Insolvency law reform in transition economies:
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| 100 | 1 | |a Falke, Mike |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Insolvency law reform in transition economies |c by Mike Falke |
| 250 | |a Als Ms. gedr. | ||
| 264 | 1 | |a Berlin |b dissertation.de |c 2003 | |
| 300 | |a 275 S. |c 21 cm | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 502 | |a Zugl.: Berlin, Humboldt-Univ., Diss., 2003 | ||
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Datensatz im Suchindex
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| adam_text |
CONTENTS
BIBLIOGRAPHY
.
13
A.
INTRODUCTION
.
23
I.
RELEVANCE
OF
THE
TOPIC
.
24
IL
METHODOLOGY
.
25
1.
GENERAL
.
25
2.
COMPARATIVE
ELEMENT
.
26
3.
A LEGISLATOR
'
S
PERSPECTIVE
.
27
HL
EXPECTATIONS
.
28
IV.
SCOPE
OF
THE
PAPER
.
29
1.
EXCLUSIONS
.
29
2.
INCLUSIONS
.
29
V.
SYNOPSIS
.
30
B.
DEFINITIONS
AND
THEORETICAL
FUNDAMENTALS
.
35
I.
THE
RELEVANCE
OF
INSOLVENCY
LAWS
IN
A
MARKET
ECONOMY
.
35
1.
DEFINITION
AND
INTRODUCTORY
REMARKS
.
35
1.1.
THE
ASSET
SALE
OR
"
LIQUIDATION
"
OPTION
.
36
1.2.
THE
STRUCTURED
BARGAINING
OR
"
RESCUE
"
OPTION
.
37
1.3.
ECONOMICAL
FUNCTION
OF
THE
PROCESS
.
37
2.
POLICY
CHOICES
.
38
2.1.
REFLECTION
OF
PREVAILING
PRINCIPLES
AND
NEEDS
.
38
2.2.
PRO-DEBTOR
VERSUS
PRO-CREDITOR
POLICIES
.
39
2.3.
DIFFERENT
INTERESTS
AND
DIFFERENT
PERSPECTIVES
.
40
2.3.1.
DEBTOR
AND
CREDITOR
VIEWS
.
40
2.3.2.
ADDING
INTERESTS
OF
COMMUNITY
.
41
A.
COMMUNITY
INTEREST
.
41
B.
RECOGNISING
INTERESTS
OF
THE
COMMUNITY
IN
TRANSITION
ECONOMIES
.
42
2.4.
UNIFICATION
APPROACH
TO
INSOLVENCY
.
43
3.
GENERAL
OBJECTIVES
.
44
3.1.
PROVIDE
MARKET
CONFORMITY
.
45
3.2.
MAXIMISING
ASSET
VALUES
.
45
3.2.1.
GENERAL
.
45
3.2.2.
NECESSITY
TO
PROTECT
THE
DEBTOR
ASSETS
.
46
3.2.3.
COMMON
PROVISIONS
.
47
3.3.
EQUITABLE
TREATMENT
OF
SIMILARLY
SITUATED
CREDITORS
(PAR
CREDITIUM
CREDITORUM).
48
3.3.1.
GENERAL
.
48
3.3.2.
TREATMENT
OF
DIFFERENT
SITUATED
CREDITORS
.
48
3.3.3.
THE
TREATMENT
OF
SIMILAR
SITUATED
CREDITORS
.
49
3.3.4.
CLASSIFICATION
OF
DIVERSE
CREDITORS
.
49
3.3.5.
MECHANISMS
PROMOTING
INDIVIDUAL
EQUALITY
AMONG
UNSECURED
CREDITORS
.
50
3.4.
FOSTER
CORPORATE
DISCIPLINE
.
51
3.5.
EXIT
MECHANISM
.
52
3.6.
ALLOCATION
OF
RISK
AMONG
THE
PARTICIPANTS
.
52
3.6.1.
GENERAL
.
52
3.6.2.
RECOGNITION
OF
THE
DIVERSITY
AMONG
CREDITORS
.
52
3.6.3.
INTERNALISATION
OF
COSTS
.
53
3.7.
ENCOURAGE
INVESTMENT
RISK
TAKING
.
53
3.8.
INCREASING
THE
AVAILABILITY
AND
REDUCING
THE
COSTS
OF
CREDIT
.
54
3.8.1.
AVAILABILITY
OF
CREDIT
.
54
3.8.2.
PRICE
OF
CREDIT
.
54
3.9.
PROVIDE
FOR
CERTAINTY
AND
PREDICTABILITY
IN
COMMERCIAL
AFFAIRS
.
55
3.10.
PROTECT
ECONOMIES
FROM
SYSTEMIC
RISKS
.
56
3.11.
SUPPORT
WIDER
COMMUNITY
INTERESTS.
57
3.11.1.
METHODS
TO
PROTECT
COMMUNITY
INTERESTS
.
58
3.11.2.
EXAMPLES
.
59
3.11.3.
CONSIDERING
COMMUNITY
INTERESTS
.
61
3.11.4.
CRITICISM
.
63
3.11.5.
EFFECTS
FOR
TRANSITION
ECONOMIES
.
65
3.12.
PROVIDE
FOR
SOCIAL
BALANCE
.
66
3.13.
ATTRACT
FOREIGN
INVESTMENTS
.
67
3.14.
OTHER
FREQUENTLY
FOUND
OBJECTIVES
.
68
4.
INCENTIVES
AND
DISINCENTIVES
.
69
II.
THE
RELEVANCE
OF
INSOLVENCY
LAWS
IN
ECONOMIES
IN
TRANSITION
.
71
1.
THE
MEANING
OF
TRANSITION
.
71
1.1.
GENERAL
.
71
1.2.
KEY
FEATURES
OF
A
MARKET
ECONOMY
IN
RESPECT
TO
THE
TRANSITION
PROCESS
.
71
1.3.
THE
SCOPE
OF
"
TRANSITION
ECONOMIES
"
.
73
2.
THE
DIFFERENT
CHARACTERISTICS
AND
FORMS
OF
ECONOMIES
IN
TRANSITION
.
75
2.1.
LEGAL
TRADITION
.
75
2.2.
CULTURAL
ATTITUDE
.
76
2.3.
LEVEL
OF
KNOWLEDGE
AMONG
DOMESTIC
PARTICIPANTS
.
77
2.4.
TYPES
OF
TRANSITION
ECONOMIES
.
78
2.4.1.
POST-SOCIALIST
TRANSITION
ECONOMY
.
78
A.
REGIONAL
DIVISION
.
78
B.
DISTANCE
TO
MARKET
PRINCIPLES
AS
CRITERION
.
79
C.
PRE-WAR
SITUATION
AS
CRITERION
.
79
D.
COMMON
FEATURES
OF
POST-SOCIALIST
COUNTRIES
.
80
2.4.2.
POST-COLONIAL
TRANSITION
ECONOMY
.
80
2.4.3.
OTHER
TYPES
OF
TRANSITION
ECONOMIES
.
81
3.
DIFFERING
STAGES
OF
ECONOMIC
DEVELOPMENT
AND
THEIR
PRACTICAL
IMPLICATIONS
.
82
4.
HISTORICAL
CAUSES
THAT
LED
TO
A
INCREASING
IMPORTANCE
OF
INSOLVENCY
.
82
4.1.
1980'
S
CRISIS
.
83
4.2.
COLLAPSE
OF
THE
COMMAND
ECONOMIES
.
83
4.3.
ASIAN
CRISIS
.
83
4.4.
PRESSURE
BY
THE
INTERNATIONAL
LENDING
COMMUNITY
.
84
5.
POLICY
CHOICES
AND
ADDITIONAL
OBJECTIVES
IN
TRANSITION
ECONOMIES
.
85
5.1.
LOW
NUMBER
OF
FILINGS
.
85
5.1.1.
GENERAL
.
85
6
5.1.2.
REASONS
FOR
THE
LOW
NUMBER
OF
FILINGS
.
86
5.1.3.
ALTERNATIVES
TO
INSOLVENCY
PROCEEDINGS
APPLIED
IN
TRANSITION
ECONOMIES
.
88
5.2.
STATE-OWNED
ENTERPRISE
INSOLVENCY
.
89
5.2.1.
GENERAL
.
89
5.2.2.
CURRENT
SITUATION
OF
SOE
'
S
IN
TRANSITION
ECONOMIES
.
89
5.2.3.
CAUSES
FOR
THIS
SITUATION
.
90
5.2.4.
INSOLVENCY-RELATED
ASPECTS
OF
SOE
'
S
IN
TRANSITION
ECONOMIES
.
91
A.
DEBT
RELIEF
AND
MORAL
HAZARD
.
91
B.
DOWNSIZING
THE
OVER-EMPLOYMENT
.
91
C.
LACK
OF
MARKETS
TO
ABSORB
ASSETS
.
92
D.
HIGH
NUMBER
OF
TECHNICALLY
INSOLVENT
SOE
'
S
.
92
E.
CORPORATE
GOVERNANCE
STRUCTURE
OF
SOE
'
S
.
93
F.
FINANCIAL
AND
OPERATIONAL
DEFICIENCIES
OF
SOE
'
S
.
94
G.
LEGAL
AND
INSTITUTIONAL
FRAMEWORKS
IN
TRANSITION
ECONOMIES
.
95
H.
SOCIAL
ASSETS
.
95
I.
SIZE
OF
THE
DEBT
.
96
5.2.5.
ELEMENTS
AND
STRUCTURES
OF
THE
INSOLVENCY
REGIME
RELATED
TO
SOE
'
S
.
97
A.
GENERAL
.
97
B.
INFORMAL
WORKOUT
PROCESS
.
97
C.
DEVELOPMENTS
IN
SOME
TRANSITION
ECONOMIES
.
98
(I)
PROGRAMS
IN
EASTERN
EUROPE
.
99
(II) PROGRAMS
IN
OTHER
PARTS
OF
THE
WORLD
.
102
(III)
PROGRAMS
DERIVED
FROM
THE
AFTERMATH
OF
THE
ASIAN CRISIS
.
104
6.
PRO-DEBTOR
VERSUS
PRO-CREDITOR
REGIMES
AND
MORAL
HAZARD
.
105
6.1.
GENERAL
.
105
6.2.
INDICATORS
.
105
6.3.
MORAL
HAZARD
.
107
6.3.1.
MORAL
HAZARD
AND
DEBT
RESTRUCTURING
.
107
6.3.2.
MORAL
HAZARD
AND
SECURED
CREDIT
.
107
7.
INSOLVENCY
AS
TOOL
FOR
PRIVATISATION
.
108
7.1.
GENERAL
.
108
7.2.
INTERRELATION
BETWEEN
PRIVATISATION
AND
INSOLVENCY
IN
TRANSITION
ECONOMIES
.
108
III.
THE
INSOLVENCY
REGIME
AND
ITS
INTERRELATION
WITH
OTHER
LEGAL
AND
GENERAL
SOCIETAL
ELEMENTS
.
ILL
1.
THE
INSOLVENCY
REGIME:
INSOLVENCY
CODES
AND
THE
RELATED
LEGAL
FRAMEWORK
.
ILL
1.1.
GENERAL
.
ILL
1.2.
ENFORCEMENT
PROCEDURES
.
ILL
1.3.
RECOGNITION
OF
SECURITY
AND
SECURITY-LIKE
DEVICES
.
112
2.
THE
CONSISTENCY
OF
THE
INSOLVENCY
LAW
WITH
UNDERLYING
ELEMENTS
OF
THE
SOCIETY
.
113
IV.
THE
COMPARABILITY
OF
INSOLVENCY
CODES
OF
DEVELOPED
COUNTRIES
WITH
THOSE
OF
EMERGING
ECONOMIES
.
115
1.
GENERAL
.
115
2.
COMPARING
DIFFERENT
WESTERN
INSOLVENCY
REGIMES
.
115
3.
COMPARING
WESTERN
INSOLVENCY
REGIMES
TO
THOSE
OF
TRANSITION
ECONOMIES
.
115
7
C.
LIQUIDATION,
QUASI-LIQUIDATION,
GOING-CONCERN-SALE,
RESCUE,
WORKOUTS,
PRE-INSOLVENCY
PROCEDURES
AND
THEIR
INTERRELATIONSHIP
.
117
I.
DEFINITIONS
.
117
1.
LIQUIDATION
.
117
2.
QUASI-LIQUIDATION
.
117
3.
RESCUE
.
118
3.1.
MODEM
RESCUE
PROCEEDINGS
.
118
3.1.1.
REFLECT
COMMERCIAL
EXPECTATIONS
.
118
3.1.2.
SYSTEM
OF
FLEXIBLE
RESCUE
TECHNIQUES
.
120
3.1.3.
REFLECT
OTHER
AFFECTED
INTERESTS
.
120
3.1.4.
EXAMPLES
.
121
A.
RUSSIAN
BANKRUPTCY
CODE
(1998)
.
121
B.
POLISH
BANKRUPTCY
LAW
.
122
3.2.
INFORMAL
WORKOUT
.
122
3.2.1.
GENERAL
.
122
3.2.2.
ELEMENTS
OF
INFORMAL
WORKOUTS
.
122
3.2.3.
DEVELOPMENT
OF
WORKOUTS
.
123
3.2.4.
CATEGORIES
OF
INFORMAL
WORKOUTS
.
124
3.2.5.
PRE-INSOLVENCY
PROCEEDINGS
.
124
3.2.6.
STRUCTURED
INFORMAL
RESCUE
PROCESS
.
125
A.
REASONS
FOR
THE
EMERGENCE
OF
INFORMAL
WORKOUT
PROGRAMS
IN
ASIA
.
125
B.
EXAMPLES
.
126
(I)
INDONESIA
-
THE
JAKARTA
INITIATIVE
.
127
(II)
KOREA
.
128
(III)
MALAYSIA
.
129
(IV)
THAILAND
.
131
C.
GENERAL
CONSIDERATIONS
WHEN
DESIGNING
AN
INSTITUTIONAL
PROGRAM
.
132
(I)
COMMON
GROUND
.
132
(II)
ELEMENTS
AND
FUNCTIONS
.
132
(III)
OBSTACLES
.
134
D.
APPLICABILITY
OF
SUCH
INITIATIVES
IN
OTHER
TRANSITION
ECONOMIES
.
135
IL
THE
RELATIONSHIP
BETWEEN
LIQUIDATION
AND
RESCUE
PROCEEDINGS
.
137
1.
RATE
OF
SUCCESS
OF
RESCUE
PROCEEDINGS
.
137
2.
BALANCING
IN
BETWEEN
LIQUIDATION
AND
REORGANISATION
.
139
2.1.
BALANCING
THE
GOALS
OF
LIQUIDATION
AND
REORGANISATION
.
139
2.2.
LEVERAGE
FUNCTION
OF
EFFICIENT
INSOLVENCY
PROCEEDINGS
.
140
2.3.
OTHER
CONSIDERATIONS
.
140
3.
PROCEDURAL
AND
SUBSTANTIAL
COMMON
GROUND
OF
LIQUIDATION
AND
REORGANISATION
.
141
4.
BALANCING
BETWEEN
A
GOING-CONCEM-SALE
AND
FORMAL
REORGANISATION
PROCEEDINGS
.
141
5.
ABOLISHING
REORGANISATION
FOR
EXTENDED
LIQUIDATION
PROCEEDINGS
.
143
6.
EXAMPLES
.
143
7.
PROCEDURAL
APPROACHES:
UNITARY
AND
SEMI-UNITARY
PROCEEDINGS
.
145
7.1.
GENERAL
.
145
7.2.
CHARACTERISTICS
AND
ADVANTAGES
.
145
HL
THE
RELATIONSHIP
BETWEEN
FORMAL
RESCUE
AND
INFORMAL
WORKOUT
.
147
1.
ADVANTAGES
OF
INFORMAL
WORKOUTS
.
147
8
1.1.
COSTS
.
147
1.2.
FLEXIBILITY
.
148
1.3.
PRIVATE
AUTONOMY
.
149
1.4.
ACCEPTANCE
.
149
1.5.
INTERNATIONAL
RESCUES
.
149
2.
PRECONDITIONS,
NECESSARY
TO
INITIATE
INFORMAL
WORKOUTS
.
150
3.
FUNCTIONS
OF
THE
UNDERLYING
FORMAL
INSOLVENCY
REGIME
.
150
3.1.
LEVERAGE
FUNCTION
.
150
3.2.
RECOGNITION
OF
PRE-PACKED
PLANS UNDER
THE
FORMAL
INSOLVENCY
LAW
.
151
3.3.
PROVISION
ON
EXTERNAL
ADVISORS
.
152
3.4.
ADDITIONAL
FACTORS
SUPPORTING
WORKOUTS
.
152
3.4.1.
EXEMPTION
TO
FILE
A
PETITION
DURING
WORKOUT
NEGOTIATIONS
.
152
3.4.2.
AVAILABILITY
OF
ADEQUATE
SECURITY
.
153
3.4.3.
RETENTION
OF
DEBTOR
MANAGEMENT
.
153
3.4.4.
FOREIGN
EXCHANGE
TREATMENT
.
153
3.4.5.
LENDER
LIABILITY
.
154
4.
DILEMMAS
OF
WORKOUTS
AND
RESPECTIVE
SOLUTIONS
.
154
4.1.
STANDSTILL
.
154
4.2.
OUTSIDE
AND
DISSENTING
CREDITORS
.
155
4.3.
POST-PETITION
CREDIT
.
156
4.4.
ABSENCE
OF
OTHER
INSTRUMENTS
.
156
4.5.
LEGAL
ENFORCEABILITY
OF
THE
FINAL
WORKOUT
AGREEMENT
.
157
5.
MINIMIZING
OBSTACLES
OF
PRIVATE
WORKOUTS
.
157
5.1.
PRIVATE
WORKOUTS
-
EX
ANTE
AND
EX
POST
AGREEMENTS
.
157
5.1.1.
AD
HOC
OR
EX-POST
AGREEMENTS
.
157
A.
EX-ANTE
AGREEMENTS
.
158
B.
PUNISHMENT
FOR
NON-COMPLIANCE
.
159
5.1.2.
GENERAL
OBLIGATION
TO
PARTICIPATE
IN
WORKOUTS
.
160
5.1.3.
CONSEQUENCES
FOR
TRANSITION
ECONOMIES
.
161
5.2.
PRE-PACKAGED
INSOLVENCY
.
161
IV.
STATISTICS
AND
THE
RATE
OF
SUCCESS
.
163
1.
VALUE
OF
STATISTICS
ON
INSOLVENCY
PROCEEDINGS
-
PROS
AND
CONS
.
163
2.
AVAILABLE
STATISTICS
FOR
SOME
TRANSITION
ECONOMIES
.
164
2.1.
ASIAN
JURISDICTIONS
.
164
2.2.
EASTERN
EUROPEAN
JURISDICTIONS
.
165
V.
THE
MODEL
INSOLVENCY
CODES
USED
AS
A
BASIS
FOR
COMPARISON
.
167
1.
RUSSIAN
BANKRUPTCY
CODE
.
167
2.
ROMANIAN
INSOLVENCY
CODE
.
168
3.
POLISH
BANKRUPTCY
CODE
.
169
D.
ANALYSIS
OF
INSOLVENCY
KEY
ISSUES
.
171
I.
GENERAL
PRINCIPLES
.
171
1.
THE
TRIGGER
CRITERION
.
171
1.1.
BALANCE
SHEET
TEST
.
171
1.2.
CASH-FLOW
TEST
.
172
1.3.
LIMITATIONS
ON
THE
SCOPE
OF
THE
CASH-FLOW
TEST
.
173
1.4.
SPECIAL
TYPES
OF
CLAIMS
.
174
9
1.5.
PROTECTION
FROM
ABUSING
FILINGS
.
174
1.6.
SPECIFIC
FEATURES
OF
RESCUE
PROCEEDINGS
.
175
1.7.
PROSPECTIVE
INSOLVENCY
.
176
1.8.
EXAMPLES
.
177
2.
SCOPE
OF
THE
LAW
.
178
2.1.
COMPANIES
AND
INDIVIDUALS
.
178
2.2.
ALL
DEBTORS
OR
ONLY
MERCHANTS
.
179
2.3.
ALL
COMPANIES
.
180
2.3.1.
STATE-OWNED-ENTERPRISES
(SOE
'
S)
.
180
2.3.2.
OTHER
COMPANIES
.
183
3.
VOLUNTARY
INSOLVENCY
PROCEEDINGS
.
184
II.
COMMENCING
AN
INSOLVENCY
CASE
.
185
1.
LIMITATIONS
AND
THRESHOLDS
FOR
CREDITOR
FILINGS
.
185
1.1.
NO-ASSET-CASES
.
185
1.2.
THRESHOLDS
AND
OTHER
LIMITATIONS
.
186
2.
PROTECTION
OF
CREDITORS
FROM
ABUSIVE
FILINGS
.
186
3.
WAITING
PERIODS
.
187
4.
WHO
HAS
A
RIGHT
TO
FILE
A
PETITION
.
187
4.1.
IN
LIQUIDATION
.
187
4.1.1.
CREDITOR
FILINGS
.
187
4.1.2.
DEBTOR
FILING
.
188
4.1.3.
OTHER
POSSIBLE
PETITIONERS
.
188
4.2.
IN
REORGANISATION
.
189
5.
DUTY
OF
THE
MANAGEMENT
TO
FILE
A
PETITION
.
189
5.1.
LEGAL
OBLIGATION
.
189
5.2.
INCENTIVES
.
190
5.3.
EXAMPLES
.
190
6.
PRE-INSOLVENCY
DEBTOR
PROTECTIVE
PROCEEDINGS
&
MORATORIA
.
192
6.1.
GENERAL
.
192
6.2.
EXAMPLES
.
193
7.
PROVISIONAL
PROTECTIVE
MEASURES
.
193
III.
LEGAL
EFFECTS
OF
COMMENCING
A
CASE
.
195
1.
PRELIMINARY
CONSIDERATIONS
.
195
2.
STAY
OF
ANY
CREDITOR
ACTION
.
195
2.1.
GENERAL
FUNCTIONS
.
195
2.2.
SCOPE
OF
THE
PROVISION
.
195
2.3.
EFFECT
ON
SECURED
CREDITORS
.
196
3.
PROHIBITION
OF
THE
DEBTOR
TO
DISPOSE
ASSETS
.
197
4.
ESTATE
OVER
ALL
OF
THE
DEBTORS
ASSETS
.
198
4.1.
DEFINITION
.
198
4.2.
SCOPE
.
199
5.
MANAGEMENT
OF
THE
DEBTOR
.
200
5.1.
IN
LIQUIDATION
.
200
5.2.
IN
REORGANISATION
.
200
5.2.1.
REPLACEMENT
BY
ADMINISTRATOR
.
201
5.2.2.
DEBTOR
IN
POSSESSION
.
201
5.2.3.
STAY
AND
SUPERVISION.
201
5.2.4.
EX-ANTE
AND
EX-POST
VIEW
.
202
10
5.2.5.
UNITARY
PROCEEDINGS
.
203
5.3.
EXAMPLES
.
203
6.
RECOGNITION
OF
TITLE
FINANCE
.
204
7.
INSOLVENCY
SET-OFF
RIGHTS
AND
NETTING
.
206
7.1.
IMPORTANCE
.
206
7.2.
BALANCING
THE
OBJECTIVES
.
207
7.3.
GENERAL
DESIGN
FEATURES
.
207
7.4.
NETTING
.
208
7.5.
CARVE-OUTS
.
208
7.6.
EXAMPLES
.
209
8.
CONTRACTUAL
TERMINATION
(
"
IPSO
FACTO
"
)
CLAUSE
.
210
8.1.
POLICY
CONSIDERATIONS
.
210
8.2.
EXAMPLE
.
211
9.
RIGHT
OF
THE
ADMINISTRATOR
TO
ASSUME
OR
REJECT
PRE-INSOLVENCY
CONTRACTS
.
211
9.1.
GENERAL
DESIGN
FEATURES
.
212
9.2.
LABOUR
CONTRACTS
.
212
9.3.
EXAMPLES
.
213
10.
AVOIDING
POWERS
(ACTIO
PAULIANA)
.
214
10.1.
GENERAL
.
214
10.2.
UNDERLYING
POLICIES
.
214
10.3.
DESIGN
FEATURES
.
215
10.3.1.
LIQUIDATION
AND
REORGANISATION
.
215
10.3.2.
OBJECTIVE
AND
SUBJECTIVE
CRITERIA
.
215
10.3.3.
CATEGORIES
OF
PREFERENCES
.
216
10.3.4.
MITIGATING
PREFERENCES
.
217
10.3.5.
INCLUSION
OF
SECURED
TRANSACTIONS
.
218
10.4.
EXPERIENCES
IN
TRANSITION
ECONOMIES
.
218
11.
MANAGEMENT
AND
SHAREHOLDER
LIABILITY
.
219
11.1.
CORPORATE
LIABILITY
.
219
11.2.
MANAGEMENT
LIABILITY
.
219
11.3.
SHAREHOLDER
LIABILITY
.
221
12.
INVOLVEMENT
AND
PROTECTION
OF
SECURED
CREDITORS
.
222
12.1.
GENERAL
.
222
12.2.
POLICY
CONSIDERATIONS
.
222
12.3.
EXCLUDING
SECURED
CREDITORS
.
222
12.4.
INCLUDING
SECURED
CREDITORS
.
223
12.4.1.
PROTECTING
THE COLLATERAL
.
224
12.4.2.
ARGUMENTS
FOR
THE
INCLUSION
AND
PROTECTION
.
225
12.5.
EXAMPLES
.
227
IV.
ROLE
OF
THE
ADMINISTRATOR
.
231
1.
RIGHTS
TO
PROPOSE
AND
RECOMMEND
AN
ADMINISTRATOR
.
231
2.
RIGHTS
TO
DISMISS
AND
REPLACE
AN
ADMINISTRATOR
.
231
3.
INTERIM
ADMINISTRATOR
.
232
4.
RIGHTS,
DUTIES
AND
LIABILITIES
OF
THE
ADMINISTRATOR
.
233
5.
STANDARDS
AND
QUALIFICATION
REQUIREMENTS
OF
THE
ADMINISTRATOR
.
234
V.
REORGANISATION
PLAN
.
235
1.
PROVISION
OF
INFORMATION
.
235
2.
WHO
CAN
PROPOSE
A
PLAN
.
235
11
3.
CONTENT
OF
THE
PLAN
.
237
3.1.
GENERAL
.
237
3.2.
CONTENT
OF
A
PLAN
.
237
3.3.
DEBT
TO
EQUITY
CONVERSION
.
238
3.4.
EXAMPLES
.
239
4.
CONSIDERING
DIVERSE
INTERESTS
IN
THE
VOTING
SYSTEM
.
241
4.1.
GENERAL
.
241
4.2.
VOTING
SYSTEM
.
241
4.2.1.
NECESSARY
MAJORITIES
.
241
4.2.2.
DEFINITION
OF
VALUE
.
242
4.2.3.
FINALITY
OF
THE
VOTING
RESULT
.
242
4.2.4.
SECURED
CREDITORS
IN
THE
VOTING
PROCESS
.
243
4.2.5.
VOTING
IN
CLASSES
.
244
5.
PROTECTION
OF
IMPAIRED
CREDITORS
.
246
6.
PARTICIPATION
OF
FOREIGN
INVESTORS
.
246
VI.
PRIORITIES
AND
THE
TREATMENT
OF
SECURED
CREDITORS
.
247
1.
GENERAL
REMARKS
.
247
2.
PRIORITY
LADDER
.
248
2.1.
SECURED
CREDITORS
.
248
2.1.1.
FIRST
PRIORITY
RULE
.
248
2.1.2.
LIMITATIONS
ON
THE
FIRST-PRIORITY-RULE
.
249
A.
RATIONALE
FOR
RESTRICTIONS
.
249
B.
FOUR
DIFFERENT
SCENARIOS
.
250
C.
IMPACT
ON
TRANSITION
ECONOMIES
.
252
D.
INTERIM
RESULT
.
253
E.
EXAMPLES
.
254
2.2.
COSTS
OF
ADMINISTRATION
.
258
2.3.
POST-PETITION
CREDIT
.
260
2.3.1.
GENERAL
.
260
2.3.2.
PROTECTION
OF
POST-PETITION
CREDITORS
.
260
2.3.3.
EXAMPLES
.
261
2.4.
WAGES,
TAXES
AND
PERSONAL
INJURY
CLAIMS
.
262
2.4.1.
GENERAL
.
262
2.4.2.
EMPLOYEE
SALARIES
AND
BENEFITS
.
262
2.4.3.
TAX
AND
STATE
BUDGET
CLAIMS
.
263
2.4.4.
CLAIMS
FOR
PERSONAL
INJURY
.
265
3.
PRIORITY
RULES
AND
POSSIBLE
SUBSTITUTIONS
OR
LIMITATIONS
.
266
3.1.
GENERAL
.
266
3.2.
DEVICES
.
267
3.2.1.
SOCIAL
SECURITY
SYSTEM
.
267
3.2.2.
PARTIAL
PRIORITY
.
268
3.2.3.
WEIGHTING
OF
DIFFERENT
TYPES
OF
PRIVILEGES
.
268
3.2.4.
LIMITATIONS
ON
PRIVILEGED
CLAIMS
.
268
4.
PREFERENTIAL
TREATMENT
OF
SMALL
AND
MEDIUM
SIZED
CREDITORS
.
269
4.1.
PRIORITY
FOR
CREDITORS
IRREPARABLE
INJURED
BY
PRO-RATA
TREATMENT
.
269
4.2.
IMPLEMENTATION
.
270
5.
PROTECTION
OF
FOREIGN
CURRENCY
CREDITORS
.
271
E.
CONCLUDING
REMARKS
AND
OUTLOOK
.
273
12 |
| adam_txt | |
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| any_adam_object_boolean | |
| author | Falke, Mike |
| author_facet | Falke, Mike |
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| building | Verbundindex |
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| ctrlnum | (OCoLC)723025221 (DE-599)BVBBV023529122 |
| discipline | Rechtswissenschaft Wirtschaftswissenschaften |
| discipline_str_mv | Rechtswissenschaft Wirtschaftswissenschaften |
| edition | Als Ms. gedr. |
| format | Thesis Book |
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| genre | (DE-588)4113937-9 Hochschulschrift gnd-content |
| genre_facet | Hochschulschrift |
| geographic | Osteuropa (DE-588)4075739-0 gnd |
| geographic_facet | Osteuropa |
| id | DE-604.BV023529122 |
| illustrated | Not Illustrated |
| index_date | 2024-07-02T22:34:44Z |
| indexdate | 2024-08-23T00:17:02Z |
| institution | BVB |
| isbn | 3898256332 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016849321 |
| oclc_num | 723025221 |
| open_access_boolean | |
| owner | DE-521 |
| owner_facet | DE-521 |
| physical | 275 S. 21 cm |
| publishDate | 2003 |
| publishDateSearch | 2003 |
| publishDateSort | 2003 |
| publisher | dissertation.de |
| record_format | marc |
| spelling | Falke, Mike Verfasser aut Insolvency law reform in transition economies by Mike Falke Als Ms. gedr. Berlin dissertation.de 2003 275 S. 21 cm txt rdacontent n rdamedia nc rdacarrier Zugl.: Berlin, Humboldt-Univ., Diss., 2003 Insolvenzrechtsreform (DE-588)4114027-8 gnd rswk-swf Wirtschaftsreform (DE-588)4066512-4 gnd rswk-swf Osteuropa (DE-588)4075739-0 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Osteuropa (DE-588)4075739-0 g Wirtschaftsreform (DE-588)4066512-4 s Insolvenzrechtsreform (DE-588)4114027-8 s DE-604 DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016849321&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Falke, Mike Insolvency law reform in transition economies Insolvenzrechtsreform (DE-588)4114027-8 gnd Wirtschaftsreform (DE-588)4066512-4 gnd |
| subject_GND | (DE-588)4114027-8 (DE-588)4066512-4 (DE-588)4075739-0 (DE-588)4113937-9 |
| title | Insolvency law reform in transition economies |
| title_auth | Insolvency law reform in transition economies |
| title_exact_search | Insolvency law reform in transition economies |
| title_exact_search_txtP | Insolvency law reform in transition economies |
| title_full | Insolvency law reform in transition economies by Mike Falke |
| title_fullStr | Insolvency law reform in transition economies by Mike Falke |
| title_full_unstemmed | Insolvency law reform in transition economies by Mike Falke |
| title_short | Insolvency law reform in transition economies |
| title_sort | insolvency law reform in transition economies |
| topic | Insolvenzrechtsreform (DE-588)4114027-8 gnd Wirtschaftsreform (DE-588)4066512-4 gnd |
| topic_facet | Insolvenzrechtsreform Wirtschaftsreform Osteuropa Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016849321&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT falkemike insolvencylawreformintransitioneconomies |