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Journal articles on the topic 'The insolvency practitioner'
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1
Cooper, Neil. "A perspective from a UK insolvency practitioner." International Insolvency Review 4, S1 (March 1995): 30–35. http://dx.doi.org/10.1002/iir.3940040307.
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Gaboardi, Marcello. "The Role of Consent in European Cross-Border Insolvency Proceedings: The Unilateral Undertaking under Article 36 EIRR." Global Jurist 21, no. 2 (March 16, 2021): 417–46. http://dx.doi.org/10.1515/gj-2020-0002.
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Abstract Properly balancing between public and private interests is one of the most significant and complex challenges presented by modern insolvency law. The European Union insolvency law has recently embraced that challenge, by reinforcing the role that private actors, such as creditors and stakeholders, are called upon to play within the context of insolvency proceedings. That approach to insolvency has gradually reduced the impact of public actors, such as judges and public officers, in managing the debtor’s financial difficulties. The individual consent seems to be the new way of facing the debtor’s insolvency. First, this Article examines the role of individual consent in insolvency proceedings in terms of economic efficiency. It focuses on the tendency to favor agreements between the debtor and creditors or the insolvency practitioner in several European legal systems when they increase the likelihood to produce efficient results for both the parties. The second part of this Article focuses on the European Regulation on cross-border insolvency proceedings no. 848/2015. I offer some critical thoughts about the unilateral undertaking under article 36 of the European Regulation. It represents a relevant means of managing the debtor’s cross-border insolvency through an agreement between the insolvency practitioner in the main insolvency proceedings and local creditors in order to avoid the opening of inefficient secondary proceedings.
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Baliura, Anna. "Peculiarities of court proceedings in insolvency cases under the laws of the Federal Republic of Germany." Law Review of Kyiv University of Law, no. 1 (April 15, 2020): 407–11. http://dx.doi.org/10.36695/2219-5521.1.2020.80.
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The present article represents the results of the analysis of the German model of court proceedings in insolvency cases. In particular, within the framework of our research we have analysed specific aspects of the use of terminological apparatus, inter alia, we have traced the differences of the use of terms ‘insolvency’ and ‘bankruptcy’ under the laws of Germany. Besides, the article covers jurisdiction rules in insolvency cases and provides key characteristics of enforcement proceedings in respective cases. The present article contains in-depth analysis of criteria for recognition the debtor’s insolvency, namely, inability to pay, threatening inability to pay and over-indebtedness. During our research we have also identified and analysed legislative grounds for rejection of the debtor’s or creditors’ application initiating insolvency proceedings.
Further, the article clearly indicates the functions and powers of the court, as well as the rights and obligations of the parties at each stage of court proceedings in insolvency cases, notably, imposition by the court of security measures, namely, appointment of insolvency practitioner and restriction of the right to dispose of the debtor’s property, adoption or rejection by the court of insolvency recovery plan submitted by the debtor or appointed insolvency practitioner. This article also highlights time frames for realization of the above-mentioned rights and obligations and for the entire insolvency proceedings itself.
The article reflects evolution of German court’s approach to foreign proceedings in insolvency cases, as well as to decisions of foreign courts in case of this category from total non-recognition to recognition and incorporation of respective rules into the legislation of Germany on cross-border insolvency. The evolution in question is sustained by glaring court practice in this regard.
The present article provides quantitative conclusions on peculiarities of the entire insolvency system of Germany and, particularly, of German model of court proceedings in insolvency cases.
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van Dijck, Gijs, Ruben Hollemans, Monika Maśnicka, Catarina Frade, Lorenzo Benedetti, Lucilla Galanti, Paula Fernando, et al. "Insolvency judges meet strategic behaviour: A comparative empirical study." Maastricht Journal of European and Comparative Law 27, no. 2 (March 30, 2020): 158–77. http://dx.doi.org/10.1177/1023263x20906669.
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This article reports the results of a comparative empirical legal study that analyzed (1) strategic behaviour by actors in insolvencies that is salient to insolvency judges and (2) how insolvency judges respond to such behaviour. After examining four different European countries, namely Italy, the Netherlands, Poland, and Portugal, the study reveals how differences regarding case allocation, judge – insolvency practitioner (IP) interaction, and remuneration and case financing can result in strategic behaviour on both the side of the judges and the IPs. From this, it follows that improving the efficiency and effectiveness is not merely a matter of implementing legislation and case law, but that it also requires a look into the dynamics between insolvency judges, IPs, and other actors in the insolvency process.
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DUMITRU-NICA, Maria, and Camelia IGNATESCU. "REPLACING THE CULPABLE INSOLVENCY PRACTITIONER ACCORDING TO LAW NO 85 per 2014- ROMANIAN CODE OF INSOLVENCY." European Journal of Law and Public Administration 2, no. 3 (December 30, 2015): 63–76. http://dx.doi.org/10.18662/eljpa/2015.0203.06.
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Sproge, Daiga. "The Debtor’s Property Selling in the Cross-Border Insolvency Proceedings." Economics and Culture 13, no. 1 (June 1, 2016): 76–87. http://dx.doi.org/10.1515/jec-2016-0010.
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Abstract The title of this research is “The debtor’s property selling in the cross-border insolvency proceedings”. The insolvency proceeding gets the cross-border status also in case, if a debtor is an owner of the property outside of the main interests’ centre, namely, in another country. Therefore, there are many problematic cases when insolvency administrator (also called insolvency practitioner) defines the real estate in this other country and has to make a decision concerning the methods of selling the real estate in accordance with the law of the Member State in which territory the insolvency proceedings have been started. At the same time, the administrator shall provide that the property is sold in particular with regard to procedures for the realization of assets defined in the legislation of that country, where such real estate has been located. The article’s aim is to give a view of the features of the sale of the property in the insolvency proceedings and to define the possible lack and improvements in the cross-border insolvency concerning the selling of a debtor’s property. The European Parliament and the Council of the European Union has adopted Regulation (EU) 2015/848 of 20 May 2015 on Insolvency proceedings, which shall apply from 26 June 2017, with some exceptions Despite the regulation of the cross-border insolvency has been improved, the procedure of the property disposal is still incomplete in the cross-border insolvency proceedings. Within the study the following research methods are applied: the analytical method, comparative method, sociological method and descriptive method. The predicted value of the research is theoretical and also practical. The research should be useful for the insolvency proceedings administrators, the companies and the banks, other experts involved in the cross-border insolvency proceedings, as well as for students to improve their theoretical knowledge about the cross-border insolvency.
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STEELE, Stacey, Meng Seng WEE, and Ian RAMSAY. "Remunerating Corporate Insolvency Practitioners in the United Kingdom, Australia, and Singapore: The Roles of Courts." Asian Journal of Comparative Law 13, no. 1 (December 18, 2017): 141–72. http://dx.doi.org/10.1017/asjcl.2017.20.
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AbstractInsolvency practitioner remuneration is a vexed topic globally and the role of courts in fixing and reviewing remuneration is controversial. This article compares the approaches adopted by the courts in the United Kingdom, Australia and Singapore to the issue of fixing and reviewing corporate insolvency practitioners’ remuneration. The analysis considers the factors that the courts in the three jurisdictions consider in deciding remuneration claims including reasonableness, proportionality and the need for insolvency practitioners to justify their claims. Measures taken in each of the jurisdictions to facilitate predictability in time-based remuneration, whether through legislation, professional codes or judicial development, are examined. Various initiatives towards greater participation of external experts in deciding remuneration claims are also considered. The analysis finds that the three jurisdictions share some similarities despite jurisdictional differences but also differ in some important aspects. The article argues that courts have taken the initiative in each jurisdiction to fill a perceived regulatory gap where legislation provides little or ambiguous guidance, or where the judiciary believes that legislation and regulation have not kept up with community expectations. The results also highlight the cross-pollination of ideas in these jurisdictions.
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Dickfos, Jennifer. "The Costs and Benefits of Regulating the Market for Corporate Insolvency Practitioner Remuneration." International Insolvency Review 25, no. 1 (July 15, 2015): 56–71. http://dx.doi.org/10.1002/iir.1239.
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Paterson, Sarah. "Reflections on English Law Schemes of Arrangement in Distress and Proposals for Reform." European Company and Financial Law Review 15, no. 3 (November 9, 2018): 472–502. http://dx.doi.org/10.1515/ecfr-2018-0015.
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The English scheme of arrangement process has, in many ways, proved a reliable friend to distressed companies and their majority finance creditors in the decade following the financial crisis. However, experience of using the scheme process to achieve a debt restructuring has highlighted a number of areas where it could be improved for the present, or to make it more adaptable in the future. This article was written at a time when the Insolvency Service had launched a review of the corporate insolvency framework in the UK (and published many of the responses which it has received to the consultation), and the European Commission had published a proposal for a new Directive setting minimum harmonisation standards for restructuring law. Both the consultation and the proposal have significant implications for the reform agenda, and the Government has published its response to the UK consultation just as this article is going to press. This paper focuses on the introduction of a preliminary moratorium as a gateway to restructuring efforts, the crucial question of how to value the enterprise if a cram down mechanism is introduced and the role of the insolvency practitioner in the scheme context.
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Barton QC, Zoë, and Tara Taylor. "Insolvency within your trust: bankrupt settlors, insolvent companies and insolvent trusts." Trusts & Trustees 26, no. 5 (June 1, 2020): 445–55. http://dx.doi.org/10.1093/tandt/ttaa026.
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Abstract Anecdotally at least, there seems to be a trend towards increased litigation involving insolvency practitioners pitted against trustees. This article considers the so-called ‘insolvent trust’ and the challenges these present to their trustees, with particular reference to the Z Trust litigation. It goes on to discuss certain claims that may be faced by insolvent settlors and companies involving the adjustment of antecedent transactions for the benefit of creditors, and how trustees can protect themselves in the face of such claims.
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Krüger, Josef GA. "Restructuring of Insolvent Corporations in Canada." Potchefstroom Electronic Law Journal/Potchefstroomse Elektroniese Regsblad 13, no. 3 (June 19, 2017): 1. http://dx.doi.org/10.17159/1727-3781/2010/v13i3a2650.
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This paper gives a very general outline of the formal restructuring of insolvent corporations in Canada. For a South African audience, it is important to understand that in Canada a distinction is made between an "insolvent person" and a "bankrupt". A "bankrupt" means a person who has made an assignment into bankruptcy (voluntarily), or against whom a bankruptcy order has been made. An "insolvent person" means a person who is not bankrupt and who resides, carries on business or has property in Canada, whose liabilities to creditors amount to $1 000, and who is for any reason unable to meet his obligations as they generally become due, or who has ceased to pay his current obligations in the ordinary course of business as they generally become due, or the aggregate of whose property is not, at a fair valuation, sufficient, or, if disposed of at a fairly conducted sale under legal process would not be sufficient to enable payment of all his obligations, due and accruing due. An "insolvent person" in Canada may avoid bankruptcy by resorting to restructuring processes created by statute. The fact that a person becomes insolvent does not necessarily spell bankruptcy. Canadians are fortunate to have access to bankruptcy courts and insolvency practitioners with a high level of commercial and legal skills to assist them in restructuring their financial affairs and avoiding bankruptcy.
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Brown, Lloyd A. "Bad debt and green issues." Environmental Law Review 20, no. 3 (September 2018): 137–50. http://dx.doi.org/10.1177/1461452918789873.
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This article uses interview data, collected from ‘elite’ banking respondents, to examine how secured lenders use insolvency practitioners as a form of post-loan due diligence. It is concerned with how effective insolvency practitioners are at obviating the risks that may be incurred where insolvency proceedings are caused or impeded by environment-related issues. It shows how the unique relationship between lenders and insolvency practitioners greatly reduces the likelihood of direct liability from environmental regulations transferring to the lender during the liquidation process. Two regimes are analysed in this article: the contaminated land regime, and the waste licensing system. Statutory provisions and judicial decisions have limited the power of environmental regulators. At the same time, however, this is good for secured lenders who are principally concerned with repaying the debt that is owed to them by a defaulting borrower. A more significant concern for lenders during borrowers’ insolvencies are the indirect risks (that is, credit and security risks). Environmental issues arising during a borrower’s insolvency may reduce the likelihood of the lender being repaid and, in the case of contaminated land, could severely limit the lender’s ability to exercise its security.
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Wood, John M. "Assessing the effectiveness of the UK’s insolvency regulatory framework at deterring insolvency practitioners’ opportunistic behaviour." Journal of Corporate Law Studies 19, no. 2 (January 8, 2019): 333–66. http://dx.doi.org/10.1080/14735970.2018.1554551.
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Wheeler, Sally. "Directors’ disqualification: insolvency practitioners and the decision-making process." Legal Studies 15, no. 2 (July 1995): 283–305. http://dx.doi.org/10.1111/j.1748-121x.1995.tb00063.x.
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The Company Directors Disqualification Act 1986 (CDDA) instituted, inter alia, a mechanism whereby directors of failed companies can be disqualified from holding office in the future as the result of an application to the court by the Secretary of State, or in the case of compulsory liquidators, the official receive and a subsequent finding by the court that the director is unfit. The operation and effect of the CDDA has been the subject of speculation in the national press, other media and comment from insolvency practitioners since its inception. Most of this comment has focused on the role of the DTI and on its perceived failure to take steps to disqualify directors in sufficient numbers.
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Boratyńska, Katarzyna, and Thao Thi Thu Trinh. "A New Impact of Insolvency Reforms on Business Survival and Recovery Perspectives." Journal of Business Accounting and Finance Perspectives 2, no. 2 (February 15, 2020): 1. http://dx.doi.org/10.35995/jbafp2020009.
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This conceptual article concentrates on the insolvency and recovery reforms and business survival. The aim of the research is an evaluation of the impact of insolvency law reforms on the increase of businesses’ survival. The study focuses on a comparative analysis of insolvency reforms on EU level, including the advantages and disadvantages, with a special emphasis on the Polish case, which includes some similarities and differences to other EU countries’ insolvency procedures. The article presents the concept of the most effective insolvency framework and its efficiency (as well as legal and financial framework) that gives the best results for companies to survive, to start recovery procedures and restructuring, not to go bankrupt, and not to become liquidated and eliminated from a competitive market. Taking a critical thinking approach, the article indicates the weaknesses of the existing insolvency procedures that should be improved and offers some recommendations for the future. The study covers, from a scientific point of view, the important issues that, in the face of complexity, a global, turbulent environment, and the global financial crisis, deserve an investigation. The findings and the implications are crucial not only for scientists, but also for insolvency practitioners, business and financial institutions’ representatives, and policymakers.
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Constantinides, Sylvia. "Auditors’, bankers’ and insolvency practitioners’ “going‐concern” opinion logit model." Managerial Auditing Journal 17, no. 8 (November 2002): 487–501. http://dx.doi.org/10.1108/02686900210444824.
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Weideman, Jeanette, and Leonie Stander. "European and American Perspectives on the Choice of Law Regarding Cross-Border Insolvencies of Multinational Corporations – Suggestions for South Africa." Potchefstroom Electronic Law Journal/Potchefstroomse Elektroniese Regsblad 15, no. 5 (June 1, 2017): 133. http://dx.doi.org/10.17159/1727-3781/2012/v15i5a2522.
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An increase in economic globalisation and international trade has amounted to an increase in the number of multinational enterprises that have debt, own assets and conduct business in various jurisdictions around the world. This, coupled with the recent worldwide economic recession, has inevitably caused the increased occurrence of multinational financial default, also known as cross-border insolvency (CBI). The legal response to this trend has, inter alia, produced two important international instruments that were designed to address key issues associated with CBI. Firstly, the United Nations Commission on International Trade Law (UNCITRAL) adopted the UNCITRAL Model Law on Cross-Border Insolvency (the Model Law) in 1997, which has been adopted by nineteen countries including the United States of America and South Africa. Secondly, the European Union (EU) adopted the European Council Regulation on Insolvency Proceedings (EC Regulation) in 2000. Both the EC Regulation and Chapter 15 adopt a “modified universalist” approach towards CBI matters. Europe and the United States of America are currently the world leaders in the area of CBI and the CBI legislation adopted and applied in these jurisdictions seems to be effective. As South Africa’s Cross-Border Insolvency Act is not yet effective, there is no local policy guidance available to insolvency practitioners with regard to the application of the Model Law. At the basis of this article is the view that an analysis of the European and American approaches to CBI matters will provide South African practitioners with valuable insight, knowledge and lessons that could be used to understand and apply the principles adopted and applied in terms of the EC Regulation and Chapter 15, specifically the COMI concept, the “establishment” concept in the case of integrated multinational enterprises and related aspects.
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Steele, Stacey. "Appointing and Remunerating Insolvency Practitioners in Japan: The Roles of Japanese Courts." International Insolvency Review 26, no. 1 (March 2017): 82–118. http://dx.doi.org/10.1002/iir.1270.
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Mba, Sanford U. "Preventive Debt Restructuring and the Nigerian Draft Insolvency Legislation: Lessons from a Comparative Perspective." African Journal of International and Comparative Law 28, no. 1 (February 2020): 66–84. http://dx.doi.org/10.3366/ajicl.2020.0302.
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Recently, the Nigerian Senate passed the Bankruptcy and Insolvency (Repeal and Re-enactment) Bill. This is no doubt a welcome development following the continued demand by insolvency practitioners, academics and other stakeholders for such legislation. The call has not only been for the enactment of just about any legislation, but (consistent with the economic challenges faced by businesses in the country), one that is favourably disposed to the successful restructuring of financially distressed businesses, allowing them to weather the storm of (impending) insolvency, emerge from it and continue to operate within the economy. This article seeks to situate this draft legislative instrument within the present wave of preventive restructuring ably espoused in the European Union Recommendation on New Approaches to Business Rescue and to Give Entrepreneurs a Second Chance (2014), which itself draws largely from Chapter 11 of the US Bankruptcy Code. The article draws a parallel between the economic crisis that gave rise to the preventive restructuring approach of the Recommendation and the present economic situation in Nigeria; it then examines the chances of such restructuring under the Nigerian draft bankruptcy and insolvency legislation. It argues in the final analysis that the draft legislation does not provide for a prophylactic recourse regime for financially distressed businesses. Consequently, a case is made for such an approach.
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Pretorius, M. "A framework for turnaround practitioners to assess reasonable prospect for ventures operating in the zone of insolvency." South African Journal of Business Management 48, no. 4 (December 31, 2017): 57–70. http://dx.doi.org/10.4102/sajbm.v48i4.43.
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Turnaround practitioners (TPs) and business rescue practitioners (BRPs) are tasked with making the critical decision of whether a distressed business has reasonable prospect (RP) for reorganisation. Creditors often require the same determination because only businesses assessed to have a reasonable prospect can enter the rescue or reorganisation process. These determinations are difficult because they are made within a ‘zone of insolvency’ (ZoI). Going concerns operate on a solvent basis but may slide into the ZoI where conditions are ambiguous, unclear and uncertain. At the same, time, the specific conditions and contexts of distressed businesses vary widely despite some generic similarities that may exist. Therefore, the decision about reasonable prospect depends largely on how TP and BRPs perceive and make sense of the ambiguous conditions within the zone of insolvency. Finally, creditors and courts rarely agree with such RP determinations, but no generic tool exists to satisfy all stakeholders. Hence, the decision of whether (or not) a distressed business has a reasonable prospect to embark upon a reorganisation intervention involves both rational and subjective assessment to make sense of the conditions present in the ZoI. An affordance framework with guiding scores is proposed to determine reasonable prospect.
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Joubert, Yvette, and Juanitta Calitz. "To be or not to be? The Role of Private Enquiries in the South African Insolvency Law." Potchefstroom Electronic Law Journal/Potchefstroomse Elektroniese Regsblad 17, no. 3 (April 24, 2017): 935. http://dx.doi.org/10.17159/1727-3781/2014/v17i3a2272.
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This article analyses the role of the so-called private examinations in our South African insolvency law and deals with the question of whether or not section 417 of the Insolvency Act (Act 24 of 1936) is adequately and effectively framed in order to fulfil its intended purpose in South African law. The contribution also points out that although the scrutiny of private examinations is not novel; it is argued that further exploration of the subject is justified by virtue of the fact that robust and innovative legislative changes have been experienced in the South African corporate landscape. Although the section has already passed the test of lawfulness and constitutionality, the aim is to ascertain whether the section serves a legitimate purpose and is essential and relevant in a democratic society. This is done by considering the South African law relating to South African private examinations and includes academic texts and judicial interpretation. Both section 417 of the Companies Act (Act 61 of 1973) and the matter of Kebble v Gainsford in particular are discussed. A brief comparative analysis of a similar provision in the Insolvency Act of the United Kingdom (UK), namely section 236 of the Insolvency Act 1986 is also included.Finally recommendations are made on aspects where the section may be enhanced by reform which in part relies on the premise that South African insolvency law in toto is desperately in need of an overhaul. The article concludes that it is vital that section 417 be retained in a new insolvency regime as there is a greater awareness of the interdependence between companies and the society in which they function, and it is submitted that there should be an increased responsibility in the insolvency process on the reasons why companies have failed. The accessibility of the section to practitioners, the inquisitorial nature of the proceedings, the wide scope of the section and the effective sanctions should examinees not comply together combine to make a formula that has over the years proved impervious to circumvention and it therefore fulfils its function with prudent efficiency.
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Xie, Bo. "Role of Insolvency Practitioners in the UK Pre-pack Administrations: Challenges and Control." International Insolvency Review 21, no. 2 (June 2012): 85–103. http://dx.doi.org/10.1002/iir.1198.
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Korshunov, Petr N. "The Role of Self-Regulated Organizations of Insolvency Practitioners in Exercising Justice in Bankruptcy Cases." Jurist 3 (March 25, 2020): 16–23. http://dx.doi.org/10.18572/1812-3929-2020-3-16-23.
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Laily Dwi Arsyianti, Laily Dwi Arsyianti. "Financial Prudence through Financial Education: A Conceptual Framework for Financial Inclusion." journal of king Abdulaziz University Islamic Economics 31, no. 1 (January 10, 2018): 151–66. http://dx.doi.org/10.4197/islec.31-1.10.
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This paper aims to develop a framework to improve financial prudence through financial education and financial inclusion for low-income households in Indonesia. Knowledge shapes attitude, which later influences behavior. A household, in terms of its social production function, needs to feel secure financially in order not to fall into insolvency or bankruptcy. Households that are equipped with better financial education and knowledge are more likely to undertake recommended financial behaviors. By targeting the low-income group through a financial inclusion agenda, the government, Islamic social finance practitioners, and academicians enable low-income households to act with financial prudence.
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Butyrska, I. A. "BANKRUPTCY OF INDIVIDUALS: PROBLEMS OF THEORY AND PRACTICE." Economics and Law, no. 1 (April 15, 2021): 89–95. http://dx.doi.org/10.15407/econlaw.2021.01.089.
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One of the main novelties of the Code of Ukraine on Bankruptcy Procedures was the introduction in Ukraine of the institution of bankruptcy of individuals, which was a long-awaited event among scientists and practitioners. It has been more than a year since the introduction of the institution of bankruptcy of individuals in Ukraine, and in some Economic Courts there are not even 10 cases of insolvency of individuals. There are many reasons for this: the high cost of the procedure, the complexity of paperwork to open proceedings, as well as a number of problematic and conflicting issues that arise in practice relevant legislative provisions. The purpose of the article is to identify problematic aspects in the legal regulation of bankruptcy of individuals and the practice of applying the relevant provisions of the Code of Ukraine on Bankruptcy Procedures, as well as to develop proposals to improve legislation in this area. Given the relatively small number of lawsuits to restore the solvency of individuals in Economic Courts, today it is necessary to state the lack of a unified approach of national commercial courts to most of the problematic issues that arise during the consideration of this category of cases. It is emphasized that since the opening of insolvency proceedings, the debtor — an individual and his family members are under the close attention of the Economic Court and the arbitral trustee, who must examine in detail all the circumstances that caused the insolvency of an individual. Based on the analysis of case law, it is established that the practice of most Economic Courts, especially Appellate, shows the absence of a legal requirement to pay court fees by the debtor for filing an application to open insolvency proceedings, and the application of requirements to the application to open proceedings insolvency of an individual of the general requirements provided for in Art. 34 of the Code of Ukraine on Bankruptcy Procedures, is inappropriate in this part. Prohibition of the debtor’s departure abroad is a measure to ensure creditors’ claims, which should not be applied automatically in all cases, but only when it is proved that the debtor intentionally acted to prevent the procedures provided for him by the Code of Ukraine on Bankruptcy Procedures. As a result of the study, the author concludes that an individual entrepreneur has a number of unjustified preferences, compared to legal entities, to initiate bankruptcy proceedings, which is not fair in terms of equality of all entities and causes unequal position of creditors of legal entities and creditors of individuals — entrepreneurs.
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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 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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Timothy McCarthy, Padraig, Chris O'Riordan, and Ray Griffin. "The other end of entrepreneurship: a narrative study of insolvency practice in Ireland." International Journal of Entrepreneurial Behavior & Research 20, no. 2 (March 24, 2014): 173–92. http://dx.doi.org/10.1108/ijebr-08-2012-0084.
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Purpose – The purpose of this paper is to focus on the other end of entrepreneurship – the disassembling of enterprises by insolvency professionals. Design/methodology/approach – Drawing on empirical material from major insolvency practitioners (IPs) in Ireland; the paper identifies three different narrative positions – “clinical market operators”, “blame the entrepreneurs” and “professional detachment/disidentification” – that these specialists employed to story their working experiences. Findings – The paper suggests that IPs do not have a fixed narrative schema to narrate their professional identities, as they struggle to reconcile their professional acts with their personal ambitions. These findings point to a disconnection between the political rhetoric on risk taking and the acts perpetrated on entrepreneurs who fail, a central tension in the discourse on entrepreneurship policy. Research limitations/implications – The paper adds to the current debate on business failure, an area that is typically under-researched and under-theorised in entrepreneurship studies. By offering a response to calls for more multi-perspective research, this paper makes a significant contribution to extant interpretive literature on business failure. While the method of analysing stories is widely accepted in social science research, researchers seeking to replicate this study may produce different results; this is a taken for granted outcome of the method. Practical implications – The analysis suggests that the current legislative impetus to ameliorate the implications of insolvency, driven by an aspiration to encourage second-chance entrepreneurship, faces resistance from IPs as they attempt to fulfil their professional obligations. In the absence of legislative reform, the impulse, perhaps even process necessity, of IPs to dialogically position themselves against failed entrepreneurs is likely to continue. Originality/value – The paper's originality and value arise from its unique consideration of other end of entrepreneurship; offering novel insights into the difficulties IPs have in narrating their working lives.
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Joyce, Yvonne. "Building Trust in Crisis Management: A Study of Insolvency Practitioners and the Role of Accounting Information and Processes." Contemporary Accounting Research 37, no. 3 (June 30, 2020): 1622–57. http://dx.doi.org/10.1111/1911-3846.12577.
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Carruthers, Bruce G., and Terence C. Halliday. "Negotiating Globalization: Global Scripts and Intermediation in the Construction of Asian Insolvency Regimes." Law & Social Inquiry 31, no. 03 (2006): 521–84. http://dx.doi.org/10.1111/j.1747-4469.2006.00022.x.
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This article draws from a larger research project on the globalization of bankruptcy law that includes (1) a time-series analysis of all bankruptcy reforms worldwide from 1973 to 1998; (2) participation observation, several hundred interviews and documentary analysis of international financial institutions (IMF, World Bank, Asian Development Bank, European Bank for Reconstruction and Development), international professional associations (International Bar Association, International Federation of Insolvency Practitioners), and world governance organizations (OECD, U.N. Commission on International Trade Law); and (3) case studies of Indonesia, Korea, and China. The globalization of law is a negotiated process. Our research on international organizations and case studies of China, Indonesia, and South Korea indicates that negotiation of the global/local relationship varies by the vulnerability of a country to global forces. Nation-states vary (1) in their balance of power vis-à-vis global actors; and (2) in their social and cultural distance from the global. Yet even where the global/local gap is wide and the asymmetry of power is pronounced, local responses to global pressures are negotiated as much as imposed. Negotiating globalization relies on direct and mediated interactions by several types of intermediaries who translate global scripts into four kinds of outcomes. The impact of intermediaries in this process varies by the phase of the reform in which they participate. Finally, globalizing law proceeds through recursive cycles of lawmaking and law implementation.
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Ali Jan, Ahmad, Muhammad Tahir, Fong-Woon Lai, Amin Jan, Mehreen Mehreen, and Salaheldin Hamad. "Bankruptcy Profile of the Islamic Banking Industry: Evidence from Pakistan." Business Management and Strategy 10, no. 2 (November 25, 2019): 265. http://dx.doi.org/10.5296/bms.v10i2.15900.
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The purpose of this study is to examine the bankruptcy profile of the Islamic banking industry in Pakistan for the post-crisis period 2007-2008. This study used Altman’s Z-score bankruptcy evaluation model for evaluating bankruptcy rates of the sampled Islamic banks from Pakistan for the post-crisis period 2009-2015. ANOVA result shows the P-value with 0.002, which implies that the sampled Islamic banks from Pakistan do differ in their rates of bankruptcy. Regression results show that the variables liquidity and productivity ratios have a significant positive impact on the bankruptcy profile of the Islamic banking sector in Pakistan. While profitability and insolvency, ratios indicated an insignificant impact on the bankruptcy profile of the Islamic banking industry in Pakistan. The overall analysis of this study is viable to draw the attention of researchers and practitioners towards the deteriorating bankruptcy profile of the Islamic banking sector in Pakistan. The study also persuades the researchers to design a separate Shariah-based bankruptcy evaluation model for the Islamic banking industry of Pakistan.
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Pretorius, M., and W. Rosslyn-Smith. "Expectations of a business rescue plan: international directives for Chapter 6 implementation." Southern African Business Review 18, no. 2 (January 29, 2019): 108–39. http://dx.doi.org/10.25159/1998-8125/5681.
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Preliminary analysis of business rescue plans suggested that a significant contrast exists between international reorganizational plans and those being published under the newly formed business rescue regime in South Africa. Since the South African regime has emerged from an international insolvency framework, an international benchmark was used to effectively assist in creating an evaluation tool. To better understand the expectations demanded of the plan, principles from comparable international regimes were identified. Data on regimes were obtained scrutinised and reported on; the expectations were extrapolated and aligned with Chapter 6 of the South African Companies Act, No. 71 of 2008, to determine whether the Act complied with a set of expectations based on an international perspective. The proposed framework shows the key principles that govern rescue plans worldwide. The framework could serve as a guideline for the evaluation of rescue plans and help practitioners to enhance what is seen as their key task, namely to compile the rescue plan. Comparison with the five key principles found by the research reveals particular shortcomings in Chapter 6 of the South African Companies Act of 2008. International regimes indicate that the rescue plan should adhere to a broader and more extensive set of expectations than those explicitly provided for by the Act.
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Xia, Harry, Kevin Lei, and Jiaochen Liang. "Bank Competition, Efficiency, and Stability in Macau." Accounting and Finance Research 8, no. 4 (November 3, 2019): 157. http://dx.doi.org/10.5430/afr.v8n4p157.
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Macau has the uppermost population density and the fourth-highest GDP per capita in the world. Macau’s banking system is regarded as one of the most important indicators of Macau’s macroeconomic growth and stability during its transformation into a wealthy and modern metropolis. In this study, we use a sample of 26 banks to explore the relationship of bank competition, efficiency and stability in Macau from its return to China in 1999 to 2016. Our results demonstrate that bank competition does cause efficiency in Macau throughout the study period. We also find indications of a positive but not significant connection between bank market power and bank fragility including income volatility and insolvency risk. Moreover, this study finds no evidence that the size of operations proxied by total bank loans and total assets would impact bank efficiency, indicating that economies of scale or bank market share don’t necessarily bring about efficiency in Macau. Our evidence contributes to the literature by being the first to thoroughly examine the relation of bank competition, efficiency and stability in Macau. The findings provide meaningful implications to the practitioners and policymakers to make sound decisions accordingly, especially to closely monitor and maintain a proper level of competition in Macau’s banking sector.
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Katkov, Kirill. "Legal nature of debt restructuring in a bankruptcy case of a citizen: articulation of the problem." Право и политика, no. 5 (May 2020): 68–80. http://dx.doi.org/10.7256/2454-0706.2020.5.32594.
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The subject of this research is articulation of the problem of legal qualification of a new institution of Russian law – debt restructuring in a personal bankruptcy case. The author sets a goal to determine the scope of problems emerging in examination of a question of legal nature of the debt restructuring plan, and proposes ways of their possible solution. The research covers question such as correlation between the restructuring plan and other categories of the institution of personal insolvency, presence of elements of a deal in the restructuring plan, essence of debt restructuring, as well as court’s role in personal debt restructuring. The empirical base of this research includes materials from case law of both, lower and higher courts. The scientific novelty of this work consists in the approach towards definition of the essence of restructuring plan that is principally different from other versions in literature, namely the qualification of the restructuring plan as a legal claim, rather than a civil law deal. The author advances a concept, according to which the obligations on debt restructuring stem from a court order, rendered in response to demands of parties (or party) in a personal a bankruptcy case expressed by presentation of restructuring plan to the court. Based on this concept, legal practitioners intending to argue a restructuring plan, are recommended to file an appeal for court order on confirmation of restructuring plan, or with a motion on its annulment by the court, rather than with a request to find the restructuring plan an invalid deal.
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Pillay, Dr Surendran, Dr Rajendra Rajaram, and Kajal Ramnanun. "Ascertaining the Impact of Post-Commencement Finance on Business Rescue in Kwazulu-Natal, South Africa." Journal of Social Sciences Research, no. 63 (March 24, 2020): 236–44. http://dx.doi.org/10.32861/jssr.63.236.244.
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Corporate rescue in South Africa has been bedevilled by many challenges. The new South African Companies Act 71 of 2008 (hereafter referred to as “the Act”), which came into effect in May 2011 contains a new chapter titled “Business rescue and Compromise with Creditors”. Post commencement finance (PCF) is finance or credit approved for a company in business rescue, which is regulated by section 135 of the South African Companies Act. The Act provides for companies to secure PCF as turnaround investment to secure its financial well-being. However, it is difficult for a distressed business to access PCF as it is challenging to operate on a cash basis when they face the likelihood of insolvency or forced sale of their assets to remain sustainable. This was evident during the recent global financial crises when obstacles to accessing PCF were identified as the chief deterrent for businesses that require rescue or reorganization (Pretorius and Du Preez, 2013). A review was performed to assess what the impact was, of a distress company obtaining PCF in KZN. Empirical research includes a qualitative research design engaged to explore the impact of PCF on the success of business rescue efforts for distressed companies in KZN. Insights and understandings were drawn from the participation of business rescue practitioners in Kwa Zulu Natal. This included addressing the challenges of obtaining PCF and what finance is available. The findings from the literature review confirm that the barriers to obtaining PCF are the most limiting factors in rescuing businesses in distress in KZN and the challenges include the time frame within the business rescue plan and that financial institutions are not prepared to support a business rescue without collateral.
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Blikhar, V., M. Kopytko, I. Lychenko, M. Vinichuk, and R. Polishchuk. "ASSESSMENT OF THE LEVEL OF ECONOMIC SECURITY OF INNOVATIVE ENTERPRISES: ECONOMIC AND LEGAL ASPECT." Financial and credit activity: problems of theory and practice 3, no. 38 (June 30, 2021): 240–48. http://dx.doi.org/10.18371/fcaptp.v3i38.237453.
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Abstract. Ukraine’s desire to integrate into the international economic space poses significant obstacles to innovative enterprises due to the destabilizing impact of globalization. Among the most important are financial, economic and political instability, risks of insolvency and reduced financial stability, which leads to the inability to meet external and internal challenges and ensure the optimal level of economic security. Under such conditions, the need to effectively counteract the destabilizing factors and ensure high rates of efficiency and profitability, which can be achieved through innovation and improvement of financial relations. Innovative activity, despite its high cost and significant level of risk, is one of the priorities of the enterprise. The activities of innovative enterprises attract the attention of economic agents, so ensuring the proper level of their economic security is no less important. Given that there is still no single unified and legally established method of calculating the level of economic security of enterprises, it is important to find the most acceptable and rational methods of calculating the level of security of enterprises, as well as developing a legal mechanism for their consolidation, which is the focus of scientists and practitioners for a long time. However, the problem has not yet been resolved.
The article examines the main approaches to assessing the level of economic security of innovative enterprises and identifies the importance of the factor of innovation and legal regulation of financial relations with other economic agents. The main indicators of economic security of the enterprise are systematized and their classification into macroeconomic, financial, foreign economic, investment, scientific and technological, as well as production is performed. The method of assessment the level of economic security of an innovative enterprise using the Solow model is substantiated and proposed.
Keywords: innovations, Solow model, indicators of economic security of the enterprise, integrated indicator of the level of economic security of the enterprise.
JEL Classification С13, С51, О47, О33
Formulas: 39; fig.: 1; tabl.: 0; bibl.: 11.
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Wood, John. "Insolvency Practitioners: Appointment, Duties, Powers and LiabilityHugh Sims QC and others (1st edition) (2020, Edward Elgar, Cheltenham) 360 pp., GBP 145 (e‐book GBP 20), ISBN 978‐1‐78897‐397‐7; 978‐1‐78897‐398‐4 (ebk)." International Insolvency Review 30, no. 2 (May 2021): 319–20. http://dx.doi.org/10.1002/iir.1408.
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Sootak, Jaan. "Dear reader,." Juridica International 28 (November 13, 2019): 1. http://dx.doi.org/10.12697/ji.2019.28.00.
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A large proportion of the articles in Juridica International this year is dedicated to criminal law. A paper that truly addresses the issues of legal dogmatics in this field in depth with regard to delict of negligence was contributed by Laura Feldmanis. Raimo Lahti’s article on the criminal liability of a legal person is written from the standpoint of criminal and comparative law, while Frieder Dünkel’s approach to German sanction law should provide plenty of interest and joy of discovery for legal scientists and practitioners alike. Thomas Weigend’s submission, in turn, takes a rather unique look at the material element in criminal law and criminal procedure. He focuses his attention on truth and values. Andres Parmas has considered Estonian criminal law in relation to the dogmatics of international criminal law. All of these articles are an outgrowth of presentations made at a jubilee conference that took place at the University of Tartu. I would like to take the opportunity here to thank everyone who participated in the conference – especially, of course, the speakers. In addition, two articles on medical law had their beginnings in presentations at the conference. One of them, by Henning Rosenau, is squarely in the domain of classic medical law, bringing together discussion of human rights and of issues connected with reproductive medicine. The other medical-law article, by Henning Lorenz, draws particular attention to an addition to German criminal law that has made waves (and met a lot of criticism) in the fields of criminal law, medical law, and legal policy in general: criminalising assisted suicide. This topic has been subject to intense discussion also in the media of Estonia and other countries. I can happily say on behalf of both myself and the editorial board that, at the same time, the new issue offers plenty to read also for those less interested in criminal and medical law. Self-driving cars are a matter of interest not only to engineers but also for lawyers. Taivo Liivak’s ‘What Safety are We Entitled to Expect of Self-driving Vehicles?’ considers some of the issues that we will soon face on the streets on a daily basis. Private law is represented in the article ‘A Half-built House? The New Consumer Sales Directive Assessed as Contract Law’. This piece on consumer protection and contract law was submitted by Kåre Lilleholt, who holds the title Doctor Honoris Causa from the University of Tartu. A paper jointly authored by Ilya Ilin and Aleksei Kelli, ‘The Use of Human Voice and Speech in Language Technologies: The EU and Russian Intellectual Property Law Perspectives’, examines the legal protection of intellectual property. The field of constitutional law is represented too, by Ivo Pilving’s presentation of an approach to fundamental rights in the context of European Union law in ‘Parallele Anwendbarkeit von Grundrechtecharta der EU und nationalen Grundrechten’. Still more colours are added to the legal palette by Märt Maarand, with his article ‘The Concept of Recovery of Credit Institutions in the Bank Recovery and Resolution Directive’, and by the paper ‘Is Full Preference for a Secured Claim in Insolvency Proceedings Justified?’, by Anto Kasak.
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Lytvynova, L. A., E. N. Donik, and L. I. Artemchuk. "REFORM OF DENTAL CARE TO THE POPULATION OF UKRAINE: PROBLEMS OF THE PRESENT." Ukrainian Dental Almanac, no. 2 (June 26, 2020): 109–14. http://dx.doi.org/10.31718/2409-0255.2.2020.17.
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The article discusses the current problems of dental care reform. Key issues identified features of the need to determine the minimum amount of free dental care services; development of standards and protocols for the provision of all types of dental care; creation of a register of dental morbidity in the country's population; determination of the model of reorganization of state and municipal dental institutions by changing the form of management with the status of non-profit institutions; development of pricing methods for dental services; introduction of a maxillofacial surgeon and a dentist to a dentist; the need for approval of state postgraduate dental education. Dental care is one of the most popular types of medical care. By the number of dentists (18857, which is 11% of the total number of doctors in Ukraine) and patient visits (32.5 million per year), dentistry takes the second place among all medical specialties. Provision with dentists is 6.1 per 10 thousand people and corresponds to the European level. Also in Ukraine there are approximately 5500 state and friendly dental institutions and offices. However, with such significant amounts of care and powerful staffing, the problem of access to dental care is exacerbating. This situation can be explained by many reasons related to the reform of medical care in general in the country. Now all dentists are referred to the secondary level of medical care, although the real majority of them provide primary dental care, that is, this issue is not legally regulated. In the most European countries, 80-85% of dentists are general practitioners. Recently, there has been significant progress in the diagnosis and treatment of dental diseases, dental prosthetics, but dental care is gradually losing its mass availability. The situation is even worse in rural areas, where the position of dentist has been eliminated at the primary level. The decrease in the availability of dental care and the reduction of the preventive dentistry sector is causing an increase in dental morbidity, which in Ukraine is one of the highest in Europe. Many dental diseases at the initial stage are asymptomatic and patients seek medical help too late. Therefore, preventive examinations are an important component of the prevention system not only of dental diseases, but also of the mucous membrane of the oral cavity, that is, there must be oncological alertness. Reforming is not only the order of medical care, but also the dental institutions themselves. Optimization consists of providing territorial communities with medical care without making a profit by creating communal non-profit enterprises, that is, transferring them to self-sufficiency (with partial support from local budgets). Dentistry actually remains without financial support from the state, with the exception of planned dentistry for children under 16 years of age and urgent dental care for adults and children. Paid dentistry will reduce the number of visits to insolvent citizens, which will entail, accordingly, costlier services. The second stage of reforming medical institutions involves not only their partial reduction (optimization by enlargement), but also the reduction of medical posts. One of the possible ways out of this situation was the proposal to introduce medical self-government (administration of the dental industry by representatives of the profession). The study of the needs of the population in dental care is based on the results of a study of the incidence rate for circulation and data from examinations. But in fact, it is not so much the incidence that is studied as the volumes of dental care, which is associated with outdated registration forms that are filled out in dental institutions. A specific method for studying the incidence in dentistry is the method of stratification cluster samples, which, unfortunately, is complex in design and is carried out exclusively by scientists. Dentistry is an expensive worldwide, so dental care pricing is an important. The economic rationale for the cost of treatment is directly related to the standards of care and clinical protocols, which also require revision according to the principles of evidence-based medicine.
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"Legal Regulation of Responsibility of Insolvency Practitioner." LEX RUSSICA (РУССКИЙ ЗАКОН), 2018. http://dx.doi.org/10.17803/1729-5920.2018.141.8.096-104.
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Walters, Adrian, and Mary Seneviratne. "Complaints Handling in the UK Insolvency Practitioner Profession." SSRN Electronic Journal, 2008. http://dx.doi.org/10.2139/ssrn.1094757.
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Yarovoy, D. O. "Civil Liability of an Insolvency Practitioner: Actual Problems." Theoretical and Applied Law, no. 2(8) (June 2021). http://dx.doi.org/10.22394/2686-7834-2021-2-42-46.
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Milman, David. "Stewardship and the insolvency practitioner: a review of the current position." Amicus Curiae 2012, no. 92 (August 7, 2014). http://dx.doi.org/10.14296/ac.v2012i92.2103.
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Wee, Meng Seng, and Yan Yu Kiu. "Principles and rules on insolvency practitioners' remuneration." International Insolvency Review, September 7, 2021. http://dx.doi.org/10.1002/iir.1430.
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Wee, Meng Seng, and Yan Yu Kiu. "Principles Governing the Fixing of Insolvency Practitioners’ Remuneration." SSRN Electronic Journal, 2020. http://dx.doi.org/10.2139/ssrn.3673656.
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Burman, Anirudh, and Shubho Roy. "Building an Institution of Insolvency Practitioners in India." SSRN Electronic Journal, 2015. http://dx.doi.org/10.2139/ssrn.2725800.
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Seneviratne, Mary, and Adrian Walters. "Complaints Handling by the Regulators of Insolvency Practitioners: A Comparative Study." SSRN Electronic Journal, 2009. http://dx.doi.org/10.2139/ssrn.1310791.
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Greenfield, Don, Pat Maguire, David Spencer, and Ken Lenz. "When Insolvency and Restructuring Law Supercedes Contract." Alberta Law Review, December 5, 2017. http://dx.doi.org/10.29173/alr1253.
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The impact of counterparty insolvency on contracts has become an area of concern for those in the energy industry. The Bankruptcy and Insolvency Act, Companies’ Creditors Arrangement Act, Alberta Business Corporations Act, and Canada Business Corporations Act; are all statutes that override or diminish strict contractual rights. This article examines six ways in which these pieces of legislation accomplish this: (1) restructuring proceedings; (2) stays of proceedings; (3) replacement and default clauses; (4) disclaimers of contracts; (5) assignment of contracts without the consent of the solvent counterparty; and (6) plans of arrangement. Public policy considerations support this legal framework, but it has a significant impact on the solvent party when trying to achieve restructuring or insolvency objectives and preserving legitimate bargains. Therefore, it is crucial for energy law practitioners to understand these policy considerations and this area of law to be able to properly advise clients of the inherent risks and options available.
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Mason, Rosalind, Jason Kilborn, Stephanie Ben-Ishai, and Joseph Spooner. "Guest Editorial: Personal Insolvency – A Fresh Start." QUT Law Review 17, no. 1 (October 6, 2017). http://dx.doi.org/10.5204/qutlr.v17i1.731.
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The international personal insolvency conference, A Fresh Look at Fresh Start: The Human Dimension to Bankruptcy was hosted by Queensland University of Technology, Brisbane, Australia in September 2016. The conference attracted delegates from a wide-range of disciplines including academics, accountants, economists, financial counsellors, lawyers, regulators, policy makers and non-profit organisations. They came from around the globe bringing perspectives from North America, Europe, Africa, Asia, and Oceania.
While the current focus in much insolvency scholarship or commentary is upon salvaging economic value for large businesses facing financial collapse, the harsh reality is that many more people experience financial stress as over-indebted consumers or ‘owners’ of micro/small/medium sized enterprises. This conference provided a forum for scholars, practitioners and policy-makers to discuss and present on the human experience of bankruptcy.