scholarly journals Assurance of the Effectiveness of Corporate Insolvency Proceedings

Teisė ◽  
2020 ◽  
Vol 116 ◽  
pp. 24-35 ◽  
Author(s):  
Egidija Tamošiūnienė ◽  
Vigintas Višinskis ◽  
Mykolas Kirkutis ◽  
Remigijus Jokubauskas
Keyword(s):  
Insolvency Law ◽  
Corporate Insolvency ◽  
The Law ◽  
The Republic ◽  
Insolvency Proceedings

This article examines some practical problems of the application of the Law on the Insolvency of Enterprises of the Republic of Lithuania related to the effectiveness of insolvency proceedings. Though the new insolvency law seeks to ensure effective insolvency process, the analysis of certain provisions reveals certain problems of this act, which could significantly impact the effectiveness of this process.

scholarly journals Problems of Ensuring the Effective Commencement of Insolvency Proceedings

Teisė ◽  
2020 ◽  
Vol 117 ◽  
pp. 47-63
Author(s):  
Egidija Tamošiūnienė ◽  
Vigintas Višinskis ◽  
Mykolas Kirkutis ◽  
Remigijus Jokubauskas
Keyword(s):  
Insolvency Law ◽  
The Law ◽  
The Republic ◽  
Insolvency Proceedings

This article examines the problems of the application of the Law on Insolvency of Enterprises of the Republic of Lithuania as related to the commencement of insolvency proceedings. The new insolvency law introduces a new procedure for the commencement of insolvency proceedings that applies to restructuring and bankruptcy proceedings. In the authors’ opinion, the application of this procedure can raise both theoretical and practical problems that have not been analysed yet.

2 National Report for Austria

2016 ◽  
Author(s):  
Duursma-Kepplinger Henriette ◽  
Englmair Christof
Keyword(s):  
Bankruptcy Law ◽  
Federal Law ◽  
Insolvency Law ◽  
Comprehensive Review ◽  
National Report ◽  
Participation Rights ◽  
The Law ◽  
Insolvency Proceedings ◽  
Compensation Law

This chapter discusses the law on creditor claims in Austria. ‘Modern’ bankruptcy laws—the Compensation Law (Ausgleichsordnung, AO) and the Bankruptcy Act (Konkursordnung, KO)—were first introduced by the imperial decree of 10 December 1914, 337 RGBl. Since then, these have undergone numerous amendments. Austrian insolvency law was subjected to the most comprehensive review and reform with insolvency amendment 2010, Federal Law Gazette 2010/29, which merged bankruptcy law and compensation law into a single procedural structure. The Compensation Law was repealed, while the Bankruptcy Act was renamed the Insolvency Law. The rest of the chapter deals with insolvency claims, administration claims, and non-enforceable claims in turn. Each section covers: the definition and scope of the claim; rules for submission, verification, and satisfaction or admission of claims; classification and ranking of claims; and voting and participation rights in insolvency proceedings.

16 National Report for the Republic of Korea (South Korea)

2016 ◽  
Author(s):  
Oh Soogeun ◽  
Kim Kyungjin
Keyword(s):  
South Korea ◽  
Republic Of Korea ◽  
National Report ◽  
Participation Rights ◽  
The Law ◽  
The Republic ◽  
Insolvency Proceedings

This chapter discusses the law on creditor claims in South Korea. Under South Korea’s Debtor Rehabilitation and Bankruptcy Act (DRBA), insolvency claims are classified into secured, unsecured, and administration claims. Unsecured claims are divided according to their level of priority. As administration claims can be paid on maturity without being impaired in the insolvency proceedings, a principal concern is determining whether or not a certain claim is an administration claim. The 2009 amendment to the DRBA gave new loans borrowed under the court’s permission a kind of priority to be paid before other common benefit claims in cases where a company’s property is insufficient to pay all common benefit claims. The chapter then deals with insolvency claims, administration claims, and non-enforceable claims in turn. Each section covers: the definition and scope of the claim; rules for submission, verification, and satisfaction or admission of claims; ranking of claims; and voting and other participation rights in insolvency proceedings.

13 National Report for Poland

2016 ◽  
Author(s):  
Porzycki Marek ◽  
Rachwał Anna
Keyword(s):  
Law Reform ◽  
Bankruptcy Law ◽  
Insolvency Law ◽  
National Report ◽  
Participation Rights ◽  
The Law ◽  
Insolvency Proceedings ◽  
Final Text

This chapter discusses the law on creditor claims in Poland, where a comprehensive insolvency law reform is ongoing. In May 2015, Parliament adopted the final text of the Restructuring Law (RL). Due to enter into force on 1 January 2016, it will cover four restructuring proceedings: arrangement approval; fast arrangement; arrangement; and reorganization. Their common aim will be rescuing the debtor’s enterprise via an arrangement adopted by a majority of creditors. They will apply in case of both threatened and actual insolvency, and replace the current reorganization bankruptcy and rarely used rehabilitation proceedings. The existing Bankruptcy and Rehabilitation Law will have its provisions on reorganization bankruptcy and rehabilitation proceedings repealed, and be renamed ‘Bankruptcy Law’. The chapter deals with insolvency claims, administration claims, and non-enforceable claims in turn. Each section covers: the definition and scope of the claim; rules for submission, verification, and satisfaction or admission of claims; ranking of claims; and voting and other participation rights in insolvency proceedings.

10 National Report for Germany

2016 ◽  
Author(s):  
Paulus Christoph G ◽  
Berberich Matthias
Keyword(s):  
Insolvency Law ◽  
National Report ◽  
Participation Rights ◽  
The Law ◽  
Insolvency Proceedings ◽  
Secured Creditors

This chapter discusses the law on creditor claims in Germany. German insolvency law distinguishes between several types of creditors in insolvency proceedings and treats them differently with regard to priority of claims, enforcement, modes of realization, and costs. The doctrinal approach of the German Insolvency Code is not so much a categorization of claims, but rather it takes a view on the creditors. German insolvency law draws a rough distinction between four creditor groups: secured creditors; general insolvency creditors; subordinated creditors; and administration creditors. The remainder of the chapter deals with insolvency claims, administration claims, and non-enforceable claims in turn. Each section covers: the definition and scope of the claim; rules for submission, verification, and satisfaction or admission of claims; ranking of claims; and voting and other participation rights in insolvency proceedings.

scholarly journals ASPECTS OF INSOLVENCY IN CRIMINAL LAW

2015 ◽  
Vol 3 (72) ◽  
pp. 18
Author(s):  
Ivars Kronis
Keyword(s):  
Criminal Law ◽  
Scientific Literature ◽  
Criminal Liability ◽  
Legal Protection ◽  
Case Law ◽  
Behavior Patterns ◽  
Insolvency Law ◽  
Legal Norms ◽  
The Law ◽  
Insolvency Proceedings

The article contains analysis of the legal norms that govern criminal liability for risks posed to insolvency. Based on case law and conclusions made by the law scholars, the preconditions have been studied the presence of which has to be proven in order to enable calling of a person to criminal account for leading to insolvency, filing of a fraudulent application for insolvency proceedings, hindering the insolvency proceedings and breach of the conditions of legal protection. The study enables deepen understanding of the preconditions to application of the law and helps to gain knowledge of criminal legal protection of insolvency and to avoid any behavior patterns that might be interpreted as criminal. The period since enactment of the new Insolvency Law that has changed the concept of insolvency as well as the course of procedure and therefore has affected the application of criminal legal protection has been too short for development of judiciary in this area. The few sources of scientific literature on the regulation of criminal legal protection of insolvency in the Criminal Law had been published before enactment of the new Insolvency Law. Five years of operation of the Insolvency Law is a kind of milestone for updating the issues of criminal legal protection of insolvency and extended assessment of the insolvency regulations in the Criminal Law.

scholarly journals German Insolvency Act: Special Provisions of Consumer Insolvency Proceedings and the Discharge of Residual Debts

2006 ◽  
Vol 7 (1) ◽  
pp. 59-70 ◽  
Author(s):  
Susanne Braun
Keyword(s):  
United States ◽  
Public Interest ◽  
German Economy ◽  
The United States ◽  
Insolvency Law ◽  
The Law ◽  
Insolvency Proceedings

Information about the insolvency of big enterprises such as Enron and Worldcom in the United States; Bremer Vulkan, Philip Holzmann, Babcock Borsig, CargoLifter, Walter Bau and “Ihr Platz GmbH & Co KG” in Germany; and discussion about the insolvency of States (e.g. Argentina) has awakened public interest in insolvency law and proceedings. Both the high number of insolvent enterprises and the increasing rate of consumer insolvency are shocking.The German Insolvency Act of 1999 created a uniform insolvency statute for all of Germany. In most cases, upon the instituting of insolvency proceedings, only small or no-insolvency estates were available. As a result, creditors only received average distributions of between three and five percent. Approximately three quarters of all insolvency procedures could not be instituted because of an insufficient insolvency estate. A large number of the insolvency proceedings carried out by the courts had to be terminated prematurely due to lack of assets. This deficiency in the law, referred to as the “bankruptcy of bankruptcy,” is to be remedied by the new Insolvency Act, as a failure in instituting insolvency proceedings is damaging confidence in the German economy.

An Introduction to Corporate Insolvency Law and Reforms in Australia

2019 ◽  
pp. 107-131
Author(s):  
Amit Kumar Kashyap ◽  
Urvashi Jaswani ◽  
Anchit Bhandari ◽  
Yashowardhan S. N. V. Dixit
Keyword(s):  
Australian Government ◽  
Insolvency Law ◽  
Cross Border ◽  
Basic Framework ◽  
Corporate Insolvency ◽  
Model Law ◽  
Insolvency Proceedings ◽  
Legal Infrastructure

The Corporations Act of 2001 regulated the probable insolvency proceedings of all companies incorporated in Australia and companies incorporated or possessing separate legal. For personal insolvency, a specific legislation called Bankruptcy Act is there, but the basic framework of corporate insolvency law has been there since the inception of Corporations Act 2001 enactment, which includes all the aspects of company formation, management, governance, and dissolution. The authors have highlighted recent reforms; however, the main concentration of this chapter is on the legal infrastructure of corporate insolvency law at present as the reforms are not yet in force. The chapter also puts forth the problems faced by corporate debtor and creditors in the proceedings of insolvency resolution and has also expressed the scenario of cross-border insolvency in Australia in light of UNICTRAL Model law of cross-border insolvency which has been adopted by the Australian government in 2008.

National Report for France

2013 ◽  
Author(s):  
Gilles Cuniberti ◽  
Isabelle Rueda
Keyword(s):  
Insolvency Law ◽  
National Report ◽  
The Law ◽  
Insolvency Proceedings ◽  
Judicial Interpretations

France’s first specific provisions on the treatment of executory contracts in insolvency proceedings were adopted in 1967. Thereafter, French insolvency law was modified in 1985, 1994, 2005, and 2008, with all but the 2005 reform modifying the executory contracts provisions. The goal of such modifications was often to clarify the law, incorporating judicial interpretations into the statutory provisions.

Sign in / Sign up

Export Citation Format

Share Document