The insolvency law is one of the core components of the comprehensive body of legislation that ensures the confidence of the legal community in a legal system. It regulates the conditions of widespread debtor liability and at the same time defines the framework within which creditors can expect their rights to be preserved through a reorganization and recapitalization of the indebted company. The actual effect of the insolvency law does not end at a country's borders. Insolvency proceedings are structured according to the right to have universally applicable validity. Joint legislation on cross-border insolvency proceedings is now in effect in the form of intrastate legislation in almost all member states of the European Union. This shared European legislation is impacting intrastate reform processes and influencing the insolvency legislation. Furthermore, the intrastate legislation is being influenced by the UNCITRAL-Model law. Academic debate is increasingly concerned with the convergence movement that has been triggered as a result. Practical applications require legal dogmatic clarification of the increasingly complex regulations of insolvency legislation, and information on structures and problems of foreign European and extra-European insolvency laws, as well as and in particular with regard to its interaction with German laws. The DZWIR publication series is a forum of these discussions. It is being published as a series of monographic examinations of fundamental questions on German, European and international insolvency legislation. As such, this series contributes to the legal dogmatic clarification of disputes as well as to the promotion of European integration of national insolvency legislation.

The present work examines different models and proposals on the insolvency of states and regional corporations.

Mit dem vorliegenden Werk werden die im Rahmen von Scheckzahlungen mAglichen insolvenzrechtlichen Probleme aus Sicht der einzelnen am Scheckzahlungsverkehr beteiligten Personen erstmalig umfassend und detailliert rechtsdogmatischuntersucht. Die Untersuchung befasst sich hierbei insbesondere mit den 3 wesentlichen Gebieten der Scheckzahlungen in der Insolvenz des Scheckausstellers, der Scheckzahlungen in der Insolvenz des Scheckeinreichers und der Weitergabe von Kundenschecks in der Insolvenz des ersten Schecknehmers.

This title surveys contributions to the economics of bankruptcy. It offers a comprehensive compilation of work by both legal scholars and economists working in the fields of corporate and consumer finance beginning with Baird, Jackson and Rea before showcasing papers that extend, test and revise their theories.

This collection of essays is a festschrift to honour Professor Dan Prentice who retired in 2008 from the Allen & Overy Professorship of Company Law in the University of Oxford. Dan Prentice has been deeply involved in corporate law from all perspectives: as a scholar, teacher, law reformer and practising member of Erskine Chambers. His interests have covered the full range of corporate law, finance and insolvency. The occasion of his retirement from his Professorship has afforded a number of leading corporate law experts from around the world, many of whom are his former students and colleagues, an opportunity to address some of the most important issues in corporate law today, in his honour. Corporate law has always been a fast-moving area, but the present pace of change seems quicker than ever. The Companies Act 2006, by some way the longest piece of legislation ever passed by the UK Parliament, is reshaping the landscape of domestic company law. At the same time, legislative and judicial developments at the European level in corporate and securities law are of unprecedented importance for corporate lawyers based in the UK. This outstanding series of papers addresses a number of the most important issues currently facing the subject, including the impact of the new Companies Act on directors' duties, shareholder litigation and capital maintenance; aspects of insolvency and banking regulation, the Capital Requirements Directive, and a new Convention on Intermediated securities. It will be essential reading for all those interested in the field.

This book presents an account of legal, economic and managerial perspectives on governance in situations of financial distress and insolvency. It uses detailed real-life case studies of executive decision making to explore and illustrate the discussion. The book deals with the emergence of corporate governance as a framework of checks and balances on executive decision-making, before moving to the core issues of governance during financial distress and insolvency and alternative informal and formal rescue. Identifying and reviewing turnaround strategies and formal rescue processes available to management, the book also examines the increasing importance of creditors and their impact on business decision-making. The book provides a detailed interpretation of governance in five mega insolvencies in retail and construction following the financial crisis in 2008. It also sets out a methodology which is designed to inform and help those readers seeking to analyse and interpret director behaviour in such circumstances.

This new book systematically examines the current process for distressed Micro, Small and Medium Enterprises (MSMEs), and proposes a different, more appropriate, 'modular' approach to the treatment of such entities when faced with insolvency proceedings. MSMEs play a vital role in virtually all global economies. They are a primary means by which entrepreneurs bring new business propositions to the market, and deliver a range of products and services to local economies. MSMEs tend to be more reliant on favourable legal and regulatory climates to survive and thrive than larger businesses, and insolvency regimes are often more tailored to these larger businesses, assuming an extensive insolvency estate of significant worth, and the presence of creditors and other concerned stakeholders to participate in and oversee the process. These assumptions and features are generally incongruous with the reality of MSMEs, for whom assets are of less value and whose stakeholders are generally more disinterested. The modular approach proposed in this book addresses the imbalances, inconsistencies, and lack of supervision which is often apparent in treatment of insolvent MSMEs. It provides an overview of existing approaches to MSME insolvency, the place of MSMEs in the global economy, and the particular needs of MSMEs in financial distress. It then sets out the procedural framework, policy objectives, and key components of the modular approach, detailing how a choice of modules enables national policy-makers a more flexible process for resolution. It then outlines the roles, positions, and obligations of key stakeholder groups, and explains the managerial, administrative, and judicial functions of this approach. Finally, it explains how elements of the broader legal system should be aligned with, and supportive of, the optimal functioning of the modular approach.

The subject of bank stability has been under a great amount of political and legislative scrutiny since the mid-2007 to late-2009 global financial crisis. However, these efforts have centred on developed economies. Little coverage is given to strategies adopted by many developing economies. While there is a global discourse on the subject of insolvency generally, there is ample scope to contribute to the growing body of work on the narrow subject of bank insolvencies. This book provides a unique perspective on an emerging theme in at least two respects. First is the focus on selected developing economies and selected developed economies in the EMEA region alongside cross-border developments, with the objective of deciphering the regulatory approach to bank insolvencies. The second is the analytical consideration of methods that may be implemented to preclude or resolve bank insolvencies in developing economies. This book explores the nexus between developing economies and their banking institutions. Developing economies are acutely dependent on their banks for the functioning of their cash-based economies. Recent events, however, suggest a weakness in the long-term viability of some of their banks and a mixed-bag regulatory approach to redress this weakness. This book evaluates the effectiveness of regulatory frameworks in selected developing economies that are designed to prevent or resolve the insolvency of banks. At a time of global economic uncertainty, this book will prove to be a valuable resource to the discourse on the viability of banks, businesses, and economies in developing States.

This work is intended to provide insolvency administrators, agriculturalists, and their agricultural advisors with the knowledge required to conduct an agricultural insolvency procedure. The studies also aim to show the options open to the insolvency administrator and to creditors for configuring the process, and the related risks, liability problems, and rules that need to be taken into account.

This sixth edition of the standard work on insolvency law uses an all-new format. In an attempt to highlight the system and the regulatory framework even more clearly, the volume is structured with a stronger focus on the individual players and the key subject matter. Following an introduction, part two concentrates on debtors, creditors, and receivers. Part three is dedicated to identifying and securing insolvency assets - the receiver's credo. The course taken by insolvency proceedings is explored succinctly in part four; then asset receivership in open proceedings is explained. A special section is now also included dealing with insolvency schemes, which are gaining in importance. The work is rounded out by numerous case studies including solutions plus schemata, ensuring that the handbook is a fast, efficient source of information.

This work contains a comprehensive presentation of liquidation according to section 84 InsO in the event of an insolvency debtor's participation in a community or company. This work also focuses on the insolvency-related features resulting from the liquidation procedure. In addition, the very role of the insolvency administrator in each phase of the liquidation is called into question. Various problem areas are identified and the procedure is evaluated in terms of its legal efficiency. The focal point of the evaluation is the question of how solutions suitable for daily practice can be applied to these issues.

Ernst Jaeger (1869-1944) played a pivotal role in shaping the study of bankruptcy law and composition and interpreting it for practical use. He accompanied contemporary legal practice with both commentaries and several series of essays. In his work, Jaeger constantly interpreted insolvency law with regard to specific cases and problems. The volume features a detailed introduction by the editor and a user-friendly index.

This publication is based on presentations given at the 4th Insolvency Law Symposium in Kiel (Germany) on current issues of German and international insolvency law. The following topics were addressed: the history of insolvency law; the insolvency court's supervision of the insolvency administrator; set-off options relating to tax claims; delayed distribution proceedings; insolvency and the English limited; insolvency appeals and the European Insolvency Regulation; international jurisdiction and conflict of laws.

The Asian Financial Crisis dramatically illustrated the vulnerability of financial markets in emerging, transitional, and advanced economies. In response, international organizations insisted that legal reforms could help protect markets from financial breakdowns. Sitting at the nexus between the legal system and the market, corporate bankruptcy law ensures that the casualties of capitalism are treated in an orderly way.
Halliday and Carruthers show how global actors--including the IMF, World Bank, UN, and international professional associations--developed comprehensive norms for corporate bankruptcy laws and how national policymakers responded in turn. Drawing on extensive fieldwork in China, Indonesia and Korea, the authors reveal how national policymakers contested and negotiated domestic laws in the context of global pressures. The first study of its kind, this book offers a theory of legal change to explain why global/local tensions produce implementation gaps. Through its analysis of globalization, this book has lessons for international organizations and developing and transition economies the world over.

Die umfassende Kommentierungbehandelt uber das eigentliche Insolvenzrecht hinaus die Abwicklung und Neugestaltung aller damit verbundenen und betroffenen Rechtsbeziehungen. Ebenso berucksichtigt werden die Rechtsbereiche, auf welche die Insolvenz Auswirkungen hat."

With the increase in company bankruptcies directors and general managers of troubled companies have come into the sights of prosecuting authorities. It is already practically impossible in fact to draw a line between punishable behaviour and entrepreneurial errors of judgment. This applies in particular to the risks of penalties in and for causing absolute insolvency, as ascertaining this is linked with many valuation uncertainties and forecast risks. The aim of this work is to come closer to a clarification of the definition of absolute insolvency under the criminal law.

A possible alternative to the liquidation of the debtor by means of bankruptcy or insolvency proceedings is the restoration of his or her solvency through either insolvency proceedings or outside of such proceedings. This can be accomplished with the aid of various measures. This work presents one of these options in detail within the scope of a comparative examination of German and Russian law: credit issuance geared toward long-term restoration of debtor solvency, the restructuring loan.

The insolvency law is one of the core components of the comprehensive body of legislation that ensures the confidence of the legal community in a legal system. It regulates the conditions of widespread debtor liability and at the same time defines the framework within which creditors can expect their rights to be preserved through a reorganization and recapitalization of the indebted company. The actual effect of the insolvency law does not end at a country's borders. Insolvency proceedings are structured according to the right to have universally applicable validity. Joint legislation on cross-border insolvency proceedings is now in effect in the form of intrastate legislation in almost all member states of the European Union. This shared European legislation is impacting intrastate reform processes and influencing the insolvency legislation. Furthermore, the intrastate legislation is being influenced by the UNCITRAL-Model law. Academic debate is increasingly concerned with the convergence movement that has been triggered as a result. Practical applications require legal dogmatic clarification of the increasingly complex regulations of insolvency legislation, and information on structures and problems of foreign European and extra-European insolvency laws, as well as and in particular with regard to its interaction with German laws. The DZWIR publication series is a forum of these discussions. It is being published as a series of monographic examinations of fundamental questions on German, European and international insolvency legislation. As such, this series contributes to the legal dogmatic clarification of disputes as well as to the promotion of European integration of national insolvency legislation.

Corporate bankruptcy is a defining characteristic of the market economy. It encapsulates the fundamental conflict between capital and labour. Yet, with one or two notable exceptions, the political and social dynamics of bankruptcy law and practice have been largely overlooked by socio-legal scholars. This book remedies that neglect. It compares English and American insolvency laws to identify the underlying political forces that established corporate bankruptcy law on both sides of the Atlantic. It shows how corporate insovency regulation is the creation of the lawyers who interpret and administer it. This book will be welcomed as an important sociological study and advances our understanding of how substantive law results from conflicts among the professionals who help to create it.

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A commercial tenant's interest in the retention of the rented item can be of paramount importance. In the event of landlord insolvency, the landlord's demands fade into the background and the creditor's rights take precedence. This unforeseeable development for the tenant can endanger the tenant's very existence due to divestiture of the rented item, i.e. his business, shop or factory. This work deals with the typical scenarios of such cases and answers the question concerning the possibility of effectively preventing the specialized right of termination according to A 111 of the German Insolvency Act.