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Natureza e limites do plano de recuperação de empresas: aspectos jurídicos e econômicos; The legal nature of the recovery plan and its extension

Picolo, Angelo Antonio
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 29/05/2012 Português
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27.1%
O trabalho tem por objetivo à análise jurídica do plano de recuperação e suas consequências práticas, questionando até que ponto o objetivo de um acordo imposto será alcançado, tendo em vista os diferentes interesses em jogo. A primeira parte é dedicada ao exame das disciplinas da recuperação, traçando um histórico evolutivo deste instrumento a partir da concordata. Neste ponto, são apresentadas as teorias quanto a sua natureza jurídica. A segunda parte, por sua vez, aponta breves considerações de como o direito alienígena disciplina a recuperação. Na terceira parte, o trabalho analisa a recuperação como jogo estratégico, pois existem riscos inerentes a sua execução. Isso porque, do ponto de vista econômico, o plano de recuperação, por ser contrato incompleto, impõe riscos, por portar variáveis não previstas, como por exemplo, a mudança de política econômica ou a crise financeira mundial. Assim sendo, o trabalho analisa as possibilidades de renegociação dos termos do plano, bem como as soluções que podem ser usadas quando da incompletude. Neste sentido, analisa os mecanismos da arbitragem, da governança coorporativa e da cláusula hardship, além dos princípios da boa-fé objetiva, função social do contrato...

When Do Creditor Rights Work?

Safavian, Mehnaz; Sharma, Siddharth
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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27.1%
Creditor-friendly laws are generally associated with more credit to the private sector and deeper financial markets. But laws mean little if they are not upheld in the courts. The authors hypothesize that the effectiveness of creditor rights is strongly linked to the efficiency of contract enforcement. This hypothesis is tested using firm level data on 27 European countries in 2002 and 2005. The analysis finds that firms have more access to bank credit in countries with better creditor rights, but the association between creditor rights and bank credit is much weaker in countries with inefficient courts. Exploiting the panel dimension of the data and the fact that creditor rights change over time, the authors show that the effect of a change in creditor rights on change in bank credit increases with court enforcement. In particular, a unit increase in the creditor rights index will increase the share of bank loans in firm investment by 27 percent in a country at the 10th percentile of the enforcement time distribution (Lithuania). However...

Corporate Debt Restructuring-A Proposal for East Asia : Auctions Speak Louder than Words

Hausch, Donald B.; Ramachandran, S.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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27.33%
Auctions may be an appropriate way to reorganize the liabilities of some overindebted East Asian firms - those that are generally well run, for which there is merit in keeping the existing owners in place, but for which conventional bankruptcy procedures are proving too slow. This Note proposes an auction scheme dubbed Accord - for Auction-based Creditor Ordering by Reducing Debts. Firms pay creditors in sequence as their operating cash flows permit rather than on a promised schedule. Creditors bid for position in the queue by the proportion of debt they forgive, choosing between smaller or more deferred repayments. The outcome: a firm with serviceable debt, controlled by existing owners with an incentive to operate it efficiently.

Sovereign Defaults and Expropriations : Empirical Regularities

Eden, Maya; Kraay, Aart; Qian, Rong
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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27.2%
This paper uses a large cross-country dataset to empirically examine factors associated with sovereign defaults on external private creditors and expropriation of foreign direct investments in developing countries since the 1970s. In the long run, sovereign defaults and expropriations are likely to occur in the same countries. In the short run, however, these events are uncorrelated. Defaults are more likely to occur following periods of rapid debt accumulation, when growth is low, and in countries with weak policy performance, and defaults are not strongly persistent over time. In contrast, expropriations are not systematically related to the level of foreign direct investment, to growth, or to policy performance. Expropriations are however less likely under right-wing governments, and are strongly persistent over time. There is also little evidence that a history of recent defaults is associated with expropriations, and vice versa. The paper discusses the implications of these findings for models that emphasize retaliation as means for sustaining sovereign borrowing and foreign investment in equilibrium...

When Is External Debt Sustainable?

Kraay, Aart; Nehru, Vikram
Fonte: Oxford University Press on behalf of the World Bank Publicador: Oxford University Press on behalf of the World Bank
Tipo: Artigo de Revista Científica
Português
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The article empirically examines the determinants of debt distress, defined as periods in which countries resort to any of three forms of exceptional finance: significant arrears on external debt, Paris Club rescheduling, and non-concessional International Monetary Fund lending. Probit regressions show that three factors explain a substantial fraction of the cross-country and time-series variation in the incidence of debt distress: the debt burden, the quality of policies and institutions, and shocks. The relative importance of these factors varies with the level of development. These results are robust to a variety of alternative specifications, and the core specifications have substantial out-of-sample predictive power. The quantitative implications of these results are examined for the lending strategies of official creditors.

Financial Sector Assessment Program - Albania : Public Debt Management

World Bank; International Monetary Fund
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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27.2%
Government debt continues to expand, reaching over all 872 billion, approximately 62 percent of gross domestic product (GDP), as of end-September 2013. Domestic debt grew sharply in the first half of 2013, emanating largely from poor tax revenue performance, together with the accumulation of a large stock of unpaid bills and arrears. External debt creditors comprise multilaterals, bilateral creditors, and private creditors. The concentrated nature of the investor base and the high domestic debt stock limit the choices available to debt management, particularly with regards to extending the maturity of the domestic debt. Public debt management in Albania follows an organized process but will benefit from a number of technical changes. The domestic borrowing plan has been revised frequently due to unexpected flows in the treasury account. In an environment of volatile treasury balances, cash flows safety nets or minimum cash buffers should be implemented. A number of initiatives are recommended to improve the transmission of price signals in the primary market - overall this will provide incentives for secondary market development. To support the development of the secondary market the General Directorate of public debt management should modify its issuance program and focus on key maturities on the yield curve. It is suggested that the issuance program takes a small step in this direction by limiting the number of tenors and focusing on for example...

Facilitating SME Financing through Improved Credit Reporting

International Committee on Credit Reporting
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Relatório
Português
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27.33%
The general principles for credit reporting were issued by the World Bank in September 2011. Since then, the World Bank and the international committee on credit reporting (ICCR) have been leading efforts towards the implementation of the general principles worldwide. This report is one of the concrete outputs of the work following the general principles. It addresses one of the most significant problems that limit the ability of most small and medium enterprises (SMEs) around the world to obtain adequate external financing to underpin their productive activities: information asymmetries. Creditors assess the creditworthiness of credit and loan applicants based on two basic criteria: ones financial capacity or ability to repay a loan, and ones willingness to repay the loan. A credit reporting system s (CRS) basic objective is to address information asymmetries, which is crucial for determining repayment capacity and repayment willingness. Credit reporting can therefore be extremely valuable to creditors for enhanced...

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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27.44%
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...

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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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...

Government Spending Multipliers in Developing Countries : Evidence from Lending by Official Creditors

Kraay, Aart
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
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37.37%
This paper uses a novel loan-level dataset covering lending by official creditors to developing country governments to construct an instrument for public spending that can be used to estimate government spending multipliers. Loans from official creditors (primarily multilateral development banks and bilateral aid agencies) are a major source of financing for government spending in developing countries. These loans typically finance public spending projects that take several years to implement, with multiple disbursements linked to the stages of project implementation. The long disbursement periods for these loans imply that the bulk of government spending financed by official creditors in a given year reflects loan approval decisions made in many previous years, before current-year macroeconomic shocks are known. Loan-level commitment and disbursement transactions from the World Bank's Debtor Reporting System database are used to isolate a predetermined component of government spending associated with past loan approvals. This can be used as an instrument to estimate spending multipliers for a large sample of 102 developing countries. The one-year government spending multiplier is reasonably-precisely estimated to be around 0.4...

Global Development Finance 2011 : External Debt of Developing Countries

World Bank
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Publication; Publications & Research
Português
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The World Bank's Debtor Reporting System (DRS), from which the aggregates and country tables presented in this report are drawn, was established in 1951. The debt crisis of the 1980s brought increased attention to debt statistics and to the World debt tables, the predecessor to Global development finance. Now the global financial crisis has once again heightened awareness in developing countries of the importance of managing their external obligations. International capital flows to the 128 developing countries reporting to the World Bank Debtor Reporting System (DRS) fell by 20 percent in 2009 to $598 billion (3.7 percent of Gross National Income (GNI), compared with $744 billion in 2008 (4.5 percent of GNI) and a little over half the peak level of $1,111 billion realized in 2007. Private flows (debt and equity) declined by 27 percent despite a rebound in bond issuance, portfolio equity flows, and short-term debt flows. Both foreign direct investment (FDI) flows and bank lending fell precipitously. By contrast, the net inflow of debt-related financing from official creditors (excluding grants) rose 175 percent as support was stepped up to low- and middle-income countries severely affected by the global financial crisis.

Policy Selectivity Forgone: Debt and Donor Behavior in Africa

Birdsall, Nancy; Claessens, Stijn; Diwan, Ishac
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Journal Article; Publications & Research :: Journal Article; Publications & Research
Português
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27.33%
Authors assess the dynamics behind the high net resource transfers by donors and creditors to Sub-Saharan African countries. Analyzing the determinants of overall net transfers for a panel of 37 recipient countries in 1978-98, Authors find that country policies mattered little. Donors especially bilateral donors actually made greater transfers to countries with high debt, largely owed to multilateral creditors, when policies were 'bad'. Authors conclude that comprehensive debt relief has the potential, though not the certainty, to restore selectivity in support of good policies. That would make development assistance more effective going forward and increase public support in donor countries.

An Econometric Analysis of IBRD Creditworthiness

McKenzie, David
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
27.2%
The author econometrically ascertains the determinants of default to the International Bank for Reconstruction and Development (IBRD) through panel logit analysis. Creditworthiness with a lag of one period is determined by the extent of arrears to private creditors, the proportion of total debt service that is being paid, the government budget deficit, the extent of military involvement in the government of a country, and by the G7's current account balance. Default to the IBRD falls into a graduated hierarchy, whereby default occurs first to Paris Club and commercial bank creditors, with subsequent default triggered by portfolios with high proportions of IBRD and short-term debt, as well as the factors mentioned above. Default to these other creditor groups can be explained by more traditional country risk variables, although Mckenzie's analysis highlights the importance of political and external factors in explaining default to all creditors studied. He finds sovereign default to be a state-dependent process...

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
27.41%
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.

Company in Distress?; Directors Needn't Be--Mitigating Risks at the Board

Rechden, Claudio N.; Miller, Kalina B.
Fonte: International Finance Corporation, Washington, DC Publicador: International Finance Corporation, Washington, DC
Tipo: Brief; Publications & Research; Publications & Research :: Brief
Português
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27.2%
Investors see value in nominating members to the boards of companies they have invested in. Through board members, they can help improve the company's operations, define corporate strategy, adjust inefficiencies, improve governance, and ultimately increase the expected return on their investment. The authors examine the shift in the relative position of stakeholders when a company enters the penumbra of insolvency. In good times, directors rightly think of the shareholders as the parties to whom their duties to the company (and legal responsibilities) most directly extend. But once the enterprise s very survival as a going concern comes into question, the profile and legal rights of creditors and other stakeholders take on greater importance. The board must be able to demonstrate that it is doing everything it can to maximize the enterprise value of the company, and hence the likelihood that the company will meet its obligations to parties with claims (on the cash flow and assets of the company) that come before the residual interest of shareholders. This paper lists other actions (including...

Chile : Insolvency and Creditor Rights Systems

World Bank
Fonte: Washington DC Publicador: Washington DC
Tipo: Economic & Sector Work :: Insolvency Assessment (ROSC); Economic & Sector Work
Português
Relevância na Pesquisa
27.28%
The legal and institutional framework governing creditor rights and insolvency proceedings in Chile reasonably complies with expectations of a modern, credit-based economy, although some shortcomings affect the full effectiveness of credit risk management and resolution: Financial institutions over-rely on real estate as collateral. Pledges are not enough developed because legislation on secured interests over movable assets is fragmented and the publicity and registration mechanism for pledges are not sufficiently reliable. Individual enforcement proceedings are lengthy and complicated, both for secured and unsecured creditors. Enforcement proceedings using executory instruments take 1 to 3 years, whereas creditors not enjoying such instruments use ordinary proceedings whose duration is even longer (3 to 5 years). Insolvency legislation is integrated into the country's broader legal and commercial system, providing a liquidation proceeding whose average duration, however, is 2 to 3 years. The Insolvency Law also governs judicial reorganization proceedings but classification of creditors for voting is not allowed...

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
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27.44%
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.

Concentração acionária e risco de expropriação de riqueza dos credores no Brasil: um estudo com as empresas listadas na BOVESPA; Ownership concentration and risk of expropriation of creditors\' wealth: a study with companies listed on the BOVESPA

Martin, Ranieri Avila
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 08/11/2013 Português
Relevância na Pesquisa
27.2%
A pesquisa procurou levantar a relação entre concentração acionária e risco de expropriação de riqueza dos credores no Brasil. O universo amostral compreendeu as empresas de capital aberto listadas na Bovespa no período de 1997 a 2011. Foram traçados dois objetivos na pesquisa: (i) verificar se empresas com a presença de controle acionário definido apresentam maior percepção de risco de expropriação de riqueza dos credores do que aquelas que não apresentam concentração acionária; e (ii) verificar entre as empresas com a presença de controle acionário definido se maior participação no controle gera maior percepção de risco de expropriação de riqueza de terceiros. O suporte teórico do trabalho se deu em estudos sobre estrutura de capital, controle de capital, mercado de crédito e custo de capital de terceiros no Brasil. As variáveis estudadas foram o percentual de ações ON pelos principais acionistas e o custo da dívida medido pelo Ki. Os procedimentos estatísticos se deram pelos testes não paramétricos U de Man-Whitney e Kruskal-Wallis com comparações múltiplas entre grupos. A primeira resposta apresentou indícios, com significância estatística de 5%, que empresas com controle acionário definido tendem a apresentar maior risco de expropriação de riqueza de terceiros do que as demais. Entretanto...

Le devoir fiduciaire d'agir dans le meilleur intérêt de la compagnie insolvable: comment concilier les intérêts de l'actionnaire et du créancier?

Morin, Luc
Fonte: Université de Montréal Publicador: Université de Montréal
Tipo: Thèse ou Mémoire numérique / Electronic Thesis or Dissertation
Português
Relevância na Pesquisa
27.2%
Le présent mémoire analyse l'impact du contexte d'insolvabilité sur le devoir fiduciaire d'agir dans le meilleur intérêt de la compagnie, devoir imposer aux administrateurs de compagnies par la législation corporative canadienne. L'objectif du mémoire est de déterminer un standard de conduite à être adopté par l'administrateur d'une compagnie insolvable en vue de répondre à ce devoir fiduciaire. Dans un premier temps, comment peut-on définir ce que constitue le « meilleur intérêt de la compagnie» ? L'auteur en vient à la conclusion que l'intérêt de la compagnie est au carrefour d'une communauté d'intérêts lui étant sous-jacents. L'intérêt de la compagnie, bien qu'indépendant de ces intérêts sous-jacents, ne peut s'analyser en faisant abstraction de ces derniers. La jurisprudence et la doctrine récentes laissent entrevoir que l'impact du contexte d'insolvabilité se fait sentir sur la détermination de ces intérêts sous-jacents à celui de la compagnie susceptibles d'être affectés par la finalité poursuivie par la compagnie, finalité axée sur la maximisation des profits à partir des opérations de l'entreprise exploitée par la compagnie. Dans un contexte d'insolvabilité, le créancier, à l'instar de l'actionnaire dans un contexte de solvabilité...

Involuntary creditors and the case for accounting-based distribution regulation

Kershaw, David
Fonte: Department of Law, London School of Economics and Political Science Publicador: Department of Law, London School of Economics and Political Science
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em /12/2007 Português
Relevância na Pesquisa
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This article argues that accounting-based distribution regulation provides variable and at times significant protection to both existing involuntary creditors - by increasing the probability that they will be paid – and the constituency of involuntary creditors - by decreasing the probability that companies’ actions will produce involuntary creditors. These benefits become visible when close attention is paid to the interaction of applicable accounting standards on the recognition of provisions with the UK’s existing distribution regime. Whilst the current debate and reform consensus correctly analyses the relationship between the current regime and adjusting creditors, the article argues that the organising category of the ‘capital maintenance doctrine’ has obstructed inquiry into the ways in which the existing rules’ dependence on accounting standards results in benefits for involuntary creditors.