Corporate Insolvency Research Papers - Academia.edu (original) (raw)

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- Rehabilitation, Insolvency Law, Bankruptcy, Bankruptcy Law

Il decreto milanese e` un esempio lampante della complessità delle situazioni di crisi aziendale e delle difficoltà per uscirne. La pronuncia affronta una serie di temi e giunge all’apertura della procedura di concordato preventivo di una società oggetto di un Leveraged Buy-Out e poi di due domande di (pre)concordato preventivo. I giudici ammettono la debitrice al concordato, senza prendere una chiara posizione sull’operazione di Leveraged Buy-Out e sull’incidenza di quello nell’avveramento della crisi, rimettendo sostanzialmente ogni valutazione ad un momento successivo e, con ciò , favorendo un approccio orientato all’interesse economico dei creditori. Il commento si sofferma criticamente sulle implicazioni della soluzione accolta per la protezione concreta dei creditori e sui margini di discrezionalita` concessi al debitore nella programmazione dell’uscita dalla situazione di crisi attraverso la continuazione dell’attivita` , riflettendo anche sull’abuso di preconcordato e sugli ...

- by luca boggio
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- Art, Insolvency Law, Leverage, Corporate Insolvency

India experienced a major structural change with the enactment of the
Insolvency and Bankruptcy Code, 2016. Since then, India’s ranking under the Insolvency head in the World Bank Group’s Doing Business report has sharply risen from 136 to 103. India was also awarded the Global Restructuring Review (GRR) Award for the Most Improved Jurisdiction in restructuring and insolvency regime. Yet, the Insolvency and Bankruptcy Code, 2016 has also raised two important concerns - the value destruction problem and wealth transfer problem. This article applies theoretical concepts from the law and economics literature on insolvency to identify the sources of these two problems in insolvency law. It then applies these theoretical concepts to the Insolvency and Bankruptcy Code, 2016 to identify two potential sources of the value destruction problem and four potential sources of the wealth transfer problem in the law. Indian policymakers need to revisit some of the fundamental legislative design choices embedded within the Insolvency and Bankruptcy Code, 2016 to successfully address these very sources of the value destruction and wealth transfer problems.

- by Pratik Datta
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- Insolvency Law, Bankruptcy and Insolvency Law, Corporate Insolvency

This paper presents two business failure prediction models developed with multivariate
linear discriminant analysis and multivariate logistic regression. The financial ratios as
predictors for the models were selected based on results from previous empirical research. It
was assumed that companies can be categorized into three classes – healthy (group 1), crisisresistant
(group 2) and insolvency endangered (group 3) – which are describing different
economic conditions. Data for model building were obtained by a survey of 35 professionals
from management consulting and banking industry. The results show consistency with
findings of prior research. High values for equity-ratio, EBIT/total assets, operating
cashflow/financial liabilities and percentage sales development are positively related to
financial health. Within model building several problems occurred, which influenced
classification accuracy. Non-normality of data had an impact on discriminant analysis, but
also on logistic regression. Successful preliminary analyses of suitable predictors are not a
guarantee that model fit including statistically significant variables will provide a superior
prediction model. This indicates that model building is heavily dependent on the quality of
metrics used. Logistic regression was less sensitive to outliers in terms of prediction sign
within classification formula. It was also shown that crisis indicators used in practice are
similar to those proposed by empirical research and literature.

- by Mario Situm
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- Corporate Insolvency, Bankruptcy Prediction

This work analyses the key issues raised by prepackaged administration procedures ('pre-packs') in England and Wales, and the ability of the Pre-pack Pool ('the Pool'), an industry-led body of experts introduced after the Graham Review into pre-packs, to deal with these risks by giving opinions on the purchase of a business and/or its assets by connected parties in prepackaged sales. As a result, this paper advocates that the government should put its weight behind expanding the powers and duties of the Pool, making referral to the Pool compulsory in any pre-pack sale, ensure adequate supervision over its decisions and not legislate to either ban pre-pack sales or abolish the Pool.

- by Eugenio Vaccari
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- Self-regulation, Corporate Insolvency, Abuse of Law, Insolvency Practitioners

Με αφορμή τη σχολιαζόμενη απόφαση (ΜονΕφΑθ 6028/2020) επιχειρείται μία προσέγγιση του ζητήματος της διαδικασίας ειδικής διαχείρισης, ως ανάλογης προς την πτώχευση διαδικασίας αφερεγγυότητας, κατά την έννοια του αρ. 6 π.δ. 178/2002 ενώ διατυπώνονται και ορισμένες σκέψεις για τη λειτουργία της διάταξης του αρ. 6 π.δ. στο νέο ρυθμιστικό πλαίσιο του ν. 4738/2020.

- by Theodore Koulourianos
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- Insolvency Law, Bankruptcy, Corporate Insolvency

Il decreto milanese e` un esempio lampante della complessità delle situazioni di crisi aziendale e delle difficoltà per uscirne. La pronuncia affronta una serie di temi e giunge all’apertura della procedura di concordato preventivo di una società oggetto di un Leveraged Buy-Out e poi di due domande di (pre)concordato preventivo. I giudici ammettono la debitrice al concordato, senza prendere una chiara posizione sull’operazione di Leveraged Buy-Out e sull’incidenza di quello nell’avveramento della crisi, rimettendo sostanzialmente ogni valutazione ad un momento successivo e, con ciò , favorendo un approccio orientato all’interesse economico dei creditori. Il commento si sofferma criticamente sulle implicazioni della soluzione accolta per la protezione concreta dei creditori e sui margini di discrezionalita` concessi al debitore nella programmazione dell’uscita dalla situazione di
crisi attraverso la continuazione dell’attivita` , riflettendo anche sull’abuso di preconcordato e sugli elementi di valutazione del possibile ricavo della futura liquidazione dei beni e dei diritti sui quali insistano privilegi destinati alla falcidia nell’ambito di un concordato ‘‘in continuità" ai sensi dell’art. 186 bis L. Fall.

- by luca boggio
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- Insolvency Law, Leverage, Corporate Insolvency, Leveraged Buyouts

Affrontati i problemi interpretativi e i dubbi di legittimità costituzionale sollevati dalla disciplina sulle proposte concorrenti e sui c.d. concordati preventivi espropriativi, anche alla luce della legge delega per la riforma della crisi d’impresa l.155/2017, l’A. propone, de lege ferenda, l’inclusione dei soci nel procedimento e regole di cram down che conformino più nettamente la contrattazione concordataria a un nuovo paradigma, risultante dalla disciplina delle trattative e della conclusione del contratto (legge del contratto) invece che da quella della responsabilità patrimoniale del debitore (legge del concorso). Si argomenta in base al dibattito tedesco che, se indica i fondamentali effetti sistematici dell’inclusione dei soci nel procedimento concordatario, avverte però della necessità di riflettere sul contenuto dell’interesse dei soci oltre la dimensione meramente patrimoniale.

- by Valeria Confortini
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- Contracts, Corporate Law, Contract Law, Insolvency Law

Pre-pack administration is a process aiming to achieve an early reorganization of a distressed company. It comes from the USA pre-pack model and its development is a result of the “rescue culture”, strengthened in England since the 1980’s. The enforcement of the Enterprise Act in 2002, providing an out-of-court form of administration, led to an actual and widespread usage of this process among the companies. Despite its fame, the “pre-pack” has never been put in a legislative framework, keeping its practical and flexible features. This process, following a “pro-debtor” policy, may often result in a strong prejudice against the creditors, especially the unsecured ones. For this reason, several criticism came from the academic and non-academic world, blaming “pre-pack” of being a “salvage” more than a “rescue” process. The moderate claims of regulation and more transparency come along with the extreme claims of banning of this phenomenon. In 2009, the government, through the Insolvency Service, issued the Statement of Insolvency Practitioners 16, a guidance for IPs containing rules related to pre-pack administration. Yet, more needs to be done. Therefore government is at a crossroads: whether to develop a process still “primitive”, but successful; or to “get a rid of it” and stimulate the usage of other means of rescue, such as CVAs.

- by Giuseppe Rizzo
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- Corporate Insolvency

This work analyses the key issues raised by pre-packaged administration procedures (‘pre-packs’) in England and Wales, and the ability of the Pre-Pack Pool (‘the Pool’), an industry-led body of experts introduced after the Graham Review into pre-packs, to deal with these risks by giving opinions on the purchase of a business and/or its assets by connected parties in pre-packaged sales. This paper adopts a normative approach to investigate if regulatory reforms are needed to support the activity of industry-led bodies such as the Pool to deal with pre-packaged sales of distressed yet viable corporations. This paper argues that the key issue raised by pre-packs is their abusive use. Abusive filings are determined by a close group of players who collusively act solely to sidestep or subvert other insolvency rules and extract value from and/or reduce liability towards the company, with the effect of causing “undue financial harm” to the creditors. This paper demonstrates the potential o...

- by Eugenio Vaccari
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- Business, Insolvency Law, Self Regulation, Administration

In the matter of Swiss Ribbons v. Union of India, the Hon’ble Supreme Court stated that NCLT/NCLAT may use inherent powers, in case of withdrawal application prior to constitution of creditor’s committee. The author by way of this paper has tried to explore the extent of inherent powers, if any, enjoyed by NCLT/NCLAT under the Insolvency and Bankruptcy Code, 2016. The author has relied on principles laid down by the higher judiciary over the years with regard to the use of inherent powers by the courts/tribunals. Also, the decision of the Hon’ble Supreme Court has been analysed in light of the established principles of jurisprudence.

- by Kahnav Mahajan
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- Insolvency Law, Corporate Insolvency

In recent years Indian banks are straddled with phenomenal rise of NPA due to the inability of the Indian companies to pay its debt particularly those belong to power, steel, road infrastructure and textile sector. To mitigate this twin balance sheet (TBS) problem, the government has came up with the Insolvency and Bankruptcy Code 2016 (IBC) which is based on recommendation of Bankruptcy Law Reforms Committee (BLRC), for better Corporate Resolution and Insolvency Process (CRIP). According to this a CRIP is requires to (i) maximize value of assets of the corporate and (ii) while doing so, balance the interest of all the stakeholders. There are only two options available to a corporate entity i.e. (i) undergo a CRIP as a going concern business entity or (ii) in case failure of first option goes for liquidation.
Nearly two years have been elapsed since its implementation, there is optimism in one front due to substantial recovery of debt by financial creditors and revival of some debt ridden companies. On the contrary deep Haircut taken by banks defeat its primary purpose and also possible option available to con/unscrupulous promoters to takeover the company under the guise of famous corporate veil principle. On this outset, this paper tries to analyze certain pertinent questions regarding the effectiveness of this reform taking into consideration some of the recently resolved companies through CRIP.
Key Words: BLRC, CRIP, CORPORATE VEIL, HAIR CUT, IBC 2016, NPA & TBS.

The main objective of this study is to analyze the "pieces" that support the construction of a bankruptcy policy, aiming to identify those that allow building a bankruptcy policy which will help in the recovery from the economic COVID crisis, as well as to build a winning policy in the economic competition between countries. To promote this purpose is observed the impact of bankruptcy policy on the entire economic cycle, allowing to understand that, more than intervening companies at the "end of life", bankruptcy policy impacts on the everyday life of a company, even before its establishment. Subsequently, identifying the characteristics of the ex ante, interim, and ex post efficiencies of a bankruptcy policy, it is analyzed how it can be built one aiming at its maximum efficiency. Finally, the main variables of bankruptcy policy are analyzed, aiming to understand its real implications, sometimes even dual, in the efficiency of this policy.

Industrial sickness is defined as “an industrial company, being a company registered for not less than five years, which has, at the end of any financial year, accumulated losses equal to, or exceeding, its entire net worth and has also suffered cash losses in such financial year and the financial year immediately preceding such financial year”. One of the adverse trends observable in the corporate private sector of India is the growing incidence of sickness. It is causing considerable concern to planners and policymakers. It is also putting a severe strain on the economic system, particularly on the banks.
Industrial sickness creates various socio-eco¬nomic problems. When an industrial unit falls sick those who depend on it have to face an uncertain future. They fear loss of jobs. Even if they do not lose jobs they do not get their wages and compen¬sation in time and are, thus, forced to live in ex¬treme hardship.
Of course, sickness is not a special problem of India. It is, undoubtedly, a global phenomenon. Even in industrially advanced countries there are numerous cases of bankruptcy or liquidation. These sick units are nursed back to health through merg¬ers, amalgamations, takeovers, purchase of assets, or outright nationalization. When the-problem becomes really alarming or unmanageable, the unit is permitted to die its natural death.
In the present project, I would like to focus on the meaning, nature and scope of the phenomenon of sickness in the industries along with the probable causes of sickness in the industries. Another chapter will deal with the Indian position regarding sick industries where I have tried to collect available data to analyze statistics of sick industries. Further we will discuss all the available legislations, starting from the past, which have dealt with the sickness of industries in India and what is the present status of legal governance regarding it.

- by Shivani Sharma
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- Civil Law, Company Law, Corporate Laws, Corporate Insolvency

The pandemic of COVID-19 has brought the chariot of entire world economy to a grinding halt. One such halts were prescribed on Corporate Insolvency law in India. While India has been moving with a tremendous pace to resolve insolvencies, rapid restructuring of businesses, fluent acquisitions and has built robust mechanism for encouraging investor confidence, the pandemic forced the government to halt this progress, raising varied range of problems and challenges, especially for the creditors, ranging from delay in repayments to fear of looming bankruptcy on them too. This unprecedented decision of the government must be evaluated on various parameters to unearth the legal challenges it gave birth to. This paper will discuss such legal challenges while evaluating the stance of the government, giving due regard to the trends observed in other common law countries in this context.

- by priya misra
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- Corporate Insolvency, Corporate Insolvency Law
- by David Burdette and +1
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- Insolvency Law, Consumer Bankruptcy, Bankruptcy Law, International Aspects of Corporate and Insolvency law
- by Giuseppe Rizzo
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- Corporate Insolvency

There are primarily two ways of growth of business organization, i.e. organic and inorganic growth. Organic growth is through internal strategies, which may relate to business or financial restructuring within the organization that results in enhanced customer base, higher sales, increased revenue, without resulting in change of corporate entity.
Inorganic growth provides an organization with an avenue for attaining accelerated growth enabling it to skip few steps on the growth ladder. Restructuring through mergers, amalgamations etc. constitute one of the most important methods for securing inorganic growth. The business environment is rapidly changing with respect to technology, competition, products, people, geographical area, markets, and customers. It is not enough if companies keep pace with these changes but are expected to beat competition and innovate in order to continuously maximize shareholder value. Inorganic growth strategies like mergers, acquisitions, takeovers and spinoffs are regarded as important engines that help companies to enter new markets, expand customer base, cut competition, consolidate and grow in size quickly, employ new technology with respect to products, people and processes. Thus the inorganic growth strategies are regarded as fast track corporate restructuring strategies for growth.

- by Abhishek Gupta
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- Corporate Restructuring, Corporate Insolvency

The involvement of non-state entities in global public norm evolution has been the subject of many studies, especially in international human rights law and policy. This study explains the role of a non-state entity, INSOL International, in shaping the UNCITRAL Model Law on Cross-Border Insolvency, adopted by the UN General Assembly in 1997 using the life cycle approach developed in the human rights and policy context. The study utilized a triangulation of doctrinal, empirical and legal history data to determine whether the norm life cycle theory could explain the role of INSOL in shaping the Model Law. The study found that non-state entities have influenced bankruptcy norms even before Roman Times. State involvement in setting bankruptcy norms is a reasonably recent phenomenon. The Model Law results from a complex and complicated private-public legal ordering in which non-state entities' interests intermingle with state sovereigns, providing legitimacy and accountability to multilateral normative sites. The life cycle approach enabled a look back on how INSOL manoeuvred the policy terrain to generate, cascade and ensure internalization of cooperation and coordination norms among state courts. These norms underpin the Model Law. The study found that a gap exists between the interests of non-state entities and low GDP states excluded from participation at the two earlier stages of emergence and cascade but required to diffuse the norm at the last stage of internalization. The study indicates that while the life cycle theory is helpful in our understanding of the role of INSOL in shaping the Model Law provides no solution for dealing with the gaps in normative weight of states in global lawmaking. Given the impact of non-state entities on global lawmaking, the study suggests balancing the gaps through the early involvement of members from low GDP states in the activities of non-state entities and at the early stages of the life cycle of a norm. This approach would render internalization and diffusion of such norms easier in those states later.

Le disposizioni contenute nel Reg. n. 848 sulle procedure di insolvenza transfrontaliere e, se infine promulgata, nella Direttiva sugli strumenti di allerta, di ristrutturazione preventiva e sulla seconda opportunita` si pongono su una linea di continuita` con l’impostazione del diritto UE nel settore, ma offrono anche novita` di grande rilievo. Prima tra tutte, e` l’estensione dell’ambito di applicazione del Regolamento cit. a procedure escluse dalla previgente disciplina – ed, in particolare, a quelle fondate sulla ‘‘probabilita` di insolvenza – accompagnata da una serie di norme di nuovo conio volte ad esplicitare regole di coordinamento e di cooperazione tra le procedure aperte in piu` Stati membri. Il quadro che ne emerge e` molto complesso e richiede ampie indagini comparate allo scopo di comprenderne appieno la portata. La successiva Proposta di Direttiva interviene su alcune procedure soltanto, ma impone agli Stati membri di affrontare in ottica di mercato interno UE anche il regime delle procedure nazionali. Dalla combinazione dei due strumenti si sviluppera` un approccio senza dubbio piu` sistematico al problema delle insolvenze nel territorio UE, che imporra` ai legislatori nazionali nuove riforme dopo le tante gia` approvate nell’ultimo decennio in molti paesi (Italia, Francia, Spagna, Belgio, ecc.). In Italia, in particolare, le nuove norme UE dovranno costituire elemento di riferimento nell’attuazione della delega contenuta nella L. 19 ottobre 2017, n. 155, che dovrebbe condurre ad un ampio rinnovamento della disciplina concorsuale.

- by luca boggio
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- Private International Law, Cross-border cooperation, Insolvency Law, European Union

In poche occasioni la giurisprudenza è stata chiamata ad occuparsi della fallibilità delle società di capitali dopo l’iscrizione nel registro delle imprese degli atti con i quali sono state realizzate operazioni straordinarie che ne abbiano determinato la cancellazione. La Corte d’Appello di Torino s’è pronunciata in senso affermativo sul presupposto che la vicenda modificativa conseguente alla scissione totale non escluderebbe l’estinzione della società scissa e che, pertanto, ne consentirebbe la riconducibilità alla fattispecie di cui all’art. 10 l.fall. Sintetizzato ed analizzato il percorso argomentativo esposto nella sentenza, l’Autore espone il quadro sistematico in cui si deve contestualizzare la fattispecie, mettendo in evidenza i profili condivisibili e quelli critici della soluzione adottata dalla Corte d’Appello di Torino. Nel paragrafo conclusivo, poi, sono sinteticamente affrontati alcuni delle principali problematiche sollevate dalla dichiarazione di fallimento della scissa.

- by luca boggio
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- Insolvency Law, Company Law, Insolvency, Corporate Insolvency
- by Valeria Confortini
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- Corporate Law, Contract Law, Insolvency Law, Bankruptcy

Con il presente contributo ci si pone l'obbiettivo di analizzare quali siano le principali mo-difiche apportate all'istituto del concordato preventivo a seguito dell'emanazione del Codice della Crisi d'Impresa, con particolare riguardo alle novità che andranno ad incidere sul perimetro appli-cativo delle sue varianti contenutistiche, il concordato liquidatorio ed in continuità aziendale. In quest'ottica verrà approfondita la progressiva trasformazione della disciplina del concordato li-quidatorio in regime d'eccezione, a fronte di un chiaro favor del legislatore verso soluzioni concor-date idonee a garantire la conservazione dell'impresa sul mercato. Saranno affrontate infine le principali criticità poste proprio dalle norme codicistiche in materia di concordato in continuità aziendale e, nello specifico, dei presupposti di ammissibilità della relativa domanda, così da esaltare possibili incoerenze tra le disposizioni legislative e gli obbiettivi persegui-ti con la riforma. The article's purpose is to analyze the most important legislative changhes about the procedure known as «concordato preventivo» due to the entry into force of the new italian Insolvency Code in 2019. In this respect, the transformation of liquidation's rules from ordinary to special and the safeguarding of going concern will be examined in order to define the scope of the new procedure. Anyway, the conditions to be admitted to a composition with a going-concern basis are under detailed investigation to clarify possible discordances between the drafting of the Code and the objectives pursued by legislator. Sommario: 1. Il nuovo codice della Crisi d'Impresa.-2. Il perimetro applicativo del concordato liquida-torio: finis miseriae mors est.-3. La continuità (oggettiva) come valore-mezzo.-4. Criticità connesse al criterio di prevalenza quantitativa nel concordato in continuità.-5. La questione aperta del rischio come elemento della fattispecie concordataria.

- by Francesco Marotta
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- Insolvency Law, Bankruptcy, Corporate Restructuring, Corporate Insolvency

The Limitation Act, 1963 applies from the inception of the IBC.

- by Shivam Goel
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- Insolvency Law, Corporate Insolvency, Banruptcy and Insolvency Law

WHY, WHAT & HOW- INSOLVENCY AND BANKRUPTCY CODE

- by Satyendra Khorania
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- Finance, Comparative Law, Accounting, Insolvency Law

Research in business failure and insolvency prediction provides numerous potential variables, which are in the position to differentiate between solvent and insolvent firms. Nevertheless, not all of them have the same discriminatory power, and therefore their general applicability as crisis indicators within early warning systems seems questionable. The paper aims to demonstrate that gearing-ratio is not an appropriate predictor for firm failures/bankruptcies. The first and the second order derivatives for the gearing-ratio formula were computed and mathematically analysed. Based on these results an interpretation was given and the suitability of gearing-ratio as a discriminator within business failure prediction models was discussed. These theoretical findings were then empirically tested using financial figures from financial statements of Austrian companies for the observation period between 2008 and 2010. The theoretical assumptions showed that gearing-ratio is not a suitable predictor for early warning systems. This finding was confirmed with empirical data. The inclusion of gearing-ratio within business failure prediction models is not able to provide early warning signals and should therefore be ignored in future model building attempts.

Whenever regulatory reforms are discussed, legislators try either to: (1) impose new rules and practices; or (2) nudge parties towards adopting non-binding behaviour which is in line with the reformed objectives but, to a certain extent, inconsistent with the established legal culture and practice. This article considers the recent attempt carried out in England and Wales to reform pre-pack practices by means of industry-led mechanisms. In particular, it analyses the Pre-pack Pool (the Pool). This article describes the mechanics of this assessment panel, investigates its functioning and tries to explain the reasons behind the low uptake rate of this voluntary measure. It concludes by arguing that, to be worth the time and effort already put into establishing the Pool, relevant changes and perhaps mandatory measures may be needed to promote the significant shifts in insolvency practice encouraged by the legislator.

- by Eugenio Vaccari
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- Corporate Insolvency, pre-packaged administration, Connceted Persons

The financial crisis and the sovereign debt crisis have been attributed to a number of causes. Whether these are economic, social, cultural or legal, they are all by and large also political. The aim of this article is not to delve into the myriad of heated political arguments that continue to dominate the scene but to assess the impact of the financial crisis on the employment protection rights and the corporate rescue regimes in Greece, Portugal, France and the UK. In light of the crisis, the rights of the workforce have been severely compromised to afford financially troubled companies a greater opportunity to recover. In order to minimise the catastrophic impact of financial turmoil on their economy and society, all four jurisdictions introduced reforms to their labour codes and corporate rescue mechanisms, often in the name of austerity. This article will offer a snapshot of the changes and their effects and an assessment whether or not the reforms of pre-insolvency regimes have operated as an effective embankment for the protection of social and economic welfare. The purpose of this piece is to shed a light on the changes that have occurred and that have affected employment rights in the domestic legal systems of individual member states, as influenced to some extent by the EU in its expectations of improvements to increase labour market flexibility, and whether corporate rescue mechanisms in individual member states are able to provide some counterbalance to the erosion of employment rights generally. Copyright

- by Jennifer L L Gant
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- Social Policy, Employment Law, Labour Law, European Union Law

This article adopts a normative approach to investigate measurement of value in English insolvency and bankruptcy cases. The valuation techniques are assessed against a revised communitarian, fairness-orientated framework based on a modified version of Rawls, Finch and Radin's social justice concepts of fairness. This article explains the need for a revised communitarian, fairness-orientated framework to measure value in insolvency. Finally, it investigates if regulatory reforms are needed to improve fair measurement of value in insolvency and bankruptcy procedures.

- by Eugenio Vaccari
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- Jurisprudence, Values, Social Justice, Fairness

A Lei Complementar nº 147, de 7 de agosto de 2014 alterou diversos dispositivos da Lei Complementar no 123, de 14 de dezembro de 2006, e as Leis nos 5.889, de 8 de junho de 1973, 11.101, de 9 de fevereiro de 2005, 9.099, de 26 de setembro de 1995, 11.598, de 3 de dezembro de 2007, 8.934, de 18 de novembro de 1994, 10.406, de 10 de janeiro de 2002, e 8.666, de 21 de junho de 1993. Pode-se observar que as mudanças foram significativas, uma vez que criou uma categoria diferenciada para as microempresas e as empresas de pequeno porte, bem como acatou a possibilidade de diversos créditos passarem a fazer parte do plano especial de recuperação de empresas.

The existing framework to settle unmatured debts of insolvent corporate debtors is not emphatic in itself; to include the question of invoking guarantees would only drag the dubiety. In this piece, I delve into the issue of invoking unmatured guarantees of insolvent corporate borrowers. The research engages in a methodical analysis to eventually propose a potential legal framework.

- by Athith Pradeep
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- Insolvency Law, Bankruptcy Law, IBC, Corporate bankruptcy

The debt restructuring agreement is a flexible instrument governed by law as a means of recovery. The company in crisis uses it when it wants to reduce its debt exposure and attempt consolidation. The article, in the light of the new Italian law on the crisis and insolvency of the company, examines the institution as a particular agreement, therefore as an act of contractual autonomy, which however requires the consent of a number of creditors and a necessary relationship of a professional who certifies its viability.

Με το ν. 4738/2020 επήλθαν βελτιώσεις στο ήδη υφιστάμενο προληπτικό πλαίσιο της εξυγίανσης, ώστε οι ρυθμίσεις του ελληνικού δικαίου να προσαρμοσθούν στις επιταγές και τις συστάσεις της Οδηγίας 2019/1023 για την αναδιάρθρωση και την αφερεγγυότητα (εφεξής η «Οδηγία»). Μία από τις σημαντικότερες καινοτομίες που
εισήχθησαν προς το σκοπό της εναρμόνισης με τους ενωσιακούς κανόνες είναι ότι οι πιστωτές που συμμετέχουν στην έγκριση του σχεδίου συμφωνίας εξυγίανσης θα πρέπει να διαχωρίζονται σε κατηγορίες, ενώ προβλέπεται και η δυνατότητα μη συναινετικής μεταβολής δικαιωμάτων πιστωτών μιας ολόκληρης κατηγορίας (διακατηγοριακή παράκαμψη διαφωνιών – cross-class cram-down). Αντικείμενο της παρούσας μελέτης είναι η διερεύνηση των ρυθμίσεων του νόμου που αφορούν την επιβολή των πλειοψηφικώς αποφασιζόμενων εξυγιαντικών μέτρων στους μη συναινούντες πιστωτές. Τούτο συνδέεται άρρηκτα με τους κανόνες σχετικά με τη συμμετοχή των πιστωτών στη διαδικασία έγκρισης του σχεδίου συμφωνίας εξυγίανσης και την οργάνωση των πιστωτών σε ομάδες (κατηγορίες, κατά την ορολογία του νόμου), η ανάλυση των οποίων θα πρέπει εν προκειμένω να προηγηθεί.

- by Dialogi europaei
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- Law, Islamic Law, Comparative Law, Civil Law
- by Syamantak Sen
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- Insolvency Law, Corporate Insolvency, Banruptcy and Insolvency Law

This study assesses the classification accuracies of two statistical methods namely, multiple discriminant analysis and logistic regression approach in default prediction. It uses a small sample of 32 India firms listed on Bombay Stock Exchange for the sample period of six years over 2010-11 to 2015-16. Two models have been built using the two statistical methods. Results of the study clearly indicate that there are no significant differences in the classification accuracies because of change in statistical methods. Different statistical measures clearly suggest that the two developed models have comparative classification accuracies in default prediction. However, the specification and robustness of logit model is found to be on lower side than that of the discriminant model contrary to large numbers of studies. The weaker model specification of logistic model may be result of small sample size.

The framework in which cross-border insolvency and rescue law is construed focuses on the universalism and territorialism divide, which originated in academic scholarship in the United States. This paper argues that this framework is not the most appropriate for the European Union at present and should be replaced by a theoretical framework tackling the sui generis nature of the EU.

1 It is both an honour and a privilege for us to contribute this paper to the festschrift dedicated to Professor Ian Fletcher QC. Insolvency law and practice around the world owes a huge debt of gratitude to Ian’s scholarship and vision which helped develop insolvency law and ensure that it is a discipline that can be regarded as critical in the commercial world across the globe. It is largely due to Professor Fletcher’s influence that we both entered the world of insolvency in academia, so it is fitting that this paper should be dedicated to him.

- by Juanitta Calitz
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- Political Science, Insolvency Law, Consumer Bankruptcy, Bankruptcy Law

This paper adopts a normative approach to investigate measurement of value in English insolvency and bankruptcy cases. The valuation techniques are assessed against a revised communitarian, fairness-oriented framework based on a modified version of Rawls, Finch and Radin’s social justice concepts of fairness. This paper explains the need for a revised communitarian, fairness-oriented framework to measure value in insolvency. Finally, it investigates if regulatory reforms are needed to improve fair measurement of value in insolvency and bankruptcy procedures.

- by Eugenio Vaccari
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- Jurisprudence, Economics, Values, Social Justice
- by luca boggio
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- Insolvency Law, Bankruptcy, Enterprise Restructuring, Corporate Restructuring
- by Ali Cem Budak
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- European Studies, Banking, English law, Law Enforcement