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O direito do trabalho e a preservação da empresa no novo direito concursal: a Lei n.º 11.101/2005 e a sucessão de empregadores; Labor Law and the preservation of the company in the new bankruptcy law: law nº11.101/2005 and the sucessorship of employers

Ribeiro, Andre de Melo
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 21/05/2009 Português
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36.62%
A organização do mercado de trabalho experimentou alterações significativas nas últimas décadas. Tais mudanças aumentaram significativamente as relações de trabalho não sujeitas à subordinação direta inerente à relação de emprego, porém também não consistentes com a autonomia existente nos contratos de prestação de serviço regulados pelo Direito Privado. Esse cenário promove novo estado de crise no Direito do Trabalho, pois seus instrumentos não correspondem com os anseios sociais referentes a tais formas de contratação. Nesse cenário, a sucessão de empregadores é analisada, a fim de identificar seus elementos e verificar sua aplicabilidade às empresas em crise. Esta análise torna-se necessária em virtude das modificações no Direito Concursal brasileiro promovidas pela Lei n. 11.101/2005. A referida lei implantou reformas significativas, alterando o objetivo nuclear e oferecendo novos instrumentos para assistir empresas em crise. Dentre tais instrumentos, novo procedimento de falência e a recuperação judicial afetam diretamente os direitos e prioridades dos credores trabalhistas. Considerando tais alterações, a aplicabilidade da legislação trabalhista relacionada à sucessão de empregadores na venda de unidades produtivas do devedor no contexto da recuperação judicial e da falência...

Increasing Access to Credit through Reforming Secured Transactions in the MENA Region

Alvarez de la Campa, Alejandro
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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26.79%
This paper provides a comparative summary of secured transactions systems related to the use of movable property as collateral in the MENA region vis a vis international practices in countries with modern secured transactions systems. The paper sets out the importance of introducing reforms in the area of secured transactions with the objective of increasing access to credit for businesses, particularly SMEs. The MENA region clearly lags behind all other regions in the introduction of secured transactions reforms. The paper summarizes many of the weaknesses common across the region. The two main critical areas that need urgent reforms are the creation of modern secured transactions laws and electronic movable collateral registries, and the need to improve enforcement mechanisms for security interests in movable property.

Managing Subnational Credit and Default Risks

Waibel, Michael; Liu, Lili
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
27.02%
As a result of worldwide decentralization, subnational debt is rising. Subnational debt crises in major developing countries in the 1990s have led to strengthened regulatory frameworks for subnational borrowing and insolvency. With the fragility of the global recovery and increasing public debt, and the structural trends of decentralization and urbanization, it becomes more important to prudently manage subnational default risks. Although the regulatory frameworks share central features, the historical context and entry points for reform drive variations across countries. Addressing soft budget constraints is integral to the regulatory framework. Ex ante fiscal rules for subnational governments attempt to limit default risks; ex post regulation predictably allocates default risk, while providing breathing space for orderly debt restructuring and fiscal adjustment, as well as the continued delivery of essential public services. The regulatory reforms are inseparable from the reform of broader intergovernmental fiscal systems and financial markets.

The Challenges of Bankruptcy Reform

Cirmizi, Elena; Klapper, Leora; Uttamchandani, Mahesh
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
57.03%
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.

Saving Viable Businesses : The Effect of Insolvency Reform

Klapper, Leora
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
27%
The 2008 financial crisis and consequent rise in corporate insolvencies highlight the clear need for efficient bankruptcy systems to liquidate unviable firms and reorganize viable ones and to do so in a way that maximizes the proceeds for creditors, shareholders, employees, and other stakeholders. This note summarizes the empirical literature on the effect of insolvency reforms on economic and financial activity. Overall, research suggests that effective reforms increase timely repayments, reduce the cost of credit, and lower the rate of liquidation among distressed firms.

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
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36.8%
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...

Resolution of Financial Distress : An International Perspective on the Design of Bankruptcy Laws

Claesens, Stijn; Djankov, Simeon; Mody, Ashoka
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Português
Relevância na Pesquisa
36.86%
The institutions of bankruptcy have been at the center of the great economic events of the last decade, ranging from the Asian economic crisis, to the transition from socialism to capitalism. Our understanding of the economic, and legal structure of these institutions, as well as of their impact on economic development, has advanced considerably during this period as well. This study provides valuable information on the advances for resolution of financial distress, through theoretical studies, historical data, and evidence from recent worldwide experiences. It illustrates the possibilities, and methods of beneficial legal reform of bankruptcy procedures, as well as the pitfalls of misguided political action. The study is a timely, and valuable resource for economists, lawyers, and all others interested in institutional reform in emerging financial markets.

Structural Reforms in Southeastern Europe since the Kosovo Conflict

Gressani, Daniela; Mitra, Saumya
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Português
Relevância na Pesquisa
36.56%
This paper attempts to describe and assess the achievements of the countries of South Eastern Europe - Albania, Bosnia and Herzegovina, Bulgaria, Croatia, FYR Macedonia, Romania, and Federal Republic of Yugoslavia - in pursuing structural economic reforms in the period since the end of the Kosovo conflict. The paper concentrates on four key areas of structural reforms: a) public management and anti-corruption; b) creating a liberal environment for trade in goods and services; c) attracting foreign investments; and d) encouraging the growth of a private market based economy. Since the Kosovo conflict, the countries of Southeastern Europe have made encouraging progress in advancing structural reforms and preparing their economies for greater integration with Europe and the rest of the world with the aim of raising the rate of sustainable economic growth. But progress has been uneven across sectors and across countries. The gap in economic performance with respect to central Europe remains large and can be bridged only with determined reforms in creating the conditions for the formation and growth of private enterprises. Attention must also shift towards strengthening governance and fighting corruption.

On The Measurement of Market-Oriented Reforms

Loayza, Norman V.; Soto, Raimundo
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
Português
Relevância na Pesquisa
36.58%
This paper presents policy-and outcome-based ways of measuring the progress of market-oriented reforms in both traditional areas of first-generation reform and the areas of institutional reform that have been emphasized lately. These policy areas are the domestic financial system; international financial markets; international trade; the labor market; the tax system; public infrastructure and public firms; the legal and regulatory framework; and governance. For each of them, first, we discuss the general principles underlying market-oriented reform; second, we present various indicators of the policy stance in the area in question; and third, we present various outcome indicators of the policy stance.

The Challenges of Bankruptcy Reform

Cirmizi, Elena; Klapper, Leora; Uttamchandani, Mahesh
Fonte: Published by Oxford University Press on behalf of the World Bank Publicador: Published by Oxford University Press on behalf of the World Bank
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
56.88%
The 2008 financial crisis was followed by a global economic downturn, a credit crunch, and a reduction in cross-border lending, trade finance, and foreign direct investment, which adversely affected businesses around the world. The consequent increase in the number of firm insolvencies in the corporate sector highlights the need for commercial bankruptcy laws to liquidate efficiently unviable firms and reorganize viable ones, so as to maximize the total value of proceeds received by creditors, shareholders, employees, and other stakeholders. The authors summarize the theoretical and empirical literature on bankruptcy design, discuss the challenges of introducing and implementing bankruptcy reforms, and present examples of how policymakers are trying to take advantage of the current economic downturn as an opportunity to engage in meaningful reform of the bankruptcy process. They also review the main principles of efficient insolvency laws and bankruptcy procedures.

Investment Climate Reforms and Job Creation in Developing Countries : What Do We Know and What Should We Do?

Rahman, Aminur
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Português
Relevância na Pesquisa
36.54%
This paper reviews the literature on the role of the investment climate reforms in job creation. It finds that the current landscape of employment and private sector activity in developing countries indicates a number of potential channels through which investment climate reforms can positively affect job creation. However, rigorous empirical evidence is scarce and most of the relevant studies focus on business entry reforms with a few focusing on business taxation and investment promotion activities. Overall, there is evidence of job creation through business entry, tax reforms, and investment promotion activity in developing countries. Almost all of these evidences are from quasi-experimental studies that are significant improvements over conventional cross-country or cross-section panel data analysis. Still, various endogeneity concerns in these studies cannot be ruled out completely. In assessing job effects, future research should provide deeper insights on the gross versus net and short-run versus long-run job effects and general equilibrium effects of various investment climate reforms related to jobs...

Investment Climate Reform : An Independent Evaluation of World Bank Group Support to Reforms of Business Regulations

Independent Evaluation Group
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Português
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36.48%
Private firms are at the forefront of the development process providing more than 90 percent of jobs, supplying goods and services, and representing a significant source of tax revenues. Their ability to grow, create jobs, and reduce poverty depends critically on a well-functioning investment climate defined as the policy, legal and institutional arrangements underpinning the functioning of markets and the level of transaction costs and risks associated with starting, operating and closing a business. The World Bank Group has been providing extensive support to investment climate reforms—having supported over the period FY07–13, 819 projects with investment climate interventions in 119 countries for a total estimated value of $3.7 billion. This evaluation is designed to assess the relevance, effectiveness, and social value as it relates to concerns for inclusion and shared prosperity of World Bank Group support to investment climate reforms.

Democracy and Reforms

Amin, Mohammad; Djankov, Simeon
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
Relevância na Pesquisa
36.53%
The authors use a sample of 147 countries to investigate the link between democracy and reforms. Democracy may be conducive to reforms, because politicians have the incentive to embrace growth-enhancing reforms to win elections. By contrast, authoritarian regimes do not have to worry as much about public opinion and may undertake reforms that are painful in the short run but bring future prosperity. This paper tests these hypotheses, using data on micro-economic reforms from the World Bank's Doing Business database. These data do not suffer the endogeneity issues associated with other datasets on changes in economic institutions. The results provide robust support for the claim that democracy is good for growth-enhancing reforms.

Natural Resources and Reforms

Amin, Mohammad; Djankov, Simeon
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
Português
Relevância na Pesquisa
36.48%
The authors use a sample of 133 countries to investigate the link between the abundance of natural resources and micro-economic reforms. Previous studies suggest that natural resource abundance gives rise to governments that are less accountable to the public and states that are oligarchic, and that it leads to the erosion of social capital. These factors are likely to hamper economic reforms. The authors test this hypothesis using data on micro-economic reforms from the World Bank's Doing Business database. The results provide a robust support for the "resource curse" view: a move from the 75th percentile to the 25th percentile on resource abundance equals 10.9 percentage points more reform. This is a large effect given that the mean probability of reform in the sample is 57.1 percent.

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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26.85%
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...

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
36.58%
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.

Modernizing Italy's Bankruptcy Law

Vietti, Michele
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
Português
Relevância na Pesquisa
56.88%
Reforming bankruptcy laws is difficult for many reasons. First of all, attitudes in Italy toward bankruptcy make it a difficult subject to generate support for. Secondly, bankruptcy reforms are complex and lengthy. They require changes not only to the bankruptcy law but also to other important parts of the legal framework, such as the codes of civil procedures and, in the case of Italy, the penal code. Finally, they require support from those that must implement them. This paper outlines the author experience in leading the commission for the reform of the bankruptcy law and the lessons learned from it.

Croatia Country Economic Memorandum : A Strategy for Growth through European Integration, Volume 1. Summary Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Country Economic Memorandum; Economic & Sector Work
Português
Relevância na Pesquisa
26.86%
For Croatia, the challenge is to create conditions that will attract investment and produce growth. These conditions can broadly be categorized as (a) stable, progressive and predictable laws and institutions; (b) efficient labor and financial markets; (c) macroeconomic and financial stability; (d) social and environmental sustainability; (e) effective integration into the European infrastructure networks ensuring competitive cost and quality; and (f) a dynamic business-oriented environment which facilitates the production of high value added goods and promotes the adoption of efficient processes and innovative technologies. This Report proposes a reform strategy for faster economic growth through European integration. Other key inputs for creating a favorable investment climate and consolidating growth prospects include skilled labor, efficient financial markets, and high-quality cost-efficient infrastructure services. Croatia has already achieved substantial progress in these areas. However, pursuing reforms in these sectors would not be costly and would be good for growth and European integration. Thus...

Creditor's protection and bank loans: lack of competition hamprers bankruptcy reform's effects

Andrade, Rodrigo Augusto Silva de
Fonte: Fundação Getúlio Vargas Publicador: Fundação Getúlio Vargas
Tipo: Tese de Doutorado
Português
Relevância na Pesquisa
46.49%
This dissertation investigates how credit institutions’ market power limits the effects of creditor protection rules on the interest rate and the spread of bank loans. We use the Brazilian Bankruptcy Reform of June/2005 (BBR) as a legal event affecting the institutional environment of the Brazilian credit market. The law augments creditor protection and aims to improve the access of firms to the credit market and to reduce the cost of borrowing. Either access to credit or the credit cost are also determined by bank industry competition and the market power of suppliers of credit. We derive a simple economic model to study the effect of market power interacting with cost of lending. Using an accounting and operations dataset from July/2004 to December/2007 provided by the Brazilian Central Bank, we estimate that the lack of competition in the bank lending industry hinders the potential reducing effect of the BBR on the interest rate of corporate loans by approximately 30% and on the spread by approximately 23%. We also find no statistical evidence that the BBR affected the concentration level of the Brazilian credit market. We present a brief report on bankruptcy reforms around the world, the changes in the Brazilian legislation and on some recent related articles in our introductory chapter. The second chapter presents the economic model and the testable hypothesis on how the lack of competition in the lending market limits the effects of improved creditor protection. In this chapter...

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
36.62%
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...