In October 2009, the Financial Services and the Treasury Bureau of the Hong Kong Government published a consultation paper to review corporate rescue procedure with the aim of reforming key issues ...relating to corporate rescue. This paper compares the proposed reform in Hong Kong and the debtor-in-possession concept of the United States of America in Chapter 11 corporate rescue, and seeks to identify the reasoning behind the differences.
Sprache fungiert als Sonderhorizont der Konversierenden, Rechtssprache als Sonderhorizont rechtssprachlich Konversierender. Bei unterschiedlichem Sonderhorizont scheitert Kommunikation. Das Gelingen ...von Kommunikation ist daher insbesondere im grenzüberschreitenden Kontext sehr schwierig, da die Rechtssprache außerdem keine herkömmliche Fachsprache ist, derer man sich - allenfalls nach Übersetzung - weltweit bedienen könnte. Jede Rechtsordnung verwendet vielmehr ihre eigene Rechtssprache als gesonderte Fachsprache, die vom nationalen Rechtskontext geprägt ist. Johannes Landbrecht analysiert, wie Kommunikation zum Recht trotzdem gelingen kann.
Insolvency proceedings are strategic for the competitiveness of a national economy. The new law, but also new financial situation of organizations affect the new normal of insolvency framework. In ...Europe, standards aimed at creating an efficient framework for corporate insolvency resolution are constantly changing to enhance the efficiency of such mechanisms. This pursuit contrasts with the lack of specific efficiency data available to both legislators and researchers, there are no solid statistics to investigate the phenomenon from the perspective of its efficiency, which makes it impossible in practice to investigate its explanatory variables. Previous studies have led us to reflect on key information asymmetry and adverse selection problems resulting from a gap between the new challenges on insolvencies processes and options, because the lack of information. Based on this reflection, we have identified parallelisms between the lemon market, and current insolvency proceedings in Spain. Although, the legal system is modified, the insolvency process itself is a drag, for the achievement of the long-awaited efficiency of the process. It will be necessary to change, not only the legislation, but also the information provided, and create a new insolvency system because actual has "lemons signals", this circumstance is producing negative effects on the efficiency and competence of a key figure in the process: the insolvency administrator.
•Re-examine link between Z-score measures and banks’ probability of insolvency.•Improve on measure of that probability without further distributional assumptions.•Log of Z-score is shown to be ...negatively proportional to the log odds of insolvency.
We re-examine the probabilistic foundation of the link between Z-score measures and banks’ probability of insolvency, offering an improved measure of that probability without imposing further distributional assumptions. While the traditional measure of the probability of insolvency thus provides a less effective upper bound of the probability of insolvency, it can be meaningfully reinterpreted as a measure capturing the odds of insolvency instead. We similarly obtain refined probabilistic interpretations of the commonly used simple and log-transformed Z-score measures; in particular, the log of the Z-score is shown to be negatively proportional to the log odds of insolvency.
This study aims to identify and analyse the specific regulations of the Bankruptcy Law to the extent that they relate to the death of an insolvent debtor. The authors attempt to determine the correct ...interpretation
, and where it is justified, draw conclusions
. Due to the fact that regulations must be interpreted together with the provisions of inheritance law and other regulations, their correct interpretation may be difficult. This study contains an analysis of three possible cases: when death occurred after the filing of a bankruptcy petition, during the course of bankruptcy proceedings, but also on the brink of bankruptcy before the petition was filed by an authorized person. In the event of death after filing for bankruptcy or after its declaration, the problem is essentially of a procedural nature and is generally resolved by identifying the persons participating in the proceedings (usually a trustee). On the other hand, in the event of the death of an insolvent entrepreneur before they file for bankruptcy, the Bankruptcy Law provides for a separate procedure. At the same time, it seems that due to the distinctness of this situation, the introduction of a different, specific definition of insolvency is justified, which the authors present in this study.
On the 17th of July 2022, the Law no. 216/2022 for the amendment and completion of the Law no. 85/2014 regarding insolvency prevention and insolvency proceedings and other normative acts has entered ...into force. Therefore, the Law no. 85/2014, which regulates pre-insolvency and insolvency proceedings, meets the requirements of the Directive (EU) 2019/1023 of the European Parliament and of the Council of 20 June 2019 on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt, and amending Directive (EU) 2017/1132 (Directive on restructuring and insolvency), the latter entering into force on the 10th of July 2019. The Directive is focused on three main objectives: (1) the availability of preventive restructuring frameworks, (2) offering a second chance for honest entrepreneurs, and (3) regulating measures to increase the efficiency of restructuring, insolvency and discharge proceeding. The focus of this paper is represented by an analysis of early warning tools regulated in Romania, which are meant to be used for identifying financial difficulties faced by viable enterprises, in order to avoid its unnecessary liquidation by adopting safeguard measures. The development of early warning tools is part of the Directive’s first objective, being closely related to accessing safeguard proceedings.
We develop a dynamic model of banking to assess the effects of liquidity and leverage requirements on banks’ financing decisions and insolvency risk. In this model, banks face taxation, issuance ...costs of securities, and default costs and maximize shareholder value by choosing their debt-to-asset ratio, deposits-to-debt ratio, liquid asset holdings, equity issuance and default policies in response to these frictions as well as regulatory requirements. Our analytic characterization of the bank policy choices shows that imposing liquidity requirements leads to lower bank losses in default at the cost of an increased likelihood of default. Combining liquidity and leverage requirements reduces both the likelihood of default and the magnitude of bank losses in default.
Nach heute ganz herrschender Meinung wirkt die Rechtskraft ausschließlich zwischen den Prozessparteien. Ausnahmen von diesem Grundsatz sind insbesondere in §§ 68 Abs. 3, 74, 265 f., 325 ff., 613 ZPO ...sowie in § 407 Abs. 2 BGB normiert. Matthias Fervers zeigt, dass weder die Grundregel noch die Ausgestaltung der Ausnahmen zu angemessenen Ergebnissen führen. Im ersten Teil der Arbeit untersucht der Autor die Defizite der gesetzlichen Regelungen und ihrer Interpretation und nimmt jeweils eine dogmatisch-systematische Neubestimmung vor. Anschließend entwickelt er eine grundlegende und vom herrschenden Verständnis abweichende Konzeption zur Rechtskraftwirkung gegenüber Dritten, die sich auch für die Konstellation des kollektiven Rechtsschutzes fruchtbar machen lässt.
Weltweit vereinheitlichte Musterverträge bestimmen die Vertragsgestaltung im grenzüberschreitenden Finanzverkehr. Diese Musterverträge werden von privaten Organisationen wie der International Chamber ...of Commerce (ICC), der Loan Market Association (LMA) und der International Swaps and Derivatives Association (ISDA) geschaffen. Torsten Kindt zeigt, dass auf Grundlage der Muster ein bereichsspezifisches transnationales Vertragsrecht entsteht, das jedoch auf vielfältige Weise mit dem staatlichen Recht verwoben bleibt. Er entwickelt Leitlinien für einen responsiven Umgang mit musterbasierten transnationalen Verträgen im staatlichen Kollisions-, Vertrags- und Internationalen Zivilverfahrensrecht, die auch über den Finanzbereich hinaus zu einem produktiven Zusammenwirken privater und staatlicher Ordnung beitragen können.
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