Dissertations / Theses on the topic 'Insolvency legislation'

Bill C-55 proposes amendments to the Canadian Bankruptcy and Insolvency Act and the Companies' Creditors Arrangement Act tailored on the procedural framework contemplated by the UNCITRAL Model Law on Cross-Border Insolvency. This thesis demonstrates that implementation of these amendments will bring Canadian insolvency law into closer---but by no means complete---alignment with the doctrine of modified universalism reflected in the Model Law. To this end, the thesis undertakes an analysis of the different theoretical approaches to cross-border insolvency, shows the importance of instrument choice in determining the level of global harmonization attained, and reviews recent projects of harmonization. This is followed by a close comparative analysis of the extent of compliance of the provisions of Bill C-55 with the Model Law, an analysis that demonstrates the shortcomings of model laws and, somewhat paradoxically, their important role and function in eventually bringing about global legal harmonization.

This thesis is an analysis of the bank insolvency process in Canada. The phenomenon of bank bailouts is examined and three possible rationale for bailouts are put forth. The conclusion is reached that bank bailouts can be justified on the basis of these rationale, and, therefore, that bank insolvency legislation should recognize the bailout process and provide an adequate and appropriate framework for this process. Three recent bank failures, Canadian Commercial Bank, Northland Bank and the Bank of British Columbia, are discussed, with particular emphasis on the different bailout tools used by the government in each case. These case studies are used as a framework within which to assess current Canadian bank insolvency legislation. The conclusion is reached that the legislative framework is inadequate to deal effectively with bank insolvency. By examining the American approach to bank insolvency and two recent Canadian studies on the subject, a model for reform is proposed. The model contemplates a more highly-structured legislative framework, with broad powers granted to the deposit insurer to implement a bailout in circumstances which justify this form of government intervention. Finally, this model is used as a basis on which to evaluate recent financial sector reform initiatives made by the federal government.
Law, Peter A. Allard School of
Graduate

This doctoral submission represents over ten years of focused research that has resulted in a unique collection of academic and professional articles. The epithet "unique" is adopted to reflect that over those years this area of study has been relatively untouched by other academic researchers. This submission presents a total of eight academic and seven professional journal publications that chronicle the major output of numerous research projects undertaken between 1992 and 2002. The publications adhere to a central aim - to investigate the practical use and complex interactions between stakeholders of the individual insolvency rescue vehicle the Individual Voluntary Arrangement (IVA). The research projects employed a variety of relevant methodologies to populate an emerging conceptual model of the prime factors affecting the incidence, usage and outcomes of IVA cases. The first five articles report and develop the data collected during the various projects. The articles build on each other, analysing results and comparing these with previous studies to underline reliability in the data. The final three articles draw threads from the research data and develop the conceptual model further. As a research progression this submission contains all of the necessary ingredients of a doctoral thesis. It focuses on a discrete body of knowledge, builds on a conceptual model, gathers valuable data and tests it, draws strong conclusions and, finally, establishes and contributes new theory in this area of study.

Thesis (LLM)--Stellenbosch University, 2015
ENGLISH ABSTRACT : The Companies Act 71 of 2008 introduces a completely new system for the regulation of distributions by a company to its shareholders. The preferred method for protecting the interests of creditors in distributions is now based on a solvency and liquidity test. Regrettably, the provisions setting out the requirements for distributions on the one hand and the solvency and liquidity test on the other have been poorly drafted. This thesis first explains and then applies an innovative interpretation theory to these provisions with a view to piecing together coherent content. The thesis finds that creative interpretations will not suffice in various places, meaning that substantive revision is required. The thesis concludes with brief amendment proposals and accompanying commentary.
AFRIKAANSE OPSOMMING : Die Maatskappywet 71 van 2008 bied ‘n radikaal nuwe sisteem vir die regulering van uitkerings van 'n maatskappy aan sy aandeelhouers. Die voorkeur metode om die belange van skuldeisers in uitkerings te beskerm, is nou op ‘n solvensie- en likwiditeittoets gebaseer. Ongelukkig is die wetlike bepalings wat die vereistes vir uitkerings aan die een kant uiteensit, en die solvensie en likwiditeit toets aan die ander kant, swak opgestel. Hierdie tesis verduidelik eerstens die bepalings, en pas dan 'n innoverende interpretasie teorie op hierdie bepalings toe, met die doel om 'n samehangende inhoud daar te stel. Die tesis bevind dat kreatiewe interpretasies op verskeie plekke nie voldoende sal wees nie. Dit beteken dat substantiewe hersiening noodsaaklik is. Ten slotte bied die tesis kortliks wysigings-voorstelle met meegaande kommentaar.

This article addresses the issue referred to the permanent concern over the debate about adjustment that national bankruptcy systems should have to adapt to the needs of the users, in this case, companies in difficulties, creditors, employeesand others.In the case of Peru, the author indicates the analysis of the benefits of the reform introduced in August 2015 regarding the Bankruptcy System. Despite this, the reform is minimal as to provide appropriate proposals and solutions to the underlying problems. Therefore, the bankruptcy system is not developed asa complete and efficient system for market agents.
El presente artículo aborda la temática referida a la permanente preocupación respecto del debate sobre el ajuste que los sistemas concursales nacionales deben tener para adecuarse a las necesidades de los usuarios, en este caso, empresas en dificultades, acreedores, trabajadores y otros. En el caso de Perú, se plantea el análisis de los beneficios que introdujo la reforma de agosto 2015 respecto del Sistema Concursal. Pese a esto, la reforma queda corta en cuanto a aportar propuestas o soluciones adecuadas a los problemas de fondo. Por ello, el Sistema Concursal no termina de cuajar como un sistema completo y eficiente para los agentes del mercado.

In 2005 the Constitutional Court was faced with a challenge on the infringement of section 26 of the Constitution which provides for the right to housing, in sales in execution. The court had to determine whether selling a debtor's home for a trifling debt would be justifiable. However, the decision of the court brought about many questions if such a similar case was to be brought under insolvency law. The South African system provides little or no protection for debtors who may find themselves in a situation where they are unable to pay their debts and stand to lose their homes. The court provided guidelines that should be taken when a home of the debtor is to be sold thus preventing a blanket ban. The approach taken by the courts ensure that both the debtor and creditors interests are taken into account in order to reach a just and equitable decision. Many factors have to be considered such as interests of children, creditors and any other dependants in the case of one facing sequestration and the possibility of the home being sold. However, South African law does not provide for formal protection of the debtor's home unlike in other jurisdictions such as the United States of America and England. These jurisdictions have either provided for exemption or protection laws through legislation in which such laws provide for a debtor's fresh start. International human rights also have to be taken into account thus the need for updated legislation that conform to the values entrenched in the Constitution. The English system developed its legislation to provide for home protection through case law, a similar approach of which could be taken by South Africa to bring the insolvency law up to date. There is need for our insolvency legislation to provide for clearer guidelines that enable a debtor to have a fresh start in life at the same time ensuring that creditors' rights are not infringed on. The English system aims to provide for such balance as it provides for protection for a limited duration of time unless if the value of the home is of a low value then it is exempt. The South African courts have also considered the creditor's interests were the home is subject to security as there is re luctance on providing that such property be exempt or protected. The sanctity of a contract has to be honoured.
Dissertation (LLM)--University of Pretoria, 2012.
Mercantile Law
unrestricted

LL.M. (Commercial Law)
When a debtor runs into financial problems and starts neglecting to satisfy his financial obligations as and when they fall due, there are various statutory procedures or remedies available to both the debtor and his creditor(s). The first and most obvious remedy available to the creditor is to demand the satisfaction of the outstanding claim by the issuance of a letter of demand, followed by a summons and subsequent court proceedings in which the creditor will claim what is due to him. If the debtor still neglects to satisfy the judgement debt, the creditor may proceed to have the judgement enforced by means of a warrant of execution in terms of which the debtor’s property will be attached and be sold at a public auction. Another procedure that is available is for either party to apply for a sequestration order in terms of the Insolvency Act.3 The Insolvency Act provides for two ways in which a debtor’s estate may be sequestrated. These two ways have their own separate requirements. The two ways are: 1. Voluntary surrender; and 2. Compulsory sequestration.

The Insolvency Act 24 of 1936 regulates the debtor’s estate when sequestrated for the benefit of creditors. The debtor must prove that sequestration will be to the advantage creditors and as such creates a stumbling block in the way of the debtor when applying for the voluntary surrender of his estate. Sequestration is viewed as a drastic measure due to the consequences attached to it. The sequestration procedure is often used by debtors as a form of debt relief as, subsequent to the sequestration procedure, the debtor may become rehabilitated. The effect of rehabilitation is that it discharges the debtor of all pre-existing debts and disabilities resulting from sequestration. Compulsory sequestration is often used as a debt relief measure by the debtor in the form of the so-called ‘friendly sequestration’. One of the reasons for this is that the onus of proof is much less burdensome as compared to the onus required in voluntary surrender by the debtor of his estate. South African law provides for alternative debt relief measures falling outside the scope of the Insolvency Act, including debt rearrangement in terms of section 86(7)(b) or debt restructuring in terms of section 86(7)(c) as a result of debt review in terms of the National Credit Act 34 of 2005 (NCA). However this procedure does not offer the debtor the opportunity of any discharge from his debts as the order expires only after the administration costs and all of the listed creditors have been paid in full. Further the NCA does not mention the Insolvency Act and this has led to problems in the application of both Acts and inconsistencies between them. An application for debt review by the debtor has been held to constitute an act of insolvency. Thus the creditor can use this very act of the debtor to have the debtor’s estate sequestrated. This is possible as an application for the sequestration of the debtor’s estate is not considered to be an enforcement of a debt by legal proceedings for the purposes of section 88(3) of the NCA and such actions by the creditor are not prohibited by the NCA. This was stated in Investec Bank Ltd v Mutemeri 2010 (1) SA 265 (GSJ) and was subsequently confirmed by Naidoo v ABSA Bank 2010 (4) SA 597. The consequence of this is that a debtor’s estate may be sequestrated even where he has applied for debt review. Currently, as stated by Van Heerden and Boraine, there is no explicit regulation by the legislature of the interaction between the provisions of theInsolvency Act and the NCA. In terms of FirstRand Bank v Evans 2011 (4) SA 597 (KZD) a debtor’s estate may be sequestrated even after a debt rearrangement order has been confirmed by a court in terms of the NCA. This clearly operates to the disadvantage of a debtor. Comparing the position with that in foreign jurisdictions such as the United States of America and England and Wales shows a lack of balance between the interests of the creditor and the debtor. South African insolvency law is not aligned with internationally acceptable standards because it is too creditor orientated and debtors are not provided with effective remedies to deal with their financial difficulties. This research paper will focus on reform in South African law to assist debtors in need of debt relief. There is a need for a system to be put into place to regulate application for debt review by a debtor and the application for the sequestration of the debtor’s estate by the creditor. In addition there is a need for the introduction of new legislation or amendment to the NCA which could be effective in redressing the current situation.
Thesis (LL.M.)-University of KwaZulu-Natal, Durban, 2013.

Orientação: José Lebre de Freitas
Esta dissertação de mestrado (1), foi elaborada segundo as normas A.P.A. (2), e tem como principal objectivo analisar a recuperação do devedor insolvente, singular e colectivo, quer no actual Código da Insolvência e da Recuperação de Empresas (3-4), quer no programa Revitalizar (5). A ideia fundamental desta análise, a um tema ainda tão actual teve origem com a crise económica/financeira que assola o país, e com o aumento de pessoas (singulares e colectivas) em regime de insolvência, de forma a «fugirem» às suas dívidas. Esse aumento de insolvências, levantou diversas questões que irei tentar responder ao longo desta dissertação, nomeadamente: como se pode recuperar um devedor insolvente? Como o actual CIRE ainda se encontra desactualizado do contexto social e económico dos nossos dias, será o Programa Revitalizar uma boa solução para a recuperação do devedor insolvente?
This master thesis, was elaborated according to the A.P.A standards, and has as main objective the recovery of the debtor insolvent analysis, singular and collective, either in the current code of insolvency and corporate recovery or in the program to revitalize. The fundamental idea of this analysis, a topic still so current originated with the economic/financial crisis ravaging the country, and with the increase of persons (natural and legal persons) in insolvency regime, in order to «flee» to their debts. This increase in insolvencies, raised several questions that I will try to answer over the course of this essay, namely: How can we retrieve a debtor insolvent? As the current CIRE is still outdated social and economic context of our days, the program will Revitalize a good solution for the recovery of the insolvent debtor?

THE TITLE OF THE DIPLOMA THESIS AND ABSTRACT TITLE: Transaction Avoidance in Insolvency Proceedings Comparison of Czech and British Legislation ABSTRACT: The general goal of transaction avoidance in insolvency proceedings is to prevent the adverse effects of economic entity's collapse that might be multiplied both by an interest of the collapsing entity to dispose the residual property to connected or associated subjects and by a plurality of creditors with conflicting interests and logical motivation not to be subjected to the mandatory rules of the insolvency proceedings. The current attitude and status of Czech legislation and jurisprudence to transaction avoidance is affected by the fact that within the socialism (and the related decadence of jurisprudence) this legislation could not sufficiently evolve which resulted in a situation that Czech legislation is currently dealing with multiple theoretical and practical deficiencies that neighboring legal systems have dealt with many decades ago. The main goal of this theses is to provide thorough analysis of both Czech and (with regards to the content limit of this theses) also the British legislation and to point out the most crucial deficiencies in Czech legislation and possible inspiration in the British legislation. The theses is divided into four...

This thesis considers the typical structure and requirements of a traditional securitisation scheme in South Africa. The models used in other jurisdictions cannot be applied unchanged in South Africa. South African securitisation structures make use of a security special purpose vehicle (SPV), because of uncertainties about the provisions of the Companies Act 61 of 1973 relating to the trustee for debenture-holders. An evaluation of the functioning of a security SPV leads to the conclusion that a trustee for debenture-holders should still be appointed within the security SPV structure to represent the interests of the investors. The trust for debenture-holders can be a true trust. The use of general notarial bonds over claims, pledges of claims and fiduciary security cession is examined to determine the effectiveness of each one during securitisation. Aspects of several Acts, Notices and other regulatory measures are considered where they are relevant to securitisation. Of specific importance is the Exemption Notice Relating to Securitisation Schemes, 2008. The Notice requires that both rights and obligations of the originator must be transferred to the SPV. The requirement that the obligations of the originator must be transferred leads to the conclusion that the Notice requires a transfer of claims by means of cession and a transfer of duties by means of delegation. For several reasons, delegation is not a suitable method of transfer during securitisation. Foremost among these reasons is that delegation is a form of novation, which means that the claims cease to exist and are replaced with new claims between the debtors and the SPV. Security rights that were accessory to these claims will then also cease to exist. The amendment to the Notice is recommended so that transfer of claims by means of cession will suffice for compliance with the Notice. The South African courts‘ approach to simulated transactions is evaluated to determine the possibility that the sale of the assets to the SPV may be viewed as a simulated transaction. This thesis evaluates the provisions in insolvency law that could be raised to impeach the sale of the assets in the event of the originator‘s insolvency. The risk of avoidance of the transaction on either ground is small.
Mercentile Law
L.L.D. (Mercentile Law)

This thesis offers a comparative study of Chinese and the U.S. legislations on the issue of cross-border insolvency. China has included one article concerning this issue in its Enterprise Bankruptcy Law promulgated in 2006. Four years after that, when facing a real case, it is found that the legislation is too preliminary to be used. In the meantime, great efforts have been made among many western countries in order to promote international cooperation on this issue. The United States is one of the most active countries. This thesis analyzes the Chinese version of cross-border insolvency legislation, factor by factor. It also does case study of mostly U.S. cases and some other countries’ cases and tries to find out how the courts interpret the corresponding factors. In doing so, it hopes to improve the Chinese legislation by taking international experience as reference.

博士
國立臺北大學
法律學系一般生組
102
Insolvency system refers to “faillite”, applied in negative explanations in legal system. Insolvency system creditor-debtor law means governmental relief to debtors on the economical crisis. Enterprises insolvency means enterprises which have liabilites on finance and law for unable to reimbursement as credit expired and enterprises unable to continue business activities. Enterprises may have no chance to restart once in insolvency system. Financial institutions insolvency means defective financial institutions will not integrate relevant issues of preserving financial institutions only by functions of financial process. Meanwhile, in passive is to protect depositors or investors and in positive, is to prevent systematic risks and public benefit disappear in order to sound financial system. Besides dropout market, defective financial institutions process also has early correction and early warning system as mentioned preventive supervision system as development recently. On the other hand, process legal system enclosed will have passive function which pushes defective financial institutions quit market and positive functions to rebuild and react business so deduct the financial risk. Accordingly, after totally review, business reform system and bankruptcy legal system is not efficient for present economical develop so urgent case is to refer outsider experience such as UN relevant draft, to rebuild enterprises and financial institutions for strengthen defective corporate and financial institutions exit mechanism. Therefore, the core is re-analysis of reform and bankruptcy legal system, meanwhile the amendment of combination for compliance with enterprises and financial institutions exit system. Generally issues based on financial risk and supervision to analysis and combine follow items such as enterprises and financial institutions process law and present relevant legal system to strengthen supervision law as the conclusion. Therefore, processing legal system as the economical and financial system, is guiding the cooperation and financial institutions exit market mechanism. Enterprises processing includes “reform”, “bankruptcy”, liquidation”, “special liquidation” etc. As to global legal system, the mainstream is Unicode for processing system, such as US“Bankruptcy Reform Act of 1978“ Besides, international organizations intend to combine “bankruptcy” and“reform” in single code and in generalizes, the reform belongs to bankruptcy, despite no uniform rules. However, another legislation is use separate rules for different systems to confirm practicing, such as ROC Bankruptcy Law includes bankruptcy, Company Law has reform section and similar legislation in Japan such as Bankruptcy law, Civil Recreation Law, Corporate Reorganization Act, liquidation section in Corporate Act. Either Bankruptcy or reform system, the initiate point is based on insolvency or relevant application so the authority and courts have similarity procedure and decision to deal with issues. Therefore, after result papers of Bankruptcy Reform System or Insolvency Regime published, the single code of bankruptcy and reform may be the final result and furthermore, The Legislative Yuan Republic of China will announce the draft of Insolvency Act as the base for enterprises reform.

South African company law has provided for the rescue of financially distressed companies since 1926 when the statutory procedure of judicial management was introduced by the Companies Act 46 of 1926. Unfortunately, judicial management has never been regarded as a successful corporate rescue procedure and for most of its existence it has been severely criticised on many grounds. The Companies Act 61 of 1973 that replaced the Companies Act 46 of 1926 did very little to improve this situation and judicial management remained underutilised. As a result, the Companies Act 71 of 2008 now introduces two newly-created corporate rescue procedures in the form of business rescue proceedings and the compromise with creditors. This study analyses judicial management and the new corporate rescue procedures to establish whether the identified weaknesses of judicial management have been adequately and effectively addressed in the new procedures. A comparative study with similar procedures in England and Germany is undertaken to determine whether the South African legislature has delivered on its promise to create a system of corporate rescue that will meet the needs of a modern South African economy. Several weaknesses in the new procedures are identified and a number of recommendations are made to improve the relevant provisions and to assist in providing South African company law with an efficient and acceptable corporate rescue regime.
Mercentile Law
LLD (Mercentile Law)

Criminal activity is mapped in this thesis, which subjects can commit in connection with insolvency proceedings. Czech Criminal Code No. 40/2009 Coll. lays down a total of six crimes, while the Swedish Criminal Code (Brottsbalk) has seven such crimes. The current legal regulation of bankruptcy offenses in the Czech Republic is analyzed in the theoretical part. In the practical part, the foreign legislation is analyzed and several proposals de lege ferenda are set on the basis of this analysis.