the European Foundation have a number of advantages that may ensure the growth and activities of these legal forms and their development in the Single Market. But because of the lack of feasible solutions of substantial controversies on several key matters both proposals were withdrawn. The research paper presents the conclusions and suggestions which can be presented as potential solutions of existing controversies. [ABSTRACT FROM AUTHOR]

Copyright of Report of Proceedings of the Annual Tax Conference Convened by the Canadian Tax Foundation is the property of Canadian Tax Foundation and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The study researched the problem of restructuring of a legal entity by spin-off and creation subsidiary enterprises, arrangement of the restructuring goals, comparison of these methods, recommendation of exploitation them and forming of authorized capital. What is better - to reorganize of a legal entity by spin-off or creation subsidiary enterprises? It is complicated question, as well as the question how to share assets and liabilities between the restructuring participants and how to create authorized capital of new enterprises. This article learnt these questions for limited liability companies as the most popular commercial structure. Both of these methods have its advantages and disadvantages. In practice like in publications people mix up these elements that's why we decided to clear up differences between restructuring of a legal entity by spin-off and creation subsidiary enterprises and give some using recommendation. The paper studies the matters reorganization by spin-off the companies (mainly limited liability company) and creation of subsidiary company according to last changes in legislation, differences between it, some variants of forming authorized capital, distribution of rights and liabilities between reorganized and new companies. It can help entrepreneurs to understand all problems, make a right decision about the way of reorganization, to avoid some problems during forming the capital and distribution of rights and liabilities which can have an adverse effect on taxing and relationship with contra party and founders; taxman and auditors to understand what focus on during inspection of reorganized and new companies. [ABSTRACT FROM AUTHOR]

The rejection of the going concern premise as the underlying assumption of financial statements has far-reaching consequences for accounting. For that reason, it is vitally important to identify the appropriate point in time at which the entity can no longer be regarded as a going concern. Focussing on entities that voluntarily decided to liquidate their operations, the analysis shows that both the IFRS taxonomy and the accounting literature are rather vague on the question of the point in time at which the going concern premise is no longer appropriate. Therefore, we identify the reporting stages that are necessary in the liquidation phase. Contrary to expectations, the paper argues that the going concern assumption should not be immediately abandoned, as retaining it can provide users of financial statements with decision-useful information. In fact, the paper recommends a value chain based approach. Accordingly, the going concern assumption should not be rejected before the entity has terminated its activities at all stages of its value chain. [ABSTRACT FROM AUTHOR]

Goal of this paper is a reflection on which pitfalls a corporate lender has to watch out for when financing a project in Russia to avoid a financial loss. In more specific terms, the paper focuses on key differences between corporate insolvency legislation in Russia and that of the Czech Republic. [ABSTRACT FROM AUTHOR]

The article discusses a paper presented at the 2005 U.S. Shopping Center Law Conference by the International Council of Shopping Centers (ICSC), which was held in Phoenix, Arizona, on October 26-29, 2005, which was based on the sale of leases in bankruptcy cases. The paper stated that lease sales play a significant role in many retail reorganizations and liquidations.

There are approximately 20000 companies under liquidation every year in Latvia. In liquidation process companies are mainly going through the insolvency process. Insolvency, as a term, is characterizing a company's financial condition and the actual state detected by the court. In that status of the company, there are subsequent certain future options for the management of the process: reorganization, restructuring or liquidation. The main objective of the research is- to set the ways, guidelines, suggestions for the improvement of the process of companies insolvency management. Based on that to create the model of companies insolvency management process. In the paper the author refers to the results of own research, what was on interviews of 84 administrators of insolvency process and former owners of companies. The statistics of Latvian companies in insolvency for the years 2014-2017 and, the figures prepared by "Doing Business International Rating Agency" in 2017. On the bases of the research results suggestions where elaborated, as well, the management model was presented, what allows to increase the efficiency of companies insolvency management processes. [ABSTRACT FROM AUTHOR]

The article critically examines the directions of application of the design methodology to the development of closed administrative-territorial units of the Russian Federation (CATU), mainly the so-called "atomic" CATU, the city-forming enterprises of which are production associations of the State Corporation Rosatom. The authors analyze the nature of origin, features of genesis, the specifics of topical problems of these closed cities. Based on this, it is concluded that it is necessary to search for and develop effective tools for transformations. As such a toolkit, social design is proposed based on the interaction of stakeholders and actors. It is noted that the project concept for development of closed cities may be based on the idea of the transition of closed atomic cities to the post-design phase (in the context of the liquidation of the Soviet nuclear project, the end of the Cold War and the arms race) and the need to develop appropriate management decisions and programs that would take into account the specifics the phase state of the closed object as a unified system. Such an approach will allow us to get away from situational and disparate low-efficiency decisions at the level of managing subjects, and will help to form a single logical and consistent strategy for development of CATU considering the internal characteristics and external factors. [ABSTRACT FROM AUTHOR]

The article presents a paper on non-recourse financing and special purpose entity (SPE) requirements, presented at the 2004 International Council of Shopping Centers (ICSC) U.S. Shopping Center Law Conference. It focuses on the non-recourse carve-outs and the conditions which allow a borrower to limit those carve-outs to limit personal liability. It also focuses on the issues including borrower or guarantor's right to file petition for bankruptcy or liquidation and repayment of debt.

In the work we aimed to present on the basis of 2008 big financial crisis, main tendencies of development and reformation of financial system in the modern world. So that we looked through and analyzed once again financial crisis, causes of the crisis, system of fundamental diagnostics. The work highlights the crisis lessons, fast liquidation of its negative results, necessary reformation of financial system entirely and main problems of financial regulation. On the background of reformation of the changes of the world architecture of financial markets we tried to show what negative role was played by fast wide transformation in the frame of economic reforms and decay of the state regulating role in the process of economic and financial reforms. [ABSTRACT FROM AUTHOR]

Bitcoin as the first and still most important decentralized cryptocurrency has gained wide popularity due to the steep rise of its price during the second half of 2017. Because of its digital nature, Bitcoin cannot be valuated exclusively with fundamental approaches, which is why factors such as investor sentiment have become a common alternative to capture its performance. In this work, we studied whether and how the sale of Bitcoins from the insolvency assets of Mt.Gox, which represent about 1.1% of the current global total, relates to Bitcoin price movements. We used social media sentiment analysis of Twitter data to examine how investors are influenced in their decision to buy or sell Bitcoin when confronted with the trade actions of Nobuaki Kobayashi, the trustee in charge of the Mt.Gox case. We built a vector error correction model to analyse the long-run relationship between cointegrated variables. Our analysis confirms the positive association of Bitcoin performance with positive Twitter sentiment and tweet volume and the negative association with negative sentiment. We further found empirical evidence that Mt.Gox selloff events have a lasting negative impact on the Bitcoin price and that we can measure this effect by Twitter sentiment and tweet volume. [ABSTRACT FROM AUTHOR]

Each insurance company have to ensure its solvency through presentation of accounts for its own reserves in the start of the year. Usually the task of the actuary is to estimate the state of the company on an annual basis and the expectation of the status of the company for a future period. One of the major problem when calculating the liabilities of the incurred claims, is related to the delay of payments. Object of consideration in the present note are the outstanding claim reserves, which are set aside to cover claims, occurred before the date of the annual account, but still not paid, and related with them expenses. There may be different reasons for the delay of claims settlement. For example, continuation the process of the liquidation of the damage waiting for necessary documents or the presence of controversial cases whose permission takes time, etc. Thus the claims, which determine the outstanding reserves could be divided in the following types: claims, which are reported, but not settled (RBNS); claims, which are incurred but not reported (IBNR); claims, whose case is finished, but it is possible to be reopened. When calculating the reserves for IBNR claims, most widely used is the Chain-ladder method and its modification presented by the Bornhuetter -- Ferguson method. For modeling the outstanding claims, the available data should be presented in so called run-off triangle, which underlies in the basis of such methods. The present work provides a review of the algorithm for calculating insurance outstanding claim reserves according to the Chain-ladder method. Using available data for claims related to liability of drivers, registered in Bulgaria an example is constructed to illustrate the methodology of the Chain-Ladder method. Back-testing approach is used for validating the results. [ABSTRACT FROM AUTHOR]

The growth of the liquidation of underground space is nowadays a very topical issue due to the issue of the use and securing of these old mines, both in terms of compliance with legislation and the needs of the whole society. The Mining Law Old defines an old mine as an underground mine which is abandoned and the original operator or his successor in title does not exist or is not known. Alternatively, in accordance with legislation in force, since 2002, an old mine is also an abandoned quarry where exclusive minerals were extracted, whose original operator or its successor in title does not exist or is not known. For example, only in the Ostrava-Karvina district, there are currently 359 old mines. Most of the secured old mines is addressed within methane control measures. Monitoring and maintenance is realized at a number of secured mine workings. The use of old mines in the Czech Republic is not fully developed compared to other countries. This article demonstrates a number of old mine workings in the Czech Republic and possible use of such abandoned areas. [ABSTRACT FROM AUTHOR]

The article is addressed to peculiarities of origination and termination of the personal rights. In addition to arising of legal subject (birth of human or the establishment of a legal entity) and an end of it several personal rights could be originated by the subject itself. The article draws attention to the consideration that several personal rights could arise before the birth of a human or the establishment of a legal entity. Moreover, several personal rights continue their existence or are legally protected even after termination of a person. Whereas several personal rights could legally exist without subject, and existence of such rights are dependent on certain conditions, these rights should more accurately be named as rights with the condition (conditional rights) or quasi rights. Notwithstanding that the personal rights are closely connected with the subject, (1) these rights themselves, (2) rights of using these rights or (3) rights to enforce these rights are legally transferable and inheritable, if this is not contrary to the law and ordre publice. Death or liquidation of a legal entity does not terminate all personal rights thereof, therefore the existing Latvian case law unduly restricts succession of certain claims on civil procedure in connection with the death of the claimant. [ABSTRACT FROM AUTHOR]

Copyright of Systems Supporting Production Engineering is the property of P.A. Nova S.A. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Today's historical studies have continued concentrating on the subject of restrictions imposed on rights of certain ethnic minorities. The scientific interest arose already in the early 20th century. The turn of the 19th and 20th centuries witnessed a myth of "German threat" to the Russian statehood emerging during an economic boom in specific regions. The myth gave birth to a number of industrial and agricultural restrictions. Russia's entering the World War I demanded that the government formulated its position on its own German population. Anti-German forces in the government and army introduced "Laws of liquidation" amid the fight against internal enemies. The article focuses on causes of the liquidation laws and methods of their implementation in various spheres of life of minorities, illustrated in the case of ethnic Germans in Russia. [ABSTRACT FROM AUTHOR]