{"title":"Latvia","authors":"","doi":"10.1093/oso/9780198826521.003.0033","DOIUrl":"https://doi.org/10.1093/oso/9780198826521.003.0033","url":null,"abstract":"Debtor in possession principle. Since the debtor maintains the control over the business during formal restructuring procedure companies are more enthusiastic about restructuring. Latvia introduced first version of debtor in possession procedure in 2008. Before 2008 restructuring was an option during insolvency procedure and was led by insolvency administrator.","PeriodicalId":366238,"journal":{"name":"Rescue of Business in Europe","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115525951","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}
{"title":"Ranking of Creditor Claims; Governance Role of Creditors","authors":"","doi":"10.1093/oso/9780198826521.003.0008","DOIUrl":"https://doi.org/10.1093/oso/9780198826521.003.0008","url":null,"abstract":"This chapter covers the creditors’ role in insolvency proceedings. First, we look at the creditors’ right to receive payments on their claims. In the second part, we look at the right of creditors to make procedural decisions in insolvency or restructuring proceedings.","PeriodicalId":366238,"journal":{"name":"Rescue of Business in Europe","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128479186","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}
{"title":"Italy","authors":"","doi":"10.1093/oso/9780198826521.003.0031","DOIUrl":"https://doi.org/10.1093/oso/9780198826521.003.0031","url":null,"abstract":"The above-mentioned rules apply as well to commercial debts that arise after the filing of the application for the admission to the concordato preventivo procedure. However, if these debts arise following the filing of a preventive request for the admission to the concordato preventivo procedure under Article 161, VI co of Italian Insolvency Law, these debts are considered pre-preferential as long as the plan and the requested documentation are presented within the term set out by the judge, and the procedure follows pursuant to Article 163 of Italian Insolvency Law.","PeriodicalId":366238,"journal":{"name":"Rescue of Business in Europe","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128631258","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}
{"title":"Avoidance Transactions in Out-of-Court Workouts, and Pre-Insolvency Procedures, and Possible Safe Harbours","authors":"","doi":"10.1093/oso/9780198826521.003.0010","DOIUrl":"https://doi.org/10.1093/oso/9780198826521.003.0010","url":null,"abstract":"They key questions analysed in this chapter are (a) whether there are avoidance powers available in the pre-insolvency proceedings or in the out-of-court workout procedures; and (b) whether the national law of the countries surveyed provide any special protection from avoidance for agreements achieved in such proceedings or workouts. As an illustrative example: if, for instance, new finance is agreed, either by individual arrangement or as part of a restructuring plan, are these arrangements exempted, under specific circumstances, from avoidance actions?","PeriodicalId":366238,"journal":{"name":"Rescue of Business in Europe","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126583723","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}
{"title":"Labour, Benefit, and Pension Issues","authors":"","doi":"10.1093/oso/9780198826521.003.0009","DOIUrl":"https://doi.org/10.1093/oso/9780198826521.003.0009","url":null,"abstract":"The insolvency of a business is a situation in which losses need to be distributed amongst creditors and stakeholders. While the possibility and probability of an insolvency is calculated and covered by some creditors, other creditors are hit harder by suffering a write-off on their claims in the course of an insolvency process. The latter is especially true for employees and pensioners depending on the solvency of their (former) employer. Their limited capacity to suffer losses has prompted a special treatment of these stakeholders and, therefore, requires a specific analysis.","PeriodicalId":366238,"journal":{"name":"Rescue of Business in Europe","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128729288","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}
{"title":"Greece","authors":"","doi":"10.1093/oso/9780198826521.003.0027","DOIUrl":"https://doi.org/10.1093/oso/9780198826521.003.0027","url":null,"abstract":"Greece got its first Bankruptcy Code in 2007, including restructuring proceedings. The restructuring section of the Code was extensively amended in 2011 and several times thereafter. The most recent amendments were introduced in December 2016. On its face, the amended Code is consistent with international standards and meets many of the requirements in the recent EC recommendation. However, there seem to be serious problems in the implementation of its provisions.","PeriodicalId":366238,"journal":{"name":"Rescue of Business in Europe","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121184417","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}
{"title":"Hungary","authors":"","doi":"10.1093/oso/9780198826521.003.0028","DOIUrl":"https://doi.org/10.1093/oso/9780198826521.003.0028","url":null,"abstract":"If the request to open a reorganisation procedure is not summarily dismissed due to formal deficiencies, the debtor automatically enjoys a temporary moratorium/stay starting from the publication date of his request and the court order to this effect in the Company Journal. The court order must be issued within 1 working day after the receipt of the request.","PeriodicalId":366238,"journal":{"name":"Rescue of Business in Europe","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116010207","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}
{"title":"Belgium","authors":"","doi":"10.1093/oso/9780198826521.003.0019","DOIUrl":"https://doi.org/10.1093/oso/9780198826521.003.0019","url":null,"abstract":"1. Would you, considering the state of insolvency law in your country, say that the law (both substantive and procedural) facilitates or impedes the resolution of financial distress of a business debtor? Please consider it both for:","PeriodicalId":366238,"journal":{"name":"Rescue of Business in Europe","volume":"124 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116050824","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}
{"title":"Poland","authors":"","doi":"10.1093/oso/9780198826521.003.0037","DOIUrl":"https://doi.org/10.1093/oso/9780198826521.003.0037","url":null,"abstract":"Reform of the Polish insolvency law completed on 1 January 2016 has substantially changed the legal scene in Poland with instruments available to debtors to complete a reorganisation of their business with success. The reform affected both substantive and procedural law and placed them among the most advanced in the European Union. A substantial increase in the number of opened restructuring proceedings combined with a decreased number of bankruptcy proceedings (on a year to year basis) are indirect proof that the reform has been a success.","PeriodicalId":366238,"journal":{"name":"Rescue of Business in Europe","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121737119","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}
{"title":"Latvia","authors":"","doi":"10.1093/oso/9780198826521.003.0032","DOIUrl":"https://doi.org/10.1093/oso/9780198826521.003.0032","url":null,"abstract":"According to the paragraph 62 part 3 of Latvian Insolvency Law the debtor (legal person) is obliged to file for insolvency proceedings (liquidation) if the debtor is not able to service its debts and it is not possible to file for legal protection procedure (court approved reorganisation) or to reach out of court settlement with creditors. According to Latvian legislation the management of the debtor is criminally liable for hesitation to file insolvency petition and according to the mentioned provisions of Insolvency Law management of a debtor may avoid criminal liability if they try to reach out of court restructuring.","PeriodicalId":366238,"journal":{"name":"Rescue of Business in Europe","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128900285","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}
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