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Author: Nicolaes Tollenaar Publisher: Oxford University Press, USA ISBN: 9780198799924 Category : Law Languages : en Pages : 0
Book Description
This timely new work evaluates the law regarding pre-insolvency proceedings, and in particular, the terms of the 2017 EU Directive. Setting the law in context, the book provides a conceptual framework for ideal practice, illustrating the implications of the new regime with specific practicalexamples.The book features a comprehensive discussion of the key principles underlying restructuring proceedings and explains the purpose of, and justification for, pre-insolvency proceedings. It provides answers to a number of important issues that are still undecided and the subject of debate.In particular, the book provides detailed analysis of the system of voting in classes, and it offers an in-depth discussion of the appropriate criteria for confirmation and cram-down together with consideration of the little-understood underlying economic issues. It also includes analysis of the keyaspects of valuation and the applicable valuation standards in the context of restructuring, much needed as the incidence of judicial valuation arises in the context of cram-down.A comparative analysis and critique of UK schemes of arrangement and US Chapter 11 procedure is also included, giving readers a good understanding of the key features of both systems and enabling them to identify and learn from the differences. The author also proposes an outline of idealpre-insolvency proceedings, setting out general and specific requirements for ensuring flexibility, efficiency, and effectiveness.
Author: Nicolaes Tollenaar Publisher: Oxford University Press, USA ISBN: 9780198799924 Category : Law Languages : en Pages : 0
Book Description
This timely new work evaluates the law regarding pre-insolvency proceedings, and in particular, the terms of the 2017 EU Directive. Setting the law in context, the book provides a conceptual framework for ideal practice, illustrating the implications of the new regime with specific practicalexamples.The book features a comprehensive discussion of the key principles underlying restructuring proceedings and explains the purpose of, and justification for, pre-insolvency proceedings. It provides answers to a number of important issues that are still undecided and the subject of debate.In particular, the book provides detailed analysis of the system of voting in classes, and it offers an in-depth discussion of the appropriate criteria for confirmation and cram-down together with consideration of the little-understood underlying economic issues. It also includes analysis of the keyaspects of valuation and the applicable valuation standards in the context of restructuring, much needed as the incidence of judicial valuation arises in the context of cram-down.A comparative analysis and critique of UK schemes of arrangement and US Chapter 11 procedure is also included, giving readers a good understanding of the key features of both systems and enabling them to identify and learn from the differences. The author also proposes an outline of idealpre-insolvency proceedings, setting out general and specific requirements for ensuring flexibility, efficiency, and effectiveness.
Author: Bo Xie Publisher: Edward Elgar Publishing ISBN: 1781007381 Category : Law Languages : en Pages : 328
Book Description
Comparative Insolvency Law argues that the most important development in contemporary insolvency law and practice is the shift towards a rescue culture rather than full creditor satisfaction. This book is the first to specifically examine the rise of the pre-pack approach, which permits debtor companies to formulate a clear pre-arranged exit before entering into formal insolvency proceedings.
Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 9781557758200 Category : Business & Economics Languages : en Pages : 108
Book Description
Written by IMF's Legal Department, this book outlines the key issues involved in designing and implementing orderly and effective insolvency procedures, which play a critical role in fostering growth and competitiveness and may also assist in the prevention and resolution of financial crises. The book draws on lessons learned from firsthand experience by some of the IMF's 182 member countries. It includes an analysis of the major policy choices that countries need to address when designing an insolvency system, a discussion of the advantages and disadvantages of these choices, and a number of specific recommendations.
Author: Vanessa Finch Publisher: Cambridge University Press ISBN: 9780521626859 Category : Business & Economics Languages : en Pages : 662
Book Description
Vanessa Finch provides an interesting look at corporate insolvency laws and processes. She adopts an interdisciplinary approach to place two questions at the centre of her discussion. Are current UK laws and procedures efficient, expert, accountable and fair? Are fundamentally different conceptions of insolvency law needed for it to develop in a way that serves corporate and broader social ends? Topics considered in this wide-ranging book include different ways of financing companies, causes of corporate failure and prospects for designing rescue-friendly processes. Also examined are alternative asset distribution of failed companies, allocations of insolvency risks and effects of insolvency on a company's directors and employees. Finch argues that changes of approach are needed if insolvency law is to develop with coherence and purpose. This book will appeal to academics and students at advanced undergraduate and graduate level, and to legal practitioners throughout the common law world.
Author: Gert-Jan Boon Publisher: Oxford University Press ISBN: 019256112X Category : Law Languages : en Pages : 1505
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: Alexandre de Soveral Martins Publisher: Leya ISBN: 9894006566 Category : Law Languages : pt-BR Pages : 16
Book Description
Alexandre de Soveral Martins - Business Reorganisation in Portuguese Insolvency Law and in Pre-Insolvency Procedures Este artigo faz parte da Revista de Direito da Insolvência n.o 3 (2019)
Author: Oscar Couwenberg Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
The paper provides a cutting edge look at the ability of existing (and soon to be enacted) legal structures to restructure a financially troubled global business. The basic problem rests on the simple fact that legal systems are country-specific, while businesses operate world-wide. To avoid ripping a viable business apart on geographic lines, debtors and creditors have searched for legal systems that might apply beyond any one nation's boundaries.A global business has a choice of reorganization tools. At a basic level, this choice involves chapter 11 as contrasted with the English scheme of arrangement-chapter 15 combination package. Basically English law buttressed by an American "ancillary" chapter 15 bankruptcy case.But in recent years, leading jurisdictions have proposed (and in some cases even enacted) enhanced “pre-insolvency” procedures, that graft more the features of a full chapter 11 process onto the basic UK scheme architecture. We look at three new procedures in this paper: the pre-insolvency procedures of the Netherlands, Singapore, and England's own proposal for a new “chapter 11 lite” insolvency system.We also address the central reason why the chapter 15 “plus” approach to reorganization will tend to prevail over chapter 11. Among other things, we note that most of the foreign procedures that will pair with chapter 15 entail substantially less “process” than chapter 11 itself, which is quite abundant in process. Whether the “chapter 15 plus” package has too little process, or simply less process, is unclear.While a reduction in the formality of the process might be unattractive from the creditor perspective, from the debtor perspective there are obvious advantages. And it is the debtor, after all, who will largely drive the choice of procedures. Moreover, we observe that debtors are not apt to pay for such moves ex ante - inasmuch as the pricing mechanism is apt to have difficulty transmitting the costs of reorganization back to the point of issuance in any meaningful way.In short, we explain why chapter 11 seems to be losing a global economic race that it should be winning.
Author: Emilie Ghio Publisher: Edward Elgar Publishing ISBN: 180392876X Category : Law Languages : en Pages : 313
Book Description
An original book offering a unique theoretical approach, Re-examining Insolvency Law and Theory analyses the important role that legal theory plays in the development of insolvency law. It explores how law and theory are able to respond to issues of financial distress in the 21st century and questions how insolvency law could develop to address contemporary challenges.
Author: Andrew R. Keay Publisher: Jordan Publishing (GB) ISBN: 9781846611193 Category : Bankruptcy Languages : en Pages : 0
Book Description
Covering the subject of insolvency law, this text contains detailed academic analysis where necessary and also covers areas of debate and controversy in the subject. Insolvency is set in its social, economic and historical context and brief extracts for judgements and statutes are given.
Author: Nicolaes Tollenaar
Author: Nicolaes Tollenaar
Author: Bo Xie
Author: International Monetary Fund
Author: Vanessa Finch
Author: Gert-Jan Boon
Author: Alexandre de Soveral Martins
Author: Oscar Couwenberg
Author: Emilie Ghio
Author: Andrew R. Keay
Author: Thomas H. Jackson