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Contribuição ao estudo da classificação interdisciplinar da pesquisa tributária e do impacto da tributação na estrutura de capital das empresas no Brasil; Contribution to the study of the interdisciplinary classification of the tax research and of the impact of the taxation in the capital structure of the companies in Brazil

Pohlmann, Marcelo Coletto
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 31/08/2005 Português
Relevância na Pesquisa
45.7%
A matéria tributária nunca esteve tão em evidência como nos dias presentes. No Brasil, a carga tributária cresceu significativamente nos últimos anos, atingindo atualmente cerca de 36% do Produto Interno Bruto (PIB). A nível internacional, há uma constante discussão quanto ao balanceamento entre tributos diretos e indiretos. Refira-se, também, problemas relativos à evasão tributária, ao planejamento tributário e à preocupação dos governos de inúmeros países com a proliferação de paraísos fiscais e o efeito disso sobre a economia doméstica, o que acaba desaguando na questão da competição tributária internacional. Esse breve cenário dá bem a noção da importância e relevância da temática tributária, nas suas mais diversas dimensões e aspectos. O presente trabalho analisa o impacto da tributação na estrutura de capital das empresas no Brasil, sendo que duas hipóteses de pesquisa foram colocadas a prova: a primeira, seguindo os passos de estudos anteriores, buscou pura e simplesmente verificar a existência de impacto do fator tributação do lucro no endividamento das firmas, e qual o sentido dessa influência. A segunda hipótese, por sua vez, propôs-se a verificar se essa relação se dá da mesma forma para o caso de firmas com alto endividamento e que apresentam baixo nível de tributação...

Desempenho fiscal da dívida dos grandes municípios brasileiros; Fiscal performance of the debt of major Brazilian municipalities

Lima, Severino Cesário de
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 02/12/2011 Português
Relevância na Pesquisa
45.75%
Com a promulgação da Lei de Responsabilidade Fiscal (LRF), foram instituídas as regras de disciplina fiscal com o objetivo de reduzir o déficit público e estabilizar o montante da dívida pública em relação ao Produto Interno Bruto (PIB). Essas regras de disciplina fiscal compõem as restrições orçamentárias rígidas (hard budget constraint), destacando-se a exigência do orçamento equilibrado, o limite legal do endividamento, a destinação da dívida para investimentos e o controle indireto da dívida por meio do limite de despesas com pessoal. Todavia, dentre essas regras, os gestores dos grandes Municípios brasileiros alegam que o limite legal de endividamento de 1,2 da Receita Corrente Líquida (RCL) fixado pelo Senado Federal é inadequado, pois é único para todos os governos locais sem apresentar tratamento diferenciado aos grandes Municípios que possuem profundas diferenças em termos de população, renda e receita. Nesse contexto, é extremamente importante avaliar o desempenho fiscal da dívida dos grandes Municípios brasileiros, tendo como foco o nível de endividamento segundo os recursos potenciais desses governos locais e das restrições orçamentárias instituídas pela LRF. Assim, esta tese tem como objetivo central medir e explicar o desempenho do nível da dívida dos grandes Municípios brasileiros em função dos recursos potenciais para servir à dívida e dos mecanismos de restrições orçamentárias. Para tanto...

Daughters of Eve : violence against women in Pakistan

Noor, Muhammad Jehanzeb, 1982-
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 121 p.; 6536151 bytes; 6543792 bytes; application/pdf; application/pdf
Português
Relevância na Pesquisa
55.45%
The purpose of this study was to conduct extensive research on domestic violence against women in Pakistan and to present the results in a comprehensive document. Some of the issues investigated through fieldwork and covered here include the social and cultural reasons for violence against women, the ways in which the women are victimised, the extent of this violence and its implications for the victims and society at large. Emphasis was placed on the review of shortcoming of laws for protection of women. At the end, detailed recommendations were made for practical steps in which women can be given more legal protection, and society can be sensitised to the rights of women. It was found that some of the major reasons for violence against women include treatment of women as objects and property, legitimisation of cruel practices through tradition and misinterpretation of religion, and patriarchal nature of society that enables men to reinforce their social power through subjugation of women. While around 80% of Pakistani women are reported to face some form of domestic violence every year, horrific crimes such as honour killings, acid burnings and marital rape are also quite common. There are several absurd practices such as exchanging of women to settle tribal disputes and selling them to payoff debt...

The Challenges of Bankruptcy Reform

Cirmizi, Elena; Klapper, Leora; Uttamchandani, Mahesh
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
45.71%
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.

Global Development Finance 2008 : The Role of International Banking, Volume 2. Summary and Country Tables

World Bank
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
55.78%
This report is comprised of two volumes. Global Development Finance (GDF) 2008 volume one provides analysis of key trends and prospects, including coverage of the role of international banking in developing countries. Volume two provides summary and country tables contain statistical tables on the external debt of the 134 countries that report public and publicly guaranteed debt under the Debtor Reporting System (DRS). It also includes tables of selected debt and resource flow statistics for individual reporting countries as well as summary tables for regional and income groups. It is the culmination of a year-long process that requires extensive cooperation from people and organizations around the globe-national central banks, ministries of finance, major multilateral organizations, and many departments of the World Bank.

Europe and Central Asia Housing Finance Crisis Prevention and Resolution : A Review of Policy Options

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
45.73%
The objective of this paper, besides offering insight in the regional and global development and stability issues, is to initiate a dialog with housing finance market stakeholders on the course of action appropriate for their jurisdictions. The policy options presented in the paper are practical and implementable and should frame discussions between public and private housing finance market participants. It offers observations of the recent Europe and Central Asia (ECA) market developments and presents a menu of policy actions that should be considered by the mortgage regulators to address the current challenges and to better prepare for next cyclical events. The scope of the paper is on the mortgage finance in ECA region. Some of the policy measures discussed deal with the real estate market evolution- notably the market observatories- as the real estate market evolutions are intricately linked with the cyclicality of the mortgage credit (and with the broad business cycles) and this linkage should be analyzed and considered by the mortgage market stakeholders. The policy options discussed in this paper are: (a) interconnected; and (b) need to be tailored to the specific country circumstances. The paper is structured as follows: after an overview of ECA mortgage market characteristics...

Responsible Debt Collection in Emerging Markets

International Finance Corporation
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Trabalho em Andamento
Português
Relevância na Pesquisa
45.75%
Emerging market economies have been experiencing high credit growth and high delinquency rates amongst retail banking customers in recent years. However, collections practices have not always kept pace with this rapid growth; many collectors still rely on relatively unstructured processes and weak oversight frameworks. It is therefore important to consider how fair and ethical treatment of borrowers can be better promoted in these markets. To this end, International Finance Corporation (IFC) commissioned a study in 2009 to examine the question of what guiding principles should financial institutions follow to raise their responsible and ethical standards in collections. IFC has subsequently commissioned Oliver Wyman to study existing global retail debt collections practices and recommend tangible actions that lenders and collectors can take to promote responsible and ethical standards in the field. The conclusions of this study are based on field research conducted by IFC and Oliver Wyman, industry experts analysis and opinion...

Governance Reforms of State-Owned Enterprises; Lessons from Four Case Studies (Egypt, Iraq, Morocco, and Tunisia)

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Report; Economic & Sector Work; Economic & Sector Work :: Institutional and Governance Review (IGR)
Português
Relevância na Pesquisa
55.45%
The state-owned enterprise (SOE) landscape has become increasingly diverse. There used to be some relatively well-defined criteria, but with the growing complexity of state participation in the economy, there is no longer a uniform definition, and especially because the definition of a SOE has always been country-specific. SOE reforms can have major positive impacts not only by reducing fiscal risks by decreasing hidden subsidies, direct transfers, and overstaffing, but also by strengthening competition and developing capital markets. SOE reforms in developing countries began in the 1960s because of the poor performance of many of the SOEs. The reform movement sought to strengthen the internal capacity of SOEs. To enrich the discussion about possible avenues for performance-enhancing SOE reforms, this report presents the main principles of good governance of SOEs with references to the Organization for Economic Co-operation and Development (OECD) guidelines on corporate governance of SOEs (OECD 2005). This document is divided into six parts: (1) an effective legal and regulatory framework for SOEs; (2) the state as an owner; (3) equitable treatment of shareholders; (4) relations with stakeholders; (5) transparency and disclosure; and (6) the responsibilities of the boards of SOEs.

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
55.72%
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...

Moral Incentives; Experimental Evidence from Repayments of an Islamic Credit Card

Bursztyn, Leonardo; Fiorin, Stefano; Gottlieb, Daniel; Kanz, Martin
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Working Paper; Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
45.74%
This paper studies the role of morality in the decision to repay debts. Using a field experiment with a large Islamic bank in Indonesia, the paper finds that moral appeals strongly increase credit card repayments. In this setting, all of the banks late-paying credit card customers receive a basic reminder to repay their debt one day after they miss the payment due date. In addition, two days before the end of a ten-day grace period, clients in a treatment group also receive a text message that cites an Islamic religious text and states that “non-repayment of debts by someone who is able to repay is an injustice.” This message increases the share of customers meeting their minimum payments by nearly 20 percent. By contrast, sending either a simple reminder or an Islamic quote that is unrelated to debt repayment has no effect on the share of customers making the minimum payment. Clients also respond more strongly to this moral appeal than to substantial financial incentives: receiving the religious message increases repayments by more than offering a cash rebate equivalent to 50 percent of the minimum repayment. Finally...

Impact and Implications of Recent and Potential Changes to Brazil's Subnational Fiscal Framework

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Public Expenditure Review
Português
Relevância na Pesquisa
45.75%
Brazil's subnational fiscal framework has remained a source of unabated controversy despite its relative stability over the past decade. The objective of this study is to evaluate the nature and impact of recent and expected changes to Brazil's subnational fiscal framework in light of these debates. More specifically, this work has focused on recent and proposed changes to: 1) the Tax on Goods Circulation, Communication and Inter-municipal and Inter-state Transportation Services (ICMS); 2) the State Participation Fund (FPE) as well as the transfers from oil and mining royalties; and 3) the subnational debt and borrowing framework. These three broad areas are precisely the ones that are the center of the current debate on Brazil's subnational fiscal framework. In order to achieve the proposed objective, three background papers were commissioned, each covering one of the issues outlined above. The main value-added of this study is an examination-and an attempt at a quantification of the impacts of the changes underway in these three dimensions of Brazil's intergovernmental fiscal framework. The remainder of this synthesis report is organized as follows. Section two provides a brief overview of how Brazil's subnational fiscal framework currently works. Section three describes the ongoing efforts to reform Brazil's subnational fiscal framework and points to the advantages of a more coordinated approach over a piecemeal one. Section four discusses the expected fiscal impact on subnational governments of the most likely reform scenarios. Section five concludes. Finally...

The Chrysler Effect : The Impact of the Chrysler Bailout on Borrowing Costs

Anginer, Deniz; Warburton, A. Joseph
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
Relevância na Pesquisa
55.73%
Did the U.S. government's intervention in the Chrysler reorganization overturn bankruptcy law? Critics argue that the government-sponsored reorganization impermissibly elevated claims of the auto union over those of Chrysler's other creditors. If the critics are correct, businesses might suffer an increase in their cost of debt because creditors will perceive a new risk, that organized labor might leap-frog them in bankruptcy. This paper examines the financial market where this effect would be most detectible, the market for bonds of highly unionized companies. The authors find no evidence of a negative reaction to the Chrysler bailout by bondholders of unionized firms. They thus reject the notion that investors perceived a distortion of bankruptcy priorities. To the contrary, bondholders of unionized firms reacted positively to the Chrysler bailout. This evidence suggests that bondholders interpreted the Chrysler bailout as a signal that the government will stand behind unionized firms. The results are consistent with the notion that too-big-to-fail government policies generate moral hazard in the credit markets.

Out-of-Court Debt Restructuring

Garrido, Jose M.
Fonte: World Bank Publicador: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
Português
Relevância na Pesquisa
55.75%
This study provides a conceptual framework for the analysis of the questions of out-of-court debt restructuring from a policy-oriented perspective. The starting point of the analysis is given by the World Bank principles for effective insolvency and creditor rights systems. The study offers an overview of out-of-court restructuring, which is not seen as fundamentally opposed to formal insolvency procedures. Actually, the study contemplates different restructuring techniques as forming a continuum to the treatment of financial difficulties. The study discusses the advantages and disadvantages of all the debt restructuring techniques, and concludes, in this regard, that a legal system may contain a number of options a menu that can cover different sets of circumstances. In the end, the law may offer a toolbox with very different instruments that the parties may use depending on the specific facts of the case. The study also provides a checklist that can be used to examine the features of a legal system that bear a direct influence on debt restructuring activities.

Is Foreign Aid Fungible? Evidence from the Education and Health Sectors

Van de Sijpe, Nicolas
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
45.72%
This paper adopts a new approach to the issue of foreign aid fungibility. In contrast to most existing empirical studies, panel data are employed that contain information on the specific purposes for which aid is given. This allows linking aid that is provided for education and health purposes to recipient public spending in these sectors. In addition, aid flows that are recorded on a recipient's budget are distinguished from those that are not recorded on budget, and the previous failure to differentiate between on- and off-budget aid is shown to produce biased estimates of fungibility. Sector program aid is the measure of on-budget aid, whereas technical cooperation serves as a proxy for off-budget aid. The appropriate treatment of off-budget aid leads to lower fungibility estimates than those reported in many previous studies. Specifically, in both sectors and across a range of specifications, technical cooperation, which is the largest component of total education and health aid, leads to, at most...

Stress-Testing Croatian Households with Debt : Implications for Financial Stability

Zalduendo, Juan; Sugawara, Naotaka
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
Relevância na Pesquisa
45.76%
The purpose of this paper is to stress test the resilience of Croatian households with debt to economic shocks. The shocks not only impact a household's welfare, but also increase the probability of loan default. As a result, there is a direct link between these stress-testing exercises and financial stability risks. The authors find that very few households are at risk as a result of the shocks experienced over the past few years; new vulnerable households represent about 2 percent of all households, 6 percent of households with debt, and 2-3 percent of aggregate banking system assets. This suggests that household over-indebtedness in Croatia is unlikely to become a drag on aggregate economic activity and that financial stability risks remain manageable. One caveat should be noted. Some 27-31 percent of households with debt, representing 8-9 of banking system assets, are vulnerable even before being subjected to an economic shock. Since NPLs were low before the global financial crisis, it can be argued that banks knew something about some of these households that is not captured by household budget surveys. It follows that the calculations in this paper should primarily focus on the increased vulnerability of households as a result of shocks and are likely to represent an upper bound to the financial stability risks faced by Croatia on account of household indebtedness.

The Concept of Odious Debt : Some Considerations

Nehru, Vikram; Thomas, Mark
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
65.77%
Despite the popularity of the term among advocates of debt forgiveness, there is little agreement on a workable definition of "odious" debts and there are but few examples where the concept has been invoked in law to justify non-payment of sovereign debts. Most often, these have been cases when a successor state or government has refused to honor certain debts contracted by its predecessor state or government. Repudiating sovereign debts on broader grounds - such as that money may have been misused by the borrower or that results were not as hoped for at the outset of lending - would create real risks not only of reduced financial flows to poorer countries as a result of the danger of ex post challenges to lenders' claims, but also of moral hazard and lack of project ownership. This paper presents a discussion of the extant legal and financial environment facing developing country sovereign borrowers and develops a proposed approach within this environment to address issues of concern underlying the concept of odious or illegitimate debt. The authors make the case for focusing attention on codes of conduct along the lines of the Equator Principles and on refining forward-looking attempts to increase aid effectiveness and recover stolen assets.

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
65.85%
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.

Contabilização de títulos e valores mobiliários: uma comparação entre as normas brasileiras, do FASB e do IASB; Accounting treatment of debt and equity securities: a comparison among brazilian, FASB and IASB standards

Fuji, Alceu Haruo
Fonte: Universidade de São Paulo. Escola de Economia, Administração e Contabilidade Publicador: Universidade de São Paulo. Escola de Economia, Administração e Contabilidade
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; ; ; ; ; Formato: application/pdf
Publicado em 01/08/2008 Português
Relevância na Pesquisa
55.63%
In 2001, the Brazilian Central Bank issued Circular letter 3.068, determining the use of market value to evaluate debt and equity securities. This letter states that debt and equity securities must be classified in one of the following categories: trading, available for sale and held to maturity. The securities for trading and available for sale have to be evaluated and reported by their market value and those held to maturity must be reported by historical cost. The purpose of this work is to study the accounting methods of securities adopted in Brazil, especially those rules stated to financial institutions, in comparison with the statement of FASB and IASB. The comparison of the accounting methods of securities adopted in Brazil (Circular 3.068/01) with the statements of FASB (SFAS 115) and IASB (IAS 39) showed that, in the main aspects, the rules are in harmony, although some minor differences have been identified.; Em 2001, o Banco Central do Brasil emitiu a Circular 3.068, determinando a utilização do valor de mercado para avaliar os títulos e valores mobiliários. A Circular 3.068/01 determina que os títulos e valores mobiliários devem ser classificados numa das seguintes categorias: negociação, disponíveis para venda e mantidos até o vencimento. Os títulos para negociação e os disponíveis para venda devem ser avaliados e registrados pelo seu valor de mercado e os mantidos até o vencimento devem ser registrados pelo seu custo histórico. O objetivo deste trabalho é estudar a forma de contabilização de títulos adotada no Brasil...

Sink or swim? Debt review's ambivalent "Lifeline" - a second sequel to "... A Tale of Two Judgments" Nedbank v Andrews (240/2011) 2011 ZAECPEHC 29 (10 May 2011); Firstrand Bank LTD v Evans 2011 4 SA 597 (KZD) and FirstRand Bank LTD v Janse van Rensburg 2012 2 all SA 186 (ECP)

Steyn,L
Fonte: PER: Potchefstroomse Elektroniese Regsblad Publicador: PER: Potchefstroomse Elektroniese Regsblad
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/01/2012 Português
Relevância na Pesquisa
45.72%
The interface between the National Credit Act 34 of 2005 and the Insolvency Act 24 of 1936 has been the object of our courts' attention in a number of recent cases including Ex parte Ford and Two Similar Cases 2009 3 SA 376 (WCC), Investec Bank Ltd v Mutemeri 2010 1 SA 265 (GSJ), Naidoo v ABSA Bank Ltd 2010 4 SA 597 (SCA) and, more recently, Nedbank v Andrews (240/2011) 2011 ZAECPEHC 29 (10 May 2011), FirstRand Bank Ltd v Evans 2011 4 597 (KZD) and FirstRand Bank Ltd v Janse van Rensburg 2012 2 All SA 186 (ECP). The question raised in all of the three most recent cases was whether or not a debtor's application for debt review in terms of the National Credit Act constitutes an "act of insolvency" in terms of section 8 of the Insolvency Act, upon which a creditor may rely in an application for the compulsory sequestration of the debtor's estate. If it does, it would mean that by resorting to the debt relief measures provided by the National Credit Act a debtor commits the very act on which a creditor may base an application for a sequestration order which, if granted, will render the debtor's estate insolvent and bring about the liquidation of his assets. From the debtor's perspective, this is probably precisely the situation that he seeks to avert by applying for debt review. Further...

National Credit Regulator versus Nedbank Ltd and the practice of debt counselling in South Africa

Villiers,DW de
Fonte: PER: Potchefstroomse Elektroniese Regsblad Publicador: PER: Potchefstroomse Elektroniese Regsblad
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/01/2010 Português
Relevância na Pesquisa
55.73%
The National Credit Regulator approached the then Transvaal Provincial Division of the High Court in 2008 by way of a notice of motion. In this application the Regulator prayed in terms of section 16(1)(b) of the National Credit Act 34 of 2005 (the "NCA") for the proper interpretation of mainly sections 86 and 87 of the same Act. Due to uncertainty and confusion the Regulator lodged an application to obtain clarity on some of the difficulties that debt counsellors experience in practice. The matter was heard in the High Court (TPD) on 02/03/2009 and judgment was handed down by Du Plessis J on 21/08/2009. This article discusses the fifteen prayers and the impact of the orders granted by the Court under three logical headings, namely: • those that deal with the NCA and the Magistrate's Court; Order 1 (on section 86(7)(c)), order 2 (an obligation to conduct a hearing), order 3 (the judicial role of the Magistrate's Court) and order 4 (the application procedure of the Magistrate's Court) defined the interaction between the NCA and the Magistrate's Court Act (the "MCA") very clearly. Since there is no sui generis procedure provided for in the NCA, it is submitted that the Court's approach is correct. However, the end result is that the over-indebted consumer is not supported to the degree the NCA envisages. For example: a rule 55 procedure of the MCA can be cumbersome and costly...