When Do Creditor Rights Work

Author : Siddharth Sharma,Mehnaz Safavian
Publisher : World Bank Publications
Page : 48 pages
File Size : 43,8 Mb
Release : 2007
Category : Access to Finance
ISBN : 8210379456XXX

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When Do Creditor Rights Work? by Siddharth Sharma,Mehnaz Safavian Pdf

Abstract: 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, the increase will be only 7 percent in a country at the 80th percentile of this distribution (Kyrgyzstan). Legal protections of creditors and efficient courts are strong complements.

Author : Mehnaz Safavian,Siddharth Sharma
Publisher : Unknown
Page : 128 pages
File Size : 50,6 Mb
Release : 2012
Category : Electronic
ISBN : OCLC:931670034

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When Do Creditor Rights Work? by Mehnaz Safavian,Siddharth Sharma Pdf

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, the increase will be only 7 percent in a country at the 80th percentile of this distribution (Kyrgyzstan). Legal protections of creditors and efficient courts are strong complements.

Author : Siddharth Sharma,Mehnaz Safavian
Publisher : World Bank Publications
Page : 48 pages
File Size : 47,8 Mb
Release : 2007
Category : Electronic
ISBN : 8210379456XXX

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When Do Creditor Rights Work? by Siddharth Sharma,Mehnaz Safavian Pdf

Author : Masahisa Deguchi
Publisher : Springer
Page : 0 pages
File Size : 40,7 Mb
Release : 2022-11-29
Category : Law
ISBN : 9811656118

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Effective Enforcement of Creditors’ Rights by Masahisa Deguchi Pdf

The problem of enforcing a money judgment exists in every legal system in the world, but the methods and orientation vary significantly. Effective enforcement proceedings are crucial to ensure full access to justice for creditors. Complete and full knowledge of the debtors’ assets is crucial to choose the appropriate enforcement measure. But each legal system must balance the creditors’ rights to an efficient enforcement with the debtors’ rights. The wide differences between enforcement proceedings mirror the way each society tries to find a balance between confronting rights and interests. This book explores and compares how different legal systems approach these issues with a focus on the discovery of debtors’ assets, which is a common problem for enforcement and execution proceedings in almost every jurisdiction. This is the first book to compare enforcement proceedings around the world and presents a variety of information and country reports from leading experts from four continents. It represents the joint work of academic and legal authorities from Germany, Japan, Korea, France, the UK, Switzerland, Austria, Spain, Poland, Russia, Greece, North America, Taiwan, Brazil, Argentina, Chile, and the EU.

Author : Somerville, Mass. Public Library
Publisher : Unknown
Page : 400 pages
File Size : 40,8 Mb
Release : 1920
Category : Electronic
ISBN : UCAL:B3071841

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Report of the Trustee by Somerville, Mass. Public Library Pdf

Author : United States
Publisher : Unknown
Page : 1508 pages
File Size : 40,5 Mb
Release : 1952
Category : Law
ISBN : UCR:31210025663863

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United States Code by United States Pdf

Author : Janis Pearl Sarra
Publisher : Unknown
Page : 352 pages
File Size : 46,5 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 : Thomas H. Jackson
Publisher : Beard Books
Page : 304 pages
File Size : 48,8 Mb
Release : 2001
Category : Law
ISBN : 1587981149

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The Logic and Limits of Bankruptcy Law by Thomas H. Jackson Pdf

A careful analysis of the fundamentals of bankruptcy law.

Author : Louise Gullifer,Jennifer Payne
Publisher : Bloomsbury Publishing
Page : 910 pages
File Size : 54,9 Mb
Release : 2015-10-22
Category : Law
ISBN : 9781782259596

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Corporate Finance Law by Louise Gullifer,Jennifer Payne Pdf

The second edition of this acclaimed book continues to provide a discussion of key theoretical and policy issues in corporate finance law. Fully updated, it reflects developments in the law and the markets in the continuing aftermath of the Global Financial Crisis. One of its distinctive features is that it gives equal coverage to both the equity and debt sides of corporate finance law, and seeks, where possible, to compare the two. This book covers a broad range of topics regarding the debt and equity-raising choices of companies of all sizes, from SMEs to the largest publicly traded enterprises, and the mechanisms by which those providing capital are protected. Each chapter analyses the present law critically so as to enable the reader to understand the difficulties, risks and tensions in this area of law, and the attempts made by the legislature and the courts, as well as the parties involved, to deal with them. This book will be of interest to practitioners, academics and students engaged in the practice and study of corporate finance law.

Author : Thomas G.W. Telfer,Virginia Torrie
Publisher : UBC Press
Page : 282 pages
File Size : 41,5 Mb
Release : 2022-02-01
Category : Law
ISBN : 9780774867313

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Debt and Federalism by Thomas G.W. Telfer,Virginia Torrie Pdf

The legal meaning of bankruptcy and insolvency law has often remained elusive, even to practitioners and scholars in the field, despite having been enshrined in Canada’s Constitution since Confederation. Federal jurisdiction in this area must be measured against provincial powers over property and civil rights, among others. Debt and Federalism traces conceptions of the bankruptcy and insolvency power through four cases that form the constitutional foundation of the Canadian bankruptcy system: the 1894 Voluntary Assignments Case, Royal Bank of Canada v Larue in 1928, the 1934 Companies' Creditors Arrangement Act Reference Case, and the 1937 Farmers' Creditors Arrangement Act Reference Case. Together, they produced the bedrock for modern understandings of bankruptcy and insolvency law.

Author : Philippe Aghion,Oliver D. Hart,John Moore
Publisher : Unknown
Page : 78 pages
File Size : 46,9 Mb
Release : 1992
Category : Bankruptcy
ISBN : IND:30000113722445

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The Economics of Bankruptcy Reform by Philippe Aghion,Oliver D. Hart,John Moore Pdf

We propose a new bankruptcy procedure. Initially, a firm's debts are cancelled, and cash and non-cash bids are solicited for the 'new" (all-equity) firm. Former claimants are given shares, or options to buy shares, in the new firm on the basis of absolute priority. Options are exercised once the bids are in. Finally, a shareholder vote is taken to select one of the bids. In essence, our procedure is a variant on the U.S. Chapter 7, in which non-cash bids are possible; this allows for reorganization. We believe our scheme is superior to Chapter 11 since it is simpler, quicker, market-based, avoids conflicts, and places appropriate discipline on management.

Author : Frédérique Dahan
Publisher : Unknown
Page : 528 pages
File Size : 47,6 Mb
Release : 2015-06-26
Category : Electronic
ISBN : 1781001839

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Research Handbook on Secured Financing of Commercial Transactions by Frédérique Dahan Pdf

'No single-volume publication brings together as many diverse and stimulating perspectives on secured financing law as does this EE Research Handbook. Its great strengths are asking hard questions and recognizing how difficult reform is. Contributors report on what works (and what doesn't), drawing on evidence from legal systems less often studied in this context (e.g., Brazil, Morocco). I cannot imagine a researcher in the field who would not be intrigued by analysis of such issues as access of women to secured financing, constraints Shari?ah places on use of security devices, and reasons for Russia's meandering path to modernization.' - Peter Winship, SMU Dedman School of Law, US

Author : Frank Bennett
Publisher : CCH Canadian Limited
Page : 410 pages
File Size : 52,8 Mb
Release : 1999
Category : Law
ISBN : 1551412519

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Bennett on PPSA (Ontario) by Frank Bennett Pdf

Author : Doug Bourassa
Publisher : Unknown
Page : 128 pages
File Size : 51,6 Mb
Release : 2016
Category : Debtor and creditor
ISBN : 177094768X

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Mortgage Enforcement Essentials 2016 by Doug Bourassa Pdf

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 108 pages
File Size : 40,5 Mb
Release : 1999-08-02
Category : Business & Economics
ISBN : 1557758204

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Orderly and Effective Insolvency Procedures by International Monetary Fund Pdf

Written by IMF's Legal Department, this book outlines the key issues involved in designing and implementing orderly and effective insolvency procedures, which play a critical role in fostering growth and competitiveness and may also assist in the prevention and resolution of financial crises. The book draws on lessons learned from firsthand experience by some of the IMF's 182 member countries. It includes an analysis of the major policy choices that countries need to address when designing an insolvency system, a discussion of the advantages and disadvantages of these choices, and a number of specific recommendations.