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Journal articles on the topic 'Bankruptcy and receivership of settlement companies'
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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.
3
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.
9
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.
11
Pratiwi, Agustina Ni Made Ayu Darma, and Putu Sekarwangi Saraswati. "TINJAUAN YURIDIS UNDANG-UNDANG NOMOR 34 TAHUN 2004 TENTANG KEPAILITAN DAN PKPU MENGENAI PKPU DALAM HAL DEBITUR PAILIT DIMASA COVID 19." Media Keadilan: Jurnal Ilmu Hukum 12, no. 1 (April 29, 2021): 60. http://dx.doi.org/10.31764/jmk.v12i1.4197.
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ABSTRACTDuring this pandemic, many aspects felt the impact of COVID 19, the economic aspect. Many companies have experienced losses from closing to bankruptcy and even bankruptcy. There are several ways that debtors can do so that they do not go bankrupt, one of which is by postponing debt payment obligations (PKPU). Therefore the author raises issues related to the delaying payment scheme for debtors' debt obligations to creditors during the pandemic. The research methodology is normative juridical because, in this problem, there are empty norms. Using a statue approach, a case approach, a historical approach, a comparative approach, and a conceptual approach. Data analysis techniques are descriptive techniques, interpretation techniques, evaluation techniques, and argumentation techniques. The results show that PKPU will result in restructuring, while bankruptcy will end in settlement (sale and asset distribution) of the debtor. PKPU is not intended for the benefit of the debtor only but also for the creditor's interest. PKPU is a deliberation between debtors and creditors to find the best solution for both, which the court supervises. The debtor can improve his financial position and submit a peace plan to pay off the debt. Therefore, it is hoped that the implementation of PKPU can help companies avoid the word bankruptcy and rise from the downturn caused by COVID 19.Keyword: Bankrupt; PKPU; Covid 19. ABSTRAKPada masa pandemi ini begitu banyak aspek yang merasakan dampak dari COVID 19 ini, salah satunya aspek ekonomi. Banyak perusahaan yang mengalami kerugian dari tutup hingga gulung tikar bahkan pailit. Ada beberapa cara yang dapat dilakukan debitur agar tidak pailit yaitu salah satunya dengan melakukan penundaan kewajiban pembayaran utang (PKPU), oleh sebab itu penulis mengangkat permasalahan terkait skema penundaan pembayaran kewajiban hutang debitur kepada kreditur dimasa pandemi. Metodologi penelitian adalah yuridis normatif, karena dalam permasalahan ini terdapat norma kosong. Menggunakan pendekatan Undang-Undang (statue approach), pendekatan kasus (case approach), pendekatan historis (historical approach), pendekatan komparatif (comparative approach), dan pendekatan konseptual (conceptual approach). Teknik analisis data yaitu dengan teknik deskripsi, teknik interprestasi, teknik evaluasi, dan teknik argumentasi. Hasil penelitian bahwa, PKPU akan menghasilkan restrukturisasi, sedangkan kepailitan akan berakhir pada pemberesan (penjualan dan pembagian asset) debitur. PKPU tidak dimaksudkan untuk kepentingan debitur saja, melainkan juga kepentingan kreditur. PKPU merupakan musyawarah antara debitur dengan kreditur untuk mencari solusi terbaik bagi keduanya, yang diawasi oleh pengadilan, sehingga debitur mampu memperbaiki posisi keuangannya dan mengajukan rencana perdamaian untuk membayar hutang. Oleh karena itu, diharapkan dengan dilakukannya PKPU dapat membantu perusahaan terhindar dari kata pailit dan dapat bangkit dari keterpurukan yang disebabkan oleh COVID 19 ini.
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NESKORODIEVA, Inna, Volodymyr RODCHENKO, Olena PARKHOMENKO, Yuliia KVITKA, and Anton KVITKA. "DETERMINATION THE SYSTEM OF FACTORS DEVELOPING COMMERCIAL MEDIATION IN UKRAINE." Ukrainian Journal of Applied Economics 4, no. 4 (October 30, 2019): 60–69. http://dx.doi.org/10.36887/2415-8453-2019-4-7.
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Introduction. Business environment functions according to peculiar laws and rules. That constantly accompanied by commercial risks, setbacks and a variety of conflicts. Failure to resolve and exacerbate conflicts in the business environment threatens to cause unforeseen losses of expected profits, cash or property, bankruptcy, debt growth and more. Therefore, the threat of adverse effects of commercial conflicts, the issue of implementation and development of business mediation is relevant as a rapid method of conflict resolution on terms of mutual agreement of the parties' interests in view of the lengthy terms of court proceedings. The purpose of the article is to scientifically substantiate the approach to systematization and prioritization of factors of business mediation development in the current conditions of economic development of Ukraine as a method of successful non-judicial settlement of commercial conflicts. Results. In September 2019, 326 senior and middle managers of Ukrainian companies have surveyed to identify key factors for the development of mediation in the business environment in Ukraine in order to resolve commercial conflicts. It is established that business representatives need immediate practical implementation of business mediation, but at the same time, there is low awareness of Ukrainian entrepreneurs about the existence of a mediation institute, its principles and the procedure for conducting it. Using the principal component method (factor analysis), the factors component composition of business mediation development in modern conditions of Ukrainian economy development has been determined. The hierarchical structure of factors for the business mediation development as an effective institution for resolving commercial conflicts has been determined by calculating the variance percentage. It is determined that the factors of business mediation development are formed by 32,4% of the potential level by calculating the integral indicator. Conclusions. The following system of key factors of business mediation development in modern conditions has been determined on the empirical research basis: the factor of institutional development; education factor; psychological factor and efficiency factor. The most destructive influence on the business mediation development is played by the retarded factors of institutional development and education. These research results can be used in the state strategy setting of business mediation development in Ukraine. The identified system of factors can serve as a guideline for the introduction of the necessary state measures for the non-judicial settlement development of commercial conflicts in the business environment in Ukraine, and determining the priority of their implementation. Keywords: business mediation, business environment, commercial conflicts, factors of development, non-judicial conflict resolution.
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Dixon, Olivia C., Colin Feasby, and Jung Lee. "Recent Judicial Decisions of Interest to Energy Lawyers." Alberta Law Review, December 5, 2018, 479. http://dx.doi.org/10.29173/alr2511.
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This article summarizes a number of recent judicial decisions of interest to energy lawyers. The authors review and comment on the past year’s case law in several areas including contractual interpretation, employment and labour law, Aboriginal law, constitutional law, intellectual property, bankruptcy and insolvency, and selected developments relating to summary judgments. Specific topics addressed include the appropriate standard of review, workplace drug and alcohol testing policies, appellate intervention in commercial arbitration, the appropriateness of granting summary judgments, valuation of dissenting shareholders’ shares, a duty to consult, the applicability of municipal bylaws when they conflict with federal legislation, and the rights and obligations of oil and gas companies placed into receivership. For each case, some background information is given, followed by a brief explanation of the facts, a summary of the decision, and commentary on the outcome.
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Yusman, Yusman, Annissa Rezki, and Nur Rohim Yunus. "The Role of Workers Unions in the Effort to Fight for the Rights and Obligations of Workers in Companies Declared Bankrupt In Indonesia." JOURNAL of LEGAL RESEARCH 3, no. 2 (April 28, 2021). http://dx.doi.org/10.15408/jlr.v3i2.20513.
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A trade union is a group of workers who band together to promote, protect, and improve their members' social, economic, and political interests through collective action. A trade union is a workers' organization formed with the goal of defending the destinies of workers. In the world of work, there are two parties, namely workers and employers. Workers/laborers as citizens have equal position in the law, the right to get a decent job and livelihood, express opinions, gather in one organization, and establish and become members of a trade/labor union. The right to freedom of association has also been recognized by the international community. Settlement of disputes between business actors cannot be separated from the application of business ethics which is an inseparable part of the business law environment and business practices itself. This writing uses a qualitative methodology, which in its translation will make it easier for the writer to analyze and convey the intent and purpose of writing that has been adjusted to the author's background and goals.Keywords: Labor Union, Bankruptcy, Labor, Public Company (PT)
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Ismail, Audaraziq, Eva Achjani Zulfa, Yutcesyam Yutcesyam, and Fatiatulo Lazira. "Gugurnya Hak Menuntut Terhadap Korporasi Akibat Pailit." JISIP (Jurnal Ilmu Sosial dan Pendidikan) 5, no. 3 (July 16, 2021). http://dx.doi.org/10.36312/jisip.v5i3.2191.
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Prosecution is basically an action by the public prosecutor to delegate a criminal case to the competent District Court so that it is examined and decided by a judge in a court session. With regard to prosecution, Article 109 of the Criminal Procedure Code states that there are 3 reasons for stopping prosecution, namely that an event is not a criminal act, there is not enough evidence collected by investigators to prove the fulfillment of the elements in a criminal act and for the sake of law. The Criminal Code, First, with regard to the application of the principle of ne bis in idem. Second, if the Defendant dies, Third, Expires, Fourth, Settlement outside the court, Article 82 of the Criminal Code has described if an offense is threatened with a fine only, then prosecution can be avoided by paying the maximum fine directly. Against corporations, prosecution is limited by a number of provisions, in this case also including when the corporation is bankrupt. That as a result, if the entire corporate assets are included in the bankruptcy code, there will be a transfer of corporate licenses and an impact on the liquidation process. Thus, based on the provisions of Article 142 paragraph (1) of Law no. 40 of 2007 concerning Limited Liability Companies, the corporation is dissolved. Thus, the prosecution of the bankrupt corporation can be dropped.