Academic literature on the topic 'Bankruptcy and receivership of settlement companies'
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Journal articles on the topic "Bankruptcy and receivership of settlement companies"
1
CARMODY, DANA. "THE T. EATON COMPANY LIMITED: A CASE ANALYSIS." Journal of Enterprising Culture 10, no. 03 (September 2002): 225–40. http://dx.doi.org/10.1142/s0218495802000104.
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The T Eaton company, considered the world's first department store, was named after its founder Timothy Eaton. In 1869, it as a small dry goods business in Toronto. By 1907, at the death of its founder, it was a giant retail store, with a branch in Winnipeg, alongside a country-wide mail-order business. Innovative practices established during his time included sales for cash only and satisfaction guaranteed or money refunded. Eaton's successors extended the Eaton empire across Canada, continuing the tradition of quality goods, prices, customer service and also fair labour practices. It became a Canadian institution. Eaton's filed for protection from its creditors in February 1997 and once again in August 1999 (see Appendix 1 for a chronology of events) under the federal Companies' Creditors Arrangement Act and the Ontario Business Corporations Act (Closings). The restructuring that followed the first bankruptcy was only partially successful. However, it had a significantly positive impact on Eaton's operations, and seemed to turn things around. Were it not for bad economic news and misfortune in mid-to-late 1998 (CNW 3 and CNW 5), the plan might have worked. Store-closings, employee terminations, and a huge liquidation sale followed the second bankruptcy declared in August 1999, as did the suspension of the trading of Eaton's stock (Chron). Sears Canada Inc. agreed to purchase 16 of the Eaton's stores in September 1999 (Sears 1; Material 1). These will open by the fall of 2000 (Material 2; Sears 1). A compromise was made with Eaton's creditors (including the employees) to give them approximately $0.50 on the dollar (Olijnyk 1). A compromise was also arrived at with Eaton's shareholders whereby the latter would be given participation units in exchange for their common shares (on a one-for-one trade) (Amended; Trachuk). These participation units are to be used in a contingent and conditional settlement based upon the possible utilization of tax credits by Sears acquired as a result of Eaton's $390 million in losses since 1996 (Receivership; Amended; Trachuk). These settlement monies might or might not be realized by the former shareholders (Amended; Trachuk). Today, Eaton's is no more. In its place are many great memories by a former generation of Canadians who used to go to the Eaton's stores to buy big things that were always of high quality. "Agnes Lunn, who was visiting [Edmonton, Calgary,] from Dartmouth, N.S., said she will miss the chain because of its trustworthiness. "If you bought something from Eaton's, you knew it was worth having, you knew it would be quality," she said (Auction)." Perhaps having six of the Eaton's stores open up this fall with the Eaton's name on them will rekindle a loyalty in a new generation of Canadians?
2
Choi, Young Jun. "The effect of the fast-track corporate rehabilitation program on the interest coverage ratio of the companies under court receivership." Journal of Governance and Regulation 7, no. 1 (2018): 7–25. http://dx.doi.org/10.22495/jgr_v7_i1_p1.
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Given the fact that a swift rehabilitation procedure is very critical due to the risk of the collapse of business foundation (e.g. falling asset value), this paper analyzes the effect of the Fast-track program, introduced to address insolvent companies swiftly. A Differences-in-Differences model is used to analyze and compare the prior-and-post effects of the program. The analysis result shows that the effect of this program on ICR (interest coverage ratio), representing the degree of rehabilitation, is positive; but its statistical significance is low. This is because the business foundation has been undermined around the time of receivership; and even after the termination of the receivership, the program effect is limited due to the bankruptcy stigma. The same result is observed in estimations by company size and by industry. This result has following implications. First, to improve the effect of Fast-track, institutional efforts are required to reduce disadvantages induced by the bankruptcy stigma (e.g. a fall in credit rating and high-risk premiums). Next, as observed in the empirical analysis of steel and shipbuilding, the effect of the Fast-track may not be exercised to the full with weakened industrial competitiveness. Therefore, restructuring efforts such as business reshuffle are necessary.
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Cunjak Mataković, Ivana. "The empirical analysis of financial reports of companies in Croatia: Benford distribution curve as a benchmark for first digits." Croatian Review of Economic, Business and Social Statistics 5, no. 2 (December 1, 2019): 90–100. http://dx.doi.org/10.2478/crebss-2019-0014.
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AbstractThe financial numbers game is unfortunately alive and doing well. One of the forensic accounting techniques is based on Benford’s Law and is used for the detection of unusual transactions, anomalies or trends. The aim of this paper is to test whether the financial statements of Croatian companies deviate from Benford’s Law distribution. The financial statements of 24 companies that are in the pre-bankruptcy settlement process and 24 companies that are not in the pre-bankruptcy settlement process were analysed using the Benford’s Law test of the first digit distribution for the period from 2015 to 2018. The data used to calculate the first digits of distribution were taken from the Zagreb Stock Exchange. The chi-square test has shown that the observed companies that are not in the process of pre-bankruptcy settlement do not have the first digit distribution which follows the Benford’s Law distribution. The Kolmogorov-Smirnov Z test has shown that the distribution of the first digits from the financial statements of companies listed on the Zagreb Stock Exchange fits to Benford’s Law distribution.
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Ryakhovskaya, A. N. "SAFETY ENSURING OF COMPANIES IN THE IMPLEMENTATION OF BANKRUPTCY CASES." Strategic decisions and risk management, no. 1 (October 29, 2014): 60–63. http://dx.doi.org/10.17747/2078-8886-2012-1-60-63.
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Substantiates the direction of balancing the interests in the implementation of bankruptcy cases, the need to improve the skills of arbitration managers, employees of financial and banking sector, other members of the bankruptcy proceedings, their knowledge of the functioning of the institution of bankruptcy. It is noted the special role of experts, the presence of many remarks to the quality of their conclusions, the need to increase the proficiency requirements of the legal basis of the bankruptcy institution. It is considered the possibility of using the pre-trial mediation settlement of disputes.
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Bukovšek, Marjeta Zorin, Borut Bratina, and Polona Tominc. "Factors of a Successfully Implemented Compulsory Settlement." Naše gospodarstvo/Our economy 63, no. 1 (March 1, 2017): 14–26. http://dx.doi.org/10.1515/ngoe-2017-0002.
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AbstractIn Slovenia, many companies try to avoid bankruptcy with the introduction of a compulsory settlement procedure, but only a handful of companies successfully complete the compulsory settlement in the sense of a final repayment of creditors in accordance with the adopted financial restructuring plan. The article identified the factors affecting the confirmation of a compulsory settlement as well as the factors affecting the final repayment of creditors and, thus, permanently eliminated the causes of insolvency. The factors were divided into internal and external, whereby the impact of factors on a successfully completed compulsory settlement was verified using quantitative and qualitative research methods.
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Jelinić, Zvonimir. "Fighting recession at the expense of access to justice." Zbornik Pravnog fakulteta Sveučilišta u Rijeci 38, no. 1 (2017): 223–39. http://dx.doi.org/10.30925/zpfsr.38.1.7.
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It is hard to remember when the last time was that one legal document raised as much controversy among legal and economic experts, entrepreneurs and wider public as it is the case with the Act on Financial Operations and Pre-Bankruptcy Settlements (AFOPS). As stated by the Croatian Government at the time of its delivery, the primary aim of the pre-bankruptcy (or insolvency) settlement proceedings was to help troubled companies to revitalize their businesses, keep jobs and to help creditors to recover their claims in a larger proportion than it would be possible if standard bankruptcy proceedings were applied to troubled companies. The fact that two different organs, one professional and one juridical have been conducting pre-bankruptcy settlement proceedings in different stages gives rise to different questions in relation to the right to a fair trial and access to courts as guaranteed by the European Convention for Protection of Human Rights and its related case law. In particular, we shall discuss whether PBS committees constituted “tribunals” in the Conventional context and whether European Convention allows the prior intervention of professional bodies in disputes over civil rights and obligations. Last, but not least, we need to check the powers and the role of commercial courts in confi rming the settlement agreements, bearing in mind that only if the access to a court with full jurisdiction is ensured, the lawfulness of the procedure is provided and secured.
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Feng, Nancy Chun, and Ross D. Fuerman. "Securities class actions of Chinese companies." Corporate Ownership and Control 15, no. 4 (2018): 107–30. http://dx.doi.org/10.22495/cocv15i4art10.
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This paper provides the first empirical evidence documenting the determinants and outcomes of private securities class action lawsuits filed in the US and Canada against Chinese companies and their auditors. Our findings show that, in the global context, Chinese companies are positively associated with their auditors being defendants and experiencing an adverse outcome (for example, related government enforcement actions and/or settlement payments to terminate class actions). A group of companies from outside the US with low country level audit quality, the Chinese companies, and the overall global sample were compared. For the low country level audit quality comparison group, we found that a restatement was negatively associated with auditors being defendants; this is a new finding. Two unique Chinese characteristics are that reverse mergers are positively associated with auditor litigation and bankruptcy has no association with auditor litigation. Aggregate Chinese companies’ settlements are positively associated with the occurrence of an auditor settlement and with class period length. Auditor settlements are associated with several factors. No mainland China CPA firm has ever paid to settle a private securities class action filed in the US or Canada; this also is a new finding. Several factors explain this last result.
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Čolović, Vladimir, and Siniša Aleksić. "Koordinacija stečajnih postupaka – sa posebnim osvrtom na transfer sredstava stečajne mase i stečaj povezanih društava / Coordination of Bankruptcy Proceedings - with special emphasis to the the transfer of bankruptcy assets and to bankruptcy of a members of group of companies." Годишњак факултета правних наука - АПЕИРОН 6, no. 6 (July 11, 2016): 5. http://dx.doi.org/10.7251/gfp1606005c.
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The possibility to start against the debtor more bankruptcy proceeding, of which one is main bankruptcy, and the other are secondaries or specials, has led to the necessity of defining the rules governing coordination of these proceedings, in order to achieve the unity of the bankruptcy assets and to the equal settlement of creditors. Today, national laws and international statutory sources contain rules governing the coordination of bankruptcy proceedings. However, these rules have their basis in Private International Law. The author presents the rules of the EU Regulation No. 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings, then the rules of Model Law on Cross-Border Insolvency of the United Nations Commission on International Trade Law, and, also, the rules of the USA legislature. The paper analyzes the status of the foreign bankruptcy decision on the territory of the country of recognition, then, the relationship and cooperation between the subjects referred to bankruptcy proceedings, in particular between the bankruptcy trustees, as well as between foreign bankruptcy trustee and the court, and the transfer of bankruptcy assets from the secondary to the main bankruptcy proceeding, which defines the status of the main relative to the secondary proceeding. Special attention is paid to bankruptcy of a members of group of companies.
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Koropets, Nadezhda V. "CHALLENGES AND TASKS OF THE LEGAL REGULATION OF ELECTRIC POWER AND CAPACITY TRADING IN THE WHOLESALE MARKET." Energy law forum 3 (October 8, 2020): 44–50. http://dx.doi.org/10.18572/2312-4350-2020-3-44-50.
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The legal regulation of trading in the wholesale electric power and capacity market is based on the Law on the Electric Power Industry and the Wholesale Electric Power and Capacity Market Regulations. The peculiarities of legal regulation established by the Federal Law “On Insolvency (Bankruptcy)” should also be considered. As of March 17, 2020, the List of Wholesale Market Actors Undergoing Bankruptcy Proceedings included 40 companies. Poor payment behavior in the wholesale electric power and capacity market is one of the main issues. Failure to pay does not only affect the settlement status in the market, but also leads directly to an unscrupulous market player being declared insolvent. In this case, the existing legal regulation does not guarantee protection against wholesale electric power and capacity market transactions being disputed unreasonably. It seems that the best way to prevent transactions from being disputed in bad faith is to amend the current revision of Article 61.4 of the Bankruptcy Law by adding provisions stating in which cases transactions required by the wholesale electric power and capacity market rules cannot be disputed.
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Koropets, Nadezhda V. "Challenges and Tasks of the Legal Regulation of Electric Power and Capacity Trading in the Wholesale Market." Energy law forum 3 (October 8, 2020): 97–102. http://dx.doi.org/10.18572/2410-4396-2020-3-97-102.
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The legal regulation of trading in the wholesale electric power and capacity market is based on the Law on the Electric Power Industry and the Wholesale Electric Power and Capacity Market Regulations. The peculiarities of legal regulation established by the Federal Law “On Insolvency (Bankruptcy)” should also be considered. As of March 17, 2020, the List of Wholesale Market Actors Undergoing Bankruptcy Proceedings included 40 companies. Poor payment behavior in the wholesale electric power and capacity market is one of the main issues. Failure to pay does not only affect the settlement status in the market, but also leads directly to an unscrupulous market player being declared insolvent. In this case, the existing legal regulation does not guarantee protection against wholesale electric power and capacity market transactions being disputed unreasonably. It seems that the best way to prevent transactions from being disputed in bad faith is to amend the current revision of Article 61.4 of the Bankruptcy Law by adding provisions stating in which cases transactions required by the wholesale electric power and capacity market rules cannot be disputed.
Dissertations / Theses on the topic "Bankruptcy and receivership of settlement companies"
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Couturier, Gaël. "Droit des sociétés et droit des entreprises en difficulté." Thesis, Lyon 3, 2011. http://www.theses.fr/2011LYO30088.
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Appelés à s’appliquer concurremment pour traiter les difficultés d’une société, il est classiquement considéré que les relations entre le droit des sociétés et le droit des entreprises en difficulté se résument à des conflits pouvant être résolus en faisant prévaloir le « droit spécial » des procédures collectives sur le « droit commun » des sociétés. Cette analyse a perdu de sa pertinence en raison de la mutation du droit des faillites en droit des entreprises en difficulté dont la finalité, le contenu, et le domaine d’application ont profondément changé, ainsi qu’en raison de la contractualisation des deux matières. Ces évolutions ont induit une appréhension nouvelle de celles-ci. Sont en effet recherchées, tant par les sociétés en difficulté que par leurs créanciers, les potentialités de l’association du droit des sociétés et du droit des entreprises en difficulté pour organiser le rebond d’une société défaillante. Leurs relations en droit positif s’avèrent ainsi plus subtiles et plus complexes. Une synergie existe entre elles lors du règlement à l’amiable des difficultés, tandis qu’une véritable soumission du droit des sociétés au droit des entreprises en difficulté peut être constatée lors du règlement judiciaire des difficultés. Malgré des origines distinctes, des finalités propres, et des fonctions radicalement opposées, une logique anime les relations des deux matières révélant un corpus légal et jurisprudentiel utilisé pour le règlement des difficultés qui témoigne de l’existence d’un droit des sociétés en difficultéIt is commonly understood that, when considering ailing companies, the conflicts that arise between concurrently applicable corporate law and insolvency law can be solved with “special law” that prevails over “ordinary law”. This understanding has lost some relevance through the transformation of “bankruptcy law” into “distressed business law”. The trend towards the use of explicit contracts in these fields is bringing about a change in their finality, content and scope. This evolution of corporate law and insolvency law is creating new apprehension on the part of both the distressed company and the creditors, with the result that both parties are looking for means to combine these subjects when organising the recovery of an ailing firm. Their coexistence in substantive law turns out to be even more subtle and complex. In the case of an amicable settlement of a dispute, a synergy exists between corporate law and insolvency law whereas when a settlement is imposed under court supervision, the prevalence of insolvency law over corporate law is notable. Despite distinct origins, differing finality and radically opposing functions, a common logic motivates the relation between corporate law and insolvency law revealing a legal corpus and case law as a testament to the existence of an “ailing company law”
Books on the topic "Bankruptcy and receivership of settlement companies"
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Wolk, Gloria Grening. Viatical & life settlements: An investor's guide. Laguna Hills, CA: BIALKIN BOOKS, 2004.
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Wolk, Gloria Grening. Viatical & Life Settlements: Viatical And Life Settlements (Wolk, Gloria Grening. Viatical Settlement.). Bialkin Books, 2005.
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Dennis, Faber, Verhoeven Frédéric, and Vermunt Niels. Part III Europe, 12 The Use of a Composition Plan as a Valuation and Distribution Framework. Oxford University Press, 2017. http://dx.doi.org/10.1093/law/9780198755371.003.0012.
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The commencement of chapter 11 proceedings in respect of Lehman Brothers Holdings Inc (LBHI) triggered the downfall of its intricate web of group companies around the world. The Dutch incorporated second-tier subsidiary Lehman Brothers Treasury Co BV (LBT) was declared bankrupt on 8 October 2008 – the largest bankruptcy case in Dutch history and unprecedented in Dutch insolvency practice. Various new features were tested (and approved by the court) in the LBT proceedings which could provide important lessons for future large insolvency cases of issuers of debt securities on the international capital markets. Despite the fact that the Dutch Bankruptcy Code dates back more than a century ago and was not designed for several complex issues which arose in the LBT proceedings, the chapter argues, it did facilitate a tailored made solution for an effective and transparent settlement of the affairs of the main treasury entity of the Lehman Brothers group.
Book chapters on the topic "Bankruptcy and receivership of settlement companies"
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Hahn, David. "National Report for Israel." In Treatment of Contracts in Insolvency. Oxford University Press, 2013. http://dx.doi.org/10.1093/oso/9780199668366.003.0010.
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Israel’s insolvency law is trifurcated and is comprised of the Bankruptcy Ordinance, the Companies Ordinance, and the Companies Act. The first of these regulates insolvency proceedings pertaining to individuals, and the other two regulate proceedings pertaining to corporations. The Companies Ordinance deals with corporate liquidation and receivership, and the Companies Act handles corporate reorganization. While certain provisions appear in all three Acts, other provisions appear only in one or two of them. The subject of executory contracts is one of the main matters with respect to which the three Acts differ. The Bankruptcy Ordinance (Pkudat Pshitat Ha-Regel) and the Companies Ordinance (Pkudat Ha-Havarot) address the issue of executory contracts within the context of onerous property. As a result, this legislation covers only the ability of the trustee to release the estate from burdensome, unprofitable contracts.