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Doing Business Reform Memorandum; Croatia - Doing business memorandum o reformskim zahvatima; Croatia

World Bank Group
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Working Paper; Economic & Sector Work; Economic & Sector Work :: Country Economic Memorandum
Português
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26.58%
Croatia’s business environment has been identified as a priority area for reform by the Croatian Government. Under the government working group for business climate and private investments, the agency for investment and competitiveness has been designated to lead the dialogue with the private sector and coordinate the consultations with stakeholders, including international organizations on the design of a new wave of business environment reforms. This reform memorandum is prepared at the request of the agency for investment and competitiveness and aims to provide a concrete set of short and medium term reform recommendations that will address some of the business environment challenges currently faced by the private sector in Croatia. The World Bank Group’s doing business project provides a measure of the ease of doing business in 189 countries through a set of objective indicators that focus on the impact of laws, regulations, and their enforcement on the ease of doing business for domestic firms in 10 areas from starting a business...

Moldova Financial Sector Assessment Program; Insolvency and Creditor/Debtor Regimes--Report on the Observance of Standards and Codes

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Report; Economic & Sector Work :: Financial Sector Assessment Program; Economic & Sector Work
Português
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27.09%
The World Bank assessed the insolvency and creditor or debtor regimes (ICR) of Moldova pursuant to the joint international monetary fund (IMF) and World Bank initiative on the observance of standards and codes (ROSC). The Moldovan authorities have made remarkable progress over the last decade in taking on board a broad range of reform related to the commercial law regime, including the laws pertaining to creditor protection and insolvency. Loans are often over collateralized, reducing available credit and increasing the incentives for lenders to rely primarily on their collateral for repayment rather than to support restructuring efforts. The secured transactions regime requires improvement, importantly regarding the facilitation of important credit instruments over category of assets. The rules aimed at encouraging good corporate behavior at times of financial distress may be improved and obstacles on insolvency filing by creditors removed to ensure timely filing of insolvency proceedings. There are also certain risks to creditor rights...

Slovak Republic : Insolvency and Creditor Rights Systems

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Insolvency Assessment (ROSC); Economic & Sector Work
Português
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37.21%
The assessment team interviewed a cross section of country stakeholders regarding the effectiveness of the legal infrastructure, and its implementation supporting debtor-creditor relationships, corporate insolvency and credit risk management, and resolution practices, including among others, members of the Inter-Agency Commission for the preparation of a new insolvency law, and members of the drafting team for the new collateral law; and, various professionals serving as trustees, executors, lawyers and accountants also provided their input. The conclusions in this assessment are based largely on the above interviews, a review of applicable legislation, data and information, various reports prepared by the Bank between 1999-2001, and other reports or analyses pertaining to the areas assessed, including the project on the new collateral legislation, and registration system for pledges (charges). Some laws unavailable in English at the time were discussed in a number of meetings with institutions, and professionals in the public...

Mortgage Lending in the Palestinian Territories : Fundamentals for Judges and Lawyers

Palestinian Judicial Training Institute; World Bank; USAID
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Other Financial Sector Study; Economic & Sector Work
Português
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36.91%
This document describes the training course for lawyers and judges in the Palestinian Territories, which was designed as an introduction to residential mortgage lending, and the use of mortgage collateral. These materials begin with a technical description of mortgage lending and mortgage collateral, the purposes and content of mortgage law, and the general conditions for development and expansion of residential mortgage lending activity. This is followed by a discussion of mortgage lending from the perspective of the financial institutions that originate most loans, including the process of making the loan and the economics of mortgage lending. The sections on economics of mortgage lending include the costs to the creditor, the risks faced by residential mortgage creditors, how creditors determine interest rates and other loan terms, and the effect of loan terms on the ability of citizens to borrow. The discussion of the economics of mortgage lending also focuses on recent research showing how laws affecting creditors' rights and court enforcement of creditors' rights may affect the amount and terms of mortgage lending in a country. The document includes a review and discussion of the current mortgage law in the West Bank and Gaza...

Colombia : Creditor Rights and Insolvency Proceedings; Colombia - Derechos de credito y procesos concursales

Rouillon, Adolfo
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Law and Justice Study; Economic & Sector Work
Português
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36.6%
This article analyzes the legislation and institutions connected with creditor rights and insolvency proceedings in Colombia. It aims to contribute to the debate on the conditions required to restore the vitality of the Colombian credit environment. In relation to creditor rights, there is a particular emphasis on mechanisms for establishing security interests used in granting corporate credit. The analysis identifies the principal factors affecting the efficiency of security interests. These include deficiencies in substantive and procedural law, as well as in registry organization. The paper goes on to analyze the legal, institutional and regulatory framework for insolvency proceedings, identifying weaknesses and highlighting strengths that insolvency reforms should aim to preserve. The need for attention to corporate workouts and prepackaged reorganization agreements is also addressed. The paper concludes with prioritized recommendations for a plan of legal and institutional reform intended to improve the credit environment, creditor protection and enable the establishment of a more balanced insolvency system. Applying the recommendations to Senate Bill 207/05 (Insolvency Regime) makes it possible to identify the strengths of the Bill...

State-owned Banks in the Transition : Origins, Evolution, and Policy Responses

Sherif, Khaled; Borish, Michael; Gross, Alexandra
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
Português
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26.26%
Many of the distortions in poorly performing economies do not originate in the banking sector, but where state banks still control a large share of the resources in the banking system, they continue to pose a risk to macroeconomic and fiscal stability. State banks are typically vehicles for patronage that worsen the prospects for competitive market development. Alternatively, these state banks can be ineffective shells that fail to perform a useful intermediation role once the government imposes effective hard budget constraints and a modern supervisory system. The most problematic state banks have been agricultural and industrial banks, whose original role was to finance state farms and industrial enterprises that employed large numbers of people and served as the backbone of the socialist economic mode. Banks now show stronger growth in deposits and capital in many countries in Central and Eastern Europe and the Baltics, suggesting that these countries have put into place structures that have helped to restore confidence in banking systems among creditors...

Financial Sector Assessment : Bangladesh

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
Português
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36.41%
The Bangladesh financial system, particularly banking and microfinance, has grown and developed since 2003 against the backdrop of 6 percent average Gross Domestic Product (GDP) growth. Banks' total assets and private credit ratios to GDP have each increased by about one-third since the 2003 Financial Sector Assessment Program (FSAP). Bank deposits, as a percentage of GDP, are comparable to other South Asian countries. Private domestic banks now hold a majority of bank assets; the shares of state-owned commercial banks (SCBs) and specialized banks (SBs) have declined correspondingly. Bank branches, access to banking, and microfinance services have expanded substantially. Nonbanking financial institutions have also grown but remain small; banks s till account for over 90 percent of financial institutions' assets. Equity market listings and capitalization have grown substantially; market capitalization was equivalent to about 14 percent of GDP in December 2008. A government bond market is developing. Further sound financial development in the various parts of the financial sector...

Federal Intervention to Enhance Shareholder Choice

Bebchuk, Lucian Arye; Ferrell, Frank A.
Fonte: Virginia Law Review Association Publicador: Virginia Law Review Association
Tipo: Artigo de Revista Científica
Português
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The modern approach to corporate reorganizations begins in a curious place. Everywhere else in corporate law, we focus on those who control the firm and on when others should be able to go to court and reverse their decisions. With respect to corporate reorganizations, however, we ignore these questions and instead focus on priority rights. Our lodestar is the real estate foreclosure. A real estate foreclosure is an actual sale of a physical asset, and the proceeds of the sale are distributed to old creditors and shareholders according to nonbankruptcy priorities. A reorganization is also a sale, albeit a hypothetical one, and the proceeds of the sale (usually in the form of new claims against the reorganized firm) are again distributed to the old creditors and shareholders. Hence, nonbankruptcy priorities should be respected here as well. According to this conventional wisdom, the primary challenge in the law of corporate reorganizations lies in devising a process that allows us to respect priority rights when there is not an actual foreclosure with competing bids. In this paper, we show that this conventional understanding of corporate reorganizations is wrong. It might seem that the primary question when all cannot be paid in full is who gets what...

The New Business Entities in Evolutionary Perspective

Hansmann, Henry; Kraakman, Reinier H.; Squire, Richard
Fonte: University of Illinois at Urbana-Champaign, College of Law Publicador: University of Illinois at Urbana-Champaign, College of Law
Tipo: Artigo de Revista Científica
Português
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The many legal forms for business organizations that first appeared in the U.S. during the last thirty years - the Limited Liability Company (LLC), the Limited Liability Partnership (LLP), the Limited Liability Limited Partnership (LLLP), and the statutory Business Trust - all combine the pattern of creditors' rights, or asset partitioning, that is traditional to the business corporation with the freedom of contract among investors and managers that is traditional to the partnership. To view these new entities as partnership-like is to treat the degree of freedom of contract as the essential difference between the traditional corporation and partnership forms; to view them as corporation-like is to treat the pattern of creditors' rights as the essential difference. While recent scholarship often takes the former view, the latter seems more accurate. History shows that much of the contractual inflexibility in the traditional corporation served merely to buttress its pattern of creditors' rights, and that this inflexibility fell away upon the development of substitute sources of investor protection. The new forms are thus better understood as part of a continuing development of the corporate form rather than as entities more akin to the traditional partnership...

Principles for Effective Insolvency and Creditor-Debtor Rights Systems, Revised 2015

World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Report; Economic & Sector Work; Economic & Sector Work :: Insolvency Assessment
Português
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46.6%
Effective creditor/debtor rights and insolvency systems are an important element of financial system stability. The World Bank Group accordingly has been working with partner organizations to develop principles for insolvency and creditor/debtor rights systems. The Principles for Effective Insolvency and Creditor/Debtor Rights Systems (the Principles) are a distillation of international best practice on design aspects of these systems, emphasizing contextual, integrated solutions and the policy choices involved in developing those solutions.Based on the experience gained from the use of the Principles, and following extensive consultations, the publication has been thoroughly reviewed and updated in 2005, 2011 and 2015. The revised Principles contained in this document have benefited from wide consultation and, more importantly, from the practical experience of using them in the context of the Bank’s assessment and operational work.

Is good governance rewarded?: a cross-sectional analysis of debt forgiveness

Neumayer, Eric
Fonte: Elsevier Publicador: Elsevier
Tipo: Article; PeerReviewed Formato: application/pdf
Publicado em /06/2002 Português
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This article analyzes which factors determine the allocation of debt forgiveness. In particular, the role played by various aspects of governance is examined. The results indicate that countries' need is a powerful determinant for debt forgiveness, whereas creditors' political interest is not, apart from United States military interests. Of the various aspects of governance, only the extent to which governments are accountable, respect democratic rights as well as refrain from imposing burdens on business have a statistically significant influence. In order to create the right incentives and to ensure effectiveness of scarce financial resources, countries with good governance should be rewarded with a higher share of total debt forgiveness in the future.