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EN
Bankruptcy and rehabilitation law act having repealed regulation introduced by two orders dating back to 1934, has alter many legal institutions, particularly an insolvency agreement (insolvency plan) concluded between bankrupt and his creditors. Contrary to the former law insolvency agreement had ceased to be a homogeneous institution. Currently it is possible to differentiate between reorganization arrangement which aims to restructure the bankrupt's obligations and liquidation arrangement intended to satisfy creditors by liquidating the bankrupt's assets. Apart from the manner of liquidation conducted under arrangement liquidation may concern the bankrupt's enterprise, so as in proceedings comprising the liquidation of the bankrupt's assets. Within this article author presented issues connected with legal status and scope of succession when bankrupt's enterprise is acquired under the liquidation arrangement. The analysis allows to make a conclusion that, despite the convergence of liquidation conducted according to the provisions concerning the liquidation of bankruptcy estate and liquidation conducted under aprooved arrangement legal consequences concerning the bankrupt's enterprise, aquirer will not be identical. Such legal distinction is connected with specificity of liquidation arrangement. Nevertheless, it does not seem to be justified in whole scope. On such basis, it appers to be acceptable to extent some regulation concerning the liquidation of bankruptcy estate on case when bankruptcy estate is subjected to liquidation under liquidation arrangement.
XX
Celem artykułu było przedstawienie ekonometrycznych modeli, służących do diagnozowania ryzyka upadłości polskich przedsiębiorstw oraz szacowania prawdopodobieństwa ich upadłości. Model ekonometryczny jest skutecznym narzędziem oceny zagrożenia przedsiębiorstwa upadłością. Pozwala z wysokim prawdopodobieństwem wnioskować z rocznym wyprzedzeniem, że dana firma będzie niewypłacalna. Oszacowano ekonometryczne modele logitowe i probitowe, ucięte liniowe modele prawdopodobieństwa (LMP) oraz liniowe funkcje dyskryminacyjne. Wyniki pracy badawczej mogą być wykorzystane w praktyce m.in. do prognozowania (przewidywania) upadłości przedsiębiorstw, a także identyfikacji czynników determinujących prawdopodobieństwo ich upadłości.(abstrakt oryginalny)
EN
The purpose of the article is the presentation of econometric models used to assess the bankruptcy risk of the Polish corporations and to estimate the probability of their bankruptcy. The econometric model is an efficient tool of the potential corporate bankruptcy estimation. With a high probability it allows to forecast one year advance that a certain company will be insolvent. Logit and probit models, cut linear probability models as well as linear discrimination functions were estimated. The results of the presented study can be used in practice to predict corporate bankruptcy and to identify factors determining the probability of corporate bankruptcy.(original abstract)
XX
Celem badania jest budowa wskaźnika pozwalającego przypisać przedsiębiorstwu prawdopodobieństwo bankructwa. Na podstawie literatury skonstruowano model ekonometryczny, aby sprawdzić, jak wcześnie pojawiają się symptomy upadłości oraz aby zbadać, czy z wyprzedzeniem można wskazać grupę podmiotów zagrożonych bankructwem. Narzędzia umożliwiające wczesne identyfikowanie zagrożeń stanowią szansę wpływania na efektywność przedsiębiorstw. Analizę przeprowadzono za pomocą regresji logistycznej na zmiennych skategoryzowanych przekształconych transformacją WoE (weight of evidence). Zastosowano metody scoringowe pozwalające na podział przedsiębiorstw ze względu na stopień zagrożenia upadłością. Do estymacji wykorzystano dane panelowe pochodzące ze sprawozdań GUS z lat 2001-2010. (fragment tekstu)
EN
The research is based on data from the balance sheet and profit and loss account of Polish enterprises obtained from the Central Statistical Office. Factors were studied which warn against bankruptcy and it was tested how early bankruptcy symptoms appear. The aim of the analysis is the construction of an indicator which allows the company to assign the probability of bankruptcy. The analysis was performed using logistic regression for categorical variables which were transformed by WoE (weight of evidence) transformation. Scoring methods were used, allowing to build evaluation index of a company in the context of its bankruptcy. Among components, the greatest weight in the prediction annual model of bankruptcy was achieved for the indicator of financial costs, allowing to determine the company's ability to pay interest and capital installments. (original abstract)
EN
There could be different kinds of economic activity effects and that's why bankruptcy proceeding offers opportunity to elaborate normative patterns of safe behavior in trading and to determine whether the economic activity pursuing persons and they proxies obey or not these patterns. The present article concerns the ban of pursuing of the economic activity as well as ban of taking post in supervisory board and being proxy of commercial company, state enterprise, co-operative, foundation or association. Such ban is the Bankruptcy and Reorganization Law institution as the sanction applied in case of behavior incompatible with the said normative patterns.
EN
In the age globalization companies are more often to operate under permanent crisis. Enterprises are generally not prepared to operate effectively in crisis, so they should strive not only to recognize and overcome it, but also develop methods to prevent from it. The article presents repair restructuring in proceedings insolvency in reducing the effects of the enterprise crisis.
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