Law & Society: Private Law - Financial Law eJournal最新文献_第2页

Liquidation As Going Concern Under Insolvency and Bankruptcy Law 破产和破产法下的持续经营清算

Law & Society: Private Law - Financial Law eJournal Pub Date : 2020-01-29 DOI: 10.2139/ssrn.3527389

Ashmika Agrawal

{"title":"Liquidation As Going Concern Under Insolvency and Bankruptcy Law","authors":"Ashmika Agrawal","doi":"10.2139/ssrn.3527389","DOIUrl":"https://doi.org/10.2139/ssrn.3527389","url":null,"abstract":"The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as IBC, 2016) has been enacted to give effect to a highly time bound process for insolvency resolution of corporate persons, partnership firms and individuals. The objective is speedy resolution and maximizing recovery for lenders. The IBC, 2016 provides for a framework in which an Interim Resolution Professional shall carry on the business operations of the corporate as a going concern until the Committee of Creditors proposes a resolution plan that would keep the business of the corporate post insolvency resolution. On incidence of failure of the resolution plan, liquidation of the corporate person takes place. However, when liquidation of a corporate person takes place by sale of corporate debtor or its business as going concern; the person does not get dissolved and continues to exist in market as a going concern entity. The provision for this feature of liquidation was first inserted by the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2018 w.e.f. 1-4-2018 under Regulation 32 which provided for ‘Manner of sale’. Further, the provision was amended by the Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2018, w.e.f 22-10-2018. The Second Amendment substituted the previous title of ‘Manner of Sale’ with ‘Sale of Assets, etc.’ the provisions which provides for liquidation as going concern are clause (e) and (f) of Regulation 32 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. ‘Going Concern’ is a concept of accounting and it’s relation with the Insolvency and Bankruptcy law will be examined in this study, with primary focus upon, the need for the concept of liquidation as going concern under Insolvency and Bankruptcy Law.","PeriodicalId":137765,"journal":{"name":"Law & Society: Private Law - Financial Law eJournal","volume":"83 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114857306","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

Restructuring Italy’s New York Law Bonds 重组意大利的纽约法律债券

Law & Society: Private Law - Financial Law eJournal Pub Date : 2020-01-10 DOI: 10.2139/ssrn.3372020

Andrea E. Kropp

引用次数: 0

Bankruptcy Claims of Illinois Tax Purchasers After Expiration of the Redemption Period and Before Recording of the Tax Deed 伊利诺斯州税务购买者在赎回期届满和税务契据记录前的破产索赔

Law & Society: Private Law - Financial Law eJournal Pub Date : 2019-12-19 DOI: 10.2139/ssrn.3878466

Ross Greenspan

{"title":"Bankruptcy Claims of Illinois Tax Purchasers After Expiration of the Redemption Period and Before Recording of the Tax Deed","authors":"Ross Greenspan","doi":"10.2139/ssrn.3878466","DOIUrl":"https://doi.org/10.2139/ssrn.3878466","url":null,"abstract":"In Illinois, if real property owners fail to timely pay their property taxes, the county conducts a sale of the delinquent taxes to third parties. In such property tax sales, the county receives the amount of the taxes due and shifts the payment risk to a third-party “tax purchaser.” In exchange, the tax purchaser receives a “Certificate of Purchase” that entitles the holder to repayment of the amount of delinquent taxes paid to the county plus interest, and costs, fees and penalties set by statute. Additionally, a contingent right is conveyed to the tax purchaser who purchased the delinquent taxes: should the property owner fail to redeem the delinquency by the statutorily-determined deadline, the tax purchaser may petition an Illinois court to order the county to issue a tax deed. For more than 15 years, bankruptcy courts applying Illinois law treated the redemption deadline as demarcating the debtor’s right to treat the redemption amount as a claim in a bankruptcy plan. But two Seventh Circuit holdings over the past decade abrogated the previous approach that recognized a distinction before and after the redemption deadline. The consequent appeals court jurisprudence has shifted the focus to the recording date of the tax deed. As recently as April 2019, the Bankruptcy Court in the Northern District of Illinois declined a tax purchaser’s request to reconsider and reverse the revised approach. Consequently, Illinois tax purchasers should expect courts to allow chapter 13 debtors to treat delinquent taxes underlying a Certificate of Purchase as a claim in a bankruptcy plan — even after the statutory period to redeem the delinquent taxes has expired.","PeriodicalId":137765,"journal":{"name":"Law & Society: Private Law - Financial Law eJournal","volume":"80 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126326739","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The New York Inclusive Value Ledger: A Peer-to-Peer Savings & Payments Platform for an All-Embracing and Dynamic State Economy 纽约包容性价值分类账:一个面向包罗万象、充满活力的国家经济的点对点储蓄和支付平台

Law & Society: Private Law - Financial Law eJournal Pub Date : 2019-10-16 DOI: 10.2139/ssrn.3470923

R. Hockett

引用次数: 1

Understanding of the IBC, 2016 IBC的理解，2016

Law & Society: Private Law - Financial Law eJournal Pub Date : 2019-07-23 DOI: 10.2139/ssrn.3425370

S. Reddy

{"title":"Understanding of the IBC, 2016","authors":"S. Reddy","doi":"10.2139/ssrn.3425370","DOIUrl":"https://doi.org/10.2139/ssrn.3425370","url":null,"abstract":"The corporate insolvency resolution process (CIRP) in India has in the past involved the simultaneous operation of several statutory instruments. These include the Sick Industrial Companies Act, 1985, the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, the Recovery of Debt Due to Banks and Financial Institutions Act, 1993, and the Companies Act, 2013. Broadly, these statutes provided for a disparate process of debt restructuring, and asset takeover and realization in order to facilitate the satisfaction of outstanding debts. As is evident, the inefficient dealing with insolvency and liquidation led to immense confusion in the legal system, and there was an increased necessity to modify the insolvency process. All of these multiple legal procedures and a court system led to India witnessing a huge piling up of non-performing assets, and creditors waiting for years to recover their money. The Bankruptcy Code is an effort to reform the corporate insolvency process, in order to allow credit to flow more freely and inculcating faith in investors for speedy disposal of their claims. The Code combines the existing laws relating to insolvency of corporate firms and individuals into a single legislation. The Code has unified the law relating to the enforcement of statutory rights of creditors and modifies the manner in which a debtor company can be revived to sustain its debt without suppressing the rights of creditors. To explain the Insolvency and Bankruptcy Code which is the cornerstone of CIRP various cases under different benches have been explained in the paper to understand the rights of various parties in initiating the Corporate insolvency resolution process and how does it benefit the companies involved in it.","PeriodicalId":137765,"journal":{"name":"Law & Society: Private Law - Financial Law eJournal","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116749140","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Choice, Capital and Competition: Private Mortgage Insurance Application and Availability 选择、资本与竞争:私人抵押贷款保险的申请与可获得性

Law & Society: Private Law - Financial Law eJournal Pub Date : 2019-06-14 DOI: 10.2139/ssrn.3124261

Kevin A. Park

引用次数: 0

Why Reinvent the Wheel?: Restructuring Italy's Debt Using the Euro-CAC and Maturity Extension 为什么要重新发明轮子?:利用Euro-CAC和到期日延期重组意大利债务

Law & Society: Private Law - Financial Law eJournal Pub Date : 2019-04-14 DOI: 10.2139/SSRN.3371973

N. Buchta, C. Plambeck, Ashley Shan, Zachary E. Shufro

{"title":"Why Reinvent the Wheel?: Restructuring Italy's Debt Using the Euro-CAC and Maturity Extension","authors":"N. Buchta, C. Plambeck, Ashley Shan, Zachary E. Shufro","doi":"10.2139/SSRN.3371973","DOIUrl":"https://doi.org/10.2139/SSRN.3371973","url":null,"abstract":"The European Stability Mechanism (ESM) Treaty requires that all bonds issued in the euro area after January 1, 2013, with maturity greater than one year include a standardized collective action clause (“Euro CAC”). Italy implemented the Euro CAC through a legislative decree. In the event of an Italian debt crisis when the country cannot borrow at acceptable rates to meet its financing needs, we recommend that the ESM use the Euro CAC included in Italy’s post-2013 bonds to restructure them. Even after excluding debt held by the European Central Bank (ECB) and accounting for potential changes in creditor composition after a restructuring announcement, Italy can still persuade enough creditors to participate in a CAC operation to restore its debt sustainability. At the same time, Italy will impose a maturity extension on debt held by non-participating creditors, which it is legally authorized to do. In other words, this plan gives creditors two options: getting paid less but on time under mutually agreed terms (by participating in a CAC restructuring), or getting paid later (under a maturity extension, which may precede a subsequent restructuring anyway). Compared to alternatives, this plan reduces holdout incentive, minimizes litigation risks, and can be implemented quickly.","PeriodicalId":137765,"journal":{"name":"Law & Society: Private Law - Financial Law eJournal","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124730527","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Funds Sharing Regulation in the Context of the Sharing Economy: Understanding the Logic of China’s P2P Lending Regulation 共享经济背景下的资金共享监管:解读中国P2P网贷监管的逻辑

Law & Society: Private Law - Financial Law eJournal Pub Date : 2019-01-04 DOI: 10.2139/ssrn.3310288

Tao Yu, W. Shen

{"title":"Funds Sharing Regulation in the Context of the Sharing Economy: Understanding the Logic of China’s P2P Lending Regulation","authors":"Tao Yu, W. Shen","doi":"10.2139/ssrn.3310288","DOIUrl":"https://doi.org/10.2139/ssrn.3310288","url":null,"abstract":"Abstract “Sharing economy” is an umbrella term that encompasses a wide range of digital platform-based activities that includes P2P lending and other forms of internet-based lending. The core aim of the sharing economy is to leverage the utilization of idle capacity. P2P lending can not only be used to leverage small amounts of money on the lender's side, but also be used to promote financial democracy and inclusion both on the lender and borrower's sides. P2P lending regulation, therefore, should place an emphasis on the utilization of dead money and promotion of financial democracy. This article scrutinizes the regulation of P2P lending in China. The existing regulatory system for P2P lending in China is built upon rules and regulations that have been designed solely with traditional brokers in mind. The article contends that the rigid rules placed on lending platforms limited their ability to maintain their roles as brokers and, in turn, heavily endangered the commercial sustainability of P2P platforms, thereby harming the sharing economy's openness and inclusivity. Additionally, the article argues that the fact that there is no limit on the amount a lender can invest poses a threat to the notions of leveraging idle money and financial inclusivity. The closed-ended P2P lending regime in China would cause some chilling effects to financial innovation in the P2P lending industry, and in a wider sense, the rising FinTech sector. Regulators in China need to cope with these challenges in a flexible but pragmatic manner, and particularly make use of the benefits the sharing economy may bring to the Chinese economy more broadly.","PeriodicalId":137765,"journal":{"name":"Law & Society: Private Law - Financial Law eJournal","volume":"236 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121882178","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 29

More to Lose: The Attributes of Involuntary Bankruptcy 更多的损失:非自愿破产的属性

Law & Society: Private Law - Financial Law eJournal Pub Date : 2018-11-30 DOI: 10.1111/1759-3441.12237

Lucinda O’Brien, M. Anderson, I. Ramsay, P. Ali

引用次数: 1

Delivery of the Compulsory Section 129(1) Notice as Required by the National Credit Act of 2005 根据2005年《国家信贷法》的要求，交付第129(1)条强制通知

Law & Society: Private Law - Financial Law eJournal Pub Date : 2018-11-27 DOI: 10.17159/1727-3781/2018/V21I0A3466

Sarah Govender, M. Kelly-Louw

{"title":"Delivery of the Compulsory Section 129(1) Notice as Required by the National Credit Act of 2005","authors":"Sarah Govender, M. Kelly-Louw","doi":"10.17159/1727-3781/2018/V21I0A3466","DOIUrl":"https://doi.org/10.17159/1727-3781/2018/V21I0A3466","url":null,"abstract":"In terms of section 129(1) of the National Credit Act 34 of 2005 (NCA), a credit provider first needs to provide a consumer with notice of his default and a list of possible remedies to overcome the default, before enforcing the agreement in a court of law. This ensures that the consumer is given the opportunity to remedy his default by, for example, undergoing debt counselling instead of having to incur legal costs when defending legal action brought against him by the credit provider. Before the National Credit Amendment Act 19 of 2014 came into operation, the NCA neglected to specify how this notice should be delivered to consumers, and this has led to various conflicting decisions. The matter was eventually settled by the Constitutional Court in two separate cases. After the Constitutional Court pronounced on the matter, the National Credit Amendment Act came into operation prescribing the manner in which the notice must be delivered. Consumer-credit legislation that existed prior to the NCA coming into operation generally also made provision for similar notices to be delivered to consumers. In this article we briefly look at how the previous consumer-credit legislation dealt with the delivery of similar notices and also consider how the delivery of notices is currently governed by the NCA. Most of the problematic issues surrounding the delivery of the section 129(1) notice have been resolved, but some still remain. One such example is found in a recent Supreme Court of Appeal case, where despite the correct delivery of the notice to the consumer, the notice caused unintended jurisdictional problems for a credit provider trying to enforce the credit agreement \u0000 \u0000 ","PeriodicalId":137765,"journal":{"name":"Law & Society: Private Law - Financial Law eJournal","volume":"80 5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129835627","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0