Página 1 dos resultados de 117 itens digitais encontrados em 0.004 segundos

O direito concursal das sociedades cooperativas e a lei de recuperação de empresas e falência; Cooperative bankrupty system and the Brazilian bankruptcy law

Maffioletti, Emanuelle Urbano
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Tese de Doutorado Formato: application/pdf
Publicado em 25/05/2010 Português
Relevância na Pesquisa
36.43%
A tese parte da análise jurídica do concurso das sociedades cooperativas para abordar as disciplinas concursais de insolvência civil, recuperação de empresas e falência, bem como as normas de liquidação aplicáveis às cooperativas no direito brasileiro e comparado. O direito concursal hodierno dispõe de mecanismos recuperativos em caso de crise financeira, e liquidatórios, com normas que primam pela eficiência dos institutos do direito concursal e pela continuação da atividade produtiva, com o fim de beneficiar o credor, devedor e a coletividade. Tende-se a adotar o princípio de unidade legal, de sistema e de disciplina, com pressuposto subjetivo unificado, abrangendo todos os devedores, inclusive as sociedades cooperativas, que quando organizadas como empresas são empresárias de economia social, com natureza jurídica e estrutura que beneficiam a coletividade. O Brasil não adota o princípio da unidade, nem reconhece as sociedades cooperativas como empresas, com a exclusão das cooperativas da lei de recuperação e falências, o que fere as orientações internacionais de incentivo e de tratamento não discriminatório às sociedades cooperativas e surge como mais um obstáculo ao seu desenvolvimento no Brasil. Este estudo teórico-descritivo subdivide-se em três capítulos: o primeiro aborda a doutrina e a normativa do direito concursal com enfoque na sociedade cooperativa...

Derivatives Safe Harbors in Bankruptcy and Dodd-Frank: A Structural Analysis

Adams, Stephen D
Fonte: Harvard University Publicador: Harvard University
Tipo: Paper (for course/seminar/workshop)
Português
Relevância na Pesquisa
26.47%
The Bankruptcy Code exempts financial derivatives and repurchase agreements from key provisions, such as the automatic stay. The primary rationale for this special treatment has been the fear that the failure of an important market participant could cascade if counterparties could not immediately exit their contracts. Reflecting on the recent financial crisis and the Lehman bankruptcy, some scholars have suggested that exempting these financial contracts from bankruptcy may have exacerbated other kinds of systemic risk and contributed to the decision to bail out systemically important financial institutions (SIFIs) address this flaw by enacting a Bankruptcy alternative, Title II of the Dodd-Frank Act, instead of addressing the problems in the Bankruptcy Code safe harbors that were the source of the systemic risk. This article demonstrates that the view that Title II replaces bankruptcy reform is mistaken. Title II actually increases both the need and opportunity to reassess the proper limits of the safe harbors. Without bankruptcy reform, the threat of irreversible damage if the SIFI files bankruptcy before intervention may force Title II to compete with bankruptcy in order to reach potential SIFIs first. However, the difficulty in evaluating whether some firm failures involve systemic risk incentivizes Title II decisionmakers to intervene in cases of doubt...

“No Way Out” : The Lack of Efficient Insolvency Regimes in the MENA Region

Uttamchandani, Mahesh
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
26.51%
This paper provides a comparative summary of the payout phase of insolvency systems in the MENA Region. Countries in the region generally have weaker restructuring and liquidation systems than those in most other regions. The paper summarizes many of the weaknesses common across the region.

The Challenges of Bankruptcy Reform

Cirmizi, Elena; Klapper, Leora; Uttamchandani, Mahesh
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
46.62%
The 2008 financial crisis was followed by a global economic downturn, credit crunch, and reduction in cross-border lending, trade finance, remittances, and foreign direct investment, which adversely affected businesses around the world. The consequent increase in the number of firm insolvencies in the financial and corporate sectors highlights the importance of efficient bankruptcy laws. This paper summarizes the theoretical and empirical literature on bankruptcy design, discusses the challenges of introducing and implementing bankruptcy reforms, and presents examples of how policymakers are trying to use the current economic downturn as an opportunity to engage in meaningful reform of the bankruptcy process.

Do Reorganization Costs Matter for Efficiency? Evidence from a Bankruptcy Reform in Colombia

Giné, Xavier; Love, Inessa
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
46.44%
The authors study the effect of reorganization costs on the efficiency of bankruptcy laws. They develop a simple model that predicts that in a regime with high costs, the law fails to achieve the efficient outcome of liquidating unviable businesses and reorganizing viable ones. The authors test the model using the Colombian bankruptcy reform of 1999. Using data from 1,924 firms filing for bankruptcy between 1996 and 2003, they find that the pre-reform reorganization proceeding was so inefficient that it failed to separate economically viable firms from inefficient ones. In contrast, by substantially lowering reorganization costs, the reform improved the selection of viable firms into reorganization. In this sense, the new law increased the efficiency of the bankruptcy system in Colombia.

Working Group Session LAC 2006 of the Global Judges Forum : Summary Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
26.46%
Over fifty participants from 31 different Latin American, Caribbean, North American and European countries came together in the Buenos Aires Stock Exchange Building in order to discuss the following topics: Mediation and Arbitration in Commercial/Insolvency Cases, Streamlining Commercial Proceedings using Non-Judicial Entities and Processes, Delegation/Substitution in Enforcement Proceedings, and Judicial Cooperation and Court-to-Court-Communication in Cross-Border Insolvency Proceedings. The first three topics formed a unit as they all dealt explicitly with delegation of judicial work to non-judicial entities. The first topic dealt with possible alternative entities, such as mediators and arbitrators while the following two topics investigate which aspects of court and enforcement procedures respectively could be subjected to such delegation and substitution. The fourth topic, in contrast, touched on a completely different subject, the co-operation between courts, which, as a consequence of globalization...

Lithuania : Banking System Assessment

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
26.61%
The Bank of Lithuania (BoL), the Central Bank, was established in 1990. BoL has the exclusive right to grant and revoke licenses to local and foreign banks and to supervise their activities. Private commercial banking boomed from 1991 to 1994 while bank regulation was lax. In late 1995, a bank crisis caused failures of most of the Lithuanian banks, and the remaining banks resulted in better managed and supervised institutions. BoL also applied tougher regulation on the banking sector. All commercial banks now need to have their financial records audited every year by an international auditing firm. This report includes the following headings: risks and contingency crisis management in the Lithuanian banking system; credit risk and regulatory issues; and description of corporate debt restructuring procedures in Lithuania.

Measureable Results! Doing Business Project Encourages Economies to Reform Insolvency Frameworks

Saltane, Valentina; Chen, Rong; Guzman, Nuria Moya
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
36.45%
Over the past 10 years, nearly 100 economies have reformed their insolvency regimes as a result of many factors, such as financial crises and to some extent the International Finance Corporation, or IFC and World Bank doing business project. In the aftermath of the global financial crisis, governments around the world implemented extensive insolvency reforms aimed at strengthening regulatory mechanisms for resolving insolvency cases, to stimulate entrepreneurship and generate a more efficient allocation of market resources. This smart lesson discusses two of the main best practices that stem from the key reform areas: determination of business viability, and introduction of reorganization proceedings.

No More Ping-Pong: The Need for Article III Status in Bankruptcy After Stern v. Marshall

Brown, Latoya C.
Fonte: SelectedWorks Publicador: SelectedWorks
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
36.65%
“Unfortunately, Stern v. Marshall has become the mantra of every litigant who, for strategic or tactical reasons, would rather litigate somewhere other than the bankruptcy court.” I. INTRODUCTION Quite aptly, the United States Supreme Court borrowed the words of Charles Dickens to describe the life of the case that ultimately resulted in Stern v. Marshall : “This suit has, in the curse of time, become so complicated, that . . . no two . . . lawyers can talk about it for five minutes, without coming to a total disagreement as to all the premises.’” Ironically, even after the Court’s decision, the “curse” has continued and many, especially those of the bankruptcy bar, are in disagreement as to the ultimate outcome and unforeseen consequences of Stern. The “big fuss” arose out of the Court’s holding that bankruptcy courts do not have constitutional authority to enter final judgment on a state law counterclaim “that is not resolved in the process of ruling on a creditor’s proof of claim.” The Court stated that common law claims, as well as suits in equity and admiralty, fall within the province of Article III courts, and Congress cannot “chip away at the authority of the judicial branch” by enacting statutes delegating such power to non-Article III judges. The Constitution grants judicial power to courts whose judges enjoy tenure during good behavior and salary protections. Article III provisions are safeguards against intrusion by other branches of government and they ensure that judicial decisions are being made with “[c]lear heads . . . and honest hearts.” A different outcome would have been likely if the case involved a ‘public right’ because the Court has recognized that Congress has the authority to adjudicate in suits involving that exception. The public rights exception applies in cases where a “right is integrally related to particular federal government action.” Other than the obvious limiting effect that Stern will have on bankruptcy courts with regards to adjudicating common law claims...

A statistical analysis of active duty Navy bankruptcies at the Jacksonville, Florida and San Diego, California bankruptcy courts

Sachse, Thomas W.
Fonte: Monterey, California. Naval Postgraduate School Publicador: Monterey, California. Naval Postgraduate School
Tipo: Tese de Doutorado
Português
Relevância na Pesquisa
36.5%
Approved for public release; distribution is unlimited.; This thesis presents the results of a statistical analysis conducted on active duty Navy bankruptcy cases filed in 1991 at the Jacksonville, Florida and San Diego, California bankruptcy courts. Results are presented for over 60 variables which were analyzed for the 96 active duty Navy bankruptcy cases in the sample. In addition, it provides a detailed explanation of the processes involved in filing Chapter 7 or Chapter 13 bankruptcy. The results of the analysis indicate that active duty Navy personnel in Jacksonville and San Diego file bankruptcy more often than the civilian population. In addition, active duty Navy personnel are filing bankruptcy with a significantly lower debt burden than civilians who file bankruptcy. The results also indicate that there is little difference between the financial conditions of sailors who file bankruptcy in Jacksonville and San Diego.

La protección de los acreedores en el concurso. ¿Quién es el acreedor?

Peinado Gracia, Juan Ignacio
Fonte: Universidad de Alcalá. Servicio de Publicaciones Publicador: Universidad de Alcalá. Servicio de Publicaciones
Tipo: Artigo de Revista Científica Formato: application/pdf
Português
Relevância na Pesquisa
26.35%
Se tratan en este artículo dos grupos de casos difíciles. En primer término, sobre la determinación de la condición de acreedor a efectos de poder solicitar la declaración de un concurso necesario. Así dedicamos una especial atención a los mecanismos de acreditación y oposición de la legitimación para instar el concurso por parte de los acreedores [I¿III]. Investigamos el significado y límites del principio de favor creditori incidiendo sobre su fundamento, ámbito de aplicación y utilidad en el concurso y destacando el nulo efecto que puede tener en la propia declaración del concurso o en los conflictos entre acreedores. A tal fin reconstruimos la posición del acreedor como presupuesto del concurso, examinamos la posible oposición del deudor y las facultades del juez y repasamos una colección de casos difíciles. Seguidamente abordamos de forma casuística el procedimiento de reconocimiento de créditos, atendiendo a las posibles incidencias que se puedan producir [y IV].; Discussed in this article are two groups of complex cases. First, on the determination of the creditor status and the necessary conditions that must apply for the purposes of the declaration of a bankruptcy file. So we dedicate special attention to the mechanisms of accreditation and opposition from the necessary legal standing to bring the contest by the creditors [I¿III]. We investigate the meaning and limits of the principle of favor creditori impacting on its merits...

Reforming Insolvency Systems in Latin America

Rowat, Malcolm
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Viewpoint; Publications & Research
Português
Relevância na Pesquisa
26.44%
The note shares conflicting interests hampering insolvency systems reform in Latin America, and aims at assessing legal weaknesses, to propose some common solutions. Most insolvency systems share two prime objectives: allocating risk among participants in the economy, in a predictable, equitable and transparent way, and, maximizing the value of the insolvent firm for the benefit of all interested parties, and the broader economy. However, current regional problems reflect too rigid and formal insolvency laws; very high degrees of judicial discretion, increasing uncertainty, and financial risks; rampant corruption; absence of enforcement mechanisms to protect creditor interests; and, a powerful, explicit bias in favor of labor claimants, who are highly protected under preferential treatment. The note proposes a common set of essential reforms, to be prioritized according to each county's circumstances. First, disclosure of behind-the-scene dealings should be required, incentives created to combat corruption...

Lithuania : Insolvency and Creditor Rights Systems

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Insolvency Assessment (ROSC); Economic & Sector Work
Português
Relevância na Pesquisa
36.4%
The legal environment in Lithuania to support creditor rights and debt enforcement is reasonably effective, and collateral regimes have been largely centralized and modernized. Consistent with a modern system, security interests may be granted in immoveable and moveable assets, including equipment, inventory, goods, receivables, and future property. In practice, security tends to be restricted to more reliable and liquid assets, such as immovables or fixed assets. Markets for moveable assets remain poorly developed or illiquid. Appeals remain a source of delay, and other procedures could be improved. The insolvency process in Lithuania has been almost exclusively one of liquidation, plagued by delay and procedural obstacles. A new insolvency law was adopted in July 2001, bringing to three the number of insolvency laws currently in effect. At the same time, a new Enterprise Restructuring Law became effective. As of November 2001, only a few cases had been filed under the new law, which a growing consensus of stakeholders consider to be unworkable and unfavorable to creditors. The process may be aided by the developing training guides and programs. Regulation of insolvency remains fragmented and weak...

Avoiding Customer and Taxpayer Bailouts in Private Infrastructure Projects: Policy toward Leverage, Risk Allocation, and Bankruptcy

Ehrhardt, David; Irwin, Timothy
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
36.34%
Many private infrastructure projects mix regulation that subjects the private company to considerable risk, a government or regulator that is reluctant to see the company go bankrupt, and high leverage on the part of the company. If all goes well, equityholders make a profit, debtholders are repaid, customers pay no more than they expected, and the government is not called on to bail the company out. If all goes badly enough, however, the prospect of bankruptcy will loom. Unwilling to see the company go bankrupt, however, the regulator will have to permit an unscheduled price increase, or the government will have to inject taxpayers' money into the firm. In other words, the combination means customers and taxpayers bear more risk than would appear from the regulations governing the private infrastructure project. The authors examine how these problems have played out in five cases. Then they describe how governments and regulators can quantify the extent of the problems and, using option-pricing techniques, value the customer and taxpayer guarantees involved. Finally...

Chile : Insolvency and Creditor Rights Systems

World Bank
Fonte: Washington DC Publicador: Washington DC
Tipo: Economic & Sector Work :: Insolvency Assessment (ROSC); Economic & Sector Work
Português
Relevância na Pesquisa
26.4%
The legal and institutional framework governing creditor rights and insolvency proceedings in Chile reasonably complies with expectations of a modern, credit-based economy, although some shortcomings affect the full effectiveness of credit risk management and resolution: Financial institutions over-rely on real estate as collateral. Pledges are not enough developed because legislation on secured interests over movable assets is fragmented and the publicity and registration mechanism for pledges are not sufficiently reliable. Individual enforcement proceedings are lengthy and complicated, both for secured and unsecured creditors. Enforcement proceedings using executory instruments take 1 to 3 years, whereas creditors not enjoying such instruments use ordinary proceedings whose duration is even longer (3 to 5 years). Insolvency legislation is integrated into the country's broader legal and commercial system, providing a liquidation proceeding whose average duration, however, is 2 to 3 years. The Insolvency Law also governs judicial reorganization proceedings but classification of creditors for voting is not allowed...

Subnational Insolvency : Cross-Country Experiences and Lessons

Liu, Lili; Waibel, Michael
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
26.47%
Subnational insolvency is a reoccurring event in development, as demonstrated by historical and modern episodes of subnational defaults in both developed and developing countries. Insolvency procedures become more important as countries decentralize expenditure, taxation, and borrowing, and broaden subnational credit markets. As the first cross-country survey of procedures to resolve subnational financial distress, this paper has particular relevance for decentralizing countries. The authors explain central features and variations of subnational insolvency mechanisms across countries. They identify judicial, administrative, and hybrid procedures, and show how entry point and political factors drive their design. Like private insolvency law, subnational insolvency procedures predictably allocate default risk, while providing breathing space for orderly debt restructuring and fiscal adjustment. Policymakers' desire to mitigate the tension between creditor rights and the need to maintain essential public services...

Uma análise empírica sobre o processo de recuperação econômica pela via judicial adotado pelas sociedades empresárias: a experiência no Tribunal de Justiça do Estado do Rio de Janeiro

Assis, Dione Valesca Xavier de
Fonte: Fundação Getúlio Vargas Publicador: Fundação Getúlio Vargas
Tipo: Dissertação
Português
Relevância na Pesquisa
26.37%
Este estudo objetiva analisar os processos de recuperação judicial iniciados, desde a vigência da Lei de Recuperação de Empresas (fevereiro de 2005) até 31/06/2011 nas varas empresarias da comarca da capital do Tribunal de Justiça do Estado do Rio de Janeiro. Além da aferição do tempo médio de cada uma das etapas previstas na Lei de Recuperação de Empresas (deferimento do processamento da recuperação judicial, concessão da recuperação judicial e encerramento do processo após cumprimento de todas as obrigações previstas no plano que se vencerem até dois anos depois da concessão da recuperação judicial), busco também verificar se, de fato, alguma sociedade requerente conseguiu se recuperar. Para tanto, considerarei recuperada a sociedade que, após o encerramento do processo, estiver cumprindo plenamente o seu plano de recuperação, sem que tenha havido qualquer requerimento posterior de falência. Considerando que a Lei de Recuperação de Empresas já está no seu sétimo ano de vigência, bem como o fato de o legislador ter idealizado o processo para que dure no máximo 3 anos, entendo não haver óbices à adoção do conceito supra, tendo em vista que já haver tempo suficiente para o início e encerramento desse tipo de processo. Diante disso...

Essays in Corporate Bankruptcy

Ferreira, Rafael de Vasconcelos Xavier
Fonte: Fundação Getúlio Vargas Publicador: Fundação Getúlio Vargas
Tipo: Tese de Doutorado
Português
Relevância na Pesquisa
36.39%
Esta tese é composta por três ensaios sobre o mercado de crédito e as instituições que regem bancarrota corporativa. No capítulo um, trazemos evidências que questionam a ideia de que maiores níveis de proteção ao credor sempre promovem desenvolvimento do mercado de crédito. Desde a publicação dos artigos seminais de La Porta et al (1997,1998), a métrica de proteção ao credor que os autores propuseram -- o índice de proteção ao credor -- tem sido amplamente utilizada na literatura de Law and Finance como variável explicativa em modelos de regressão linear em forma reduzida para determinar a correlação entre proteção ao credor e desenvolvimento do mercado de crédito. Neste artigo, exploramos alguns problemas com essa abordagem. Do ponto de vista teórico, essa abordagem geralmente supõe uma relação monotônica entre proteção ao credor e expansão do crédito. Nós apresentamos um modelo teórico para um mercado de crédito com seleção adversa em que um nível intermediário de proteção ao credor é capaz de implementar equilíbrios first best. Este resultado está de acordo com diversos outros artigos teóricos, tanto em equilíbrio geral quanto em equilíbrio parcial. Do ponto de vista empírico...

The Administrative Law of Borrowed Regulations: Legal Questions Regarding the Bankruptcy Law's Incorporation of IRS Standards

Stephenson, Matthew Caleb; Hickman, Kristin E.
Fonte: Norton Bankruptcy Law Adviser Publicador: Norton Bankruptcy Law Adviser
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
46.53%
In the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), Congress included a provision requiring bankruptcy courts evaluating individual debtors' financial circumstances to utilize certain monthly expense standards developed by the Internal Revenue Service for assessing taxpayers' ability to pay their taxes (the Standards). While the IRS retains a great deal of discretion in applying the Standards for its own purposes, bankruptcy courts have interpreted the BAPCPA as giving the Standards binding force in the bankruptcy context. This unusual arrangement - where a statute regulating one substantive area incorporates documents promulgated by an unrelated administrative agency for use in a different substantive area - presents bankruptcy judges with a set of unfamiliar and difficult administrative law questions. To what extent, if at all, should bankruptcy courts defer to IRS statements, contained in documents other than the Standards themselves, about how the Standards should be applied? May the IRS alter the Standards for its own purposes but not for bankruptcy purposes, or vice versa? What procedures must the IRS use when it modifies the Standards, especially in light of the fact that the Standards now have an apparently binding effect in bankruptcy cases? These questions have become even more pressing since the IRS in 2007 amended the Standards without public notice and comment and provided different effective dates for IRS and bankruptcy court use of the amended Standards. This essay explains from the standpoint of administrative law the difficulties that these questions present and suggest a few possible (and in some cases competing) administrative law theories for thinking about them.

Rethinking corporate bankruptcy theory in the twenty-first century

Paterson, Sarah
Fonte: Oxford University Press Publicador: Oxford University Press
Tipo: Article; PeerReviewed Formato: application/pdf
Publicado em //2015 Português
Relevância na Pesquisa
26.52%
Adopting a comparative UK/US approach, this article argues for the need to rethink corporate bankruptcy theory in the light of developments in the finance market. It argues that these developments have produced an effective mechanism, in large cases, for selecting between companies which will be worth more if they continue to trade and companies which ought to be allowed to fail, such that corporate bankruptcy law need no longer concern itself with steering creditor choice away from a sale of the business and assets and towards a restructuring. Moreover, it suggests that whilst the automatic stay remains a central tenet of corporate bankruptcy law where the market decides that the business and assets should be sold, in cases where the market sees more value if a company continues to trade, corporate bankruptcy law may operate very well without a stay as a resolution procedure for deadlocked negotiations. The article identifies that in many large restructuring cases the only liabilities which are implicated are financial liabilities, and queries the extent to which the distributional concerns of the progressive movement, and US federal bankruptcy law, apply where losses are shared amongst sophisticated financial institutions. It ends with an explanation of why the analysis is limited to large cases...