Expedited Corporate Debt Restructuring in the EU PDF Download

Author: Rodrigo Olivares-Caminal
Publisher:
ISBN: 9780191016691
Category :
Languages : en
Pages : 0

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Author: Rodrigo Olivares-Caminal
Publisher: Oxford University Press, USA
ISBN: 9780198706502
Category : Business & Economics
Languages : en
Pages : 0

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Book Description
This is the first book to provide a complete comparative analysis of expedited corporate debt restructuring alternatives in the European Union. The work considers the different options available to a company facing a distress scenario and focuses on the options that provide expedited solutions to these issues. The techniques considered in full include: (1) out-of-court reorganization or (non-insolvency process-related) private workouts; (2) pre-packaged reorganization plans; and, (3) pre-arranged or pre-negotiated reorganization plans. The merits and suitability of each technique are considered and case studies are used to illustrate these points in each chapter. A considerable feature of the work is the jurisdiction analysis which allows the reader to compare the law and practice related to each method in each of the EU member states. Each country chapter sets out the relevant legal framework, illustrates its practical application and highlights potential problems through the use of case studies. The aim of the book is to work as a toolkit, a first point of reference for anyone dealing with companies in distress in the EU. In addition to the jurisdictional analysis, the thematic chapter provide an introduction to the techniques discussed and cover common issues for all EU jurisdictions.

Author: Gert-Jan Boon
Publisher: Oxford University Press
ISBN: 019256112X
Category : Law
Languages : en
Pages : 2088

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Book Description
This edited volume is based on the European Law Institute's (ELI) project 'Rescue of Business in Insolvency Law'. The project ran from 2013 to 2017 under the auspices of the ELI and was conducted by Bob Wessels and Stephan Madaus, who were assisted by Gert-Jan Boon. The study sought to design (elements of) a legal framework that will enable the further development of coherent and functional rules for business rescue in Europe. This includes certain statutory procedures that could better enable parties to negotiate solutions where a business becomes financially distressed. Such a framework also includes rules to determine in which procedures and under which conditions an enforceable solution can be imposed upon creditors and other stakeholders despite their lack of consent. The project had a broad scope, and extended to consider frameworks that can be used by (non-financial) businesses out of court, and in a pre-insolvency context. Part I of this book, the ELI Instrument as approved by the ELI Council and General Assembly, features 115 recommendations on a wide variety of themes affected by the rescue of financially distressed businesses, such as the legal rules for professions and courts, treatment and ranking of creditors' claims, contract, corporate and labour law as well as laws relating to transaction avoidance. Part II consists of national reports that sketch the legal landscape in 13 States and of an 'Inventory Report on International Recommendations from Standard-Setting Organisations', both of which provided insight for the drafting of the Instrument. This volume is designed to assist those involved in a process of law reform and those setting standards for soft law in the business rescue context.

Author: Mr.Udaibir S. Das
Publisher: International Monetary Fund
ISBN: 1475505531
Category : Business & Economics
Languages : en
Pages : 128

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Book Description
This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.

Author: Wojciech Maliszewski
Publisher: International Monetary Fund
ISBN: 1475545282
Category : Business & Economics
Languages : en
Pages : 43

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Book Description
Corporate credit growth in China has been excessive in recent years. This credit boom is related to the large increase in investment after the Global Financial Crisis. Investment efficiency has fallen and the financial performance of corporates has deteriorated steadily, affecting asset quality in financial institutions. The corporate debt problem should be addressed urgently with a comprehensive strategy. Key elements should include identifying companies in financial difficulties, proactively recognizing losses in the financial system, burden sharing, corporate restructuring and governance reform, hardening budget constraints, and facilitating market entry. A proactive strategy would trade off short-term economic pain for larger longer-term gain.

Author: Sanford U. Mba
Publisher: Springer
ISBN: 3030197492
Category : Law
Languages : en
Pages : 291

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Book Description
This book focuses on the restructuring of distressed businesses, emphasizing the need for new financing during the restructuring process as well as during relaunch, and examines the role of law in encouraging creditor confidence and incentivizing lending. It describes two broad approaches to encouraging new finance during restructuring: a prescriptive one that seeks to attract credit using expressly defined statutory incentives, and a market-based one that relies on the business judgment of lenders against the backdrop of transaction avoidance rules. Securing new financing for a distressed business is a critical part of successful restructuring. Without such financing, the business may be unable to meet interim liquidity constraints, or to implement its restructuring plans. This book addresses related questions concerning the place of new financing as an essential component of restructuring. In general terms, the book explores how statutory interventions and the courts can provide support with contentious issues that arise from the provision of new financing, whether through new financing agreements or through distressed debt investors, who are increasingly gaining prominence as sources of new financing for distressed businesses. It argues that courts play a key part in preventing or correcting the imbalances that can arise from the participation of distressed debt investors. In this context, it critically examines the distressed debt market in emerging markets like Nigeria and the opportunity presented by non-performing loans, arguing that the regulatory pattern of market entry may dis-incentivize distress debt investing in a market that is in dire need of financing. The book offers a fresh and comparative perspective on restructuring new financing for distressed businesses by comparing various approaches (primarily from the US, UK and Germany) and drawing lessons for frontier markets, with particular reference to Nigeria. It fills an important gap in international comparative scholarship and discusses a living problem with both empirical and policy aspects.

Author: Jean-Pierre Casey
Publisher: CEPS
ISBN: 9290795964
Category : Business & Economics
Languages : en
Pages : 142

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Book Description
Assessing regulatory measures taken at the EU level that impact European bond markets, this book examines the desirability, utility, and feasibility of certain policy measures.

Author: Gerard McCormack
Publisher: Edward Elgar Publishing
ISBN: 1789908817
Category : Law
Languages : en
Pages : 319

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Book Description
This comprehensive book provides a clear analysis of the European Restructuring Directive, which aims to improve national frameworks governing business restructuring and insolvency as well as to provide debt relief for individuals. Gerard McCormack explores the key aspects of the Directive including the moratorium on litigation and enforcement claims against the financially-troubled business, the provision for new financing, the division of creditors into classes, the introduction of a restructuring plan and the rules for approval of the plan by a court or administrative authority.

Author: José Garrido
Publisher: International Monetary Fund
ISBN: 1475570244
Category : Business & Economics
Languages : en
Pages : 21

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Book Description
Italian banks are burdened with high levels of nonperforming loans, the cleanup of which depends in important part on the efficiency of insolvency and enforcement processes. Traditionally, these processes in Italy have taken very long, hampering the timely cleanup of balance sheets. In response, the authorities have legislated a number of measures. This paper explores the recent insolvency and enforcement reforms and the remaining challenges. These reforms introduce important positive changes that are expected to yield full benefits over the medium to long term. The efficacy of the reforms, including to deal with the current stock of high nonperforming loans, can be enhanced by introducing effective out-of-court enforcement mechanisms, supplemented by a more intensive use of informal and hybrid debt-restructuring solutions. Moreover, there is an urgent need to rationalize the system, which over the years has become very complex and intricate.

Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1484301587
Category : Business & Economics
Languages : en
Pages : 74

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Book Description
This Selected Issues paper estimates a small open economy model that makes it possible to quantify the relative strength of the trade and financial channels in Hungary, Poland. and Romania. The Bayesian results indicate that both the trade and financial channels are strongest for Romania, possibly owing to the expansion of financial balance sheets and lower integration into global supply chains. For all countries, tighter domestic monetary conditions result in reduction of output and currency appreciation, although the magnitude of appreciation is less in Romania compared with peers. The trade channel is also dominant in the transmission of foreign monetary policy shocks, which result in output losses and currency depreciation.