Arriving at a Compromise with, and identifying Key Stakeholders: Waivers, Amendments and Standstills, Participations, Debt Buy-backs, Intercreditor Agreements, and Make-Whole Provisions

Author(s):  
Christopher Mallon ◽  
Shai Y. Waisman ◽  
Ray C. Schrock

In the context of a book on the law and practice of restructuring, waivers, amendments, and standstills are generally the paths of least resistance and, if no further procedures need to be pursued to reach the desired resolution, should be the preferred route to a successful consensual restructuring. They are the keyhole surgery alternatives to the more radical procedures discussed elsewhere in this work. For some companies they will be all that is required to enable a return to full health. For others, amendments, waivers, and standstills will be just a triage technique; a method of putting off or stabilizing the patient before the deep cuts needed can be made.

Author(s):  
Christopher Mallon ◽  
Shai Y. Waisman ◽  
Ray C. Schrock

This second edition provides updated and practical analysis of restructuring under English and New York Law. Since the publication of the previous edition, certain areas of restructuring law have received particular attention. Waivers, amendments, and standstills, and in particular “snooze and lose” and “yank the bank” provisions have continued to develop in the last five years as well as other refinements from the US which are being increasingly used in Europe. The mechanisms for giving effect to debt compromise arrangements, either through Schemes of Arrangement or chapter 11 pre-packs, have also developed significantly on recent years. There has been a great deal of debate surrounding restructuring and insolvency law in Europe following the recast EC Regulation on Insolvency Proceedings and further developments in various European jurisdictions. The second edition has been thoroughly updated to cover these, and all other major developments in the field to provide a complete and up-to-date guide to restructuring on both sides of the Atlantic. This work provides detailed analysis of areas associated with company restructures including tax and shareholder claims, employee and trade union matters, and pension scheme issues. Additionally the new edition features new or developed chapters on key areas of practical development such as private equity’s role in restructuring and specific issues relating to financial institutions, energy, property, airlines and shipping. With coverage of techniques available to both stressed and distressed companies, as well as looking at specialist markets and key stakeholders, The Law and Practice of Restructuring in the UK and US is an invaluable guide for banking, finance, and insolvency practitioners and their clients, and both financial institutions and companies looking to restructure debt, and global accountancy firms and law and business schools worldwide.


2017 ◽  
Vol 32 (1) ◽  
pp. 90-108 ◽  
Author(s):  
Phuong Thi Nguyen ◽  
Michael Kend

Purpose Over the past 20 years, external auditing activities and practices in Vietnam have developed quickly. An important milestone is the first Law on External Audit No. 67/2011/QH12 which has been passed by the National Assembly of Vietnam on 29 March 2011. The purpose of this paper is to understand the perceived motivations in regard to the introduction of the Law on External Audit, through the eyes of various key stakeholders. There has been genuine public interest concerns regarding audit quality in Vietnam as prior academic research has indicated, and this is the first study to examine whether the new audit reforms where introduced specifically to deal with those concerns. Design/methodology/approach Face-to-face semi-structured interviews were conducted with 45 key stakeholders during 2014 in both Ha Noi and Ho Chi Minh City, Vietnam. Findings The study finds that the Law on External Audit was introduced because it holds the highest form of regulatory authority in Vietnam, and the lower level Decrees that existed before the law did not even detail the audit firms’ responsibilities resulting in low audit quality. Also, the new Law was introduced to add more credibility and trust in the external audit function in Vietnam, and to reduce unfair price competition. However, some of our findings indicate that the Governments’ motivations were not all purely public interest related. A theoretical framework is developed to evaluate whether these reforms are substantive enough in nature to effect public confidence in reported financial data and audits. Originality/value External auditing plays a crucial role in any market-based economy. In a developing economy, audit quality is often perceived to be lower than in a developed economy. Therefore, it is not uncommon to observe governments in developing economies producing tighter regulations for the auditing and assurance market to help attract more foreign investment and to establish credibility and more trust. In Vietnamese context, the current study conveys that the new audit reforms not only were introduced with genuine public interest concerns but also were a mechanism to protect the government’s interests.


Author(s):  
Michael Shires

On March 22, 2017, the Government of Saskatchewan tabled its budget for fiscal year 2017-2018. There were deep cuts in many sectors. One of the biggest budget cuts percentage-wise was to public libraries. The Ministry of Education announced that 100% of operating grant funding ($1.3 million) to the province’s two largest municipal library systems (Regina and Saskatoon) would be eliminated. Additionally, seven of eight regional library systems would have a 58% reduction of $3.5 million in operating funding from the government (Ministry of Education, 2017). Reaction to the news was immediate and support within and outside Saskatchewan grew quickly to have the decision reversed. This article describes the incredible series of events made by the general public and key stakeholders in the library community that led to the Government of Saskatchewan reinstating all funding for 2017-2018 to public libraries 34 days after the budget was tabled.


Author(s):  
Brianna Chesser

Therapeutic jurisprudence is an interdisciplinary method of legal scholarship that aims to reform the law in order to positively impact the psychological well-being of the accused person. In 1990, law professors David Wexler and Bruce Winick coined the term “therapeutic jurisprudence” to acknowledge the sociopsychological consequences of any legal action and that these consequences can be impacted by the interpretation of substantive legal rules and procedures. Therapeutic Jurisprudence: The Law as a Therapeutic Agent by David Wexler (Wexler 1990, cited under General Overviews) asserts that the law is capable of operating as a therapeutic agent. In essence, therapeutic jurisprudence examines the extent to which substantive rules, legal procedures, the roles of court personnel such as lawyers, judges, and court administrators combine to produce therapeutic or nontherapeutic consequences, by taking a non-adversarial approach to the administration of justice. The key stakeholders in court proceedings combine their efforts to create a strategy that will assist the offender to take responsibility for making positive changes in their own lives. The use of this approach is becoming more widespread, and principles of therapeutic jurisprudence have also been discussed in light of family law, employment law, torts, and in personal injury law. Although therapeutic jurisprudence has been largely well received, some academics and practitioners have questioned its unfettered implementation. The therapeutic jurisprudential approach argues that any anti-therapeutic consequence of a legal decision should be avoided and where possible, a holistic solution should be found that addresses the behavioral, emotional, psychological, or situational issues of the accused person. However, the use of this approach should not impinge on the operation of the court nor interfere with the administration of justice. Although therapeutic jurisprudence has been largely well received, some academics and practitioners have questioned its unfettered implementation. The rapid dissemination of therapeutic jurisprudence without the accompanying evaluative research has led to varying opinions of the effectiveness of this problem-solving model within the courts and has led some commentators to misinterpret this approach by labeling it paternalistic and coercive. The therapeutic jurisprudential approach is aligned closely with the subsequent development of the mental health court and is also relied heavily upon in other problem-solving court models including drug and other specialist courts.


Author(s):  
Getnet Tadele ◽  
Haldis Haukanes ◽  
Astrid Blystad ◽  
Karen Marie Moland

Abstract Introduction At the turn of the century, when the Millennium Development Goals placed maternal mortality reduction high on the global agenda, Ethiopia relaxed its restrictive abortion law to expand grounds on which a woman could legally obtain an abortion. This radical policy shift took place within a context of predominant anti-abortion public opinion shaped by strong religious convictions. Drawing upon Walt and Gilson’s policy analysis framework, this paper explores the tension between public policy and religious dogma for the strategies chosen by the Ethiopian Ministry of Health and its partners implementing the new policy, and for access to safe abortion services. Methods The study employed a qualitative research methodology. It targeted organizations that are key stakeholders in the field of reproductive health. These included policy makers and policy implementers like ministries, UN agencies and international and national NGOs as well as religious organizations as key opinion leaders. The data collection took place in Addis Ababa between 2016 and 2018. A total of 26 interviews were conducted, transcribed, and analyzed using the principles of qualitative content analysis. Results Our analysis showed that the implementing organizations adopted a strategy of silence not to provoke anti-abortion sentiments and politicization of the abortion issue which was seen as a threat to the revised law and policy. This strategy has facilitated a rollout of services and has improved access to safe abortion care. Nevertheless informants were concerned that the silence strategy has prevented dissemination of knowledge about the revised law to the general public, to health workers and to the police. In turn this has caused confusion about eligibility to legal and safe abortion procedures. Conclusions While silence as a strategy works to protect the law enhancing the health and survival of young women, it may at the same time prevent the law from being fully effective. As a long term strategy, silence fails to expand awareness and access to safe abortion services, and may not sufficiently serve to fulfill the potential of the law to prevent abortion related maternal deaths.


2019 ◽  
Vol 4 (5) ◽  
pp. 971-976
Author(s):  
Imran Musaji ◽  
Trisha Self ◽  
Karissa Marble-Flint ◽  
Ashwini Kanade

Purpose The purpose of this article was to propose the use of a translational model as a tool for identifying limitations of current interprofessional education (IPE) research. Translational models allow researchers to clearly define next-step research needed to translate IPE to interprofessional practice (IPP). Method Key principles, goals, and limitations of current IPE research are reviewed. A popular IPE evaluation model is examined through the lens of implementation research. The authors propose a new translational model that more clearly illustrates translational gaps that can be used to direct future research. Next steps for translating IPE to IPP are discussed. Conclusion Comprehensive reviews of the literature show that the implementation strategies adopted to date have fostered improved buy-in from key stakeholders, as evidenced by improved attitudes and perceptions toward interprofessional collaboration/practice. However, there is little evidence regarding successful implementation outcomes, such as changed clinician behaviors, changed organizational practices, or improved patient outcomes. The authors propose the use of an IPE to IPP translational model to facilitate clear identification of research gaps and to better identify future research targets.


2015 ◽  
Vol 20 (3) ◽  
pp. 72-84 ◽  
Author(s):  
Paula Leslie ◽  
Mary Casper

“My patient refuses thickened liquids, should I discharge them from my caseload?” A version of this question appears at least weekly on the American Speech-Language-Hearing Association's Community pages. People talk of respecting the patient's right to be non-compliant with speech-language pathology recommendations. We challenge use of the word “respect” and calling a patient “non-compliant” in the same sentence: does use of the latter term preclude the former? In this article we will share our reflections on why we are interested in these so called “ethical challenges” from a personal case level to what our professional duty requires of us. Our proposal is that the problems that we encounter are less to do with ethical or moral puzzles and usually due to inadequate communication. We will outline resources that clinicians may use to support their work from what seems to be a straightforward case to those that are mired in complexity. And we will tackle fears and facts regarding litigation and the law.


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