Vzhledem k autorským právům vydavatelství však tento sborník v současné době není možné volně publikovat, přinášíme tedy pouze některé abstrakty a další informace o publikaci.
Published by The London School of Economics and Political Science (LSE), Houghton Street, London WC2A 2AE.
LSE is a School of the University of London. It is a Charity and is incorporated in England as a company limited by guarantee under the Companies Acts (Reg number 70527).
Copyright in this collection as a whole © LSE, 2014
Copyright in individual contributions © the individual authors, 2014
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means or media now known or hereafter invented without the express permission in writing of the publisher and the author.
The proceedings are part of the research project “Research of insolvency practice in the CR, with the aim of forming proposals for changes in the legislation that would enable increased yields from insolvency proceedings for creditors, which would contribute towards increasing the competitiveness of the Czech economy”, registered at the Technological Agency of the Czech Republic (TA CR) under the registration number TD020190.
In March 2014 LSE.ICEF project hosted an international conference and workshop at the London School of Economics: Insolvency 2014 - Current Problems and Experiences. This event provided an opportunity to gain insight into differences in insolvency proceedings and bankruptcy processes in countries such as the Czech Republic, Slovakia and Russia and to compare them with practice in the United Kingdom. This publication contains the main findings of this work, many of which were presented at the conference.
We would like to take this opportunity to thank and acknowledge the contribution of the institutions and people who made this event possible. First, the University of Economics, Prague (VŠE - Vysoká škola ekonomická v Praze) and Professor Luboš Smrčka with his support, without whose initiative the conference would not have been be realised, and on whose proposals the conference was based. Next, the Technology Agency of the Czech Republic (TAČR), which has provided resources for various research projects on the practice of insolvency proceedings, and contributed to a great amount of important and interesting data presented in several of the papers.
We very much appreciated also that ICEF Moscow contributed to the conference. Vladimir Sokolov (Assistant Professor at the International College of Economics and Finance (ICEF) of the Higher School of Economics (HSE), Moscow) presented his findings on Russia’s debt subsidisation policy, which was undertaken in order to prevent bankruptcy of industrial firms.
We hope that this publication is a valuable step forward in understanding the realities of insolvency proceedings when a firm’s assets finish their productive life, sometimes in a painful way, but may then be reintroduced in a different way for another production activity. Readers will certainly find here interesting information and approaches to insolvency.
Richard Jackman, Professor of Economics
LSE.ICEF Project Director, London School of Economics and Political Science
I would like to express my gratitude to Professor Jackman and the LSE.ICEF project for organising this conference. We greatly appreciate the opportunity to hold our conference here, on the ground of a leading university in the field of economics. Also, I would like to thank the International College of Economics and Finance, Moscow for its support and the contribution made by Dr. Vladimir Sokolov.
Luboš Smrčka, Associate Professor
University of Economics, Prague
About the authors
Dagmar Bařinová, Doc. Ing. PhD, is a Professor at the Faculty of Economics, Technical University of Ostrava, Czech Republic.
Yulia Davidova currently works for Citigroup London, in Global Markets EMEA Prime Finance and Delta 1 Risk. She holds a master’s degree in Finance & Economics from LSE and ICEF/HSE Moscow.
Jakub Erlitz is an external PhD student at the Faculty of Business Administration, Department of Business Economics, University of Economics in Prague. He holds a master’s degree from the same faculty. His research focuses on problems of insolvency and restructuring. Currently he works in an international corporation in the manufacturing sector.
Zuzana Fišerová is an external PhD student at the Faculty of Management and Economics. Tomas Bata University in Zlín. Her research focuses on the area of insolvency of individuals and over-indebtedness of Czech households.
Jiří Hnilica is Associate Professor in the Department of Business Economics, University of Economics, Prague. He holds a master’s degree and PhD from the same university. His professional focus is in the areas of corporate finance, financial modeling, strategic management and mergers and acquisitions. He is a regular teaching visitor at the Università Commerciale Luigi Bocconi, Milan, Italy. He is an author or co-author of more than sixty books, including five monographs.
Lenka Jurošková works for a leading international bank in Prague. She holds a PhD degree in Financial Law from the Charles University, Prague where she has also taught at the Law School since 2007. She focuses on the regulation of financial markets and the national economy theory. Lenka has published a number of publications on various issues relating to financial markets, financial regulation and economics.
Eva Kislingerová is Professor and the Head of the Department of Business Economics, Faculty of Business Economics, University of Economics Prague. She holds a master’s degree and PhD from the same university. Her professional and research focus is on the area of business economics, corporate finance, business valuation, performance measurement. She has authored or co-authored more than 350 publications and eleven monographs. She is a member of the Editiorial board of the Economics and Management Journal and scientific publishing CN Beck.
Ján Lalka is managing director and founder of Surveilligence, s.r.o., based in Prague. He has over 14 years of experience in fraud detection and investigation, data analyses, internal control system reviews and operational and market risk management at companies and banks. He graduated from University of Žilina, Slovakia, and received a diploma from Academia Istropolitana Nova, Bratislava. Ján is a member of the Czech Institute of Internal Auditors (CIIA) and Association of Certified Fraud Examiners (ACFE). Lee Louda is an external PhD student at the Faculty of Business Economics, University of Economics in Prague. He holds a master’s degree from the Czech Technical University, Prague. He focuses mainly on the area of insolvency proceedings in practice, especially financial rehabilitation methods of settling bankruptcy. In 2014, he was appointed a Director of The Institute for Recovery and Insolvency at the Faculty of Business Administration, University of Economics, Prague.
Tomáš Malý, is a Judge at the Regional Commercial Court in Prague. He holds a JUDr. degree in Law, specializing in state law, commercial law and labour law, from the Charles University, Prague. Currently he performs judicial practice in the area of dispute resolution according to the Insolvency Act.
Xavier Mateos-Planas is Professor and Director of Research in the School of Economics and Finance, Queen Mary University of London. His primary research interest is in quantitative macroeconomics. His agenda reaches across various themes, including the determination of fiscal policies, financial frictions and consumer credit regulation, the dynamics of sovereign debt default, unemployment and inequality, technology and development, and fertility and economic growth. Xavier obtained his PhD from Universitat Pompeu Fabra and has held positions at the University of Southampton and SUNY Stony Brook.
Marie Paseková is Associate Professor at the Department of Finance and Accounting at Tomas Bata University in Zlín. Her research focuses on the area of insolvency and debt clearance.
Jan Plaček is a PhD student at the Department of Business Economics, Faculty of Business Economics Faculty, University of Economics Prague. He holds a master’s degree from the same university. Jaroslav Schönfeld is PhD Assistant at the Department of Business Economics, Faculty of the Business Economics, University of Economics, Prague. He holds a PhD from the same university. Jaroslav works at the Česká spořitelna, a.s, in the department of restructuring and recovery and deals with financial management, restructuring, insolvency and pricing. He is the author of the monograph Modern View on the Valuation of Receivables (CH Beck 2011) and numerous articles in professional journals.
Luboš Smrčka is Associate Professor at the Department of Business Economics, Faculty of Business Economics, University of Economics, Prague. He holds a PhD degree from the Czech University of Life Sciences, Prague. In the last six years, he has worked as a Lecturer in the Department of Business Economics, University of Economics, Prague. He focuses primarily on the area of insolvency proceedings, their macroeconomic impacts and issues of insolvency law and the problem of personal finances. He is the author of numerous books and articles in professional publications. More details can be found on his personal website: http://www.lubossmrcka.com/en/
Vladimir Sokolov is Assistant Professor at the International College of Economics and Finance (ICEF) of the Higher School of Economics (HSE), Moscow. He obtained his PhD. from the University of Notre Dame (USA) in 2006, his research interests include banking, corporate finance, and money markets. He has published his research in a number of academic journals including the Review of International Economics and the Journal of the New Economic Association. Vladimir held a visiting position at the Central Bank of Finland and worked as a project consultant for the Central Bank of Russia.
Jan Švoma is a banking professional with over 20 years of experience in financial markets, corporate lending and non-performing loan agenda, i.e. debt restructuring and recovery. Jan graduated at VSE (University of Economy) in Prague in 1986, received an M.B.A. from IPFM/ Pfeiffer University N.A in 2004. He is a speaker and writer on the subject of financial markets and corporate lending at conferences in the Czech Republic and abroad and an occasional lecturer at VSE.