Academic literature on the topic 'Advantage of creditors'
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Journal articles on the topic "Advantage of creditors"
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Kuznetsov, A. A. "Conditions for Creditors to Exercise Special Rights during Reorganization." Lex Russica 74, no. 2 (February 25, 2021): 21–28. http://dx.doi.org/10.17803/1729-5920.2021.171.2.021-028.
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The business reorganization regulation has traditionally been associated with creditor’s rights protection. The main difficulty in this case lies in the fact that in attempts to provide comprehensive protection of creditors to prevent them from losing the main thing for which the reorganization is needed—in fact, to enable enterprises to adapt to changing economic conditions—because in the presence of excessively burdensome rules, entrepreneurs will not be able or not want to take advantage of such a legal regime. In other words, any law and order is forced to seek a balance between the interests of reorganized entities and creditors. The Russian doctrine is largely isolated from the European tradition and focuses on the discussion of private issues of the application of Russian rules and lacks clear conceptual guidelines for development of these very rules. Special rights that the creditor has in connection with the reorganization of the company constitute the basis for the protection of the creditor’s legitimate interests. The shortcomings of domestic rules give rise to practical problems in the implementation of reorganizations. The creditor’s exercise of special rights during reorganization creates many risks for the company. In this regard, all legal orders impose restrictions on creditors exercising their rights. The paper discusses expedient restrictions of such rights on the basis of the European doctrine.The author concludes that each law and order has developed its own restrictions regarding the circle of creditors protected during reorganization. Concurrently, from the point of view of the previously considered rationale for the protection of creditors the only restrictions we can justify are the restrictions on the exercise of special rights in the event of reorganization of those creditors whose obligations arose after the reorganization started (disclosure of information about reorganization), as well as creditors who have other means of protecting their legitimate interests (for example, a counter-non-performance objection or the right to demand termination of the contract).
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Joksović, Jovana. "GmbH and UG (Mini-GmbH): Protection of creditors in German law." Pravo i privreda 58, no. 4 (2020): 134–48. http://dx.doi.org/10.5937/pip2004134j.
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One of the most widespread forms of companies, not only in our, but also in other jurisdictions, are limited liability companies. This form gives clear advantages to its founders, but at the same time endangers the creditor's settlement. In this paper, the author lists and describes the ways of protecting the company's creditors in the German law, namely the creditors of GmbH and the newer UG (Mini-GmbH) with brief reviews of Serbian law and d.o.o. First of all, there is a possible liability of shareholders and directors of German companies in the very stage of establishment. Furthermore, payments to shareholders from the assets that are necessary to cover the share capital are prohibited. In addition to its legal minimum share capital of EUR 25.000, GmbH contains further institutes for adequate creditor protection, which makes it attractive not only to the founders, but also to its creditors. In 2008, with the Law on Modernization of the Rights of Limited Liability Companies and the Fight against Abuses (MoMiG), the German legal system introduced a new legal form of simplified GmbH (UG), which has the same nature with a few special characteristics. This is primarily the possibility of founding a company below the prescribed legal minimum of the share capital, namely 1 Euro. This legal form should be an alternative to the English "Limited", which was "flooding" the German market back then. This advantage brings certain restrictions, first of all in terms of capital maintenance rules. Due to the fact that d.o.o. has significant similarities with the general rules that apply to these legal forms of the German system, primarily due to similarities with UG in the form of a minimum share capital of 100 dinars, the characteristics and solutions of German law for the protection of creditors of this legal form will be analysed. At the end comes a brief review of the institute "piercing a corporate veil" in the German law system.
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Dinata, Ari Wirya. "Lembaga Jaminan Fidusia: Pasca Putusan Mahkamah Konstitusi Nomor 18/PUU-XVII/2019." Nagari Law Review 3, no. 2 (April 28, 2020): 84. http://dx.doi.org/10.25077/nalrev.v.3.i.2.p.84-99.2020.
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Fiduciary is one of the guarantees where the debtor has the right to control and take advantage of the goods that are used as fiduciary security objects. Article 15 paragraphs (1), (2), and (3) of Law Number 42 Year 1999 concerning Fiduciary Guarantee regulates the execution mechanism for fiduciary security objects when the fiduciary giver (debtor) experiences breach of promise to the fiduciary recipient (creditor). So far, the execution mechanism for fiduciary security objects regulated in the Act creates legal uncertainty and harms the debtor's rights. Because it gives too much power to the creditor. The imbalance of power relations between debtors and creditors towards the handling of the problem of breach of contract actually causes an injustice in existing fiduciary institutions. The Constitutional Court, through decision number 18 / PUU-XVII / 2019, tries to return the fiduciary institution to the spirit of equilibrium relations between debtors, creditors, and fair fiduciary guarantees. After the decision of the Constitutional Court Number 18 / PUU-XVII / 2019. Has there been a harmonious power relationship between two legal subjects in fiduciary guarantees. This paper examines the pre and post fiduciary guarantee institutions of the Constitutional Court and analyzes the legal consequences that occur. This paper uses a type of juridical-normative research using primary data and primary, secondary and tertiary legal material. While the analysis method uses qualitative methods
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Carruthers, Bruce G., Kevin J. Delaney, and Richard B. Sobol. "Strategic Bankruptcy: How Corporations and Creditors Use Chapter 11 to Their Advantage." Contemporary Sociology 22, no. 1 (January 1993): 98. http://dx.doi.org/10.2307/2075022.
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Anderson, Helen. "Insolvency—It's all about the Money." Federal Law Review 46, no. 2 (June 2018): 287–312. http://dx.doi.org/10.1177/0067205x1804600205.
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The most desirable outcome from corporate insolvency is one that achieves the greatest return for all creditors including revenue authorities; minimises the cost of administering the system so that money is not pointlessly consumed; lessens reliance on government safety nets; and deters and punishes those who would use insolvency to their own advantage. This paper explores these intersecting priorities and argues for a new approach to insolvency administration that achieves these objectives.
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Boraine, A. "Formal Debt-Relief, Rescue and Liquidation Options for External Companies in South Africa." BRICS Law Journal 7, no. 4 (December 20, 2020): 85–126. http://dx.doi.org/10.21684/2412-2343-2020-7-4-85-126.
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This article discusses how foreign companies doing business in South Africa during periods of financial distress and registered locally as external companies are, as a recent High Court decision confirms, denied the formal debt-relief measures of business rescue and therefore a compromise with creditors because of being excluded by the definition of “company” in the Companies Act 71 of 2008. Nor, for the same reason, may these companies, if solvent, rely on the current liquidation procedures. But they may possibly use the procedure preserved in the otherwise repealed Companies Act 61 of 1973 for liquidation as far as the transitional arrangements in the Companies Act 71 of 2008 allow. The purposive solution suggested in this article for the interplay between the two Acts may need legislative attention. This article surveys other possibilities relevant to these companies such as informal voluntary arrangements, applications for winding-up, ordinary debt collection, and perhaps compulsory sequestration applications. Finally, it raises the policy issue for the legislature to consider why these companies should be denied business rescue and/or a compromise with their creditors when these formal debtrelief measures might help them survive their financial stress and emerge stronger, to the advantage of themselves, their creditors, their stakeholders and communities, and the entire nation. It is submitted that these issues could and should be considered as part of the current law reform process of South African insolvency law.
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Zdanikowski, Paweł Marcin. "Simple Joint-Stock Company – A New Type of Polish Commercial Company Dedicated (Mostly) to New-Technology Entities." Review of European and Comparative Law 39, no. 4 (July 7, 2020): 79–97. http://dx.doi.org/10.31743/recl.5277.
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This article presents a new Polish regulation concerning the simple joint-stock company (Polish: prosta spółka akcyjna; SJSC). It is a legal form of commercial company, dedicated mostly (but not exclusively) to new-technology entities. Its main advantage is the possibility to subscribe shares in exchange for a contribution in the form of work or services provided to the company. This will make it possible for SJSC promoters to attract investors in order to run the enterprise, while maintaining control over the company and excluding personal liability for its obligations. Another characteristic is that the SJSC has no share capital. Even so, the degree of actual protection of company's creditors does not seem lower than that provided by companies supplied with a share capital. This is because the creditors’ interests are secured not only by the obligation to conduct the solvency test before paying out funds to a shareholder, but also by restrictive rules of responsibility of management board members for company's liabilities if the enforcement carried out against the company proves ineffective.
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Evans, Roger. "Waiving of rights to property in insolvent estates and advantage to creditors in sequestration proceedings in South Africa." De Jure 51, no. 2 (2018): 298–317. http://dx.doi.org/10.17159/2225-7160/2018/v51n2a6.
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Chen, Muyang. "Infrastructure finance, late development, and China’s reshaping of international credit governance." European Journal of International Relations 27, no. 3 (March 31, 2021): 830–57. http://dx.doi.org/10.1177/13540661211002906.
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How is the rise of China affecting international governance? This paper examines the domain of infrastructure finance by focusing on China’s two policy banks, which are the main creditors of China’s overseas infrastructure projects. While the incumbent international credit regimes led by the Organisation for Economic Co-operation and Development (OECD) distinguish development-oriented aid from commercially oriented export credits, emerging late-developed economies blur this dichotomy by largely funding development projects with state-backed export credits. The way China alters the OECD’s credit governance, this paper argues, demonstrates both the generality of late development and the peculiarity of “Chinese” development. Rather than directly subsidizing firms’ international business with the state’s fiscal revenue, policy banks financialized host country’s state-owned and state-coordinated assets using various market instruments. By doing so, they gave Chinese firms a comparative advantage in the markets of less developed regions, allowing them to undertake projects that firms from advanced industrial countries cannot. This financing mechanism has reshaped the international development regime by transforming the dominant means of credit allocation from state-led aid-giving to market-based exchange, and rewritten the liberal rules of the international export credit regime by financing the developing world in a both statist and liberalist manner. As a result, China has built a paralleled regime in regions insufficiently covered by the existing financial schemes of incumbent credit regimes.
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Evans, Roger G. "Legislative Exclusions or Exemptions of Property from the Insolvent Estate." Potchefstroom Electronic Law Journal/Potchefstroomse Elektroniese Regsblad 14, no. 5 (June 8, 2017): 38. http://dx.doi.org/10.17159/1727-3781/2011/v14i5a2598.
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The general policy in South African insolvency law is that assets must be recovered and included in the insolvent estate, and that this action must be to the advantage of the creditors of the insolvent estate. But there are several exceptions to this rule and an asset that is the subject of such an exception may be excluded from the insolvent estate. The Insolvency Act, however, does not expressly distinguish between excluded and exempt assets, thereby resulting in problem areas in the field of exemption law in insolvency in South Africa. It may be argued that the fundamental difference between excluded and exempt assets is that excluded assets should never form part of an insolvent estate and should be beyond the reach of the creditors of the insolvent estate, while exempt assets initially form part of the insolvent estate, but in certain circumstances may be exempted from the estate for the benefit of the insolvent debtor, thereby allowing the debtor to use such excluded or exempt assets to start afresh before or after rehabilitation. Modern society, socio-political developments and human rights requirements have necessitated a broadening of the classes of assets that should be excluded or exempted from insolvent estates. This article considers assets excluded from the insolvent estates of individual debtors by legislation other than the Insolvency Act. It must, however, be understood that these legislative provisions relate to insolvent estates and thus generally overlap in one way or another with some provisions of the Insolvency Act.
Dissertations / Theses on the topic "Advantage of creditors"
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Pepler, Jaco Johann. "Advantage for creditors in South African insolvency law - a comparative investigation." Diss., University of Pretoria, 2014. http://hdl.handle.net/2263/41241.
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The main aim of the sequestration process, in terms of the Insolvency Act, is to provide for a collective debt collecting process that will ensure an orderly and fair distribution of the debtor’s assets in circumstances where these assets are insufficient to satisfy all the creditor’s claims. This is to make sure that the interests of the group of creditors are protected and that one creditor is not favoured before another. The insolvent estate of a debtor may be sequestrated by himself voluntarily or one or more of his creditors may apply for the compulsory sequestration of his estate
Under present South African law, the only way in which an insolvent debtor can obtain a discharge of his debts and make a fresh start is by the sequestration of his estate. Providing the debtor with debt relief is not the main aim of the Insolvency Act, but debt relief is an indirect consequence as the debtor receives a discharge of all pre-sequestration debt after rehabilitation. However, in order to obtain this discharge the sequestration of the insolvent debtor’s estate must be to the advantage of his or her creditors. In establishing this advantage for creditors in order to sequestrate one’s estate, the question is whether the balance between all the parties involved is achieved as more and more weight is being placed on this requirement.
This benefit for creditors requirement has also led to abuse of the insolvency law through the development of the so called “friendly” sequestration process where the sequestrating creditor and the debtor collude together in order to bypass the stringent requirements of a voluntary surrender application. Many other jurisdictions have witnessed large scale reform of their insolvency law systems in order to address the problem of insolvencies. Notwithstanding the worldwide trend to accommodate overburdened debtors seeking debt relief, the South African insolvency system has remained largely creditor orientated.
The research will discuss the current state of affairs with regard to the advantage for creditors requirement in South Africa and its impact on insolvency law.Dissertation (LLM)--University of Pretoria, 2014.
Mercantile Law
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Singini, Arthur. "The advantage-to-creditors-requirement in South African insolvency legislation : a critique." Diss., University of Pretoria, 2019. http://hdl.handle.net/2263/77435.
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Lesenyeho, Ntsane Kenneth. "The constitutionality of the advantage to creditors required and a comparative investigation in Insolvency Law." Diss., University of Pretoria, 2017. http://hdl.handle.net/2263/62544.
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This dissertation is an investigation into the constitutionality of the requirement of
advantage to creditors in South African consumer insolvency law as well as a
comparative investigation into debt relief procedures available to consumer debtors
in Australia and England. The dissertation identifies and discusses debt relief
procedures available in South African consumer insolvency law namely
sequestration, debt review and administration. The author suggests that these
procedures do not provide adequate relief as it does not provide a debt discharge for
"poor" debtors, that is debtors who do not have any assets or income (the so-called
"No Income No Assets" (NINA) group of debtors) available for distribution amongst
creditors.
The author discusses the possible unconstitutionality of the advantage for creditors
requirement in light of the creditor oriented approach of the South African
insolvency system. In this regard the test that was applied in the famous
constitutional court decision in Harken v Lane 1998 (1) SA 300 CC, will be analysed in
order to determine the possible violation of the right of equality enshrined in the
Constitution of the Republic of South Africa 1996.
The comparative study entails an investigation of certain key issues namely the
availability of alternative debt relief procedures and in particular how both countries
deal with debt discharge for poor debtors.
Ultimately, two sets of conclusions are drawn from the investigation in this
dissertation. Firstly, it is concluded that the requirement of advantage to creditors is
unconstitutional and should be removed as a provision under the consumer
insolvency law. Secondly it is submitted that the South African Reform Commission
should learn from developments in English and Australian consumer insolvency law
and should reconsider alternative and appropriate debt discharge procedures for
debtors, especially "poor" debtors who cannot reasonably repay their creditors.Mini Dissertation (LLM)--University of Pretoria, 2017.
Mercantile Law
LLM
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Asheela, Ndatega Victoria. "The advantage requirement in sequestration applications : a call for relaxation." Diss., University of Pretoria, 2012. http://hdl.handle.net/2263/26556.
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In South African insolvency law, in as much as debt relief measures are contained in three pieces of legislation, a discharge from debt is only available to an insolvent debtor whose estate has been sequestrated and he is eventually rehabilitated. The history of South African insolvency law indicates a developmental change from a ‘harsh creditor-orientated’ approach to a ‘debtor-friendly’ approach. However, the advantage for creditors’ requirement is now firmly embedded in the Insolvency Act 24 of 1936. This requirement is not defined in the Insolvency Act but has been largely interpreted by the courts and stringently applied. It is only once the applicant for the sequestration order has extinguished the burden of proving this requirement, amongst others, will the court exercise its judicial discretion to grant or refuse the order. Consequently, this requirement creates a stumbling block for debtors wishing to use the sequestration process as a debt relief measure and force discharge of their debts on their creditors. The sequestration process is aimed at the advantage of creditors and not the relief of debtors. Overburdened debtors seeking debt relief who cannot prove advantage of creditors are therefore not considered in sequestration applications. However, although debt relief is not a primary object of the Insolvency Act, it is an indirect consequence of the sequestration process when the insolvent debtor is rehabilitated. The Insolvency Act almost deals with every aspect of the different classes of creditors while there is no provision of the different classes of debtors who can and those who cannot prove an advantage to creditors. This serves as an indication that there is an imbalance between creditors’ and debtors’ interests. The study seeks to analyse the effect of the advantage requirement on sequestration applications from a debtor’s perspective. The alternative debt relief measures available to debtors when pursued by their creditors as contained in the Magistrates` Court Act 32 of 1944 and the National Credit Act 34 of 2005 are examined. It is submitted that South Africa does not provide the required sufficient debt relief because the administration orders and debt review in addition to other deficiencies, do not provide debtors with a statutory discharge from debts. The South African Law Reform Commission in the 2000 Insolvency Bill has recommended that the advantage for creditors’ requirement be retained in the new Insolvency Act. In a comparative survey, various legal systems are considered to investigate how the issue of finding a balance between debtors’ and creditors’ interests in insolvency law is dealt with. To accommodate all debtors, it is then submitted that the advantage requirement should not be retained in the Insolvency Act.Dissertation (LLM)--University of Pretoria, 2012.
Mercantile Law
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Gildenhuys, Hans Jacob. "An analysis of the justification of the stringent natural person insolvency law system in South Africa in light of the "advantage to creditors" requirement." Diss., University of Pretoria, 2020. http://hdl.handle.net/2263/78699.
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The dissertation considers the justification of the stringent natural person insolvency system in light of the “advantage to creditors” requirement. Jackson’s (The Logic and Limits of Bankruptcy Law (1986) 3) criteria of “what is being addressed” by the South African natural person insolvency law system, and why that which is being addressed, is a “proper concern” of the South African system, is used as to assess the system. It is established that the South African natural person insolvency law system is a system which favours the protection of the interest of creditors.
The international trend towards more debtor-orientated insolvency law systems, has become the topic of academic discussion, with the South African insolvency law system harsh criticised for not developing in line with this trend. It can be safe to state that academics, in analysing the South African insolvency law system, have discovered a “problem” with the South African system and are approaching their insolvency analyses by viewing the South African system as conflicting with or overriding some social or economic goal due to the fact that it has not necessarily developed in line with the international systems.
In terms of the criteria established by Jackson for insolvency analyses, it can be argued that this approach is fundamentally flawed. The analysis in this dissertation is not undertaken for the purpose of identifying discrepancies or differences between the South African system and other natural person insolvency law systems found in foreign jurisdictions, but rather for the purpose of analysing the South African system against criteria distinctive to the purpose of its creation. Accordingly, to proceed with this analysis, one has to applying Jackson’s criteria and identify “what is being addressed” and why that which is addressed is a “proper concern” of the natural person insolvency law in South Africa. Against this background, it is possible to analyse the stringent South African natural person insolvency law system in light of the “advantage to creditors” requirement in a sound manner.Dissertation (LLM (Insolvency Law))--University of Pretoria, 2020.
Jurisprudence
LLM (Insolvency Law)
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Evans, Roger Graham. "A critical analysis of problem areas in respect of assets of insolvent estates of individuals." Thesis, 2009. http://hdl.handle.net/2263/24939.
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The Law of Insolvency in South Africa is regulated by the provisions of the Insolvency Act 24 of 1936, with foundations in our common law, which has been influenced by different legal systems from Western Europe. But currently there is also other legislation affecting the insolvent debtor and the property in the insolvent estate. The courts too have had to formulate rules to govern aspects of insolvency law in South Africa. These variables created problem areas in insolvency law and in respect of the of the policies upon which the insolvency system hinges. The predominant policy in South African insolvency is the collection of the maximum assets of the debtor for the advantage of creditors in insolvent estates. This strict creditor orientated approach created further problem areas in respect of assets in the insolvent estates of individual debtors. If advantage to creditors cannot be shown in an application for the sequestration of a debtor’s estate, a court will refuse to grant that order. This strict policy overshadows policy concerns in respect of assets in insolvent estates, and regarding exemption law in respect of those assets. This has resulted in insolvency law reformers in South Africa missing the bigger picture, namely, that South Africa is a creditor driven developing society. It is conceivable that in the transformed South Africa, and in the present world economic chaos, there will be an escalation of sequestrations of the estates of individual debtors. Bearing this in mind, a reformed insolvency law system must become more debtor friendly. A change in the philosophy is needed in favour of an exemption policy for insolvent estates. Exemption policy must be based on the interest of the debtor and his dependants, his dignity, creditor and third party interests, social welfare, and human rights imperatives within the South African constitutional framework. Exemption policy must be linked to the policy of a “fresh start” for the debtor. The different policies in insolvency however create a conflict of interest among the different stakeholders, particularly regarding the assets in insolvent estates, thereby creating problem areas. In this thesis several problem areas are identified and critically analysed. The position of property included in, and excluded from, individuals’ insolvent estates is investigated from a brief historical perspective, and in a brief comparative survey of the insolvency systems of the United Kingdom and the United States of America. Acute problem areas are critically analysed in detail, and the constitutional impact on property in insolvent estates is considered in a separate chapter. The South African Law Reform Commission’s review of South African insolvency law is critically analysed in a chapter of this thesis, concluding that the Commission’s review is inadequate. This thesis concludes that there is a need to reform the insolvency system in South Africa and proposes a way forward in respect of property included in, and property excluded or exempt from insolvent estates. This thesis states the law to the end of October 2008.Thesis (LLD)--University of Pretoria, 2009.
Mercantile Law
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Roestoff, Melanie. "'n Kritiese evaluasie van skuldverligtingsmaatreëls vir individue in die Suid-Afrikaanse Insolvensiereg (Afrikaans)." Diss., 2002. http://hdl.handle.net/2263/23364.
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The issue addressed in this study is whether the South African insolvency law provides adequate debt relief measures to deal with the growing problem of overindebtedness amongst individuals. Against the background of a historical and comparative investigation this study focuses on a critical evaluation of debt relief measures provided for by the Insolvency Act 24 of 1936 as well as the alternative measures outside the ambit of the Insolvency Act. Although it is not a prime object of the Insolvency Act to afford the individual debtor a discharge of pre-sequestration debts it is a consequence of sequestration after rehabilitation of the debtor. Nevertheless, sequestration followed by rehabilitation is not readily available as a debt relief measure. This can mainly be attributed to the advantage for creditors requirement that can be viewed as an impediment to obtaining a fresh start for many individual debtors. This is also the debtor's position regarding debt relief provided by the procedure of composition in terms of the Insolvency Act, as it is currently only available after sequestration As far as creditors' interests are concerned, the efficiency of this requirement may also be questioned as statistics indicate that the sequestration process is implemented in instances where doing so is not cost-effective. It is furthermore submitted that the current alternative debt relief measures provided for by South African law are inadequate and that the problems encountered in practice regarding friendly sequestrations can to a great extent be attributed to this fact. In order to reserve sequestration for extreme cases, insolvency law reform aimed at preventing implementation of the sequestration process when doing so is not cost-effective is recommended. However, it is emphasised that these recommendations should only be implemented if provision is made for an adequate alternative debt relief measure that would accommodate debtors whose estates do not justify a concursus creditorum. It is submitted that the administration procedure in terms of section 74 of the Magistrates' Courts Act 32 of 1944 should be adjusted to offer the required debt relief by inter alia affording the debtor a discharge of his debts. It is furthermore submitted that this procedure should be combined with the pre-liquidation composition proposed by the South African law commission and that the combined procedure should only be open for implementation if an informal arrangement, coupled with debt counselling, cannot be reached. As regards international guidelines for insolvency law reform it is contended that South Africa should follow the example of other systems by fully embracing the fresh start approach. With regard to rehabilitation in terms of the Insolvency Act it is submitted that the automatic rehabilitation of bona fide debtors after three years should be the point of departure. Regarding assets excluded from the insolvent estate recommendations aimed at enabling the debtor to continue his household as a social and economic unit are made. In the end, South African insolvency law reform should seek to find a balance between debtors' and creditors' interests. It is submitted that the current proposals for insolvency law reform will not achieve this objective.Dissertation (LLD)--University of Pretoria, 2004.
Procedural Law
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Books on the topic "Advantage of creditors"
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Delaney, Kevin J. Strategic bankruptcy: How corporations and creditors use Chapter 11 to their advantage. Berkeley: University of California Press, 1992.
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American Law Institute-American Bar Association Committee on Continuing Professional Education. Tax-advantaged techniques for financing higher education: Focusing on Section 529 plans : ALI-ABA video law review study materials. Philadelphia, PA (4025 Chestnut St., Philadelphia 19104-3099): American Law Institute-American Bar Association Committee on Continuing Professional Education, 2002.
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Assembly, Canada Legislature Legislative. Bill: An act to declare that parishes and townships, canonically erected, shall enjoy the benefits and advantages of the Lower Canada Municipal Act of 1860. Quebec: Thompson, Hunter, 2003.
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Delaney, Kevin J. Strategic bankruptcy: How corporations and creditors use Chapter11 to their advantage. University of California Press, 1992.
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Delaney, Kevin J. Strategic Bankruptcy: How Corporations and Creditors Use Chapter 11 to Their Advantage. University of California Press, 1992.
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Delaney, Kevin J. Strategic Bankruptcy: How Corporations and Creditors Use Chapter 11 to Their Advantage. University of California Press, 1999.
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Prah Ruger, Jennifer. The World Bank and Other Organizations. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780199694631.003.0009.
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Since its founding in 1944, the World Bank’s development priorities and approach—along with its global role—have changed from rebuilding Europe to relieving poverty in the developing world. New thinking and evidence have reshaped both development views and the Bank’s practices and decisions. The Bank has been the largest financier of health, nutrition, and population (HNP) programs in developing countries. It has expanded operational research and analysis, including its Special Programme of Research, Development and Research Training in Human Reproduction, WHO/United Nations Development Program (UNDP)/UNICEF/World Bank Special Programme for Research and Training in Tropical Diseases, and the Micronutrient Initiative. But the Bank’s main advantage in global health is its power to mobilize financial resources. Its broad expansion of HNP funding through loans and credits is striking and has the potential to be a powerful force for health governance. The G8, G20, and other economic organizations also have roles to play.
Book chapters on the topic "Advantage of creditors"
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"Sweden." In Rescue of Business in Europe. Oxford University Press, 2020. http://dx.doi.org/10.1093/oso/9780198826521.003.0041.
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The regulation on composition is good, but it would be an advantage if composition could be used without having to initiate a formal company reorganisation. The debtor and all creditors may naturally agree on a voluntary composition, but this requires the consent of all creditors. There is currently no possibility to achieve composition without a formal reorganisation procedure where only one (or a small minority) of the creditors does not accept composition. This in our view impedes the resolution of financial distress of a business debtor.
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Roos, Jerome. "Shaking Off the Burden." In Why Not Default?, 298–310. Princeton University Press, 2019. http://dx.doi.org/10.23943/princeton/9780691180106.003.0022.
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This concluding chapter summarizes key themes and presents some final thoughts. The three in-depth case studies of Mexico, Argentina, and Greece showed how the newfound insistence on full and uninterrupted debt service has had far-reaching social implications, leading to a very skewed distribution of adjustment costs between private financiers in the advanced capitalist countries and working people inside the peripheral borrowing countries. The crises in these countries also signaled the start of a new era in international lending; a phase marked by the growing capacity of international creditors to shape the outcomes of major financial disturbances to their own advantage. This has, in turn, greatly undermined the quality of democracy in the debtor states, leading to more intrusive forms of creditor control and greater disregard for established democratic procedures.
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Parry, Rebecca. "Avoidance of Floating Charges (Insolvency Act 1986, Section 245: Corporate Insolvency Only)." In Transaction Avoidance in Insolvencies. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780198793403.003.0021.
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A floating charge, of course, increases the likelihood upon the winding up of the debtor that a creditor will receive payment for sums that the creditor has advanced. Conversely, the existence of a charge over property reduces the likelihood of payment for creditors, such as those who supplied the property in the first place. Limitations have accordingly been placed on the availability of such charges in order to ensure that any creditor obtaining the advantage of this method of security has earned the priority that it confers. Section 245, which applies only in the context of liquidation and administration, provides that any floating charge that is created within a specified period of the onset of insolvency is void except to the extent that the charge holder advanced value to the debtor at the same time as, or after, the creation of the charge. Unlike many of the other avoidance provisions, the operation of section 245 is automatic and does not depend on an application being made by the liquidator or administrator. An exception to the operation of section 245 applies in the context of financial collateral arrangements.
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Brown, Richard D. "Equal Rights and Unequal People." In Self-Evident Truths. Yale University Press, 2017. http://dx.doi.org/10.12987/yale/9780300197112.003.0007.
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Though Americans have favored the idea of equal rights and equal opportunity, they recognize that differences in wealth and social advantage, like differences in ability and appearance, influence the realization, or not, of equal rights, including equality before the law. In the generations after 1776 the rights of creditors, for example, often overrode the rights of debtors. And criminal trials demonstrate that in courtrooms equal treatment was most often achieved when defendant and victim came from the same social class. Otherwise if they came from different classes social realities, including ethnicity, color, and gender could shape court officials and public opinion. And when a woman’s sexual virtue was compromised, her credibility was almost always discounted. In principle officials paid homage to the ideal of equality before the law, but in practice unequal rights often prevailed.
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Davies, Paul S., and Graham Virgo. "17. Personal Claims and Remedies." In Equity & Trusts, 804–52. Oxford University Press, 2019. http://dx.doi.org/10.1093/he/9780198821830.003.0017.
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All books in this flagship series contain carefully selected substantial extracts from key cases, legislation, and academic debate, providing able students with a stand-alone resource. This chapter considers the personal liability of trustees for breach of trust and studies proprietary remedies, which involve the claimant’s recovering particular property from the defendant, or obtaining a security interest in the defendant’s property. Proprietary remedies provide the crucial advantage of providing the claimant with priority over other creditors in the event of the defendant’s insolvency. Personal claims, by contrast, do not enjoy such priority over the claims of others. However, where the defendant is solvent and the property in question has fallen in value, a personal remedy for the value of the claimant’s loss or defendant’s gain may be preferable to a proprietary remedy. Personal remedies are also to be preferred when the property in which the claimant had a proprietary interest has been dissipated, because in such circumstances no proprietary remedy will be possible.
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Meral, Yurdagül. "Electronic Trade and Electronic Presentation of Export Documents in Documentary Credits." In Tools and Techniques for Implementing International E-Trading Tactics for Competitive Advantage, 140–55. IGI Global, 2020. http://dx.doi.org/10.4018/978-1-7998-0035-4.ch007.
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Documentation plays a very important role in international trade. Information technology has changed practises in international trade as well. In this chapter, international rules of electronic presentation of documents under documentary credit are defined to guide importers and exporters. This will enable them to speed up transactions to conduct their business as per these rules. Paperback presentation and electronic presentation international rules differences are explained. Electronic presentation will help import export management to facilitate transactions which will increase international trade volume. It is recommended that electronic presentation will help them to speed up their transactions. In the long run, electronic presentation will be cheaper compared to paper presentation and much safer.
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O’Dea, Geoff, Julian Long, and Alexandra Smyth. "Major Types Of Creditor Schemes In A Corporate Restructuring Context." In Schemes of Arrangement: Law and Practice. Oxford University Press, 2012. http://dx.doi.org/10.1093/oso/9780199665921.003.0006.
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In the corporate restructuring area, schemes are usually proposed by the debtor outside of insolvency. (Though they could be combined with administration to take advantage of the powers of administrators under Schedule B1 to the Insolvency Act 1986 or to seek recognition across the EU under the Insolvency Regulation, for example.) The three major types of schemes commonly proposed in this area are minorities schemes, secured debt transfer schemes, and unsecured debt transfer schemes. These are considered in turn in this chapter. Schemes are also used in many other contexts, including in liquidation, to deal with employment claims, and by insurance companies as a means of establishing rules for adjudicating claims, segregation of assets, and agreeing a payment mechanism and timetable for such payments in order to minimise delays from having to litigate, and quantify claims.
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Lisboa, Inês, Teresa Costa, and Nuno Teixeira. "Managing Customer Credit to Reduce the Company's Risk and Overdue Credits." In Handbook of Research on Entrepreneurship, Innovation, and Internationalization, 561–85. IGI Global, 2019. http://dx.doi.org/10.4018/978-1-5225-8479-7.ch021.
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Most companies give credit to customers when selling products or providing services. It has advantages as more customers may be willing to negotiate with the company, but it increases the company's risk. Therefore, the company must analyze the pros and cons of giving credit. This chapter summarizes all information needed for a company to establish credit policy for each customer or group of customers. First, credit risk and customers' credit risk are explained to call the attention to the need to manage it. Then it shows how a company can manage credit to maximize its value and reduce its risk. The inputs needed to determine a customer credit policy are explained. Credit risk models are presented. And finally, a recovery method to collect overdue credits is presented. This chapter aims the help the company to solve liquidity and solvency problems and to stablish long-term relationships with customers.
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Altun, Tülin, Akın Bildik, and Gökhan Gökçeoğlu. "Bank Credit Applications and Advancement Recommendations in Regards to Sustainable Buildings in Turkey." In Practice, Progress, and Proficiency in Sustainability, 395–417. IGI Global, 2016. http://dx.doi.org/10.4018/978-1-5225-0440-5.ch017.
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There are a wide variety of buildings that have been distinguished from traditional buildings with respect to their design, construction and utilization processes. These buildings are widely named ranging from passive, green, ecological to sustainable and are also differentiated as an intended consequence of their economic, social and environmental advantages. Consequently, the development of well-defined financial mechanisms aimed at promoting to business and individuals as well as the adoption of incentives by the governments are very important. This chapter recommends the following with respect to addressing sustainable building issues; the initiation of legal and regulatory structures concerning finance of energy investments, increasing the aggregate magnitude of the private credit packages prepared with the cooperation of energy productive focused firms and banks, diversification of the financial products and services as regards sustainable buildings, improvement of maturity extensions and tax exemptions pertaining to sustainable building private credits.
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Altun, Tülin, Akın Bildik, and Gökhan Gökçeoğlu. "Bank Credit Applications and Advancement Recommendations in Regards to Sustainable Buildings in Turkey." In Sustainable Infrastructure, 373–95. IGI Global, 2020. http://dx.doi.org/10.4018/978-1-7998-0948-7.ch016.
Full textAbstract:
There are a wide variety of buildings that have been distinguished from traditional buildings with respect to their design, construction and utilization processes. These buildings are widely named ranging from passive, green, ecological to sustainable and are also differentiated as an intended consequence of their economic, social and environmental advantages. Consequently, the development of well-defined financial mechanisms aimed at promoting to business and individuals as well as the adoption of incentives by the governments are very important. This chapter recommends the following with respect to addressing sustainable building issues; the initiation of legal and regulatory structures concerning finance of energy investments, increasing the aggregate magnitude of the private credit packages prepared with the cooperation of energy productive focused firms and banks, diversification of the financial products and services as regards sustainable buildings, improvement of maturity extensions and tax exemptions pertaining to sustainable building private credits.
Conference papers on the topic "Advantage of creditors"
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Deynekli, Adnan. "Restructuring as a Way to Improve the Financial Situation in Capital Stock Companies." In International Conference on Eurasian Economies. Eurasian Economists Association, 2011. http://dx.doi.org/10.36880/c02.00362.
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Because of unexpected changes in economic situations, capital stock companies that can carry their economic entities may be faced with danger to stop their activity because of they cannot afford to pay promptly paid debts. This danger threatens the workers who are faced with the situation of being unable to receive their money as much as debtors. This threat effects legal and national economy. In the situations like this, providing them to continue their economic lifes with restructuring the capital stock companies that have an opportunity to continue their economic entity, is to the advantage of everybody.
Restructuring of capital stock companies and cooperatives with compromise way,is an institution that is accepted in Turkish law, in 2003. This institution based on the thought of providing to continue their activities in the situation of saving this company is possible, instead of deciding bankruptcy of company that is improved in last years in the world and is in financial straits.
Capital stock company or cooperative that is in financial straits compose with majority of creditors who have an amount of credits that are said in law, about restructuring debts. System works under the surveillance of court and acceptance or refuse require interference of judicial body. Under this heading, process of delaying bankruptcy, conditions and the way of practising will be explained.
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van der Linden, Septimus, and Mario Romero. "Advanced Heat Recovery Technology Improves Efficiency and Reduces Emissions." In ASME 2008 International Mechanical Engineering Congress and Exposition. ASMEDC, 2008. http://dx.doi.org/10.1115/imece2008-66296.
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An advanced patented process [1] for generating power from waste heat sources can be put to use in Industrial operations where much of the heat is wasted and going up the stack. This waste heat can be efficiently recovered to generate electrical power. Benefits include: use of waste industrial process heat as a fuel source that, in most cases, has represented nothing more than wasted thermal pollution for decades, stable and predictable generation capability on a 24 × 7 basis. This means that as an efficiency improvement resource, unlike wind and solar, the facility continues to generate clean reliable power. One of the many advantages of generating power from waste heat is the advantage for distributed generation; by producing power closer to its ultimate use, it thereby reduces transmission line congestion and losses, in addition, distributed generation eliminates the 4% to 8% power losses due to transmission and distribution associated with central generation. Beneficial applications of heat recovery power generation can be found in numerous industries (e.g. steel, glass, cement, lime, pulp and paper, refining, electric utilities and petrochemicals), Power Generation (CHP, MSW, biomass, biofuel, traditional fuels, Gasifiers, diesel engines) and Natural Gas (pipeline compression stations, processing plants). This presentation will cover the WOW Energy technology Organic Rankine Cascading Closed Loop Cycle — CCLC, as well as provide case studies in power generation using Internal Combustion engines and Gas Turbines on pipelines, where 20% to 40% respectively additional electricity power is recovered. This is achieved without using additional fuel, and therefore improving the fuel use efficiency and resulting lower carbon footprint. The economic analysis and capital recovery payback period based on varying Utility rates will be explained as well as the potential Tax credits, Emission credits and other incentives that are often available. Further developments and Pilot plant results on fossil fired plant flue gas emissions reductions will be reported to illustrate the full potential of the WOW Energy CCLC system focusing on increasing efficiency and reducing emissions.
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Ferrando-Rocher, Miguel, Stephan Marini, Juan José Galiana-Merino, and Jesús Carbajo. "Methodology based on collaborative problem solving implemented in a high academic achievement group." In Sixth International Conference on Higher Education Advances. Valencia: Universitat Politècnica de València, 2020. http://dx.doi.org/10.4995/head20.2020.11105.
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The High Academic Achievement (ARA, by its acronym in Spanish) group began its course in the 2011/12 academic year to reinforce the potential of the most outstanding students since the beginning of their university studies. In order to improve the employability of this students, at least 50% of basic or compulsory credits of the degree are taught in English. In addition, a series of language training aids are provided, which also has advantages in obtaining Erasmus scholarships. The ARA group only offers 25 places each academic course. Being a small group, personalized teaching is enhanced while the schedule is compacted. In this contribution the methodology used in the subject of Signals and Systems of the Degree in Sound and Image in Telecommunication Engineering of the Alicante University (Spain) is presented. The methodology emphasizes the practical application of the subject and its direct applicability in real systems.
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Lagha, Massyl, Sébastien Duplaa, Nicolas Binder, Xavier Carbonneau, and Benoit Rodriguez. "Similarity Study of Lightly Loaded Shrouded Rotors for Distributed Propulsion." In ASME Turbo Expo 2019: Turbomachinery Technical Conference and Exposition. American Society of Mechanical Engineers, 2019. http://dx.doi.org/10.1115/gt2019-90788.
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Abstract Achieving the objectives of the American and European long-term air transport in terms of emission reduction requires to shift to hybrid/electric aircraft by 2050. This implies the development of distributed propulsion systems using multiple low-diameter lightly-loaded shrouded rotors, operating at high rotational speed and moderate flight Mach number. The relevance of characteristic maps of such a propulsive system is discussed in this paper. It is based on an integrative approach, that takes advantage of the two different formalisms generally found when dealing with aeronautical propulsion : either propeller diagrams (external aerodynamics) or turbomachinery maps (internal aero-dynamics). It outlines the main parameters representing the shrouded rotors performance and the parameters that drive them in a self-similar way. This is done by dimensional analysis, taking into account the geometric and operating parameters of both the rotor and the shroud and their combined variables. The self-similarity is observed with potential flow and RANS computations, which credits the proposed formalism as a powerful tool for scaling the shrouded rotors.
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Panchal, Yashesh, Nihal Mounir, Mehdi Loloi, Ibrahim Mohamed, Omar Abou-Sayed, and Ahmed Abou-Sayed. "Application of Slurry Injection Technology in Biowaste Management - A New Discipline in Managing Bio-Waste in Economic and Environmentally Friendly Manner." In SPE Western Regional Meeting. SPE, 2021. http://dx.doi.org/10.2118/200836-ms.
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Abstract Carbon offset describes the environmental benefit from an initiative that avoids, reduces or removes greenhouse gases (GHGs) from the atmosphere. The Intergovernmental Panel on Climate Change has identified Carbon Dioxide (CO2), Methane (CH4) and Nitrous Oxide (N2O) as major constituent of the GHGs. Wastewater Treatment Facilities (WWTFs) among several other sectors is a neglected source for GHG emission. Considering the risk of rise in GHGs, United States along with other countries signed the Paris Agreement to respond to the global climate change threat in 2016. It is assessing projects to cut GHGs in exchange for emission credits that can be used to comply with goals they set under the United Nations pact. In order to curb the GHG emission by WWTFs, an innovative approach "Bioslurry Injection" (BSI) can be implemented to reduce the emission of the GHGs produced during the course of biological and chemical treatment of wastewater. The technology is inherited from the traditional drill cutting injection and Carbon sequestration technology implemented by the Oil and Gas industry since 1980's. The BSI operation has the ability to accept the feed from different treatment stages after the initial screening process to prepare the injection slurry and help in controlling the GHG emission at respective treatment stage along with managing the intake volume. The slurry can be prepared by mixing the treated biosolids with wastewater and injected into a pre-selected underground earth formation, where biosolids undergo anaerobic digestion and decompose into CO2 and CH4. An injection formation with sufficient capacity to accept the slurry is selected by conducting a detailed geomechanical and fracture simulation analyses. Along with the injection feasibility, the calculations of the amount of Carbon dioxide equivalent (CO2e) sequestrated underground by implementing BSI technique is presented in this paper. The sequestration of decomposed GHGs is an environmentally friendly activity that has proved to be economically beneficial due to its ability to earn carbon offsets. According to the new carbon law in the state of California the amount of CO2e eliminated from the atmosphere can be traded to earn carbon credits. TIRE facility through its ability to sequester and thus eliminate emission of the GHGs from the atmosphere can gain up to $1.5M worth of carbon credits per year providing both environmental and economic benefit. Also, low capital and operating cost for the BSI facility due to its compact surface requirement is an additional advantage along with reduced risk of spillage hazard when BSI facility is incorporated within the WWTF boundaries.
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SIMONE, Pierluigi. "THE RECASTING OF THE OTTOMAN PUBLIC DEBT AND THE ABOLITION OF THE CAPITULATIONS REGIME IN THE INTERNATIONAL LEGAL ACTION OF TURKEY LED BY MUSTAFA KEMAL ATATÜRK." In 9. Uluslararası Atatürk Kongresi. Ankara: Atatürk Araştırma Merkezi Yayınları, 2021. http://dx.doi.org/10.51824/978-975-17-4794-5.64.
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The recast of the international debt contracted by the former Ottoman Empire and the overcoming of the capitulations regime that had afflicted Turkey for centuries, are two of the most relevant sectors in which the political and diplomatic action promoted by Mustafa Kemal Atatürk has been expressed. Extremely relevant in this regard are the different disciplines established, respectively, by the Treaty of Sèvres in 1920 and then by the Treaty of Lausanne in 1923. After the Ottoman Government defaulted in 1875, an agreement (the Decree of Muharrem) was concluded in 1881 between the Ottoman Government and representatives of its foreign and domestic creditors for the resumption of payments on Ottoman bonds, and a European control of a part of the Imperial revenues was instituted through the Administration of the Ottoman Public Debt. At the same time, the Ottoman Empire was burdened by capitulations, conferring rights and privileges in favour of their subjects resident or trading in the Ottoman lands, following the policy towards European States of the Byzantine Empire. According to these capitulations, traders entering the Ottoman Empire were exempt from local prosecution, local taxation, local conscription, and the searching of their domicile. The capitulations were initially made during the Ottoman Empire’s military dominance, to entice and encourage commercial exchanges with Western merchants. However, after dominance shifted to Europe, significant economic and political advantages were granted to the European Powers by the Ottoman Empire. Both regimes, substantially maintained by the Treaty of Sèvres, were considered unacceptable by the Nationalist Movement led by Mustafa Kemal and therefore became the subject of negotiations during the Conference of Lausanne. The definitive overcoming of both of them, therefore represents one of the most evident examples of the reacquisition of the full sovereignty of the Republic of Turkey.
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Okay Toprak, Aslı, Canan Özge Eğri, and Güldenur Çetin. "The Usage of Credit Cards: An Empirical Analysis on Turkish College Students." In International Conference on Eurasian Economies. Eurasian Economists Association, 2019. http://dx.doi.org/10.36880/c11.02263.
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In recent years, there has been a dramatic increase in the number of credit card usage among university students. Credit cards can be a convenient payment tool that gives university students a number of advantages and benefits to learn financial responsibility when it can be used in a controlled and responsible manner. On the other hand, using credit cards also have serious financial consequences when mismanagedly used. The excessive credit card debt and overdue payments give burden on university students’ shoulders before starting their full-time jobs. Besides that, when the other debts such as education credits are added, inevitable stress and anxiety make negative impacts on their newly started adult life. Also, lack of experience on using credit cards and personal financial information, tend to put some students at a higher financial risk due to a large and perhaps unmanageable debt burden. Therefore, rising number of students who use credit cards increases the concern for these long-term negative results of the credit card. In this context, we aim to evaluate the basic demographic and socio-economic factors that affect the attitudes of Kırklareli University students towards credit card ownership, credit card usage, and to evaluate the students' ability to manage their financial situation.
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Mach, Maria. "TAL Rules Versus ECA Rules: an Attempt for Comparison in the Credit Management Context." In 2002 Informing Science + IT Education Conference. Informing Science Institute, 2002. http://dx.doi.org/10.28945/2528.
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Credits are the one of the most important functions in bank management, because, from one side, thanks to a good credit policy a bank can earn money, but from the other side, in the case of weak or wrong credit policy the bank can make substantial losses. Therefore in the field of credit policy management, intelligent information systems can be very helpful, as it is a complex and heterogeneous field, needing complex management and decision-making procedures. There exist many technical solutions aimed at helping the decision-makers in this field, from “traditional” ones, as databases, to more sophisticated tools, as for example expert systems, the main aim of which is to perform the analysis of applications for a credit, thus helping to make proper credit decisions. Credit management is closely related to time, in other words, the temporal aspect of credit management can be very clearly seen. Therefore while building intelligent systems in this area, it would be recommended to take this temporal aspect into account. The article concentrates on the question of searching and choosing an intelligent computer tool which would fulfil the above mentioned requirements, the toll which would help to make necessary credit analyses, to make proper credit decisions, taking into account the temporal aspect of credit management. Two solutions are discussed: TAL language and active databases. Some exemplary credit management rules are encoded both in the TAL language and in the form of ECA rules. Both kinds of rules are analysed and discussed, as well as their advantages and disadvantages.
Reports on the topic "Advantage of creditors"
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Ivashina, Victoria, and Benjamin Iverson. Trade Creditors’ Information Advantage. Cambridge, MA: National Bureau of Economic Research, January 2018. http://dx.doi.org/10.3386/w24269.
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