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Journal articles on the topic 'Conversion of the recovery in bankruptcy'

Author: Grafiati

Published: 4 June 2021

Last updated: 3 February 2022

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1

Cepec, Jaka, and Peter Grajzl. "Debt-to-equity conversion in bankruptcy reorganization and post-bankruptcy firm survival." International Review of Law and Economics 61 (March 2020): 105878. http://dx.doi.org/10.1016/j.irle.2019.105878.

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2

Donovan, John, Richard M. Frankel, and Xiumin Martin. "Accounting Conservatism and Creditor Recovery Rate." Accounting Review 90, no. 6 (January 1, 2015): 2267–303. http://dx.doi.org/10.2308/accr-51045.

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ABSTRACT We examine the relation between accounting conservatism and creditor recovery rates for firms in default. We also test the link between conservatism and the length of bankruptcy resolutions. We find that creditors of firms with more conservative accounting before default have significantly higher recovery rates, and that this positive relation is more pronounced for default firms that violated covenants before the default. We also find that conservative firms have higher asset productivity, shorter bankruptcy resolution, and a significantly higher probability of emerging from bankruptcy. These results suggest that accounting conservatism preserves firm value, leading to higher creditor recovery upon borrower default. JEL Classifications: M4; G32; G33; G34.

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3

Prescott, Damien. "Recovery as Conversion." Lonergan Review 5, no. 1 (2014): 168–71. http://dx.doi.org/10.5840/lonerganreview20145110.

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4

Garrett, Thomas A., and Howard J. Wall. "PERSONAL-BANKRUPTCY CYCLES." Macroeconomic Dynamics 18, no. 7 (March 11, 2013): 1488–507. http://dx.doi.org/10.1017/s1365100512001058.

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This paper estimates the dynamics of the personal-bankruptcy rate over the business cycle by exploiting large cross-state variation. We find that bankruptcy rates are significantly above trend during a recession and rise as a recession persists. After a recession ends, there is a hangover in which bankruptcy rates begin to fall but remain above trend for several more quarters. Recovery periods see a strong bounce-back effect, with bankruptcy rates significantly below trend for several quarters. Despite the significant increases in bankruptcies during recessions, the largest contributor to rising bankruptcies during these periods has tended to be the longstanding upward trend.

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5

Thorburn, Karin S. "Bankruptcy auctions: costs, debt recovery, and firm survival." Journal of Financial Economics 58, no. 3 (December 2000): 337–68. http://dx.doi.org/10.1016/s0304-405x(00)00075-1.

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6

Wang, Wei. "Recovery and Returns of Distressed Bonds in Bankruptcy." Journal of Fixed Income 21, no. 1 (June 30, 2011): 21–31. http://dx.doi.org/10.3905/jfi.2011.21.1.021.

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7

Suo, Wulin, Wei Wang, and Amber Qi Zhang. "Explaining Debt Recovery Using an Endogenous Bankruptcy Model." Journal of Fixed Income 23, no. 2 (September 30, 2013): 114–31. http://dx.doi.org/10.3905/jfi.2013.23.2.114.

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8

Gareev, A. R. "FINANCIAL RECOVERY PROCEDURES FOR ENTERPRISES IN RUSSIA: SUGGESTED IMPROVEMENTS OF EFFICIENCY." Strategic decisions and risk management, no. 2 (October 25, 2014): 80–85. http://dx.doi.org/10.17747/2078-8886-2013-2-80-85.

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We provide the analysis of the practice of rehabilitative bankruptcy procedures in Russia, describe the main causes of the ineffectiveness of such procedures and propose the possible improvements concerning the institutional environment of the rehabilitation proceedings of bankruptcy and monitoring the financial condition of companies.

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9

Mironova, A. N. "RUSSIAN EXPERIENCE OF FINANCIAL RECOVERY PROCEDURE IN THE CASES OF BANKRUPTCY." Strategic decisions and risk management, no. 4 (October 26, 2014): 52–57. http://dx.doi.org/10.17747/2078-8886-2012-4-52-57.

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The analysis of financial recovery, the least studied bankruptcy procedure, based on pre-selected statistics of court practice on insolvency (bankruptcy). Used the results of research aimed at identifying the main problems of practical implementation of financial recovery procedures and the search for possible ways to resolve them.

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10

Bahrick, Harry P. "A speedy recovery from bankruptcy for ecological memory research." American Psychologist 46, no. 1 (1991): 76–77. http://dx.doi.org/10.1037/0003-066x.46.1.76.

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11

Tsai, Bi-Huei. "STUDY OF THE IMPACT OF INTERNATIONAL FINANCIAL CRISIS ON TAIWAN’S GAME INDUSTRY AND INVESTORS." International Journal of Management, Innovation & Entrepreneurial Research 4, no. 2 (October 23, 2018): 13–18. http://dx.doi.org/10.18510/ijmier.2018.422.

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Purpose of study: This study investigates the change of stock returns during the Lehman Brother’s announcement of bankruptcy in 2008 for the Taiwanese listed video game companies. We further explore the change of stock returns for the Taiwanese listed video game companies after Taiwan’s economy recovers from Lehman Brother’s bankruptcy. Methodology: This study utilizes the event study method to statistically test abnormal returns so as to understand whether the Lehman Brother’s bankruptcy-related event affects stock prices and whether securities prices reflect Lehman Brother’s bankruptcy-related information. Main Findings: The results show a significant negative abnormal rate during Lehman Brother’s declaration of bankruptcy on Sep. 15, 2008. Investors were affected by the financial crisis caused by Lehman Brother’s bankruptcy and fully reflected on the stock prices of that day. In addition, our results show that video game companies have significantly positive returns when most Taiwanese electronics firms stop no-pay leave on March 31, 2009. It represents investors were encouraged by this information and fully reflected on the stock prices. Implications: The results support the efficient market hypothesis. The pattern of CARs experiences a constant increase and displays the apparent price rise during the announcement of no-pay leave stop. The positive abnormal returns are accompanied by the economic recovery. Originality/Novelty: This investigation for the first time chooses the stop of no-pay leave as the indicator of economic recovery from financial crisis. Our analysis novel explores the impact of the financial crisis and the economic recovery on the game industry simultaneously and the results show significantly different market reactions between the occurrence of the financial crisis and economic recovery.

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12

Kochetkov, E. P. "Corporate recovery in bankruptcy procedures: Essence, methodology for justification, forms and criteria for recovery." Financial Analytics: Science and Experience 12, no. 1 (February 28, 2019): 38–56. http://dx.doi.org/10.24891/fa.12.1.38.

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13

McDaniel, Jennifer S. "I’m a Conduit, You’re Glue, Funds Flow Through Me and Stick to You." Texas A&M Law Review 3, no. 3 (May 2016): 639–61. http://dx.doi.org/10.37419/lr.v3.i3.6.

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Freight factoring companies provide much-needed cash flow and additional services to trucking companies. The trucking company sells its accounts receivable, or invoices, at a discount to the freight factoring company and receives an advance of funds in exchange. The freight factoring company will then begin collecting on these invoices from the trucking company’s customers, or debtors. When a debtor sends funds to a freight factoring company, it is paying for the services rendered by the trucking company. As such, the freight factoring company is obligated to apply the funds it receives to its client’s invoices in accordance with remittance attached to the debtor’s payment. When a debtor files bankruptcy, the bankruptcy trustee seeks to recover as much property as possible for the bankruptcy estate. Thus, it is not uncommon for freight factoring companies to find that funds it received from a debtor may be subject to a preferential claim under Bankruptcy Code section 547 for recovery by the bankruptcy estate. However, there is a judicially created exception from recovery called the mere conduit defense. This Comment explores the origins of that defense, its application in cases involving banks as financial intermediaries and as payees on loans, and advocates that freight factoring companies should be viewed as mere conduits in bankruptcy preference claims.

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14

Rudakova, O. YU, and T. A. Rudakova. "Financial recovery as bankruptcy proceedings or result of her conduct." Strategic decisions and risk management, no. 3 (September 3, 2017): 30–35. http://dx.doi.org/10.17747/2078-8886-2017-3-30-35.

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The article considers the problems of financial recovery as a bankruptcy procedure, presents an analysis of the results of its implementation in Russia for 2014-2016. The factors that determine the feasibility of introducing are considered, a recommendations aimed at improving its effectiveness are proposed.

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15

Katz, Steven, Steven Lilien, and Bert Nelson. "Stock Market Behavior Around Bankruptcy Model Distress and Recovery Predictions." Financial Analysts Journal 41, no. 1 (January 1985): 70–74. http://dx.doi.org/10.2469/faj.v41.n1.70.

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16

Alferov, V. N. "IMPROVING THE MECHANISMS OF PRE-TRIAL FINANCIAL RECOVERY OF DEBTORS UNDER THE CONTROL OF CREDITORS." Strategic decisions and risk management, no. 4 (October 26, 2014): 68–73. http://dx.doi.org/10.17747/2078-8886-2012-4-68-73.

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In law enforcement challenge in the case of bankruptcy of the debtor payments in the performance of obligations under the loan agreements arise cases which may lead to complication and expensive credit borrowers. The work considers the causes of default by the debtor during the insolvency and foreign experience in crisis management under the control of the lender, which is proposed to use in the Russian legislation on bankruptcy in order to pre-trial financial rehabilitation of debtors.

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17

Cook, Gary A. S., Naresh R. Pandit, and David Milman. "A resource-based analysis of bankruptcy law, SMEs and corporate recovery." International Small Business Journal: Researching Entrepreneurship 30, no. 3 (July 7, 2011): 275–93. http://dx.doi.org/10.1177/0266242611407409.

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18

Couwenberg, Oscar, and Abe de Jong. "Costs and recovery rates in the Dutch liquidation-based bankruptcy system." European Journal of Law and Economics 26, no. 2 (July 10, 2008): 105–27. http://dx.doi.org/10.1007/s10657-008-9058-6.

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19

Poliakov, R. B. "FORMATION OF THE BANKRUPTCY PROCESS (BANKRUPTCY PROCEEDINGS) AND ITS DEVELOPMENT IN THE 1990s IN INDEPENDENT UKRAINE." Economics and Law, no. 3 (October 22, 2020): 27–33. http://dx.doi.org/10.15407/econlaw.2020.03.027.

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The article is devoted to the formation and development of the competitive process in independent Ukraine, namely in the 90s of the twentieth century, during its economic downturn. The normative legal acts of that period, which regulated the insolvency relations and the corresponding Explanations of the Supreme Arbitration Court of Ukraine, are studied. It is emphasized that the first act of the competitive process of independent Ukraine — the Bankruptcy Law at 1992, proved to be very simple to solve the problems of insolvency of large industrial enterprises. The author accentuates that this law in its essence resembled the competitive process of the XIX century, where there was only a liquidation procedure. The lack of a full-fledged financial recovery procedure, traditional measures of the bankruptcy process, a professional arbitration manager and legal deadlines for the regulation of bankruptcy proceedings led to litigation and unjustified liquidation of strategic industrial enterprises for the state. It is argued that the purpose of the Explanations of the Supreme Arbitration Court of Ukraine dated 18.11.1998 was to increase the efficiency of the law itself, mitigate the negative consequences of its application, resolve problems of simultaneous settlement of commercial disputes in litigation with consideration of monetary claims of creditors in bankruptcy proceedings. The important points of this Clarification are emphasized concerning the application of procedural norms, the legal status of the participants in the case, the structure and content of the application for initiating bankruptcy proceedings, the functions of the court, the work of the liquidation commission, etc. It is noted that the Clarification not only facilitated the work of arbitration courts and participants in the bankruptcy proceedings, but also allowed to properly understand the essence of the bankruptcy process itself, previously unknown to the legal science of Ukraine. It is argued that the Bankruptcy Law at 1999 was of revolutionary significance for the development of the bankruptcy process in Ukraine. He significantly intensified the activities of arbitration courts. Significantly increased the number of bankruptcy cases initiated by debtors, including large industrial enterprises. In many cases, the courts began to apply reorganization and amicable agreement procedures. There are differences between the Bankruptcy Laws at 1992 and 1999, in particular in their direction. As a result of the study, the author concludes that the benefits provided by the Bankruptcy Law of 1999 could be used by debtors in respect of whom cases were initiated under the "old" version of the Law. The activities of arbitration managers allowed to maximize the efficiency of the bankruptcy procedure in terms of financial recovery of debtors and repayment of creditors’ claims.

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20

Чегар, Бобана. "Нужност ефикаснијег вођења стечајног поступка у функцији опоравка привреде // The necessity of introducing a more efficient bankruptcy procedure as a function of economic recovery." ACTA ECONOMICA 12, no. 20 (February 6, 2014): 261. http://dx.doi.org/10.7251/ace1420261c.

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Резиме: Стечајни поступак је нешто с чим се сусрећу све привреде, али ефикасност његовог вођења није иста код свих. Ефикасност стечајног поступка може се мјерити узимајући у обзир три фактора: трајање, трошкове и исход. С обзиром да једно предузеће не може да послује са самим собом, финансијске неприлике у којем се нађе осјетиће се и код других предузећа. Зато је оправдано стечајни поступак посматрати у функцији опоравка привреде, јер се може завршити реорганизацијом, а не само банкротством (ликвидацијом).Рад је подијељен у три дијела. У првом дијелу укратко се даје теоријско објашњење стечајног поступка и начин његовог функционисања. Приказане су и најважније законске и рачуноводствене одреднице стечајног поступка и дефинисање реорганизације. Други дио заснива се на анализи садашњег стања ефикасности стечајног поступка, док је у посљедњем дијелу дат приједлог мјера за његово ефикасније вођење.Summary: Bankrupt process is something that all economic encounter, but efficiency in leading such processes is not everywhere the same. The efficiency of bankruptcy proceedings can be measured by taking in account three factors: duration, cost and outcome. Since one company can not conduct business with itself the financial problems it falls in will have impact on other companies. Therefore it is reasonable to observe bankruptcy procedures as a function of economic recovery, because it can end up by reorganisation, not just bankruptcy (liquidation).The work is divided in three parts. The first part gives a brief theoretical explanation on bankruptcy procedures and how it operates. Displayed are the most important legal and accounting determinates of bankruptcy procedure and defines reorganiсatio. The second part is based on the analysis of the present state of the bankruptcy proceedings. While the last part gives proposal measures for an efficient introduction.

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21

Kochetkov, E. P. "THE ANTI-CRISIS RESTRUCTURING OF THE ORGANIZATION IN A JUDICIAL REGIME: A METHODOLOGY DEVELOPMENT PLAN TO RESTORE SOLVENCY." Strategic decisions and risk management, no. 4 (October 25, 2014): 66–73. http://dx.doi.org/10.17747/2078-8886-2013-4-66-73.

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The method of developing a rehabilitation plan of insolvent company used in the course of judicial business restructuring in bankruptcy proceedings is offered. It's justified the need to develop such plan as a key factor in improving rehabilitation bankruptcy procedures and the role of tactics restore the solvency in frame of overall strategy of the organization. The definition of the recovery process solvency of the organization ensuring the preservation of its business from destruction is made.

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22

Nishi, Hirofumi, and S. Drew Peabody. "The information content of stock prices after bankruptcy." Managerial Finance 45, no. 9 (September 9, 2019): 1166–82. http://dx.doi.org/10.1108/mf-01-2019-0005.

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Purpose The purpose of this paper is to investigate if the volatility of stock prices in the days surrounding the Chapter 11 bankruptcy process predicts a firm’s likelihood to successfully restructure and emerge from bankruptcy. Design/methodology/approach The authors use a sample of Chapter 11 cases between 1980 and 2016 that have available stock price data surrounding the bankruptcy filing dates. Following Goyal and Wang (2013), the KMV–Merton model is utilized to estimate the probability that a firm successfully emerges from its restructuring process. In order to interpret the market’s assessment about a firm, the authors use the analogy of a European call option to derive the assessment of the firm’s prospects as the probability that it will emerge from bankruptcy. This estimated probability of emergence is compared to actual outcomes of bankruptcy cases and tested for significance using various regression techniques. Findings This study exploits the information found in stock prices surrounding the bankruptcy process and finds that volatility after, but not before, filing for bankruptcy significantly predicts a firm’s likelihood to emerge. In addition, the market-based probability of emergence has better predictive power on the recovery rates of unsecured creditors than measures based on financial statements. Originality/value Predictors of bankruptcy have been extensively studied by scholars over the decades, with early studies focusing on accounting-based measures and recent studies incorporating market-driven variables. However, in recent years, studies have begun to assess bankrupt firms’ ability to reorganize and successfully emerge from bankruptcy. This study contributes to the recent literature investigating market-based predictors of successful emergence.

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23

Chang, Yuanchen, Yi‐Ting Hsieh, Wenchien Liu, and Peter Miu. "Intra‐industry bankruptcy contagion: Evidence from the pricing of industry recovery rates." European Financial Management 26, no. 2 (June 3, 2019): 503–34. http://dx.doi.org/10.1111/eufm.12217.

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24

Artemenko, D. A., and S. A. Shishkov. "ANALYSIS OF EFFECTIVENESS OF MEASURES FOR PREVENTING INSOLVENCY (BANKRUPTCY) OF CREDIT ORGANIZATIONS." Scientific bulletin of the Southern Institute of Management, no. 4 (December 30, 2017): 34–39. http://dx.doi.org/10.31775/2305-3100-2017-4-34-39.

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The article examines the effectiveness of existing measures to prevent insolvency (bankruptcy) of credit institutions, which are provided by the Federal Law “On Insolvency (Bankruptcy)", the directions of their development and problematic aspects. Separate analysis of the effectiveness of the State Corporation “Deposit Insurance Agency" as one of the key participants in the process of preventing bankruptcy of banks and their financial recovery. A statistical analysis has been performed on the number of bankruptcy cases initiated, the procedures performed, and the results of these procedures in recent years. A comparative analysis of the applied methods and procedures is also carried out depending on the goals of the legislator. This discloses the issue of maintaining a balance of interests among participants in the insolvency (bankruptcy) process of credit institutions. The issue of expediency of creation of the Fund of consolidation of the banking sector is raised. Partly examined are its tasks, resources, powers. Features of the prevention of bankruptcy of financial organizations are noted. The current practice of sanation is described, as well as proposals of the Central Bank of the Russian Federation to change it. The issue of the need to improve international regulation and cooperation between the countries in the issues of insolvency (bankruptcy) of banks as a consequence of their enlargement and increasing the importance for the stable functioning of both national and global economies is touched upon.

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25

Koraev, Konstantin Borisovich, Tatyana Klavdievna Primak, Oleg Antonovich Zayachkovsky, Andrey Borisovich Khvostov, and Igor Sergeevich Sorokin. "The legal regulation of a debtor’s solvency extrajudicial restoring under the russian legislation." LAPLAGE EM REVISTA 7, Extra-C (June 21, 2021): 57–71. http://dx.doi.org/10.24115/s2446-622020217extra-c985p.57-71.

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Modern bankruptcy laws of most countries are mainly focused on the financial recovery of an insolvent debtor, and not its liquidation. In the legal regulation of extrajudicial restoration of solvency is given a higher priority than judicial procedures. This article examines the Russian bankruptcy law, the norms of which regulate extrajudicial restoration of the debtor's solvency. The analysis is conducted considering the economic content of the financial rehabilitation relationship, which must first of all be taken into account in the legislative work.

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26

Bendix, D., and D. Hebecker. "ENERGY RECOVERY FROM WASTE AND PLASMA CONVERSION." High Temperature Material Processes (An International Quarterly of High-Technology Plasma Processes) 7, no. 4 (2003): 435–54. http://dx.doi.org/10.1615/hightempmatproc.v7.i4.20.

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27

Li, Chao, Yuanyuan Gong, Yang Wang, Guizhou Xu, Ruixue Chu, Yaojin Wang, and Feng Xu. "Heat Recovery Assisted by Thermomagnetic-Electric Conversion." ACS Applied Electronic Materials 2, no. 4 (March 8, 2020): 1048–54. http://dx.doi.org/10.1021/acsaelm.0c00073.

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28

FUNAHASHI, Ryoji. "Recovery of Waste Heat by Thermoelectric Conversion." Hyomen Kagaku 34, no. 4 (2013): 210–12. http://dx.doi.org/10.1380/jsssj.34.210.

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29

Nosan, N. "The role of banks’ financial recovery in the context of increasing public confidence in banking system of Ukraine." Galic'kij ekonomičnij visnik 66, no. 5 (2020): 113–19. http://dx.doi.org/10.33108/galicianvisnyk_tntu2020.05.113.

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The role of reorganization measures in improving the financial condition of troubled banks in Ukraine in order to increase public confidence in banking system is investigated in this paper. It is noted that instability of the banking system of Ukraine reduces the liquidity of banking institutions, can result in bankruptcy. The application of ineffective rehabilitation tools can lead to the institution dissolution. It reduces the level of public confidence in banking system of Ukraine. Five main factors of the low level of public confidence in banking system of Ukraine (massive bank closing, low financial literacy of the significant part of people, «shadowing» of the national economy, lack of effective rehabilitation mechanisms due to absence of comprehensive management policy, macroeconomic instability) are presented.The peculiarities of the bank's bankruptcy, the reasons for the deterioration of solvency in comparison with other business structures are considered. The main methods of financial recovery of commercial banks in order to prevent loss of solvency and bankruptcy in Ukraine are considered. It is noted that the bank's reorganization mechanism should provide not only direct reorganization measures, but also comprehensive diagnosis of insolvency and bankruptcy, timely detection of insolvency risk. The main disadvantages of the current practice of reorganization, particularly, the peculiarities of meeting the needs of the bank's clients since the recognition of its financial insolvency are considered. The main measures for the improvement of financial mechanism of bank rehabilitation increasing confidence in the banking system of Ukraine as a whole (formation of banking consortia, improvement of competence and skills of the bank temporary administration, detailed development of the legal mechanism of practical rehabilitation measures implementation, involvement of the representatives of the Deposit Guarantee Fund into the process of troubled banks search and carrying out reorganization measures, development of the program of informing the population about actions in emergency situations by the Deposit Guarantee Fund) are proposed.

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30

Radziviliuk, V., and R. Poliakov. "COMPETITIVE PROCESS DEVELOPMENT IN UKRAINE IN THE 2000s." Bulletin of Taras Shevchenko National University of Kyiv. Legal Studies, no. 114 (2020): 38–43. http://dx.doi.org/10.17721/1728-2195/2020/3.114-9.

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The article deals with the chronology of the legal regulation for bankruptcy in Ukraine at the stage of its economic recovery, clarifies the essence of its elements, as well as the effectiveness of the entire legal mechanism and its individual components. The authors pay attention to the legal regimentation of the bankruptcy procedure and to the legal acts that regulate its implementation. The main novelties and shortcomings of these acts and their impact on law enforcement practice and on the economy as a whole are highlighted. The article considers the approaches of the legislator to the settlement of the legal status of creditors, their representative bodies, the arbitration managers, as well as the implementation of certain court procedures applied to the debtor at different stages of bankruptcy legislation development. It was found that the Bankruptcy Law, as amended in 2002, became one of the driving forces of Ukraine's economic growth. It is determined that the Recommendations of Supreme Economic Court of Ukraine have highlighted one of the key provisions (principles), in particular the priority of the Bankruptcy Law over other legal acts and the latter can be applied in insolvency as much as necessary and possible. It is substantiated that the Bankruptcy Law, as amended in 2011, contained both the development of judicial practice as well as revolutionary provisions and the achievement of technical progress in the field of the Internet, which contributed to bringing the bankruptcy proceedings to a higher level. It is argued that a number of provisions of this law were used in the preparation of the Commercial and Procedural Code of Ukraine and the Civil Procedural Code of Ukraine. It is determined that a number of the most important provisions of the legislation of the period under study were not reflected in the latest bankruptcy legislation, in particular: clear conditions for initiating bankruptcy proceedings; variety of bankruptcy procedures applied to debtors with legal personality; indefinite circle of subjects of bankruptcy and those persons who are not included in the named circle.

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31

James, Christopher, and Atay Kizilaslan. "Asset Specificity, Industry-Driven Recovery Risk, and Loan Pricing." Journal of Financial and Quantitative Analysis 49, no. 3 (March 13, 2014): 599–631. http://dx.doi.org/10.1017/s0022109014000143.

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AbstractThis paper examines the relationship between a firm’s exposure to industry downturns that we call industry risk and bank loan pricing. We measure industry risk based on the relationship between a firm’s stock returns and industry returns conditional on an industry downturn. We find industry risk is significantly related to the recovery rates in bankruptcy and the likelihood of the firm experiencing financial distress when its peers are also in distress. More importantly, we find that the spreads on unsecured bank loans are positively related to industry risk measures. These relationships are stronger for firms with more industry-specific assets.

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32

Precourt, Elena, and Henry Oppenheimer. "Analyst ratings for firms filing for and reorganizing under Chapter 11." Review of Accounting and Finance 16, no. 3 (August 14, 2017): 303–21. http://dx.doi.org/10.1108/raf-01-2016-0002.

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Purpose The purpose of this paper is to examine analyst followings of firms starting from one year prior to their filing for Chapter 11 and as the firms progress through bankruptcy proceedings with a focus on firms receiving “Hold” or better recommendations. The authors attempt to answer questions such as what the common characteristics of the firms receiving stronger than expected recommendations one year prior to filing for bankruptcy reorganization or while in bankruptcy are, and how the market reacts to the issuance of stronger ratings for those firms. Design/methodology/approach The authors design various regressions and apply them to a total of 2,754 sell-side analyst recommendations and 325 firms that are either approaching bankruptcy filing or in the process of reorganizing. In each analysis, the authors control for several firm and performance characteristics. Findings The authors find that the probability of securing stronger ratings is higher for small firms and for those followed by a greater number of analysts than for large firms and firms followed by fewer analysts. The market becomes more skeptical of optimistic evaluations closer to the date of bankruptcy filing (perhaps reflecting some anticipation) and reacts more positively to rating upgrades issued during bankruptcy protection than to the upgrades issued before the bankruptcy filing. Research limitations/implications The conclusions are based on the analysis of analyst recommendations issued shortly before Chapter 11 filings and during bankruptcy proceedings. The conclusions could be strengthened by further analysis of firms’ post-bankruptcy recovery and performance and examination of analyst recommendations issued for the firms after they emerge from Chapter 11.. Practical implications Analyst security ratings that are more positive than expected are perhaps the result of superior expertise and access to private information. During bankruptcy proceedings, when information disclosure is limited, investors could greatly benefit from reports issued by security analysts. Originality/value This study contributes to the literature in a number of ways. First, the authors contribute to the literature on the analyst ratings of firms in distress by considering the period between bankruptcy filing and emergence, while the existing literature provides analysis of pre-bankruptcy recommendations and forecasts. Second, the authors focus on better than expected ratings rather than all types of ratings as the firms approach bankruptcy filings and proceed through reorganization. Finally, they evaluate how investors react to stronger than expected analyst ratings.

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33

BELOUSOV, Andrei L. "Restoring the financial health of debtors: Changing approaches in the legislation." Economic Analysis: Theory and Practice 20, no. 5 (May 28, 2021): 959–71. http://dx.doi.org/10.24891/ea.20.5.959.

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Subject. The article considers the development of the institution of bankruptcy in the context of the emerging legal environment in this area. Objectives. The focus is to study the development of relations in the bankruptcy sphere in the Russian Federation that relate to inefficient procedures aimed at the financial recovery of business entities, and to formulate the main directions for further changes in the legal regulation of this area. Methods. The study employs research methods, like logical and structural analysis, systems and functional approach, the formal legal method. Results. The paper reveals the essence, specific features and legal regulation of bankruptcy, assesses the regulatory enforcement based on the existing law on insolvency, formulates the key problems of the law enforcement practice of business entities that has been formed over the past 20 years, defines further directions of changes in the legal regulation of bankruptcy relations in the Russian Federation. Conclusions. Changing the approaches to the current bankruptcy system in favor of expanding the application of rehabilitation procedures for restoring the solvency of debtors will enable to support businesses that are in difficult financial situation. This will result in preservation of employment, increased tax revenues to budgets at various levels, improved competitiveness of Russian businesses. The findings may be useful in terms of theory, for the study of issues relating to the concept, essence and legal regulation of the institution of bankruptcy in the Russian Federation, and in practice, for developing proposals to improve regulations in this sphere.

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34

Potgieter, M. "Recovery of uranium from nuclear conversion plant waste." Journal of the Southern African Institute of Mining and Metallurgy 117, no. 8 (2017): 785–92. http://dx.doi.org/10.17159/2411-9717/2017/v117n8a9.

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35

Hwang, Ho-Young. "Optical Internet Recovery using Partial Wavelength Conversion Nodes." Journal of the Institute of Webcasting, Internet and Telecommunication 12, no. 3 (June 30, 2012): 83–88. http://dx.doi.org/10.7236/jiwit.2012.12.3.83.

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36

Rose, Susan D. "Telling Lives: Trauma-Recovery and Christian-Conversion Narratives." Journal of Religion & Abuse 4, no. 2 (March 2002): 33–68. http://dx.doi.org/10.1300/j154v04n02_03.

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37

Коваленко, Т. О. "ДЕФЕКТИ ПРАВОВОГО РЕГУЛЮВАННЯ БАНКРУТСТВА СУБ'ЄКТІВ АГРАРНОГО ПІДПРИЄМНИЦТВА." Наукові праці Національного університету “Одеська юридична академія” 15 (May 30, 2019): 168–75. http://dx.doi.org/10.32837/npnuola.v15i0.371.

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У статті досліджено особливості законодавчого регулювання підстав, умов і порядку банкрутства сільськогосподарських підприємств та фермерських господарств після викладення Закону України «Про відновлення платоспроможності боржника або визнання його банкрутом» у новій редакції 2011 р.; виявлено юридичні дефекти правового регулювання й запропоновано шляхи їхньої мінімізації. In the article the peculiarities of legislative regulation of the grounds, conditions and procedure of bankruptcy of agricultural enterprises and farms after the presentation of the Statute of Ukraine "On recovery of debtor's solvency or recognition of its bankruptcy" as amended 2011, have been investigated; legal defects of legal regulation were detected and ways to minimize them were justified.

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38

Neilands, R. "Fictitious employment contracts in loan recovery processes in Latvia." SHS Web of Conferences 40 (2018): 01005. http://dx.doi.org/10.1051/shsconf/20184001005.

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Latvia from 2008 till 2013 experienced serious financial crisis. The results of the crisis were significant financial loss in banking area, plenty of foreclosures, plenty of corporate and private bankruptcy processes. One of issues Latvia faced in the foreclosure proceedings was the reaction of debtors – some of them used all possible means (including illegal) to obstruct foreclosure. One of such means is a conclusion of fictitious employmentcontracts on the mortgaged real estate maintenance and later obtaining a court judgment on a wage recovery. The aim of the paper is to research how fictitious employmentcontracts are used and to propose a solution for the fictitious labour agreements issue. Methods of qualitative research were employed in the paper – comparative method, analytic method, inductive method, and deductive method.

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39

Boughanmi, Afef, and Nirjhar NIGAM. "A Survey of Corporate Bankruptcy Reforms: Lessons to Be Learnt for Worldwide Good Practices." European Journal of Interdisciplinary Studies 3, no. 3 (May 19, 2017): 7. http://dx.doi.org/10.26417/ejis.v3i3.p7-21.

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Recent years have witnessed a phenomenal upsurge in the number of corporate bankruptcies. The vulnerabilities which were lying dormant within contemporary bankruptcy regimes suddenly became apparent, causing concerns within the international corporate community. Consequently, researchers, practitioners and policy makers from all over the world got actively engaged in emphasizing the importance of efficient bankruptcy reforms for promoting rescue culture. The primary objective of an insolvency framework should be to provide quick, transparent and cost effective solutions for the resolution of financial distress and promotion of a synergetic environment conducive for the proliferation of healthy debt repayment practices, increased trust factors between creditors and debtors and a better survival rate for viable businesses. In this paper we present a qualitative review of various insolvency reforms introduced in nearly 189 economies over a decade (2005 to 2015), for the efficient resolution of financial distress. For data collection purpose, we use World Bank Database from Doing Business Reports (2005-2015). We provide latest data on the recovery rates, costs, time for resolution based on recent statistics (until June 2015). Finally, we present a list of most popular reforms in bankruptcy and also when possible the effect of their application. This is one of the comprehensive surveys on worldwide corporate bankruptcy reforms. *

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Boughanmi, Afef, and Nirjhar NIGAM. "A Survey of Corporate Bankruptcy Reforms: Lessons to Be Learnt for Worldwide Good Practices." European Journal of Interdisciplinary Studies 8, no. 1 (May 19, 2017): 7. http://dx.doi.org/10.26417/ejis.v8i1.p7-21.

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Recent years have witnessed a phenomenal upsurge in the number of corporate bankruptcies. The vulnerabilities which were lying dormant within contemporary bankruptcy regimes suddenly became apparent, causing concerns within the international corporate community. Consequently, researchers, practitioners and policy makers from all over the world got actively engaged in emphasizing the importance of efficient bankruptcy reforms for promoting rescue culture. The primary objective of an insolvency framework should be to provide quick, transparent and cost effective solutions for the resolution of financial distress and promotion of a synergetic environment conducive for the proliferation of healthy debt repayment practices, increased trust factors between creditors and debtors and a better survival rate for viable businesses. In this paper we present a qualitative review of various insolvency reforms introduced in nearly 189 economies over a decade (2005 to 2015), for the efficient resolution of financial distress. For data collection purpose, we use World Bank Database from Doing Business Reports (2005-2015). We provide latest data on the recovery rates, costs, time for resolution based on recent statistics (until June 2015). Finally, we present a list of most popular reforms in bankruptcy and also when possible the effect of their application. This is one of the comprehensive surveys on worldwide corporate bankruptcy reforms. *

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41

Szpulak, Aleksandra. "Assessing the Financial Distress Risk of Companies Operating Under Conditions of a Negative Cash Conversion Cycle." e-Finanse 12, no. 4 (June 27, 2017): 72–82. http://dx.doi.org/10.1515/fiqf-2016-0009.

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Abstract The purpose of the paper is to point out the accounting-based variables and relationships between them which enable us to measure financial liquidity in a way appropriate for assessing the financial distress risk of companies operating under conditions of a negative Cash Conversion Cycle (CCC). Contrary to the mainstream literature on bankruptcy predictions, mainly based on data modelling nested in statistics, in this article the approach is taken on modelling the bankruptcy process relevant for companies operating under conditions of negative CCC. The applied research methodology adopts Monte Carlo simulations based on a spreadsheet financial model of company operations built to simulate operating cash inflows and outflows generated by companies operating under negative CCC (following a methodology of a spreadsheet approach to financial modeling and risk analysis given by Charnes (2007)). To define financial liquidity measures the concept of Net Liquid Balance (Shulman & Cox, 1985) and cash investment in Operating Working Capital (Szpulak, 2014) is applied. The results enable us to overcome the insufficiency of existing financial liquidity indicators for assessing the financial distress of companies operating under conditions of negative CCC. The additions to theory and practice consist of theoretical underpinnings of a financial distress mechanism possible for companies operating under conditions of negative CCC and definition of financial liquidity measures relevant for these companies.

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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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Achard, Paolo Olimpia, Massimiliano Fabbricino, and Luca d'Antonio. "Global Resources, Recovery, Reuse, Recycling and Conversion in Italy." Journal of Solid Waste Technology and Management 39, no. 4 (February 1, 2014): 260–74. http://dx.doi.org/10.5276/jswtm.2013.260.

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Su, Minhua, and Kaimin Shih. "2012 Project Resource Recovery, Reuse, Recycling and Conversion (PR4C)." Journal of Solid Waste Technology and Management 40, no. 1 (February 1, 2014): 1–9. http://dx.doi.org/10.5276/jswtm.2014.1.

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45

Cienciała, Michał, Andrzej Kaźmierczak, Konrad Krakowian, and Tomasz Błasiński. "OPPORTUNITIES OF EXHAUST HEAT RECOVERY AND CONVERSION TO ELECTRICITY." Journal of KONES. Powertrain and Transport 20, no. 4 (January 1, 2015): 63–70. http://dx.doi.org/10.5604/12314005.1137389.

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46

Sato, Toshiaki, Hideo Mitamura, Yasuo Kurita, Akiko Takeshita, Kaori Shinagawa, Shunichiro Miyoshi, Hideaki Kanki, et al. "Recovery of electrophysiological parameters after conversion of atrial fibrillation." International Journal of Cardiology 79, no. 2-3 (July 2001): 183–89. http://dx.doi.org/10.1016/s0167-5273(01)00419-3.

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47

Li, Nan, Yuxuan Wan, and Xin Wang. "Nutrient conversion and recovery from wastewater using electroactive bacteria." Science of The Total Environment 706 (March 2020): 135690. http://dx.doi.org/10.1016/j.scitotenv.2019.135690.

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48

Bryant, Richard A., and Pritha Das. "The neural circuitry of conversion disorder and its recovery." Journal of Abnormal Psychology 121, no. 1 (2012): 289–96. http://dx.doi.org/10.1037/a0025076.

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49

Geiger, Marshall A., K. Raghunandan, and Dasaratha V. Rama. "Recent Changes in the Association between Bankruptcies and Prior Audit Opinions." AUDITING: A Journal of Practice & Theory 24, no. 1 (May 1, 2005): 21–35. http://dx.doi.org/10.2308/aud.2005.24.1.21.

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The intense legislative and media scrutiny after a series of high-profile corporate failures, coupled with the paradigm shift in the regulation of the auditing profession brought forth by the Sarbanes-Oxley Act, suggests that auditors' decisions would be more conservative in the period after December 2001. Based on analyses of 226 financially stressed companies that entered bankruptcy during the period from 2000 to 2003, we find that auditors are more likely to issue going-concern modified audit opinions in the period after December 2001. Since the post-December 2001 period coincides with recovery from a recession in the U.S., we also examine prior audit opinions for 93 companies entering bankruptcy in 1991 and 1992. We find that auditors were also more likely to issue prior going-concern modified audit opinions in 2002–03 than in the earlier recession recovery period. Following the technique used in Francis and Krishnan (2002), we document that the increase in going-concern modification rates for bankrupt companies after December 2001 is due to changes in auditor reporting decisions and not solely due to differences in client characteristics between the time periods studied.

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50

Kalchenko, Olha. "САНАЦІЯ ЯК СПОСІБ ЗАПОБІГАННЯ БАНКРУТСТВУ ПІДПРИЄМСТВ." PROBLEMS AND PROSPECTS OF ECONOMIC AND MANAGEMENT, no. 1(21) (2020): 220–28. http://dx.doi.org/10.25140/2411-5215-2020-1(21)-220-228.

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Given the instability of the political and economic situation, which negatively affects solvency of domestic enterprises and threatens their bankruptcy, issues of financial recovery of economic entities are now becoming particularly relevant. Within the article, importance of the reorganization of enterprises in the context of ensuring their financial stability, liquidity and solvency in crisis conditions is considered; it is proved that reorganization is an objective necessity of market management; it is complex and covers financial, production, organizational and social aspects of the enterprise operation. Theoretical approaches to the definition of reorganization are studied; the author's vision of this term is substantiated, the main purpose of reorganization of enterprises is defined. A statistical analysis of the state of bankruptcy proceedings and the effectiveness of its procedure during 2011 – 2019 is carried out.

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