The Babylonian Talmud and India's Insolvency and Bankruptcy Code

2020 ◽  
Vol 28 (1) ◽  
pp. 66-84
Author(s):  
Sanford U. Mba

Recently, the Nigerian Senate passed the Bankruptcy and Insolvency (Repeal and Re-enactment) Bill. This is no doubt a welcome development following the continued demand by insolvency practitioners, academics and other stakeholders for such legislation. The call has not only been for the enactment of just about any legislation, but (consistent with the economic challenges faced by businesses in the country), one that is favourably disposed to the successful restructuring of financially distressed businesses, allowing them to weather the storm of (impending) insolvency, emerge from it and continue to operate within the economy. This article seeks to situate this draft legislative instrument within the present wave of preventive restructuring ably espoused in the European Union Recommendation on New Approaches to Business Rescue and to Give Entrepreneurs a Second Chance (2014), which itself draws largely from Chapter 11 of the US Bankruptcy Code. The article draws a parallel between the economic crisis that gave rise to the preventive restructuring approach of the Recommendation and the present economic situation in Nigeria; it then examines the chances of such restructuring under the Nigerian draft bankruptcy and insolvency legislation. It argues in the final analysis that the draft legislation does not provide for a prophylactic recourse regime for financially distressed businesses. Consequently, a case is made for such an approach.


Author(s):  
Vered Noam

This chapter examines the story of the internecine struggle between the two Hasmonean brothers, Hyrcanus II and Aristobulus II, which brought the Hasmonean commonwealth to its end. Only in Josephus is the story of the murder of a righteous man, Onias, juxtaposed to the central tradition regarding the siege of the temple during this war, although this too was clearly an early Jewish tradition. In the rabbinic sources, the story of the siege and the sacrificial animals underwent multiple reworkings, and it is the Babylonian Talmud that reflects the more original version and message of the story. If in Chapter 2, we saw the “rabbinization” of the figure of John Hyrcanus, here the story itself underwent this process and its original moral message was replaced by multiple halakhic implications. In both corpora, this dissension between brothers is seen as the leading cause of the downfall of the Hasmonean dynasty. This was in contradistinction to the political stance represented in the Dead Sea Scrolls, which interpreted the Roman occupation as proof of the sinfulness of the Hasmonean state from its very inception.


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