Página 1 dos resultados de 20 itens digitais encontrados em 0.003 segundos

Debt Enforcement Around the World

Shleifer, Andrei; McLiesh, Caralee; Hart, Oliver; Djankov, Simeon
Fonte: University of Chicago Press Publicador: University of Chicago Press
Português
Relevância na Pesquisa
26.07%
Insolvency practitioners from 88 countries describe how debt enforcement will proceed against an identical hotel about to default on its debt. We use the data on time, cost, and the likely disposition of the assets (preservation as a going concern vs. piecemeal sale) to construct a measure of the efficiency of debt enforcement in each country. This measure is strongly correlated with per capita income and legal origin and predicts debt market development. Several characteristics of debt enforcement procedures, such as the structure of appeals and availability of floating charge finance, influence efficiency.; Economics

Asset Recovery Handbook : A Guide for Practitioners

Brun, Jean-Pierre; Gray, Larissa; Scott, Clive; Stephenson, Kevin M.
Fonte: World Bank Publicador: World Bank
Português
Relevância na Pesquisa
36.82%
The handbook is organized into nine chapters, a glossary, and ten appendixes of additional resources. Chapter one provides a general overview of the asset recovery process and legal avenues for recovery, along with practical case examples. Chapter two presents a host of strategic considerations for developing and managing an asset recovery case, including gathering initial sources of facts and information, assembling a team, and establishing a relationship with foreign counterparts for international cooperation. Chapter three introduces the techniques that practitioners may use to trace assets and analyze financial data, as well as to secure reliable and admissible evidence for asset confiscation cases. The provisional measures and planning necessary to secure the assets prior to confiscation are discussed in chapter four; and chapter five introduces some of the management issues that practitioners will need to consider during this phase. Confiscation systems are the focus of chapter six, including a review of the different systems and how they operate and the procedural enhancements that are available in some jurisdictions. On the issue of international cooperation...

“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
46.78%
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.

Debt Enforcement around the World

Djankov, Simeon; Hart, Oliver; McLiesh, Caralee; Shleifer, Andrei
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
26.07%
Insolvency practitioners from 88 countries describe how debt enforcement will proceed against an identical hotel about to default on its debt. We use the data on time, cost, and the likely disposition of the assets (preservation as a going concern vs. piecemeal sale) to construct a measure of the efficiency of debt enforcement in each country. This measure is strongly correlated with per capita income and legal origin and predicts debt market development. Several characteristics of debt enforcement procedures, such as the structure of appeals and availability of floating charge finance, influence efficiency.

Pakistan - Strengthening the Insolvency Regime : Non-Lending Technical Assistance Final Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
46.77%
The importance of a modern, binding and effective insolvency regime is undeniable. Nearly 90 countries around the world have reformed their bankruptcy codes since Second World War, and over half of them have done so during the last decade. One of the key aspects in the reform process is the delicate balance addressed by a modern insolvency system which encourages the organization of viable firms and liquidates unviable firms. The financial and macroeconomic crises, as recently experienced in Pakistan, provide an opportunity for bankruptcy reform, as the potential employment impact often places the issue of insolvent companies high on the policy agenda. The three fundamental goals of any insolvency law are: 1) transparency, including a system for publicizing and indexing judgments, an accessible method for registering securing interest and an effective notice of insolvency proceedings, 2) predictability - in terms of being fair, simple and clear, which if not achieved ends up costing more as financial institutions compensate the uncertainty with additional credit costs; and 3) efficiency...

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

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
36.75%
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...

European and Best Practice Bank Resolution Mechanisms : An Assessment and Recommendations for Policy and Legal Reforms

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
36.76%
The process of bank resolution, or the procedure for handling insolvency of banks using a range of tools, including alternatives to standard bankruptcy processes, has gained major traction since the experience of the 2008-09 financial crisis. In this context, this report reviews models for bank resolution that provide increased flexibility and describes several of the supervisory, legal and instrumental tools that can be used under modernized bank resolution procedures. As well, it looks at the recent European Commission proposals on this matter which take into account international best practices experiences. It also highlights areas of reform and areas where further regulatory considerations and priorities should be considered. The report reviews the bank resolution regimes of a group of European countries as well as those of two non-EU countries to highlight advantages as well as gaps in the legal and regulatory frameworks. This report surveys the banking and deposit insurance laws of six European countries : Poland...

Until Debt Do Us Part : Subnational Debt, Insolvency, and Markets

Canuto, Otaviano; Liu, Lili
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Português
Relevância na Pesquisa
26.51%
With decentralization and urbanization, the debts of state and local governments and of quasi-public agencies have grown in importance. Rapid urbanization in developing countries requires large-scale infrastructure financing to help absorb influxes of rural populations. Borrowing enables state and local governments to capture the benefits of major capital investments immediately and to finance infrastructure more equitably across multiple generations of service users. With debt comes the risk of insolvency. Subnational debt crises have reoccurred in both developed and developing countries. Restructuring debt and ensuring its sustainability confront moral hazard and fiscal incentives in a multilevel government system; individual subnational governments might free-ride common resources, and public officials at all levels might shift the cost of excessive borrowing to future generations. This book brings together the reform experiences of emerging economies and developed countries. Written by leading practitioners and experts in public finance in the context of multilevel government systems, the book examines the interaction of markets, regulators, subnational borrowers, creditors, national governments, taxpayers, ex-ante rules...

Mauritius : Insolvency and Creditor Rights Systems

World Bank
Fonte: Washington DC Publicador: Washington DC
Português
Relevância na Pesquisa
46.7%
The Bank assessed the Mauritius insolvency and creditor rights systems pursuant to a joint IMF-World Bank initiative to develop reports on the observance of standards and codes ("ROSC"), based on the Bank Principles and Guidelines for Effective Insolvency and Creditor Rights Systems during 2002. 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. Conclusions in this assessment are based largely on a review of applicable legislation and information gathered through interviews conducted by the staff team, and other inputs provided by the Steering Committee on Insolvency and Creditor Rights set up by the Government of Mauritius in January 2003. In addition, five commercial banks provided responses pertaining to credit risk management and corporate recovery practices with respect to distressed assets. Policy recommendations include: creditors rights and enforcement areas...

Financial Sector Assessment Program : Malawi - Legal Framework for Acceptance, Registration and Realization of Collateral

International Monetary Fund; World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
26.43%
A well-functioning legal framework for secured lending needs to provide for the creation, recognition and enforcement of security interests. This includes making it possible for all types of assets to be collateralized, effective notice and registration rules to be adapted to all types of property, and clear rules of priority on competing claims or interests in the same assets. This working paper includes the following headings: procedure and costs for a secured transaction; registration system; credit reference bureau; realization of collateral; judicial framework; insolvency and corporate rehabilitation; and recommendations.

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
46.77%
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.

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
Relevância na Pesquisa
46.79%
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...

The regulation of insolvency practitioners: getting to 'trust and confidence'

Brown, D.; Symes, C.
Fonte: University of Auckland Publicador: University of Auckland
Tipo: Artigo de Revista Científica
Publicado em //2013 Português
Relevância na Pesquisa
46.91%
This article examines the regulation of New Zealand insolvency practitioners in the context of current reform initiatives in New Zealand, in particular the pending Insolvency Practitioners Bill. Benchmarking the current system against Australian, United Kingdom and Irish law and practice, and international standards, the article concludes that the Insolvency Practitioners Bill is an insufficient response to a regulatory gap which exists, and fails to meet the need to promote the "trust and confidence" recommended by New Zealand's Law Commission. In light of the trans- Tasman commercial law harmonisation agenda of the two governments. current Australian proposals for insolvency practitioner regulation should be closely tracked in New Zealand. and at a minimum. there should be "positive licensing" rather than the (in effect) negative licensing system in the latest version of the Bill. In the future. an insolvency code of practice should also be adopted in New Zealand.; David Brown, Christopher Symes

Is the different treatment of corporate insolvency and personal bankruptcy under Australian law justified?

Brownbill, Conan
Fonte: Universidade Nacional da Austrália Publicador: Universidade Nacional da Austrália
Tipo: Relatório
Português
Relevância na Pesquisa
47.05%
The Australian corporate insolvency and personal bankruptcy regimes are separate. In recent ears, it has been suggested the two procedures should be merged. Those favouring merger believe it would increase efficiencies, reduce existing overlap and lessen costs. The benefits of a single insolvency regulator are noted as one particular benefit of merged insolvency legislation. Such arguments in support of merger underestimate the difficulties associated with unification given the tradition of separate insolvency laws within Australia and the terms of the Constitution. Significant costs would be associated with merging insolvency and bankruptcy legislation and the reduction of two governmental insolvency regulators to one. The Commonwealth may be unable o enact merged insolvency legislation that included all existing insolvency provisions given limitations within the Constitution. These limitations do not appear to have been addressed by those arguing in favour of merged insolvency procedures. The corporate insolvency and personal bankruptcy procedures have similar objectives and procedures. Both provide for the appointment of an independent entity to ascertain the debtor's abilities, realise their assets and distribute the proceeds among creditors. Further...

The Current Regulatory Framework Governing Business in Bulgaria

O'Brien, Thomas; Filipov, Christian
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
Português
Relevância na Pesquisa
26.31%
The paper identifies the key elements of the regulatory environment for business in Bulgaria, to serve as a research guide, while recognizing that the rapid development of new legislative, and regulatory procedures, are greatly needed, largely to meet the European Union's (EU) legal, and regulatory standards. It describes business creation, with the Commercial Code providing much of the central, comprehensive regulation. Also, another route for business creation in the private sector has been offered through the privatization process of state-owned assets, and, the use of concessions can also be viewed as another route to the creation of private business. However, and although concession legislation sets an overall framework of reasonable adequacy, reports from practitioners in the marketplace reveal much remains to be done to forward this agenda. In regulating corporate operations, the stake of shareholders in the formation of corporate policy, reflects shared participation in the corporate capital base; thus to engender confidence in corporate management standards...

More than Just Words : How the Africa Round Table is Enabling Meaningful Reforms across Africa

Uttamchandani, Mahesh; Menezes, Antonia
Fonte: International Finance Corporation, Washington, DC Publicador: International Finance Corporation, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
Português
Relevância na Pesquisa
36.74%
This brief showcases the lessons learned from the Africa Round Table (ART), a collaborative forum that has brought together countries from east, west, and southern Africa. The forum has led to more than five distinct insolvency reforms that have helped strengthen countries' credit environments. By leveraging their joint capacities, IFC and the World Bank have helped Sub-Saharan African countries address the challenges of the financial crisis, strengthen ties across professions, and in the process create a guiding example for evoking lasting change in a country.

Financial Sector Assessment Update : Uganda

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
Português
Relevância na Pesquisa
26.65%
A joint International Monetary Fund-World Bank team conducted an assessment update of Uganda's financial system in connection with the Financial Sector Assessment Program (FSAP) in November, 2004. The purpose of the mission was to help the Ugandan authorities identify financial system strengths and weaknesses with a view to implementing an action plan to increase the system's contribution to economic development. This report is an overall assessment of progress since 2001 of the FSAP and policy agenda. It examines the efficiency and outreach of the financial system and finds: a) a healthy but underdeveloped financial system; and b) improving financial system efficiency and outreach. The second part assesses the promotion of term financing and developing capital markets in the areas of: pensions, term financing, the Uganda Development Bank, the Uganda stock exchange, housing finance, and domestic government debt markets. The third part focuses on financial sector supervision, including safety net and crisis management.

Report on the Treatment of the Insolvency of Natural Persons

Insolvency and Creditor/Debtor Regimes Task Force
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
Português
Relevância na Pesquisa
56.8%
This report addresses the insolvency of natural persons following this structure: a first part introduces the objectives and nature of the report, deals with general issues, and describes the foundations of a system for the treatment of the insolvency of natural persons. The second part of the report analyzes the core legal attributes of system for the treatment of the insolvency of natural persons: within this system, the most relevant questions are analyzed in depth, namely the design of the system and the institutional framework, access to the system, the participation of creditors, the solutions to the insolvency process, and discharge. The main objective of this report is to provide guidance on the characteristics of an effective insolvency regime for natural persons and on the opportunities and challenges encountered in the development of such a regime. In this regard, the report raises awareness about the importance of a regime for the treatment of the insolvency of natural persons, and explores the advantages and disadvantages of the solutions to the numerous practical issues that have to be confronted in the design of an insolvency regime for natural persons.

European and American perspectives on the choice of law regarding cross-border insolvencies of multinational corporations - suggestions for South Africa

Weideman,J; Stander,AL
Fonte: PER: Potchefstroomse Elektroniese Regsblad Publicador: PER: Potchefstroomse Elektroniese Regsblad
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/12/2012 Português
Relevância na Pesquisa
36.83%
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...

To be or not to be? The role of private enquiries in the South African insolvency law

Joubert,Y; Calitz,J
Fonte: PER: Potchefstroomse Elektroniese Regsblad Publicador: PER: Potchefstroomse Elektroniese Regsblad
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/09/2014 Português
Relevância na Pesquisa
36.68%
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...