CREDITOR CLAIMS IN THE INSOLVENCY PROCEEDINGS OF A LEGAL ENTITY

2016 ◽  
Vol 3 (76) ◽  
pp. 44
Author(s):  
Ivars Kronis
Keyword(s):  
Capital Market ◽  
Theory And Practice ◽  
General Description ◽  
Insolvency Law ◽  
Legal Entity ◽  
Legal Norms ◽  
Internet Resources ◽  
Insolvency Proceedings ◽  
Available Information ◽  
Deductive Research

The study “Creditor claims in the insolvency proceedings of a legal entity” contains analysis of the legal norms that prescribe the filing and verification of creditor claims, decisions adopted by administrator concerning creditor claims, as well as the procedure for filing of creditor claims and complaints related to the acknowledging, waiver or partial acknowledging of creditor claims. The issue of creditor claims in the insolvency proceedings of legal entities is studied in details on the basis of the legal regulations and conclusions of application theory and practice. The study contains no analysis of the regulations applicable to the insolvency of the participants of finance and capital market whereas they are supervised in accordance with the requirements of regulatory acts by the Financial and Capital Market Commission and their activities are governed by special legal norms. Even though the issue of creditor claims has been earlier discussed in the insolvency law science of Latvia, authors of the relevant studies have discussed them in brief. This leads to conclusion that the issue of creditor claims is topical and that theoretical and practical study thereof is significant for insolvency law of the present day. Empiric base of the study comprises scientist works and article collection materials, periodical materials and sources, legal acts, Internet resources and other publicly available information. The approaches used in exploring the study include analytical, comparative and deductive research methods. The study is developed with the following structure (the questions of study also represent parts of this work): 1) General description of filing creditor claims; Formal legal requirements applicable to creditor claims; 3) Status of creditor and complaints concerning claims.

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.

CRIMINAL LIABILITY FOR DELAYING INSOLVENCY PROCEEDINGS

2017 ◽  
Vol 1 (78) ◽  
pp. 4
Author(s):  
Ivars Kronis
Keyword(s):  
Criminal Law ◽  
Criminal Liability ◽  
Primary Sources ◽  
Insolvency Law ◽  
The Public ◽  
Internet Resources ◽  
Insolvency Regulation ◽  
Other Information ◽  
The Right ◽  
Insolvency Proceedings

The article analyzes the legal norm, which provides for the criminal liability of the administrator and the representative of the debtor within the framework of legal entity insolvency proceedings or of the insolvent natural person in these proceedings. Up to now the criminal law science of Latvia discussed the issue of criminal aspects of delaying insolvency proceedings, however the authors, who researched them, did not go into details or analyzed them in conjunction with the previous insolvency regulation. This is indicative of the topicality of the theme, the importance of theoretical and practical research in the modern criminal law. By means of his thesis, the author wants to even partially close this gap, examining the most important aspects of the theme. Although the time passed after the effective date of the new Insolvency Law of November 1, 2010 is not enough to form legal practice in the criminal aspects related to delaying insolvency proceedings, it is the right moment to emphasize the urgency of the problem and to thoroughly evaluate the most important issues. Therefore, the purpose of the thesis is, analyzing peculiarities of offence as specified in Article 215 of the Criminal Law, to evaluate theoretical and practical aspects of its application. The empirical base of the research is formed by scientific theses and collections of articles, periodical editions and primary sources, legal acts, statistical data, Internet resources, other information in the public domain. To develop the thesis, the author used analytical, comparative, inductive and deductive methods of research.

Mindtree: Tryst with the Corporate Control Market

2021 ◽  
pp. 227797792199190
Author(s):  
P. Bala Bhaskaran
Keyword(s):  
Capital Market ◽  
Corporate Control ◽  
Theory And Practice ◽  
Effective Control ◽  
Small Fish ◽  
Market Theory ◽  
Strategic Fit ◽  
Sequence Of Events ◽  
The Capital Market

The case is structured around the takeover of Mindtree Ltd (ML) by Larsen & Toubro Ltd (L&T) in June 2019. ML was founded and nurtured by a group of software professionals. In two decades, it had blossomed into an enterprise with global presence, US$ 1 billion turnover and a unique organizational culture. In a strange sequence of events, more than 20% of ML’s shares landed in L&T’s lap. L&T grabbed this opportunity and ran a systematic campaign to acquire the company. In about 100 days, L&T achieved its objective and got into the driver’s seat. The case traces the evolution of ML from a start-up to a publicly held company with global standing. It examines the circumstances and events leading to L&T getting the initial stake in the company; it examines the acquisition campaign of L&T and the response of the top management of ML. Research Questions Was there a strategic fit between ML and L&T? Were the capital market processes just and fair to all the stakeholders involved in the acquisition? Was L&T fair, prudent and sensitive in the acquisition process? Was Siddhartha loyal and fair to the founders of ML? Link to Theory The theoretical concepts that would enable a better comprehension of the case are: Analysis of strategic fit in M&A situations Capital market: Theory and practice Strategy for corporate control of an enterprise Significance of culture and ecosystem in knowledge organizations Phenomenon Studied Leadership styles relevant at different stages of evolution of an enterprise are different. A leader, at a given point of time, is successful when he is able to match his aspirations with the leadership needs of the enterprise at that point of time. The case can be used to demonstrate this phenomenon. Case Context Context of the case is that of an emerging infotech enterprise, coming under corporate raid and the unfolding capital market processes. The case highlights the shortcomings of the co-founders, leading to their unseating as also the sensitivity of the incoming management in handling the transition. Findings The case demonstrates the ability of the capital market to be fair to all stakeholders ensuring reward for competence and punishment for sloppiness. The case emphasizes the need for co-founders to have an effective strategy for corporate control; only then they could hope to achieve the long-term objectives. The case also illustrates the significance of sensitivity in handling softer issues like people and ecosystem in ensuring long-term success. Discussions At the outset, the case may appear to be that of a big fish swallowing a small fish. But a closer scrutiny would reveal the multiple dimensions of the case. Consider the role of Siddhartha. He seeded the idea of the company; he was a financier to it; he remained an investor in the company longer than most of the founders; when he pulled out, the co-founders could not hold the company together. Neither Siddhartha nor the co-founders had the far-sightedness to consolidate their shareholdings for effective control of the company into the future. This would trigger discussions on the differing roles of technocrats, managers, leaders and founders. Another point worthy of discussion would be: How were the co-founders choosing their leaders? Was it by rotation among themselves, or did they engage a set of criteria to identify an incumbent capable of leading a global company?

scholarly journals Prinsip Kehati-hatian bagi Bank Selaku Kustodian di Pasar Modal Indonesia

2020 ◽  
Vol 2 (1) ◽  
pp. 1
Author(s):  
Rezandha Hutagalung
Keyword(s):  
Precautionary Principle ◽  
Capital Market ◽  
Financial Services ◽  
Main Task ◽  
Legal Research ◽  
Legal Norms ◽  
The Precautionary Principle ◽  
Banking Institutions ◽  
The Capital Market

This journal aims to find out how to apply the precautionary principle of a bank as a custodian bank in Indonesian capital market. Whereas with the enactment of Law Number 1995 concerning the Capital Market, it is deemed necessary to enact a Bapepam Decision regarding the Custodian Bank's Report. In the context of carrying out Indonesia's economic development, of course the challenges are not insignificant for financial institutions, one of which is in banking institutions. The role of banking institutions that carry out the main task as a vehicle that can collect and distribute funds effectively and efficiently, requires continuous improvement in order to be able to have a comparative advantage. This journal is how about the application of the precautionary principle in the capital market in Indonesia. Custodian Bank is a commercial bank that has obtained the approval of the Financial Services Authority (OJK) to carry out business activities as a custodian. The object of legal research is legal norms, which have the aim of examining whether or not a regulation is appropriated and applied.

scholarly journals Biological Risk in Italian Prisons: From the COVID-19 Management to the Development of a Standardized Model for Emergency Response

2021 ◽  
Vol 18 (19) ◽  
pp. 10353
Author(s):  
Cristiano Franchi ◽  
Ezio Giacalone ◽  
Daniele Di Giovanni ◽  
Stefania Moramarco ◽  
Mariachiara Carestia
Keyword(s):  
Health Management ◽  
Health And Safety ◽  
National Standards ◽  
General Description ◽  
Detention Facility ◽  
Self Confidence ◽  
Legal Frameworks ◽  
Technical Features ◽  
Available Information

Within the confinements of critical infrastructures, the COVID-19 pandemic is posing a series of challenges to Health Management. In the spotlight of highly contagious and quick spreading diseases within such enclosed facilities, whether it be a detention facility or otherwise, the health and safety of those living within its internment is paramount. This paper aims to highlight the specific challenges and the possible solutions to counteract this problem, starting from the lessons learnt from the Italian prison system case study. Following the general description of the available resources within the Italian prisons, the study aimed at specifically describing the first counteracting measures deployed by the Italian prison authorities during the first phase of the COVID-19 outbreak (February–July 2020). The aim was to propose an integrated plan capable of responding to a biological threat within the prisons. In particular, the study describes the actions and technical features that, in accordance with national and international legal frameworks and the relevant organisational bodies that run the Italian Prison Service, had been adopted in managing, right from the start, the COVID-19 pandemic until Summer 2020. Available information and data showed the ability of the prison administration to comply almost completely with WHO’s technical and human rights recommendations and also, in successfully handling prison emergencies both in terms of the sick and the deceased in line with the epidemiological framework of the general population. In addition, the paper proposes a draft of guidelines that should involve the National Health Service and the Prison Service that are aimed at supporting the local prison facilities with drawing up their own biological incident contingency plans. An approved, legal, standardised plan could increase the awareness of prison managers. It could even increase their self-confidence, in particular, with regard to cases of dispute and their ability to respond to them. In fact, it is valuable and forward-thinking to be able to demonstrate that every endeavour has been taken and that ‘certified’ best practices have been put in place in accordance with the national standards.

scholarly journals Alternatives to Bankruptcy in South Africa that Provides for a Discharge of Debts: Lessons from Kenya

2019 ◽  
Vol 22 ◽  
pp. 1-34
Author(s):  
Zingaphi Mabe
Keyword(s):  
South Africa ◽  
South African ◽  
The South ◽  
Insolvency Law ◽  
Debt Restructuring ◽  
Wide Range ◽  
Insolvency Proceedings ◽  
National Credit Act

The problems faced by debtors in South Africa is not that there are no alternatives to insolvency proceedings, but that the available alternatives do not provide for a discharge of debt as with a sequestration order, which is ultimately what the debtor seeks to achieve. Debtors in South Africa can make use of debt review in terms of the National Credit Act 34 of 2005 or administration orders in terms of the Magistrates' Court Act 32 of 1944 to circumvent the sequestration process. However, both debt review and administration orders do not provide for a discharge of debt and provide for debt-restructuring only, in order to eventually satisfy the creditor's claims. Attention is given to the sequestration process and the alternatives to sequestration as they relate specifically to the discharge or lack of a discharge of a debtor's debts. The South African law is compared to Kenyan Law. This article seeks to analyse the alternatives to the bankruptcy provisions of the newly enacted Kenyan Insolvency Act 18 of 2015 in order to influence the possible reform of insolvency law in South Africa. Like the South African Insolvency Act, the old Kenyan Bankruptcy Act (Cap 53 of the Laws of Kenya) also did not have alternatives to bankruptcy. The old Kenyan Bankruptcy Act, however, contained a provision on schemes of arrangement and compositions. The Kenyan Insolvency Act now caters for alternatives to bankruptcy and provides a wide range of alternatives to bankruptcy, some of which allow debtors in different financial positions to obtain a discharge.    

scholarly journals TESTING THE EFFICIENCY MARKET HYPOTHESIS: AN EXAMPLE OD BOSNIA AND HERZEGOVINA

2019 ◽  
Vol 17 (1) ◽  
Author(s):  
Tijana Šoja ◽  
Zumreta Galijašević ◽  
Emina Ćeman
Keyword(s):  
Financial Markets ◽  
Bosnia And Herzegovina ◽  
Financial Market ◽  
Capital Market ◽  
Strong Influence ◽  
Weak Form ◽  
Financial Instruments ◽  
Price Movement ◽  
Run Test ◽  
Available Information

Governments of many countries, companies and business organizations last decades increasingly pay attention and recognize the importance of the capital market for economic growth and development. One of the factors that has strong influence on the capital market, as a platform for long-term borrowing and obtaining funds, is the price movement of financial instruments traded on capital market. The price movement of financial instruments is linked to the efficiency of the market, and is under strong influence of all available information about companies, which quickly reflect on the prices of financial instruments.Fama (1965) was one of the first economist who used term „efficient financial market“. He conducteda research on the financial market and pointed out that in an efficient market, on average, competition would cause that all effects of the latest market information will be included through the value of shares traded. The hypothesis of an efficient financial market suggests that the price of the shares, financial instruments, reflects all available information, so investor cannot realize extra profits if he has some certain insider information or on the basis of publicly available historical data and information. Many investors are trying to find those securities that are underestimated, and for which is expected to growth in the future. In a case of efficient financial market, it is quite impossible to find underestimated securities because information quickly incorporated into the price of securities. Ttesting of the efficiency of financial market is largely present in the developed markets, while somewhat weaker tests have been carried out on the examples of transitional financial markets. In published researches it is most often confirmed that transition countries have or have had poorly performing financial markets, especially in the initial stages of their development (Bahmani-Oskooee et al, 2016; Kvedaras and Basdevant, 2002).In this research we are testing the efficient market hypothesis for the financial market in Bosnia and Herzegovina. We tested hypothesis that the financial market is weakly efficient. For this test we are using stock index data from the Sarajevo and Banja Luka Stock Exchange, SASX10, BIRS and BATX index. The analysis includes daily, weekly and monthly index movements from 2006 to August 2018, for SASX 10 and BIRS indices, while BATX data is available from 2009 until August 2018. In the first step we calculate returns for all periods (deily, weekly and montly) between indicies and in another step we tested autocorrelation between their returns.Efficient market hypothesis has been tested through three statistical tests: autocorrelation test, run test and variance test. The results obtained by applying different tests do not give a single answer to the question whether financial market in Bosnia and Herzegovina perform at a low level of efficiency. Auto-correlation tests reject the hypothesis of weak form market efficiency,while the run test and the test of variance ratios confirm the weak form of market efficiency. Such findings suggest that it is not possible, with sufficient precision, to predict trends in the financial market in Bosnia and Herzegovina.

scholarly journals ABUSE OF THE RIGHT TO INITIATE BANKRUPTCY PROCEEDINGS

2020 ◽  
pp. 259-264
Author(s):  
В. В. Дутка
Keyword(s):  
The Other ◽  
Legal Entity ◽  
Legal Norms ◽  
Other Hand ◽  
Bankruptcy Procedure ◽  
Good For ◽  
The Law ◽  
The Right ◽  
Ordinary Citizens ◽  
Legal Entities

The relevance of the article is that society’s attitude to the bankruptcy procedure is ambiguous: ordinary citizens who have never been involved in bankruptcy proceedings often perceive it as a certain negative phenomenon that should be avoided and avoided. On the other hand, for many debtors, bankruptcy becomes the “lifeline” with which they can repay their claims to creditors and start financial life “from scratch”. At the same time, it should be noted that many debtors and creditors use the bankruptcy procedure not for the purposes provided by the legislator in the relevant legal norms, but to satisfy only their own interests, to the detriment of the interests of other parties to the case. In this regard, the study of the abuse of the right to initiate bankruptcy proceedings becomes relevant. The article is devoted to the study of abuse of the right to initiate bankruptcy proceedings. The purpose of the article is to study the abuse of the right to initiate bankruptcy proceedings and highlight the author’s vision of this issue. According to the results of the study, the author concludes that the application to the debtor of bankruptcy procedures can be both good for the debtor and to the detriment of the interests of his creditors. Entities that could potentially abuse the right to initiate bankruptcy proceedings are: creditors of the debtor – a legal entity, as well as debtors – legal entities, individuals and individuals – entrepreneurs. The fact of exemption of debtors from the court fee for filing an application to initiate bankruptcy proceedings is not only an unjustified luxury for our state, but also only contributes to the abuse of the right to initiate bankruptcy proceedings by unscrupulous debtors. In order to reduce the number of cases of abuse of the right to initiate bankruptcy proceedings, the author justifies the need to complicate the conditions for opening bankruptcy proceedings, for example, by returning the conditions provided by the Law of Ukraine “On Restoration of Debtor’s Solvency or Recognition of Debtor’s Bankruptcy”.

The Concept of Insolvency Proceedings

2017 ◽  
Author(s):  
Hamish Anderson
Keyword(s):  
Insolvency Law ◽  
Insolvency Proceedings ◽  
A Company

Insolvency proceedings, whether of a terminal or a reorganizational nature, are the proceedings which can be invoked by or in respect of a company so as to subject its property and affairs to the rules of insolvency law applicable to the administration of an insolvent estate.

National Report for Israel

2013 ◽  
Author(s):  
David Hahn
Keyword(s):  
The Other ◽  
Insolvency Law ◽  
Corporate Reorganization ◽  
National Report ◽  
The Subject ◽  
Insolvency Proceedings

Israel’s insolvency law is trifurcated and is comprised of the Bankruptcy Ordinance, the Companies Ordinance, and the Companies Act. The first of these regulates insolvency proceedings pertaining to individuals, and the other two regulate proceedings pertaining to corporations. The Companies Ordinance deals with corporate liquidation and receivership, and the Companies Act handles corporate reorganization. While certain provisions appear in all three Acts, other provisions appear only in one or two of them. The subject of executory contracts is one of the main matters with respect to which the three Acts differ. The Bankruptcy Ordinance (Pkudat Pshitat Ha-Regel) and the Companies Ordinance (Pkudat Ha-Havarot) address the issue of executory contracts within the context of onerous property. As a result, this legislation covers only the ability of the trustee to release the estate from burdensome, unprofitable contracts.

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