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1
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.
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Famfollet, Jan, and Eliška Sankotová. "Italian bank crisis: flexible application of BRRD rules, or a bailout in disguise?" Review of Economic Perspectives 20, no. 2 (June 1, 2020): 109–35. http://dx.doi.org/10.2478/revecp-2020-0006.
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AbstractThe economic and financial crisis of the year 2008 highlighted the need for banking sector regulation via the creation of the banking union. The Bank Recovery and Resolution Directive (BRRD) represents an important milestone in the formation of the banking union. It is supposed inter alia to replace the existing practice of bailing out failing banks by the opposite principle of bail-in, which makes the bank recapitalized from the internal resources at the detriment of investors and creditors. However, the Italian solution of handling its failing banks took advantage of existing loopholes in the new regulatory system. Eventually, it went against the spirit of the new rules by deploying taxpayers’ money to deal with the banks’ failure. This article evaluates the Italian approach and contemplates the adequacy of the new rules-based system by comparing its potentially beneficial room for flexibility with alleged malfunction and unreliability. Finally, it discusses the potential impact of the Italian approach on the further process of completing the banking union, in particular the establishment of its last pillar, the common deposit guarantee scheme.
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Bellandi, Francesco. "Aircraft Wet Leases: Accounting Dissonance with Competitive Strategy and Travelers’ Perspectives." International Journal of Business and Management 13, no. 11 (October 12, 2018): 214. http://dx.doi.org/10.5539/ijbm.v13n11p214.
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Under IFRS 16 and Topic 842 a lessee’s right to control the use an aircraft in a wet lease is an asset. On the other hand, contract analysis sees a wet lease as an opportunistic, external, temporary, competitive tool for flight flexibility and tactic cost advantage. Finally, travelers may be worried of safety and service quality or disruption in a wet lease, as the flight is not operated by their airline. This article addresses the accounting for aircraft wet leases as an exemplar case of a lease with substantial services, to discover that there is dissonance between the economic views behind accounting, business model and competitive strategy, and user service perspective.
After a thorough analysis of IFRS 16 and Topic 842 applied to wet leases for the first time in a public study, a review of disclosures in financial statements of 59 sampled airlines confirms a clear contrast between the competitive analysis, traveler’s perspective and the accounting view. Such a dystonia is supposed to reflect the view of investors and creditors, which the IASB’s and FASB’s Conceptual Frameworks denote as primary users of financial statements, as opposed to other members of the public, including customers. This results in a failure to give enough space to the indirect effects of such alternative views on customers’ demand and revenue, hence company’s prospects for future net cash inflows, which according to the Conceptual Framework is the main driver of investors and creditors decision making.
Highlights
Contract analysis is provided on wet leases as a business model competitive tool.
Analysis under IFRS 16 and Topic 842 and IAS 17/IFRIC 4 and Topic 840 is provided.
Above views are compared with travelers’ concerns about safety and service quality.
Airline financial statements disclosures on these three views are analyzed.
Views are traced to primary versus other users’ conflict in the Conceptual Framework.
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Ziegel, Jacob S. "Is incorporation (with Iimited Iiability) too easily available ?" Les Cahiers de droit 31, no. 4 (April 12, 2005): 1075–94. http://dx.doi.org/10.7202/043055ar.
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The incorporation of new businesses in Canada is remarkably cheap and easy, both under the Canada Business Corporations Act and under the provincial corporations statutes. The benefits conferred on shareholders by incorporation are obvious and well known, particularly the advantage of limited liability. Easy incorporation however also imposes significant burdens on the corporation's voluntary and involuntary creditors if the corporation cannot meet its liabilities. The author examines the various statutory and judicially created techniques for restraining the abuse of the corporate form, and finds them seriously deficient. Nevertheless, he sees no likelihood of the legislature reversing a century old trend either by making incorporation much more difficult or by denying directors or shareholders in closely held corporations the protection of limited liability. He concludes therefore that ''second order'' remedies are much more realistic, even if less efficient. He also recommends several new remedies, including the requirement that all corporations must file a copy of their financial statements in a public office and that directors will be held personally responsible for the corporation's debts if the corporation continues to trade when it is clear that it is insolvent and likely to remain so.
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Heriawanto, Benny Krestian. "PELAKSANAAN EKSEKUSI OBJEK JAMINAN FIDUSIA BERDASARKAN TITLE EKSEKUTORIAL." Legality : Jurnal Ilmiah Hukum 27, no. 1 (July 22, 2019): 54. http://dx.doi.org/10.22219/jihl.v27i1.8958.
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The existence of collateral institutions is very important for creditors particularly to provide certainty over the fulfillment of their rights. In Indonesia there are several collateral institutions, one of which is fiduciary, as a collateral institution, fiduciaries have advantages and disadvantages, especially in carrying out executions, therefore it is necessary to know how the execution of fiduciary collateral objects, especially executions that are based on executorial titles. This paper is based on normative juridical research, with a legal and conceptual approach. According to the research it can be concluded that based on the provisions of article 30 of the Fiduciary Law, with an executorial title, the creditor is given the right to repossess so that the creditor can directly take the object of fiduciary collateral.
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Rahman, Syed Mohammad Khaled, and Tasmina Chowdhury Tania. "MANUFACTURING FIRMS’ CAPITAL STRUCTURE IN BANGLADESH: COMPARISON BETWEEN LISTED MNCS AND LOCAL COMPANIES." International Journal of Accounting & Finance Review 6, no. 1 (January 6, 2021): 1–18. http://dx.doi.org/10.46281/ijafr.v6i1.935.
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The capital structure of a firm has immense significance as it has implications on corporate value and financial performance. The basic aim of the research was to analyze and compare the capital structure of Dhaka Stock Exchange (DSE)-listed multi-national companies (MNCs) and local companies of Bangladesh over 24 years (1996-2019). Stratified sampling techniques were applied to the selection of firms. Six financial leverage ratios were used to analyze and compare capital structures. There were significant differences in capital structure between local companies and MNCs as the null hypothesis was rejected. It was also found that the mean equity-financing proportion of domestic companies and MNCs were 65% and 92.5% respectively. The proportion of long term debt in total capital employed was very low for both types of companies. MNCs can raise the proportion of both short and long-term debt to take the advantage of financial leverage. Domestic companies can redeem some short term loan and replace some short term debt with long term debt. This research would be useful for corporate financial managers, creditors, and investors to take appropriate financing as well as investment decisions which would affect shareholders' wealth and value of the firm in the long run to a significant extent.
JEL Classification Codes: G30, G32, G39
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Khan, M. A. Razzak, Wasib Bin Latif, Selim Ahmed, Marzan Ara Hira, and Dil Ruba Tanu. "Practices of Islamic Ethics in the Electronics Industry in Bangladesh: A Study on Minister Hi-Tech Park Electronics Ltd." International Journal of Islamic Business & Management 3, no. 1 (February 26, 2019): 1–13. http://dx.doi.org/10.46281/ijibm.v3i1.232.
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The main purpose of this paper is to identify the practices of Islamic ethics at Minister Hi-Tech Park Electronics Ltd. on the basis of focus group discussion. Islam places the most emphasis on ethical values in all aspects of human life especially in business. By running the business Islamic point of view Minister Hi-Tech Park Electronics Ltd. is attaining competitive advantage. There have been three focus group of discussion; the first one is with the internal employees of the company (top management to field level employee, the second one is with the board of Shariah and stakeholders of the company (investors, suppliers, creditors, competitors) and the third one is with the income and tax revenue board of Bangladesh. The paper has also presented the various repeatedly verses from Quran and the teachings of the prophet. The three focus groups discussed on the basis of Quran, Hadith and the variables like “Islam as entire course of life”, “Morality of individuals, Superiority of business concept, “Integrated business ethics”, Racism, Mutual consent, Halal Items practice of Minister Hi-Tech Park Ltd. Being Muslims, we have to follow the rules and regulation of Islamic ethics which stated by Islamic jurisprudence. Minister Hi-Tech Park Ltd. will sustain its image and will be able to survive.
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Pretorius, Marius, and Gert Holtzhauzen. "Business rescue decision making through verifier determinants – ask the specialists." South African Journal of Economic and Management Sciences 16, no. 4 (November 29, 2013): 468–85. http://dx.doi.org/10.4102/sajems.v16i4.450.
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Orientation: Business rescue has become a critical part of business strategy decision making, especially during economic downturns and recessions. Past legislation has generally supported creditor-friendly regimes, and its mind-set still applies which increases the difficulty of such turnarounds. There are many questions and critical issues faced by those involved in rescue. Despite extensive theory in the literature on failure, there is a void regarding practical verifiers of the signs and causes of venture decline, as specialists are not forthcoming about what they regard as their “competitive advantage”.Research purpose: This article introduces the concept and role of “verifier determinants” of early warning signs, as a tool to confirm the causes of decline in order to direct rescue strategies and, most importantly, reduce time between the first observation and the implementation of the rescue. Motivation for the study: Knowing how specialist practitioners confirm causes of business decline could assist in deciding on strategies for the rescue earlier than can be done using traditional due diligence which is time consuming. Reducing time is a crucial element of a successful rescue.Research design and approach: The researchers interviewed specialist practitioners with extensive experience in rescue and turnaround. An experimental design was used to ensure the specialists evaluated the same real cases to extract their experiences and base their decisions on. Main findings: The specialists confirmed the use of verifier determinants and identified such determinants as they personally used them to confirm causes of decline. These verifier determinants were classified into five categories; namely, management, finance, strategic, banking and operations and marketing of the ventures under investigation. The verifier determinants and their use often depend heavily on subconscious (non-factual) information based on previous experiences, rendering them “irrational” in modern management perspectives.Practical/Managerial implications: Decision makers and affected persons could benefit from the insights obtained through this study. Confirming early warning signs through verifier determinants would be beneficial for entrepreneurs who are creditors, rescue practitioners, government regulators, court officials and educators alike.Contribution/Value add: Knowing the verifier determinants could assist decision making and improve the effectiveness of rescue strategies.
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Yeshchenko, M., and I. Safronska. "Corporate management in the banking sector of the national economy: problems and solutions." Galic'kij ekonomičnij visnik 70, no. 3 (2021): 148–57. http://dx.doi.org/10.33108/galicianvisnyk_tntu2021.03.148.
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Current trends in the development of Ukrainian banks are associated with the intensification of financial globalization processes. Under the influence of the growing presence of foreign capital, Ukrainian banks have faced increased competition and an exacerbation of the problem of limited financing in the domestic market. In the open national market, banks are forced to look for competitive advantages in order to improve access to financial resources and implement effective long-term partnerships with foreign investors. The creation of quality corporate management under international standards is an important advantage for the investors. The need to increase the level of corporate management according to the best international practices determines the importance of the investigation and substantiation of the areas for improvement based on the analysis of internal factors and conditions of banking business development. Conflict of interest is a major problem of corporate management. The investment community, professional circles, as well as regulatory authorities of the countries pay great attention to the problems of organizing relations of companies and banks with shareholders and other stakeholders. There are some approaches to determining the range of stakeholders. Managers and shareholders are considered in the narrow sense. In the broad sense, the list can include all the possible stakeholders. High quality of corporate management is one of the key conditions for bank efficiency. The interests of the owners are completely consistent with the achievement of high profitability, which is the main criterion of efficiency. In turn, the requirements of creditors to the level of risk on the operations of the credit institution is largely the factor of its sustainability in the long run. The ways of solving problems of corporate governance in banks are proposed in this paper. The theoretical foundations of corporate management in banks are substantiated. The specifics of the organization of relations between the participants of corporate relations in the bank are highlighted. It is noted that many issues related to corporate management in credit institutions lie outside the legal system and are ethical rather than legal.
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Samokhovets, Maryia, Tatyana Dyak, and Natalya Glazkova. "External Borrowings of the Republic of Belarus: Current State and Prospects." Regionalnaya ekonomika. Yug Rossii, no. 2 (August 2019): 27–34. http://dx.doi.org/10.15688/re.volsu.2019.2.3.
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The article provides the analysis of the current state of external borrowings of the Republic of Belarus and offers the perspective measures of their development. The paper studies quantitative and qualitative parameters of the external public debt of the Republic of Belarus in dynamics, including the structure according to the types of debt obligations and main creditors. During the conducted research the authors established that the external public debt of the Republic of Belarus is characterized by an upward trend. The paper concludes that the role of external sources of public debt financing is increasing. The external sources of financing are presented generally by credits and loans and also by debt securities. The article reveals that the Government and banks of the Russian Federation are the main creditors of the Republic of Belarus. As an alternative source of external borrowings of the Republic of Belarus the authors suggest to place government bonds on foreign financial markets, which have obvious advantages over loans and credits of foreign states and international financial organizations. The paper substantiates and calculates the efficiency of placing Panda bonds by the Republic of Belarus on the Chinese financial market in comparison with placing Eurobonds on the Irish and Luxembourg stock exchanges. The features of the first government bond placing on the Chinese financial market are indicated from the prospect of the emergence of new opportunities for external financing of the Republic of Belarus.
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Tokarski, Andrzej, and Maciej Tokarski. "Restructuring proceedings as a positive effect of implementing the instruments of the New Chance Policy in the Polish economy in the years 2016–2018." Journal of Management and Financial Sciences, no. 37 (September 4, 2019): 25–46. http://dx.doi.org/10.33119/jmfs.2019.37.2.
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You can respond to a business crisis in two ways: either by saving it (restructuring or remodelling the company and limiting, at least temporarily, creditor rights, while preserving the jobs and assets of the restructured entrepreneur) or by liquidating it (by realization of the estate and thus liquidation of the economic entity with a partial satisfaction of creditors and simultaneous return of tangible assets to trading). Thus, both liquidation and reorganization are possible in most countries. The problem of the accuracy of choice between the liquidation of an enterprise and its restructuring is one of the main topics of interest for practitioners and theorists dealing with the bankruptcy of enterprises. The decision to restructure constitutes an alternative to declaring an enterprise bankrupt. The aim of the article is to present kinds of restructuring proceedings, taking into account their characteristics, advantages and disadvantages, benefits and threats resulting from the multitude ofrestructuring proceedings including an analysis and statistics concerning the analysed phenomenon in the Polish economy in the years 2016–2018.
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Ostřanský, Josef. "Sovereign Default Disputes in Investment Treaty Arbitration: Jurisdictional Considerations and Policy Implications." Groningen Journal of International Law 3, no. 1 (May 29, 2015): 27. http://dx.doi.org/10.21827/5a86a874244cc.
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In the aftermath of Argentina’s 2001 economic crisis, creditors not participating in the country sovereign debt restructuring insisted on full payment. The triplet of investment arbitration decisions upheld jurisdiction over the mass claims presented by the holdout creditors.1 Two cases were, however, accompanied by forceful dissents. Subsequently, opinions diverged into two camps on the legal appropriateness and policy desirability of using investment arbitration for solving sovereign default disputes: the first camp supporting the majority’s view, and the second siding with the dissenting arbitrators. This article analyses the two approaches as far as jurisdictional requirements for hearing the sovereign bond disputes are concerned as well as potential policy consequences of the use of investment arbitration for these types of disputes. The article assumes a critical position towards the reasoning of the three awards, mostly due to the misconceived apprehension of the requirement of territoriality. In the policy part, the article argues that even if one assumes that enhancement of the creditor’s rights is desirable (something which is debatable), investment arbitration does not seem to bring advantages towards that goal. First, the argument of better enforcement of arbitral awards seems to be more apparent than real. Second, as Bilateral Investment Treaties base their protection on nationality, this fact creates unjustifiable preference towards certain creditors and increases unpredictability. This uncertainty upsets the original contractual bargain agreed on the issuance of bonds and has negative repercussions in financial markets. The ad hoc nature of investment arbitration only furnishes the uncertainty. Lastly, investment arbitration is a tool for correcting past grievances. Tools for dealing with orderly sovereign defaults should focus on the preventive aspects of sovereign defaults. As a robust multilateral treaty system dealing with sovereign defaults is currently politically unfeasible, a better solution is to reinforce the current system of contractual protections such as collective action clauses or exit consents. Rather than attempting to expand the role of arbitration, resolving sovereign debt issues should be left to actors in financial markets (lenders and borrowers). Financial markets have always proved capable of dealing with sovereign defaults.
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Tabot Enow, Samuel, and Peter Kamala. "The accounts payable management practices of small, medium and micro enterprises in the Cape Metropolis, South Africa." Investment Management and Financial Innovations 13, no. 1 (March 4, 2016): 77–83. http://dx.doi.org/10.21511/imfi.13(1).2016.07.
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The purpose of this article is to investigate the accounts payable management practices of small, medium and micro enterprises (SMMEs) in the Cape Metropolis. The study is motivated by a lack of research on payable management practices of SMMEs in South Africa. Data are collected from a sample of 200 SMMEs by means of a closed-ended questionnaire and analyzed using descriptive statistics and inferential statistics. The findings of the study indicate that 70% of the sampled SMMEs purchase only on cash basis. Of the sampled SMMEs, 22% purchase on both cash and credit, while 8% purchase only on credit basis. Of those that purchase on credit, 72% pay their creditors promptly to take advantage of discount facilities. To manage their accounts payable, 52% of the SMMEs use computers. Only 43% settled accounts payable on the last day that the payment is due. The results further indicate that a lack of personnel and time are the main factors that inhibit the SMMEs from managing their accounts payable effectively. The above results suggest that SMMEs are inclined towards purchasing on cash or paying promptly when they purchase on credit, which could indicate that they had a lower bargaining power relative to that of suppliers who may have viewed these entities as risky ventures to which they were reluctant to extend credit terms. Based on the above findings, this study recommends that the SMMEs decision-makers be educated on the competitive advantages gained by buying on credit, most important of which are improving cash flow and building supplier relationship. In addition, the decision-makers may be trained, perhaps through Government intervention, on how to overcome the factors that inhibit them from managing their accounts payable effectively, by using computers. The Government may also provide guarantees to SMMEs’ suppliers to relax the credit terms extended to these entities. This study makes several original contributions to literature. It is the first study to investigate the accounts payable management practices of SMMEs in the Cape Metropolis. Entities whose management of accounts payable had up till now been neglected appeared in the prior research to their peril. Secondly, this study provides a unique insight into SMMEs management of their liquidity by focusing on their management of most immediate obligations (accounts payable), which are critical for these entities’ survival given their limited access to finance. The proposed study thus fills the gap in research on the accounts payable management practices employed by SMMEs in South Africa. Although various studies have been published on the accounts payable management practices on SMMEs in other countries, no study was found within the South African context. This study therefore contributes to the debate on the accounts payable management practices of SMMEs in a unique context of South Africa and inspires other researchers to investigate the same in other Metropolis in the country
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Arifin, Zaenal. "REKONSTRUKSI PARATE EKSEKUSI HAK TANGGUNGAN ATAS TANAH Yang BERBASIS NILAI KEADILAN." Jurnal Pembaharuan Hukum 3, no. 2 (June 1, 2016): 191. http://dx.doi.org/10.26532/jph.v3i2.1439.
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Charging for the guarantee for creditors through the agency of mortgage right, which is based on the provisions of Law No. 4 of 1996 on Mortgage Right, has advantages where the first holder of mortgage right has the right to sell the object of mortgage right on its own power or commonly known as parate execution. However in practice, parate execution can not be carried out in line with expectations and the ideals of the establishment of these legislation. As aresult, the creditors does not get easy, legal certainty, and fairness to perform parate execution of security object. This is because parate execution meant in Law No. 4 of 1996 on Mortgage Right, construed as a substitute for hypotik grosse deed, not based on the promise to sell on its own power or “beding van eigenmactig verkoop”. Above this, required reconstruction parate execution of mortgage right, so that later can ensure easy, legal certainty, and especially givesfairness to creditors.
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Walker, Burke A., and Roman Volsky. "Family Limited Partnership—A Shelter for Assets." American Journal of Cosmetic Surgery 14, no. 4 (December 1997): 467–68. http://dx.doi.org/10.1177/074880689701400417.
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There are significant benefits from the creation of a family limited partnership. A limited partnership allows an individual to maintain control over assets that are protected from creditors. This paper highlights the advantages of a family limited partnership and reviews the historical origins of this institution.
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Friske, Wesley M., and Miles A. Zachary. "Regulation, New Venture Creation, and Resource-Advantage Theory: An Analysis of the U.S. Brewing Industry." Entrepreneurship Theory and Practice 43, no. 5 (March 2018): 999–1017. http://dx.doi.org/10.1177/1042258718760840.
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Regulation is an important means by which policymakers address social costs. However, recent research suggests that managing social costs often comes at the expense of entrepreneurial activity. We explore this duality by extending resource-advantage theory to examine the effects of excise taxes, small business tax credits and exemptions, and sales restrictions on rates of new venture creation in the U.S. brewing industry. Our longitudinal analysis of state-level brewery regulations reveals that taxes and sales restrictions have adverse but limited effects on new venture creation over time. Furthermore, tax credits and exemptions are positively associated with growth rates of new ventures.
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Butar Butar, Sansaloni. "Analisis Kritis Atas Kebijakan Revaluasi Aset Kementerian Keuangan Tahun 2015." PRAXIS 1, no. 2 (March 15, 2019): 164. http://dx.doi.org/10.24167/praxis.v1i2.1885.
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Abstract
The objectives of the paper is to analyze critically the new regulation that was introduced in 22 October 2015. Indonesian government issued Regulation No. 191 / PMK.010 / 2015 aimed at getting companies to revalue their fixed asset. Under the new regulation, firms may take advantage of lower tax rate imposed on revaluation surplus.Minister of Finance believes that firm future performance will increasas the value of asset rises.The arguments go further by stating thatfirmthat has intention to offerstocks publicly for the first time would also find it beneficial. At the surface the arguments put forward by the government is quiet understandable. However, a deeper analysis shows these arguments are not based on a sound understanding of financial reporting proceduresgoverned by Indonesian Financial Accounting Statement. In summary, there are at least three fundamental weaknesses contained in the arguments: First, the government tends to forget the differences in the calculation of earnings (revenue) for tax purposes versus external reporting purposes, especially for investors and creditors. Second, equating the responsibility of private and public companies in terms of adhering to rules and standards. Third, Presuming that asset value alone determines the firms’future performance.
Keywords: Asset revaluation, operating performance, taxable income,
financial reporting.
Abstrak
Tulisan ini bertujuan untuk menganalisis secara kritis regulasi revaluasi aset yang dikeluarkan pemerintah tanggal 22 Oktober 2015. Pemerintah menerbitkan PMK No. 191/PMK.010/2015 yang diarahkan untuk mendorong perusahaan melakukan revaluasi aset. Regulasi yang baru ini menawarkan insentif pajak atas selisih nilai aset tercatat dan harga pasarnya pasca revaluasi. Menteri keuangan percaya bahwa dengan menaikkan nilai aset sesuai harga pasarnya akan meningkatkan kinerja perusahaan. Alasannya, dengan nilai aset yang tinggi, kemampuan perusahaan untuk mendapatkan kredit akan meningkat dan akan mendorong kinerja perusahaan di masa mendatang. Selain itu, perusahaan yang sedang mempertimbangkan untuk melakukan IPO akan diuntungkan karena memiliki nilai aset yang lebih tinggi. Sepintas argumen-argumen yang dikemukakan oleh pemerintah memang dapat dimengerti. Namun analisis yang lebih mendalam menunjukkan argumen-argumen itu tidak didasari pemahaman yang benar tentang prosedur pelaporan keuangan yang diatur dalam PSAK. Argumen yang dikemukakan juga cenderung menyederhanakan faktor-faktor yang mempengaruhi kinerja operasi di masa mendatang. Setidaknya ada tiga kelemaham mendasar: pertama, pemerintah cenderung melupakan perbedaan perhitungan pendapatan (laba) untuk tujuan pajak dan untuk pelaporan keuangan eksternal, khususnya ditujukan bagi investor dan kreditor. Kedua, menyamakan tanggung jawab perusahan privat dan publik dalam ketaatan terhadap peraturan. Ketiga, anggapan bahwa aset menentukan kinerja perusahaan.
Kata Kunci: revaluasi aset, kinerja operasi, laba kena pajak, pelaporan keuangan
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Feng, Li, Rong Zhang, and Dennis McCornac. "An analysis of restrictive mechanisms on director behavior regarding corporate philanthropy in China." International Journal of Law and Management 58, no. 3 (May 9, 2016): 246–57. http://dx.doi.org/10.1108/ijlma-05-2015-0026.
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Purpose Currently, in China, the governance structure of modern companies gives directors great powers to pursue profits. However, little attention is paid to the undertaking of corporate philanthropic activities. Therefore, rules on directors’ behavior in terms of corporate philanthropy are urgently needed to resolve the conflict between philanthropy and profits. This paper aims to discuss the main purpose of corporate philanthropy behavior in China, namely, the promotion of the company, and to analyze the theoretical mechanism for placing restrictions on directors’ behavior. The concepts and details of directors’ duty of loyalty and duty of diligence are also discussed. Design/methodology/approach The paper addresses the theoretical framework for the restriction of director behavior in corporate philanthropy in China, explains the legal dilemma for the current situation and analyzes the problems associated with the determination of board directors’ behavior. Findings It is concluded that board members should give priority to their duty of loyalty and comply with their faithful obligations in corporate philanthropy. They should also fulfill their diligence obligations and not cause inconvenience and trouble for the company. Research limitations/implications Corporate philanthropy is well known as a beneficial activity to both the company and society. It not only helps to establish a good image of the company, which is in line with the interests of the shareholders and creditors, but also contributes to the development of social welfare. It is a topic worthy of deep discussion. Practical implications It is still very difficult to establish non-profit organizations because of stringent conditions on registration, organization and funding in China. Therefore, there are a limited number of independent non-governmental charitable organizations in China. Most charitable organizations have charitable expertise and government ties. Corporate philanthropy is a problem closely related to governmental administration and legal system renovation. Social implications Recently, a young girl related to the Red Cross Society of China was found guilty and arrested. This scandal has made people lose their confidence in philanthropy and has caused another round of intense discussion online. Corporate philanthropy is the focus of criticism because individuals with power gain benefits by taking advantage of their position. It is a very challenging issue for the Chinese society as to how to restore the reputation of philanthropy. Originality/value This paper points out the weakness in the current legal system as a restrictive mechanism to supervise the board directors’ behaviors in China. It analyzes the corporate philanthropy issue from the national level and highlights the significance of supervising governmental administration and corporate management through the improvement of the legal system.
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Cajudo Orillaza, Faith. "Debtor’s and creditor’s stronghold: Bankruptcy chapter 7, 11 & 13." Westcliff International Journal of Applied Research 3, no. 1 (November 1, 2019): 6–16. http://dx.doi.org/10.47670/wuwijar201931fco.
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Bankruptcy law is created to protect debtors from the hands of creditors. This law ensures creditors repay loans by engaging in a particular process. The United States Congress has enacted a decree governing bankruptcy in the form of the Bankruptcy Code. The different types of bankruptcy will be referred to in this article by their chapters: Chapter 7, 11 and 13 (Justia, 2019). This article will identify the differences between these three chapters, their objectives, as well as the advantages and repercussions of each. Further, the non-dischargeable debts, recommendable actions for the filers, numbers of petitioners who have undergone bankruptcy cases, the financial ratio of the petitioners, the common denominator on the filers, and the methodology performed by the chief executive officer (CEO) of the four companies, Coldwater Creek, Kmart, SEARS and Toys “R” Us, will be analyzed. Additionally, the design and methodology for reviving each company that were implemented and applied by each CEO will be examined, and the reasons they were proven ineffective will be offered. By investing more, borrowing can become essential and, liabilities can grow beyond what could be repaid. This results in the filing of bankruptcy for protection from creditors.
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Sánchez Herrero, Andrés. "La cláusula penal abusiva y el requisito de la desproporción de la pena." Revista Jurídica Austral 1, no. 2 (December 12, 2020): 773–807. http://dx.doi.org/10.26422/rja.2020.0102.san.
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The central requirement on which depends whether or not a penalty clause is abusive (and the-refore whether or not it should be reduced) is analysed: its disproportion. To this end, it must be determined whether it is proportionate to the value of the compensable damage it replaces. Consequently, notwithstanding the provisions of the law, the creditor cannot disregard the damage if the term is contested by the debtor. Although in theory the creditor is also required to have taken unfair advantage of the debtor’s situation, this requirement is ignored in judicial practice, which highlights the centrality of the compensable damage in this matter.
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Rai, Atul, and Craig Sisneros. "Evaluating pedagogy in educating business majors: an empirical analysis of teaching accounting without debits and credits." Accounting and Financial Control 2, no. 1 (November 19, 2018): 15–26. http://dx.doi.org/10.21511/afc.02(1).2018.02.
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An upper-level intermediate accounting course taught at two large mid-west universities in the United States provides a natural experimental setting to examine whether teaching debits/credits in the introductory financial accounting course matters. Students in the upper-level course fall into two groups: those who learned debits/credits in the introductory course and those who weren’t. The performance of both groups is evaluated during the semester while they take the upper level accounting course. Regression results show that the prior knowledge of debits/credits offers only a mild advantage in the first mid-term exam, but not thereafter. Results also indicate that grade point average (standardized tests like ACT scores) are a good (not a good) predictor of the performance in the upper-level accounting class. These results suggest that teaching debits and credits in the introductory accounting course does not provide any advantage in learning the material of upper-level accounting course.
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Дмитриева and Olga Dmitrieva. "Short credits and micro-loans for individuals: advantages, disadvantages, the main options." Vestnik of Kazan State Agrarian University 9, no. 3 (December 14, 2014): 11–15. http://dx.doi.org/10.12737/6505.
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In everyday life, unforeseen or unplanned purchases lead to a desire to borrow a small amount on the short term. This problem is known to many people. Currently, the only viable option is short-term loans from commercial banks or micro-loans provided by microfinance institutions. They have their own advantages and disadvantages, and it is designed for a specific audience of potential borrowers. Short-term bank credit is available at any bank that deals with consumer credit borrowers. There are four main types of loans in the short term: a term loan; line of credit; overdraft on a personal map; quick loans. The potential borrower has the ability to get a loan only if certain conditions of the credit institution. Microfinance institutions are engaged in issuing microloans. There are two main types of micro-loans to individuals: consumer loans for a period of one year; term loans to payday. In this type of lending the solvency of the borrower is not evaluated, not studied his income, credit history is not analyzed. The creditworthiness of the borrower is assessed through informal criteria. Despite some limitations and high cost, short-term loans and micro-loans is a great opportunity to purchase desired and necessary goods or solve other consumer problems.
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Mourdoukoutas, Panos, and Abraham Stefanidis. "To List or Not To List: Expectations versus Reality for Greek Shipping IPOs." South East European Journal of Economics and Business 4, no. 1 (April 1, 2009): 125–34. http://dx.doi.org/10.2478/v10033-009-0009-0.
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To List or Not To List: Expectations versus Reality for Greek Shipping IPOsSharing ownership with outside investors through an IPO has advantages and disadvantages that create dilemmas for company founders. It can further be a source of disappointment when expectations fall short of reality. That's not the case for the Greek ship owners who floated the shares of their companies to major US Exchanges in the early 2000s, however. The listing has met and even exceeded their expectations: Broadened their capital structure, improved image and prestige, strengthened bargaining power with creditors, and enhanced entrepreneurial opportunities
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Suwardi, Suwardi, and Widyawati Boediningsih. "Bankruptcy Statement And The Law Consequences." SPIRIT OF SOCIETY JOURNAL 1, no. 2 (March 19, 2018): 145–58. http://dx.doi.org/10.29138/scj.v1i2.600.
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Problems bankruptcy it is important in gave a legal certainty related to wealth of company .The certainty applied with article 22 bankruptcy code who said that since decision statement of bankruptcy spoken each a lawsuit who carried out by third not going to be covered unless that thing it would bring terms of advantages wealth it self. It is also the act of bankruptcy winners give rights to creditors and parties that other concerned parties to ask for a request for the cancellation of over legal action a debtor.
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Dimitriu, Cristian. "Odious Debts and International Fair Trade." Daímon, no. 76 (January 9, 2019): 79–94. http://dx.doi.org/10.6018/daimon/275011.
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I argue that one of the most important reasons why international trade has been unfair is that weaker parties in trading negotiations have been illegitimately forced to accept terms of trade that they would not otherwise accept under normal circumstances, and these terms of trade have been harmful for them. Odious debts are at the center of this kind of injustice. Odious debts are debts that are not binding for the citizens of a country, as they were incurred by illegitimate rulers in the name of all the citizens, but used for private purposes, such as personal benefit, or to oppress the population. Despite the fact that these debts are not binding—that is, that they should not be repaid—creditor countries have coerced debtor countries to repay them and, more importantly for the purposes of this article, they have taken advantage of the fact that countries are burdened with these debts by tailoring trade agreements in their favor. They have done so by telling debtor countries that, unless they trade under terms that creditor countries want; non-binding (i.e. odious) debts will be enforced. The resulting state of affairs is not simply a convenient one for creditor countries and an inconvenient one for debtor countries. It is also an immoral one.
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خليل, زياد خلف, and نورة نهاد عبودي. "تحليل العلاقة بين الاعتمادات المستندية والتجارة الخارجية واثرها على تحقيق التنمية الاقتصادية في العراق." Journal of Economics and Administrative Sciences 23, no. 101 (December 1, 2017): 370. http://dx.doi.org/10.33095/jeas.v23i101.184.
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The aim of the research is to clarify the importance of documentary credits in foreign trade and especially their impact on the balance by limiting imports we highlighted the reality of documentary credits in Iraq and the accompanying changes and developments highlighted the indicators of foreign trade and finding solutions for harmonizing the fund Documentary and trade balance in order to achieve long term economic development.
The local banks are urged to restore the documentary credit system despite the backwardness and primitive methods used. The documentary credits have increased especially in the last years of the study period.
The advantages of the documentary credits have not been used to limit these imports and support the economic development process .
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Rich, Pat. "Maintenance of Certification: What’s to Know." Journal of Cutaneous Medicine and Surgery 21, no. 4 (May 9, 2017): 285–87. http://dx.doi.org/10.1177/1203475417709194.
Full textAbstract:
The Maintenance of Certification (MOC) Program administered by the Royal College of Physicians and Surgeons applies to all Fellows of the Royal College including dermatologists. It is mandatory for those who wish to maintain their fellowship in the Royal College and can be critical for maintaining licensure requirements. Residents can take advantage of the program before becoming Fellows of the Royal College. Fellows and MOC Program participants in the Royal College MOC Program must complete a minimum of 400 credits during a 5-year cycle and a minimum of 40 credits in each year of the cycle. Credits are available for a wide range of CPD activities which the Royal College divides into three sections in its MOC Framework: Section 1, group learning; Section 2, self-learning; and Section 3, assessment. Many activities associated with involvement in Canadian Dermatology Association activities or involvement with the Journal of Cutaneous Medicine and Surgery (JCMS) are eligible for MOC Program credits. Failure to satisfactorily meet the requirements of the MOC Program in a 5-year cycle can result in loss of Fellowship in the Royal College.
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Stępkowska, Agnieszka. "OCHRONA MAJĄTKU POSAGOWEGO W KONTEKŚCIE MANUMISSIO SERVI DOTALIS." Zeszyty Prawnicze 8, no. 2 (June 25, 2017): 55. http://dx.doi.org/10.21697/zp.2008.8.2.03.
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Manumissio servi dotalis and the Protection of Dowry in Roman LawSummaryAs opposed to a widespread opinion, examination of legal sources shows, the Roman law neither prohibited manumissio servi dotalis, nor it required wife’s consent. It does not mean, dowry could be freely reduced by means of manumissio. Value of the dowry was still protected by the rules of subrogation, applicable to all the assets acquired by husband iure patroni. However, subrogation did not apply to assets received by husband from his libertinus and exceeding what was required by the rules of patronage. Manumissio, to which wife opposed was perfectly valid in law, however it was not praised. In such a case, income from the patronage was acquired directly by wife and only the surplus was subject to subrogation as a dowry.Sources consider as a manumissio servi dotalis also those situations, in which, the manumitted slave was, strictly speaking, no longer part of the dowry. In such a cases where was no subrogation of course. There were two types of such a situation. The first concerned dotis aestimatio, with which dowry ceased to form a distinct patrimony and became only a husband’s debt, due to wife with the end of marriage. In such a case there was no place for subrogation. Wife’s dowry interest was protected only by the prohibition of manumissiones in case of husband’s insolvency. This however was ordinary means of protecting all creditor against fraus creditorum not a specific solution for servus dotalis. The second type of such a situation rose when wife consented to exclude a slave out of the dowry. Similarly, the slave was no longer part of dowry and all the advantages received from him by husband as a patron were his personal. In this case dowry was indeed diminished, nevertheless wife approved it.
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Xu, Shangmou, and Sean Kelly. "Re-Examining the Public–Catholic School Gap in STEM Opportunity to Learn: New Evidence from HSLS." Social Sciences 9, no. 8 (July 30, 2020): 137. http://dx.doi.org/10.3390/socsci9080137.
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This paper examines public–Catholic gap in STEM opportunity to learn in the US using Mahalanobis-distance matching and adjacent categories models. Consistent with prior studies, there are significant public–Catholic differences in math and science course sequence level and total credits earned. However, we find that these gaps are largely accounted for by selection processes among students of differing family background. Moreover, we find that the Catholic school advantage in STEM opportunity to learn differs by subject; Catholic school students are more likely to enroll in advanced math courses relative to middle-level courses, while their advantage in science is concentrated in the middle of the course-taking hierarchy.
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Worthington, Sarah. "Equitable Liens in Commercial Transactions." Cambridge Law Journal 53, no. 2 (July 1994): 263–72. http://dx.doi.org/10.1017/s0008197300099037.
Full textAbstract:
The law describing vendor's and purchaser's liens over personal property can only be described as baffling: there are cases to “prove” and “disprove” almost any proposition. This uncertainty is surprising. A contract of sale is one of the most basic forms of commercial activity, and an equitable lien would convert a vendor or purchaser into a secured creditor by operation of law. The advantages of such a position are self-evident, yet it remains unacceptably difficult to say when such advantages accrue. Fundamental equitable principles seem to support a simple analysis of vendor's and purchaser's liens which might eliminate some of the current uncertainties. This article describes that analysis. It concludes that one party to a sale contract has a lien over identified sale property whenever, and as soon as, all the contractual obligations assumed by that party have been carried out.
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Dutka, V. V. "REHABILITATION OF THE DEBTOR BEFORE THE OPENING OF BANKRUPTCY PROCEEDINGS." Economics and Law, no. 1 (April 15, 2021): 96–101. http://dx.doi.org/10.15407/econlaw.2021.01.096.
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Case Law shows that most bankruptcy cases end in liquidation, and restoring the debtor’s solvency and maintaining it as a business entity is the exception rather than the rule. Such trends clearly do not contribute to the development of the economy, so the development of recovery procedures applicable to the insolvent debtor seems relevant. One such procedure, which has appeared relatively recently in Ukrainian Law, is the pre-trial reorganization procedure. The purpose of the article is to analyze the provisions of current legislation governing the reorganization of the debtor before the opening of bankruptcy proceedings, study current issues that arise in the practice of applying the relevant provisions of the Civil Procedure Code of Ukraine, and set out their views on the effectiveness of pre-trial reorganization. The case law on appealing the approval of the pre-trial rehabilitation plan, namely the appeal of the rehabilitation plan by creditors who did not participate in the voting or who voted against the approval of the pre-trial rehabilitation plan, is analyzed. Bankruptcy cases in the scientific doctrine are divided into two categories: 1) the bankruptcy case itself; 2) related cases, which are considered in the order of claim or declaration proceedings (invalidation of auctions, contracts, etc.). The author argues the possibility of supplementing this division of bankruptcy cases with another, third category — cases of pre-trial reorganization. It is emphasized that the Code of Ukraine on Bankruptcy Procedures provides for two types of reorganization: reorganization prior to the opening of bankruptcy proceedings (pre-trial reorganization) and reorganization as a court procedure applied to an insolvent debtor within a bankruptcy case. Both pre-trial reorganization and "judicial" reorganization pursue a single goal — to restore the debtor’s solvency and preserve it as a business entity. According to the results of the study, the author concludes that pre-trial rehabilitation has a number of advantages, which include: efficiency; profitability for creditors; write-off of a significant portion of tax debt and other mandatory payments: lower court costs in the form of court fees for both the debtor and creditors.
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Li, Qing, and Ziyou Gao. "Managing Rush Hour Congestion with Lane Reversal and Tradable Credits." Mathematical Problems in Engineering 2014 (2014): 1–5. http://dx.doi.org/10.1155/2014/132936.
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Within the morning and evening rush hour, the two-way road flows are always unbalanced in opposite directions. In order to make full advantage of the existing lanes, the two-way road lane has to be reallocated to play the best role in managing congestion. On the other hand, an effective tradable credit scheme can help to reduce the traffic demand and improve fairness for all travelers. So as to alleviate the commute congestion in urban transportation network, a discrete bilevel programming model is established in this paper. In the bilevel model, the government at the upper level reallocates lanes on the two-way road to minimize the total system cost. The traveler at the lower level chooses the optimal route on the basis of both travel time and credit charging for the lanes involved. A numerical experiment is conducted to examine the efficiency of the proposed method.
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Hutwagner, Catherine. "Reevaluating incarcerated juvenile education in the wake of COVID-19: Why the juvenile system should take advantage of the online learning wave." Advances in Developmental and Educational Psychology 3, no. 1 (2021): 109–20. http://dx.doi.org/10.25082/adep.2021.01.004.
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Incarcerated juveniles have the greatest need for education and potential for improvement, yet they are one of the most underserved populations in terms of public education. Juveniles in detention centers receive a lower quality education when compared to public education systems–courses exclusively based on worksheets, single-room style teaching methods, a shortage of textbooks, and underqualified teachers. They also struggle to earn and transfer credits. In addition, solitary confinement often denies access to education, adding further disadvantages. Currently, juveniles have a low reenrollment rate in the public education system after their release. This paper presents a solution for the future of juvenile education, using the national response to COVID-19 of moving education online as a blueprint, combined with social science research, to provide small amendments to promote an effective learning environment.
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Moisescu, Florentina, and Аnа-Mаriа Golomoz. "Effects of business combinations on the competitive environment." Multidisciplinary Journal for Education, Social and Technological Sciences 5, no. 2 (October 4, 2018): 51. http://dx.doi.org/10.4995/muse.2018.10164.
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<p>This paper deals with the results of the businesses combinations and the advantages felt in solving the problems of certain entities, the extension on other markets or obtaining increased quotas on the market. Also, businesses combinations can generate disadvantages regarding the access to credits or negative effects on the salary. A business combination is based on taking risks an has advantages as well as disadvantages, on both the short and the long term, while the decision of making it has in view the development strategy of the organisation. The aim of the paper is to analyze and balance the benefits and disadvantages of business combinations. It is questioned the need to use this method and its use only for the advantages obtained despite the existing disadvantages.</p>
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Abdi, Henda, and Mohamed Ali Brahim Omri. "Web-based disclosure and the cost of debt: MENA countries evidence." Journal of Financial Reporting and Accounting 18, no. 3 (May 21, 2020): 533–61. http://dx.doi.org/10.1108/jfra-07-2019-0088.
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Purpose The aim of this study is to investigate the effect of web - based disclosure on the cost of debt for the MENA region setting. Design/methodology/approach The sample of this paper consists of 237 MENA listed non-financial companies for the year 2017. Multiple regression models were used to examine the impact of online disclosure on the cost of debt. Content analysis is used to measure the extent of web-based disclosure. Findings The results reveal that there is a negative and significant association between the web-based disclosure and the company’s cost of debt. These results support the hypothesis of the economic utility of the information disclosed on the website for creditors in this region. Practical implications The results of the study have important implications for managers in the MENA region. It is necessary for managers to improve the company’s transparency through web-based disclosure. The companies must benefit from the different technologies offered by the Internet in order to offer to the creditors unlimited access to up to date information. In fact, web-based disclosure may mitigate the information asymmetry, the uncertainty of creditors and, consequently, reduces the cost of debt. 10; 10;Moreover, the results of the study provide empirical evidence for the advantages of voluntary web-based disclosure. The results highlight the importance to companies and regulators of understanding the benefits of using the website as a means of information disclosure. The regulators in MENA countries can rely on these results to establish suitable policies to improve the quality of web-based disclosure. The regulators need also to put in rules in relation to the online disclosure. In fact, an understanding of web-based disclosure is important for regulators and companies. Given the positive effect of online disclosure (the reduction of the cost of debt), knowledge about the economic consequences of web-based disclosure would enable companies in the MENA region to optimize their online disclosure policies. Originality/value This study, added to the existing literature by examining the consequences of online disclosure practices in MENA countries. Most previous studies conducted in this region were limited to analyzing the determinants of the company’s web-based disclosure. This paper would extend the literature on the online disclosure practices by investigating the association between these practices and the cost of debt in a developing economics: the MENA region. Previous studies were limited to testing this association only in developed countries.
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Poletaeva, V. M., and G. S. Bektenova. "Concerning the need to implement the program of banking-state partnership in the credit-investment sphere." Vestnik of the Plekhanov Russian University of Economics, no. 5 (October 25, 2018): 47–53. http://dx.doi.org/10.21686/2413-2829-2018-5-47-53.
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The article analyzes the key problems of Russian economy development at today’s stage. It is pointed out that the most important way to resolve these problems is the general development of credit-investment activity of business entities. Advantages of banking credits in comparison with other sources of financing investment in economy were demonstrated. The article shows that due to certain reasons banks are not ready to increase the volume of their credit portfolio on key industries, which include manufacturing industry and agriculture. The authors put forward the approach to organization of real sector enterprises’ financing, which is based of cooperation between banks and state institutions of development. Taking into account the fact that manufacturing and agricultural companies usually need big credits for long periods of time with relatively low interest rate (because of limited profitability of such industries) the approach based on banking-state financing is rather promising. Besides, it envisages catering for interests of all three parties of the deal: the enterprise, the bank and state. Principles ideas of the banking-state partnership were formulated as a promising alternative for bank credits, which on the one hand can promote the development of Russian economy and, on the other hand can improve finance results of credit organizations’ functioning.
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Romero-Balmas, Gregorio Nůnez. "Cittadini-creditori: municipi e mercati finanziari in Spagna durante il primo trentennio del Ventesimo secolo." STORIA URBANA, no. 119 (February 2009): 101–24. http://dx.doi.org/10.3280/su2008-119006.
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- Modernisation is a complex process that involves several aspects and different scientific disciplines. Social and institutional modernisation, particularly that of municipalities, which took place between the late 19th century and the early of 20ths, involved significant changes over wide areas. These areas range from political and institutional internal reorganisations, to the application of new mass services and infrastructural networksystems, as well as basic social and organizational changes. In the following pages we study the measures taken by a wide segment of Spanish municipalities as part of their internal modernization processes shortly after the critical events of the late 19th century. To do this, they made use of the emerging financial markets by raising additional funds, and more precisely, by regularly emitting public debt. In this article we will show how the use of formal market debt involved certain preconditions to be carried out by the emitting organisms, and the underlying advantages to be had. Financial leverage obtained by using market facilities became a powerful instrument for local change in Spain that where up to that time no change had been possible. But the financial crisis of the 1930s and the later Civil War set a downward course in the modernisation process and even in the use of financial markets by Spanish municipalities.
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Kuźmicka-Sulikowska, Joanna. "The Politics of Limitation of Claims in Poland: Post-Communist Ideology, Neoliberalism and the Plight of Uninformed Debtors." Acta Universitatis Lodziensis. Folia Iuridica 89 (December 31, 2019): 131–60. http://dx.doi.org/10.18778/0208-6069.89.09.
Full textAbstract:
The text will present arguments raised by the supporters of two different positions regarding the manner of taking into account the expiry of the limitation period, namely those that are supposed to speak in favor of taking this circumstance by the courts ex officio, and those which prevail to take it into account only in the event of raising the plea of limitation by the one against whom the claim is due. Against this background, a polemical analysis will be made with these arguments, including inquiries about interests of which entities or social groups are implemented and protected for each of these solutions. It will be shown that some of the arguments put forward actually emphasize that the institution of limitation is to serve not so much as a party involved in a given claim (creditors or debtors), but rather institutions of the judiciary. It will also be shown that the solution currently in force in Polish civil law, within which the taking into account of the fact that a given claim is time-barred is possible only if the one against whom the claim is entitled raises the relevant claim of limitation, in fact prefers only the more affluent and better educated social strata, deepening the social exclusion of those who, due to, for example, worse property status, do not have the necessary knowledge, nor can afford to take advantage of legal aid. The latter, in effect, often do not plead the expiration of limitation period, because they do not know that they are entitled to it (in general, or are unable to assess when the claim became due, at which point the limitation period began or has ended). Polish civil law is a good example here for considering, firstly, that in the 20th century the regulations concerning the limitation of claims were changed several times, and each time a discussion on how to consider the expiry of the limitation period came to life (which provides rich argumentation with which one can confront) and also because historical and political entanglements play a significant role here. Namely, the text will show that the main resistance against taking into account the expiration of limitation period ex officio (which is a solution that protects the poorer people who can not afford legal assistance) is due to the fact that this solution, which was in force in the original version of the current Polish Civil Code, was modeled on the solutions of Soviet law. This means that after the political change in Poland in 1989, it was automatically attempted to eliminate it, and replace it with a solution used in European countries, where only if the one against whom the claim is entitled raises the relevant claim of limitation, even without any reflection on the substantive legitimacy of such a change and without analyzing the practical social effects of a solution, within which the expiry of the limitation period only is taking into account on when relevant plea is raised, not ex officio. Immersion of considerations in the realities of Polish law will also allow to show interests that have recently clashed on the occasion of the regulation of electronic writ-of-payment proceedings. In this example, it will be shown that despite the legislator making certain facade measures to protect the interests of people with less legal awareness and poorer, who can not afford to get help from a lawyer, in fact, many gates have been left, which question the reality of striving for such protection, because they allow to sue for the claim after the expiration of the limitation period in this proceeding. In this context, the latest change in Polish civil law in this area was also discussed, that is, the Act of April 13, 2018. On the basis of this Act, there has been a return to taking into account the expiration of the limitation period ex officio, but only if the entrepreneur sue the consumer. In the remaining scope, a solution was left within which the expiry of the limitation period is taking into account only when relevant plea is raised.
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Curtis, Richard E., Edward Neuschler, and Rafe Forland. "Private Purchasing Pools to Harness Individual Tax Credits for Consumers." INQUIRY: The Journal of Health Care Organization, Provision, and Financing 38, no. 2 (May 2001): 159–76. http://dx.doi.org/10.5034/inquiryjrnl_38.2.159.
Full textAbstract:
While health insurance tax credits could help people who otherwise could not afford to purchase coverage, many might still find individual coverage too expensive and its marketplace dynamics bewildering. As an alternative, this paper outlines an approach using private purchasing pools for tax-credit recipients. The objective is to offer these individuals and families a choice among competing health plans, and provide many of the same advantages enjoyed by workers in large employer groups, such as relatively low administrative costs, no health rating, and an effective “sponsor.” Some express optimism that private pools will emerge naturally and thrive as an option for individual tax-credit recipients. However, adverse selection and other individual health insurance market forces make this a dubious prospect. The approach presented here gives purchasing pools the same tool employer groups use to maintain stability and cohesion—a significant contribution that cannot be used elsewhere. The ability to offer health plans exclusive access to a sizable new, previously uninsured clientele—tax-credit recipients—would enable purchasing pools to attract health plan participation and thus overcome one major reason several state-directed pools for small employers have failed. To avoid other pitfalls, the paper also suggests private pool structures, as well as federal and state roles that seek to balance objectives for market innovation and choice with those for coverage-source stability and efficiency.
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Kelley, Eric, and Tracie Woidtke. "Investor Protection and Real Investment by U.S. Multinationals." Journal of Financial and Quantitative Analysis 41, no. 3 (September 2006): 541–72. http://dx.doi.org/10.1017/s0022109000002532.
Full textAbstract:
AbstractIn spite of the growing research concerning investor protection, the relation between investor protection and real investment by foreign multinationals is largely unexplored. Recognizing this relation, however, is especially important in light of the surge in cross-border activity in recent decades and the potential impact cross-border investment can have on a country's economic development. We find that U.S. multinational foreign investment is significantly greater both when shareholder protection is poor and when creditor protection is poor. Consistent with existing literature, our results suggest that U.S. firms have greater comparative advantages when local firms in poor investor protection countries either i) invest suboptimally due to agency problems or ii) have constrained access to debt capital. The increased investment by U.S. multinationals in poor investor protection countries is of particular interest, because it suggests an important way in which adverse outcomes related to poor investor protection may be mitigated.
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Vishnevskaya, Irina Aleksandrovna. "Expert examination of collateral and leasing items." Lizing (Leasing), no. 1 (May 26, 2021): 5–12. http://dx.doi.org/10.33920/vne-03-2107-01.
Full textAbstract:
Survey inspections as a tribute to the time from insurance market gradually moved towards banking sector, leasing and factoring. Verification of various types of property by independent surveyors, who, among other things, have the opportunity to make a market assessment of the property, is relevant for banks, leasing and factoring companies. The advantages of performing survey by outsourcing teams are obvious: cost reduction, regional coverage and efficiency. The article describes the features of conducting surveyor inspections of real estate objects, movable property, and goods in circulation. The features of conducting survey inspections of some types of movable property, such as technological equipment and complex technological lines, are presented; besides, the actual technology and the sequence of property inspections are described. The real case (a court case) is used to demonstrate how the conclusion of an independent surveyor allowed the creditor to recover a significant amount of money from an unscrupulous debtor.