Out Of Court Debt Restructuring

Author : The World Bank
Publisher : World Bank Publications
Page : 103 pages
File Size : 53,6 Mb
Release : 2011-12-21
Category : Law
ISBN : 9780821389560

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Out of Court Debt Restructuring by The World Bank Pdf

This study provides a conceptual framework for the analysis of the questions of out-of-court debt restructuring from a policy-oriented perspective. The starting point of the analysis is given by the World Bank Principles for Effective Insolvency and Creditor Rights Systems. The study offers an overview of out-of-court restructuring, which is not seen as fundamentally opposed to formal insolvency procedures. Actually, the study contemplates different restructuring techniques as forming a continuum to the treatment of financial difficulties. Thus, from the purely contractual or informal arrangements for debt rescheduling between the debtor and its creditors, to the fully formal reorganization or liquidation procedures, there are numerous intermediate solutions. In the study, these solutions are identified by the terms of enhanced procedures where the contractual arrangements are supported by norms or principles for workouts; and hybrid procedures where the contractual arrangements are supported by the intervention of the courts or an administrative authority. The study discusses the advantages and disadvantages of all the debt restructuring techniques, and concludes, in this regard, that a legal system may contain a number of options a menu that can cover different sets of circumstances. In the end, the law may offer a toolbox with very different instruments that the parties may use depending on the specific facts of the case. A substantial part of the study is devoted to the analysis of the enabling regulatory environment for out-of-court restructuring. It is evident that debt restructuring does not operate in a vacuum: in fact, the general legal system influences and to a certain extent determines the possibilities for debt restructuring in any given jurisdiction. The study provides a checklist that can be used to examine the features of a legal system that bear a direct influence on debt restructuring activities. The different characteristics of informal restructurings, and of enhanced and hybrid debt restructurings are covered by the study. The different approaches to debt restructuring aim at combining the advantages of an informal approach with the advantages of formal procedures: especially, the existence of a moratorium on creditor actions and the binding effects of creditor agreements concluded within the insolvency process.

Author : Anonim
Publisher : Unknown
Page : 484 pages
File Size : 55,9 Mb
Release : 1991
Category : Bankruptcy
ISBN : STANFORD:36105043544928

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Debt Restructuring by Anonim Pdf

Author : Edward I. Altman,Edith Hotchkiss,Wei Wang
Publisher : John Wiley & Sons
Page : 374 pages
File Size : 49,7 Mb
Release : 2019-03-26
Category : Business & Economics
ISBN : 9781119481805

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Corporate Financial Distress, Restructuring, and Bankruptcy by Edward I. Altman,Edith Hotchkiss,Wei Wang Pdf

A comprehensive look at the enormous growth and evolution of distressed debt markets, corporate bankruptcy, and credit risk models This Fourth Edition of the most authoritative finance book on the topic updates and expands its discussion of financial distress and bankruptcy, as well as the related topics dealing with leveraged finance, high-yield, and distressed debt markets. It offers state-of-the-art analysis and research on U.S. and international restructurings, applications of distress prediction models in financial and managerial markets, bankruptcy costs, restructuring outcomes, and more.

Author : Janis Pearl Sarra
Publisher : Unknown
Page : 352 pages
File Size : 50,6 Mb
Release : 2003
Category : Law
ISBN : 080208754X

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Creditor Rights and the Public Interest by Janis Pearl Sarra Pdf

Creditor Rights and the Public Interest supports the greater representation of non-traditional creditors in the process of insolvency restructuring in Canada, concentrating particularly on restructuring under the federal Companies' Creditors' Arrangement Act (CCAA). Arguing in favour of the representation of such non-traditional creditors as workers, consumers, trade suppliers, and local governments, Janis Sarra describes the existing process of addressing their interests, analyzes four case studies that focus on non-creditor groups, and compares the Canadian approach to that of several other countries, such as Germany, France, and the United States. Sarra draws on a comprehensive body of academic literature that covers a broad range of issues--insolvency theory, corporate governance theory, legislative history, and bankruptcy and insolvency practice. She further surveys the relevant legislation and supplements her analysis with insights drawn from extensive primary research of court records and personal interviews with lawyers, judges, and government officials. Creditor Rights and the Public Interest ultimately illustrates the way in which the concept of the public interest can be utilized to foreground the concerns of non-traditional stakeholders. Sarra provides a coherent account of the justification for recognizing these creditors by situating insolvency law in a legal regime that realizes a duty to maximize all of the interests and investments at stake in the corporation. In an academic field where scholarship is currently scarce, Sarra's text will be a welcome contribution.

Author : Adam J. Levitin
Publisher : Aspen Publishing
Page : 1279 pages
File Size : 41,8 Mb
Release : 2018-09-25
Category : Law
ISBN : 9781543802849

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Business Bankruptcy by Adam J. Levitin Pdf

Business Bankruptcy: Financial Restructuring and Modern Commercial Markets provides students with a contemporary stand-alone business bankruptcy text. Designed to teach financial restructuring law in a realistic twenty-first century commercial context, the book uses problem sets to explore not only Chapter 7 and 11 bankruptcy, but also out-of-court restructuring, modern financial products and transactions, and advanced in-court restructuring topics. New to the Second Edition: Clear thematic structure emphasizing the limitations on out-of-court restructuring and how bankruptcy attempts to address those limitations Reorganized chapter flow tracking traditional order of bankruptcy topics Substantially condensed text through elimination of extra cases and statutory excerpts Updated problem sets, including coverage of privacy issues in bankruptcy sales and capstone strategic issues Expanded coverage of out-of-court restructuring New chapters providing overview of bankruptcy process and summary comparing issues in out-of-court and in-court restructuring Professors and students will benefit from: Unique coverage of out-of-court restructuring providing students with realistic view of contemporary restructuring practice and showing what Chapter 11 adds to the financial restructuring toolkit Detailed coverage of modern financial products and markets—derivatives, securitization, loan syndications, and claims trading—familiarizing students with the dynamics of the modern restructuring landscape Comprehensive expository text clearly explaining the operation of the Bankruptcy Code and the policy issues involved In-depth case-studies contextualizing judicial decisions within the larger strategic picture Incorporation of actual deal documents, including a bond indenture, a loan syndication agreement, ISDA Master Agreement, and a restructuring support agreement Modular design enabling optional coverage of advanced topics

Author : Johann Hüthmair
Publisher : Unknown
Page : 121 pages
File Size : 51,7 Mb
Release : 2004
Category : Bankruptcy
ISBN : 1920019014

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Bury the debt : debt restructuring in business ; managing out-of-court settlement, debt-factoring or prepackaged bankruptcy proceedings by Johann Hüthmair Pdf

Author : Francisco Vasconcelos Pimentel
Publisher : Leya
Page : 32 pages
File Size : 49,5 Mb
Release : 2023-08-03
Category : Law
ISBN : 9789894006503

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Debt Restructuring: A Sad Tale for Those Left Out by Francisco Vasconcelos Pimentel Pdf

Francisco Vasconcelos Pimentel - Debt Restructuring: A Sad Tale for Those Left Out Este artigo faz parte da Revista de Direito da Insolvência n.o 2 (2018)

Author : José Garrido
Publisher : International Monetary Fund
Page : 21 pages
File Size : 45,5 Mb
Release : 2016-07-11
Category : Business & Economics
ISBN : 9781475570243

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Insolvency and Enforcement Reforms in Italy by José Garrido Pdf

Italian banks are burdened with high levels of nonperforming loans, the cleanup of which depends in important part on the efficiency of insolvency and enforcement processes. Traditionally, these processes in Italy have taken very long, hampering the timely cleanup of balance sheets. In response, the authorities have legislated a number of measures. This paper explores the recent insolvency and enforcement reforms and the remaining challenges. These reforms introduce important positive changes that are expected to yield full benefits over the medium to long term. The efficacy of the reforms, including to deal with the current stock of high nonperforming loans, can be enhanced by introducing effective out-of-court enforcement mechanisms, supplemented by a more intensive use of informal and hybrid debt-restructuring solutions. Moreover, there is an urgent need to rationalize the system, which over the years has become very complex and intricate.

Author : Sebastian Grund
Publisher : Taylor & Francis
Page : 194 pages
File Size : 42,6 Mb
Release : 2022-12-30
Category : Law
ISBN : 9781000826708

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Sovereign Debt Restructuring and the Law by Sebastian Grund Pdf

The book sheds light on the perhaps most important legal conundrum in the context of sovereign debt restructuring: the holdout creditor problem. Absent an international bankruptcy regime for sovereigns, holdout creditors may delay or even thwart the efficient resolution of sovereign debt crises by leveraging contractual provisions and, in an increasing number of cases, by seeking to enforce a debt claim against the sovereign in courts or international tribunals. Following an introduction to sovereign debt and its restructuring, the book provides the first comprehensive analysis of the holdout creditor problem in the context of the two largest sovereign debt restructuring operations in history: the Argentine restructurings of 2005 and 2010 and the 2012 Greek private sector involvement. By reviewing numerous lawsuits and arbitral proceedings initiated against Argentina and Greece across a dozen different jurisdictions, it distils the organizing principles for ongoing and future cases of sovereign debt restructuring and litigation. It highlights the different approaches judges and arbitrators have adopted when dealing with holdout creditors, ranging from the denial of their contractual right to repayment on human rights grounds to leveraging the international financial infrastructure to coerce governments into meeting holdouts’ demands. To this end, it zooms in on the role the governing law plays in sovereign debt restructurings, revisits the contemporary view on sovereign immunity from suit and enforcement in the international debt context, and examines how creditor rights are balanced with the sovereign’s interest in achieving debt sustainability. Finally, it advances a new genealogy of holdouts, distinguishing between official and private sector holdouts and discussing how the proliferation of new types of uncooperative creditors may affect the sovereign debt architecture going forward. While the book is aimed at practitioners and scholars dealing with sovereign debt and its restructuring, it should also provide the general reader with the understanding of the key legal issues facing countries in debt distress. Moreover, by weaving economic, financial, and political considerations into its analysis of holdout creditor litigation and arbitration, the book also speaks to policymakers without a legal background engaged in the field of international finance and economics.

Author : Ms. Juliana Dutra Araujo,José Garrido,Emanuel Kopp,Mr. Richard Varghese,Weijia Yao
Publisher : International Monetary Fund
Page : 79 pages
File Size : 49,7 Mb
Release : 2022-02-23
Category : Business & Economics
ISBN : 9781513593463

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Policy Options for Supporting and Restructuring Firms Hit by the COVID-19 Crisis by Ms. Juliana Dutra Araujo,José Garrido,Emanuel Kopp,Mr. Richard Varghese,Weijia Yao Pdf

This paper presents principles that could guide the design of more targeted policy support and facilitate the restructuring of firms adversely impacted by the COVID-19 pandemic. To this end, the paper takes stock of vulnerabilities and risks in the enterprise sector and assesses countries’ preparedness to handle a large-scale restructuring of businesses. Crisis preparedness of insolvency systems is measured according to a newly designed indicator that includes five dimensions of the insolvency and restructuring regime (out-of-court restructuring, hybrid restructuring, reorganization, liquidation, and the institutional framework). Vulnerabilities tend to be more pronounced in jurisdictions with shortcomings in crisis preparedness, and those countries need to step up efforts to improve their insolvency systems.

Author : Mr.David A. Grigorian,Ms.Faezeh Raei
Publisher : International Monetary Fund
Page : 36 pages
File Size : 50,5 Mb
Release : 2010-11-01
Category : Business & Economics
ISBN : 9781455209606

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Government Involvement in Corporate Debt Restructuring by Mr.David A. Grigorian,Ms.Faezeh Raei Pdf

The paper examines recent episodes of government involvement in corporate debt restructurings. It argues that corporate debt restructuring is an important step toward recovery from a financial crisis. We then discuss the rationale for, and modalities of, the state intervention in corporate debt workouts through reviewing six countries with large scale corporate debt workouts. Case studies reveal that the costs of corporate sector rescue are significant and in several cases on par with the costs of financial sector bailouts. The paper sheds light on the importance of contingent liabilities and associated risks to government balance sheet from the corporate debt side and emphasizes the need for improved contingency planning for corporations with potential systemic impact.

Author : Ms.Yan Liu,Mr.Christoph B. Rosenberg
Publisher : International Monetary Fund
Page : 21 pages
File Size : 52,6 Mb
Release : 2013-02-20
Category : Business & Economics
ISBN : 9781475544305

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Dealing with Private Debt Distress in the Wake of the European Financial Crisis A Review of the Economics and Legal Toolbox by Ms.Yan Liu,Mr.Christoph B. Rosenberg Pdf

The private non-financial sector in Europe is facing increased challenges in meeting its debt servicing obligation. In response, governments are revisiting legal tools and—in some cases—institutional arrangements to deal with over-indebtedness. For households, where the problem in some countries is large but no established best practice exists, reforms have generally sought to allow debtors a fresh start while minimizing moral hazard and preserving bank solvency and credit discipline. For the corporate sector, efforts have focused on facilitating debt restruturing (including through out of court mechanisms). Direct government intervention has been rare.

Author : Michael Pomerleano,William Shaw
Publisher : World Bank Publications
Page : 436 pages
File Size : 54,7 Mb
Release : 2005
Category : Business & Economics
ISBN : 9780821359280

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Corporate Restructuring by Michael Pomerleano,William Shaw Pdf

In light of the periodic financial crises of the late 1990s, there has been a growing recognition of the need for a strategy to avoid and mitigate the severity of crises in the corporate sector, requiring the complementary efforts of policymakers, regulators, lawyers, insolvency experts and financiers. This publication examines the issue of corporate restructuring, drawing on case studies of corporate crises in Indonesia, Korea, Malaysia and Thailand among others; and discusses a range of topics including the key role of governments in securing an enabling legal system, effective out-of-court workouts, supportive tax regimes, policy and regulatory initiatives to address systemic corporate problems.

Author : Christopher Mallon
Publisher : Law Business Research Ltd.
Page : 408 pages
File Size : 49,9 Mb
Release : 2017-10-11
Category : Electronic
ISBN : 9781912377763

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Restructuring Review by Christopher Mallon Pdf

The Restructuring Review, edited by Christopher Mallon of Skadden, Arps, Slate, Meagher & Flom LLP, seeks to help general counsel, government agencies and private practice lawyers understand the conditions prevailing in the global restructuring market with a view to the coming year, and to highlight some of the more significant legal and commercial developments and trends that are expected to be significant in the future. As tensions in the Middle East, South East Asia and Russia remain unresolved, and the political implications of Brexit and mass immigration continue to be worked out in Europe and beyond, the realisation is dawning on many that a turn in the economic cycle may be approaching and that the severe economic crisis of 2008-9 may not be an isolated event. This book aims to outline the impact of developments like this on the global restructuring market, with in-depth looks at the issue from local experts in 28 jurisdictions. Contributors include: France - Joanna Gumpelson and Philippe Dubois, De Pardieu Brocas Maffei; Hong Kong - Tom Pugh, Mayer Brown JSM; Japan - Nobuaki Kobayashi and Yosuke Kanegae, - Nagashima Ohno & Tsunematsu; Netherlands - Paul Kuipers, Linklaters LLP; Singapore - Kenneth Lim, Allen & Gledhill LLP; Spain - Alberto Nunez-Lagos, Uria Menendez

Author : Virginia Skidmore Rutledge,Michael Moore,Marc Dobler,Wouter Bossu,Nadège Jassaud,Ms.Jianping Zhou
Publisher : International Monetary Fund
Page : 27 pages
File Size : 54,8 Mb
Release : 2012-04-24
Category : Business & Economics
ISBN : 9781475503906

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From Bail-out to Bail-in by Virginia Skidmore Rutledge,Michael Moore,Marc Dobler,Wouter Bossu,Nadège Jassaud,Ms.Jianping Zhou Pdf

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.