Bankruptcy and Insolvency Law

Fizična ali pravna oseba, ki ne zmore plačati naložene globe v enkratnem znesku, lahko na pristojni finančni urad posreduje prošnjo za obročno plačilo globe. Za obročno plačevanje glob in drugih terjatev ni treba prilagati nobenih dokazil, saj odobritev ni pogojena s socialnim položajem prosilca oziroma njegovim premoženjskim stanjem.

Assalamualaikum wr.wb. Puji syukur atas rahmat Allah SWT, berkat rahmat serta karunia-Nya sehingga makalah ini dapat selesai. Makalah ini dibuat dengan tujuan memenuhi tugas mata kuliah Aspek Hukum dalam Bisnis dari Bapak Dr. Wirmie Eka Putra. Selain itu, penyusunan makalah ini bertujuan menambah wawasan kepada pembaca. Penulis menyampaikan ucapan terima kasih kepada Bapak Dr. Wirmie Eka Putra selaku dosen mata kuliah Aspek Hukum dalam Bisnis. Berkat tugas yang diberikan ini, dapat menambah wawasan penulis berkaitan dengan topik yang diberikan. Penulis juga mengucapkan terima kasih yang sebesarnya kepada semua pihak yang membantu dalam proses penyusunan makalah ini. Penulis menyadari bahwa dalam penyusunan dan penulisan masih melakukan banyak kesalahan. Oleh karena itu penulis memohon maaf atas kesalahan dan ketidaks empurnaan yang pembaca temukan dalam makalah ini. Penulis juga mengharap adanya kritik serta saran dari pembaca apabila menemukan kesalahan dalam makalah ini.

This article addresses an issue at the intersection of enforcement proceedings and bankruptcy proceedings. The declaration of bankruptcy of an enforced debtor results in the suspension and subsequent discontinuation of enforcement proceedings directed
at assets forming part of the bankruptcy estate. As a consequence of this principle, the legislator has established that funds obtained in suspended enforcement proceedings but not yet disbursed must be transferred to the bankruptcy estate once the bankruptcy declaration becomes final (Article 146(2) of the Polish Bankruptcy Law).
In light of this regulation, a dispute has arisen in legal doctrine and case law regarding the scope of the obligation to transfer these funds to the bankruptcy estate. The primary objective of this article is to determine the entity responsible for this obligation, the manner in which it should be executed, and the scope of the obligation itself. The article argues that enforcement costs related to the recovery of funds referred to in Article 146(2) of the Bankruptcy Law should be satisfied within bankruptcy proceedings under the same principles as bankruptcy proceeding costs, meaning they should be given the highest priority.

at para. 29 [hereinafter Canadian Asbestos]. 12. Re United Used Auto (B.C. C.A.), supra note 3. 13. See the discussion in Re United Used Auto, Part IV of this article, below. 17. Remarks to CBAO Forum, ibid. 18. Ibid. See also Canadian Asbestos, supra note tt at 122. In a number of cases, secured creditors have consented or acquiesced. See for example Willann Investments v. Bank of America Canada, [1991] O.J. No. 721 (Ont. Gen. Div.), online: QL (OJ). 19. Rotsztain, supra note 2 at 283.

There is no unified approach to bankruptcy law as a structural element of the legal system, both in legal theory and in practice. In the Republic of Armenia, there are no scientific researches in connection with the above-mentioned problem, so the aim of the work is to first of all give the substantive and theoretical characteristics of bankruptcy law, and then to try to clarify its place and role in the Republic of Armenia legal system. According to the authors, bankruptcy law is a complex, multi-layered and complex structural element of the legal system, which is not completely characterized by any of the structural elements of the legal system already known to legal theory. Therefore, it is proposed to introduce a new category defining the structural elements of the bankruptcy law or a similar legal system into the theory, which will fully correspond to their nature. Its implementation will have a significant impact on the development of law in theoretical and practical terms, because the clear definition of the structural element of the legal system and highlighting its relevance helps to avoid problems in legal practice, the formation of unified approaches and creates prospects for development.

Using a novel dataset that covers individual debt claims against 136 bankrupt U.S. companies and includes information on a subset of claims transfers, we provide new empirical insight regarding how a firm's debt ownership relates to bankruptcy outcomes. Firms with higher debt concentration at the start of the case are more likely to file prearranged bankruptcy plans, to move quickly through the restructuring process, and to emerge successfully as independent going concerns. Moreover, higher ownership concentration within a debt class is associated with higher recovery rates to that class. Trading of claims during bankruptcy concentrates ownership further but this trading is not associated with subsequent improvements in bankruptcy outcomes and may, at the margin, increase the likelihood of liquidation.

Companies often seek alternative debt resolution methods in bankruptcy to avoid liquidation or operational shutdown. One such alternative is through a settlement, where the debtor offers partial payment of the debt to creditors with the condition of being released from the remaining debt. Additionally, the suspension of debt obligations allows companies to develop a financial restructuring plan that can ensure long-term operational sustainability. Thus, the purpose of this study is important to understand how bankruptcy decisions, and debt settlement alternatives for business actors and stakeholders. This research uses a descriptive approach by analyzing relevant legislation, legal literature, and case studies to understand the mechanisms and legal implications of the bankruptcy process. The secondary data used comes from sources such as laws, court rulings, and relevant legal literature. The primary focus of this research is to analyze Law Number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations. The study results indicate that the bankruptcy process in Indonesia relies on mechanisms such as debt payment suspension, settlement, and judicial review to resolve debts and ensure business continuity. The going concern paradigm is integrated into these processes, although in a different context from the principle in civil law.

In the instantaneous aftermath of the announcement of Justice Kirby's retirement from the bench, the predominant conversations fixated around who was to be his replacement. These discussions were held with the incontrovertible appreciation of the invaluable contributions made by Justice Kirby to Botswana's jurisprudence, particularly during his illustrious stay at the Court of Appeal. Attempting to abridge Justice Kirby's legacy into a distinct portfolio is a considerably unmanageable task. One immediately gets to appreciate his legal dexterousness and the ease with which his expertise straddles virtually all fields of the law. Consequently, we found ourselves pleasantly spoilt for choice in our selection of the area in which we must pay tribute to a colossal legal giant. We ultimately settled on assessing Justice Kirby's contributions in civil practice. This paper, therefore, examines Justice Kirby's contributions to civil practice in Botswana, principally through his adoption of a contextual and purposive interpretation of the Rules of the High Court. Through the classical case of Gofhamodimo v Koboyankwe; Tiro v the Attorney General, and other select cases, the paper highlights the instrumental efforts of Justice Kirby in curbing some of the potentially calamitous consequences of a formulaic approach to the Rules of the High Court, 2008, which ushered in a robust system of judicial case management. His contribution in this regard is conspicuous and presents a triumph in ensuring just, efficient and speedy disposal of cases, which is what the judicial case management system intended. The percipience with which he approached and interpreted the Rules shaped the law in civil practice and unquestionably places him amongst the most memorable judicial figures in Botswana's legal history.

Il contributo tratta della gestione della crisi e dell'insolvenza dei gruppi di imprese multinazionali nell'Unione Europea, evidenziando le problematiche legate alla contrapposizione tra unità economica e pluralismo giuridico delle singole società. Si discute della mancanza di normative specifiche per gestire le insolvenze transfrontaliere dei gruppi e delle difficoltà derivanti dall'approccio territoriale adottato. Si sottolinea la necessità di coordinare le varie procedure e masse patrimoniali, valorizzando l'unità economica del gruppo.

Il Regolamento (UE) 848/2015 introduce nuove procedure per facilitare la cooperazione tra gli amministratori delle procedure di insolvenza, ma non affronta esplicitamente la problematica della giurisdizione. Si discute se adottare un approccio "territorialista" o "universalista" per individuare il luogo in cui aprire le procedure. Il testo evidenzia che il consolidamento sostanziale dei patrimoni potrebbe essere giustificato per massimizzare i benefici per i creditori, ma solleva dubbi riguardo ai principi fondamentali del diritto societario. Inoltre, si tratta della procedura di coordinamento delle procedure di insolvenza all'interno di un gruppo di imprese, con la nomina di un coordinatore che propone un piano coordinato per gestire l'insolvenza delle società del gruppo. Il legislatore dell'Unione Europea adotta un approccio "soft" per la coordinazione delle procedure, orientato verso la ristrutturazione precoce e il recupero del going concern dell'impresa, ma non contempla una disciplina in materia di giurisdizione.

La quaestio iuris relativa agli effetti della cancellazione della società dal registro delle imprese rappresenta uno degli argomenti in cui è maggiormente fecondo il dibattito giuridico. Ciò, soprattutto in ragione delle evidenti conseguenze pratiche che siffatta problematica produce su tutti quei crediti e debiti della società ancora pendenti dopo la sua cancellazione. Pertanto, a complicare, ancor di più, una fattispecie, già di suo ostica, si ci è messo un legislatore superficiale -intervenuto dopo sessant'anni dall'emanazione del codice civile a ridisegnare un istituto di estrema complessità in maniera altamente sbrigativa ed approssimativa -ed una giurisprudenza progressista, pronta a lasciare il segno con una delle rivoluzioni copernicane più avvincenti dell'intera storia del diritto. Da un giorno all'altro, invero, si è passati da una efficacia meramente dichiarativa della cancellazione ad una tendenzialmente costitutiva, tale da determinare l'inesistenza della medesima società dal giorno della cancellazione. Ciò, a tutto dispetto dei principi della certezza dei traffici giuridici e della tutela dei terzi di buona fede, che, anche in tema di diritto societario, si ritengono governare la fattispecie, essendo più volte posti a fondamento esclusivo addirittura dello stesso indiscusso dogma della tipicità dei contratti societari. Il registro delle imprese è stato istituito nel 1942 con l'articolo 2188 del Codice Civile, ma è stato realmente attuato, dopo un'attesa di oltre mezzo secolo, solo con l'articolo 8 della legge di riforma delle Camere di Commercio n. 580/93 e con il suo regolamento di attuazione, emanato con il D.P.R. 7 dicembre 1995, n. 581 Scopo del Registro delle Imprese è di rendere pubbliche tutte le imprese esistenti, con qualsiasi forma giuridica e settore di attività economica esercitata, nonché tutti i fatti (costituzione, modifica, cessazione) che le riguardano, che vanno comunicati al Registro per la registrazione e la relativa certificazione. Secondo quanto previsto dall'art 2195 codice civile sono soggetti all'obbligo dell'iscrizione nel registro delle imprese gli imprenditori che esercitano un'attività industriale diretta alla produzione di beni o di servizi; quelli che svolgono un'attività intermediaria nella circolazione dei beni o un'attività di trasporto per terra, per acqua o per aria; nonché tutti gli imprenditori che esercitano un'attività bancaria o assicurativa o altre attività ausiliarie delle precedenti. Il registro delle imprese si articola in due sezioni : una ordinaria, riguardante le imprese commerciali, ed una speciale, avente lo scopo di fornire ai terzi informazioni circa la vita dell'impresa piccola, artigiana o agricola ; di recente, tuttavia, alle due sezioni citate è stata affiancata anche quella per le società tra avvocati . Le iscrizioni alla sezione ordinaria producono l'effetto tipico della pubblicità legale dichiarativa , ad eccezione delle società di capitali, per cui le medesime iscrizioni determinano un effetto costitutivo; le iscrizioni, invece, alla sezione speciale hanno effetto di pubblicità notizia per tutte le imprese esercenti attività agricola e gli imprenditori agricoli individuali anche piccoli, escluse le società semplici. Da ciò ne consegue chementre, per le società di capitali, la pubblicità è necessaria per la stessa esistenza dell'atto iscritto, sicché in sua mancanza l'atto è privo di validità e non produce effetti nei confronti di chiunqueper gli altri enti societari, la pubblicità è utile al fine di garantire esclusivamente l'opponibilità di tutti i fatti iscritti ai terzi e la sua omissione, pur non determinando l'invalidità, impedisce che il fatto produca effetti giuridici nei confronti di tali soggetti. La pubblicità-notizia, invece, rileva al fine di dare notizia di determinati fatti, senza che la sua omissione impedisca ai medesimi di produrre i loro www.lex24.ilsole24ore.com Pagina 1 / 4 effetti giuridici o ne determini l'invalidità. Altro aspetto fondamentale della materia è il principio di tipicità degli atti soggetti a pubblicità, espressamente codificato dall'articolo 2188 del codice civile, in virtù del quale sono pubblicizzabili solo quegli atti e quei fatti la cui iscrizione è espressamente prevista dalla legge . La cancellazione della società dal registro delle imprese si attua mediante l' iscrizione della relativa annotazione nell'ambito del registro delle imprese e rappresenta l'atto finale della procedura di liquidazione. Fino alla riforma del diritto delle società del 2003 , si riteneva che la cancellazione della società di persone dal registro delle imprese, in virtù della sua natura dichiarativa, non comportasse la sua completa estinzione, qualora, dopo la medesima cancellazione, emergevano rapporti giuridici ancora pendenti . Discorso analogo si poneva per le società di capitali, con riferimento alle quali la Giurisprudenza aveva più volte affermato il principio per cui

Il contributo esamina il principio di assenza di pregiudizio vigente nelle procedure concorsuali, secondo cui occorre verificare che ai creditori non aderenti ad una procedura di liquidazione o di ristrutturazione venga assicurata una soddisfazione almeno pari all importo astrattamente ricavabile da un ipotetica liquidazione giudiziale. Nello specifico, l analisi si sofferma sul funzionamento concreto del principio e sull effettiva modalità di determinazione delle cifre poste alla base della verifica, ossia del valore di liquidazione e di pagamento. In questa prospettiva, la tesi sostenuta dall Autore è che nella determinazione del valore di pagamento per la verifica dell assenza di pregiudizio bisognerebbe applicare i criteri economici dell attualizzazione e, così, introdurre nel confronto anche il valore economico del rischio associato alle concrete modalità di soddisfazione promesse ai creditori.

SOMMARIO: 1. Il principio di assenza di pregiudizio nel nuovo codice concorsuale.-2. Il problema della valutazione del rischio nei piani concordatari.-3. La rilevanza del rischio nell'impostazione della giurisprudenza.-4. La valutazione del rischio nell'esperienza comparatistica: la prevalenza della tesi dell'attualizzazione dei crediti.-5. La rilevanza del rischio per i creditori nella prospettiva costituzionale.-5.1. (Segue): e sovranazionale.-6. L'applicazione pratica del metodo dell'attualizzazione: il tasso e il momento rilevante.

Pursuant to congressional mandate, the National Bankruptcy Review Commission (NBRC) has reported its recommendations for modification to the Bankruptcy Reform Act of 1978, as amended (the "Bankruptcy Code"), to the President, Congress, and Chief Justice of the Supreme Court on October 20, 1997. This Article focuses on the proposed revisions relating to taxation of individual debtor estates, tax return filing requirements, and the priority and dischargeability of tax claims. Under the auspices of the NBRC, the Tax Advisory Committee (the "Advisory Committee") was formed in February 1997. The members of the Advisory Committee were appointed by the NBRC and include representatives from the private bar, federal and state governments, and academia. 2 The NBRC directed that the Advisory Committee deliver a final report by the August 1997 meeting in Washington, D.C. The NBRC further requested that the Advisory Committee prepare Preliminary Reports for the April 1997 meeting in Seattle, Washington, and the June 1997 meeting in Detroit, Michigan. The Preliminary Reports identified those areas of bankruptcy taxation that the Advisory Committee had determined were susceptible to agreement among its members and those proposals that had been withdrawn from consideration by the Advisory Committee as unimportant, unclear, or considered elsewhere. The Advisory Committee continued the process of discussing and identifying those proposals that may be susceptible to agreement. The Final Report contains three sec-I11 U.S.C. § § 101 etseq. (1994).

Using a novel dataset that covers individual debt claims against 136 bankrupt U.S. companies and includes information on a subset of claims transfers, we provide new empirical insight regarding how a firm's debt ownership relates to bankruptcy outcomes. Firms with higher debt concentration at the start of the case are more likely to file prearranged bankruptcy plans, to move quickly through the restructuring process, and to emerge successfully as independent going concerns. Moreover, higher ownership concentration within a debt class is associated with higher recovery rates to that class. Trading of claims during bankruptcy concentrates ownership further but this trading is not associated with subsequent improvements in bankruptcy outcomes and may, at the margin, increase the likelihood of liquidation.

Società in house e crisi d'impresa alla luce dell'art. 14 TUSP di Chiara Garilli (*) L'articolo esamina il contenuto dell'art. 14 TUSP, affermandone l'applicabilità anche alle società in house e dedicando particolare attenzione alla disciplina dei piani di risanamento/ristrutturazione ivi menzionati ed alle interrelazioni sussistenti tra questi ultimi e l'istituto affine (ma differente) dei piani attestati di risanamento di cui all'attuale art. 67, comma 3, lett. d), l.fall. Ulteriori considerazioni sono indirizzate alla possibilità che il piano di risanamento contempli la cessione delle partecipazioni pubbliche detenute dall'ente controllante nella società in house. Un sintetico paragrafo conclusivo, infine, enumera una carrellata di strumenti di regolazione della crisi di impresa, che-anche qualora non esplicitamente menzionati dall'art. 14 TUSP-potrebbero essere utilizzati dalle società in house in presenza degli indicatori di crisi. The article analyzes the content of Article 14 TUSP (i.e. the Italian Law on Publicly Owned Companies), affirming its applicability also to in-house companies. Particular attention is paid to the regulation of the recovery / restructuring plans mentioned therein and to the interrelationships existing between the latter and the similar (but different) institution of the "certified recovery plans" mentioned by the current Article 67, paragraph 3, lett. d), Bankruptcy Law. Further considerations are addressed to the possibility that the above mentioned recovery plan contemplates the sale of the public shareholdings held by the parent company in the in-house company. Finally, a concise concluding paragraph lists a succession of corporate crisis regulation tools, which-even if not explicitly mentioned in the Article 14 TUSP-could be used by in-house companies in presence of crisis indicators.

Company Under Investigation(CUI): M/s Techpro Systems Limited,
The Hon'ble High Court of Delhi JUDGMENT Dated: 24/03/2023
"The Petitioner in the present petition has challenged the Look Out Circular (hereinafter, ‘LOC’) issued against him by Respondent Nos. 3 and 4 i.e., the Ministry of Corporate Affairs (hereinafter, ‘MCA’) and the Serious Fraud Investigation Office (hereinafter, ‘SFIO’) and prays for the same to be quashed."
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W.P.(C)-3374/2021
Neutral Citation No-2023:DHC:2220
BRIJ BHUSHAN KATHURIA
Vs
UNION OF INDIA & ORS.

Delhi High Court changes the status of Look Out Circular; directs immigration authorities to inform SFIO about former Director of Techpro Systems Limited arrival and departure The Court opined that the present case would fall under the Office Memorandum which stated that “where there is no cognizable offence under IPC and other penal laws, the LOC subject cannot be detained/arrested or prevented from leaving the country.”...

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Delhi High Court: By way of the present writ petition, the petitioner challenged the issuance of the Look Out Circular (‘LOC’) against him by the Ministry of Corporate Affair (‘M CA’) and the Serious Fraud Investigation Office (‘SFIO’) stating that he was one of the longest serving Directors of the Techpro Systems Limited (‘Company’). While exercising its writ jurisdiction, the Single Judge bench of Pratibha M. Singh J., after perusing the Office Memorandum which protected the subject from detention and arrest if the offence was not a cognizable offence under the Penal Code, 1860, changed the status of LOC and directed the immigration authorities to inform the SFIOs about the entry and exit of the petitioner from time to time. However, it was clarified that the petitioner would have no obligation to inform the SFIO about his travel outside India. In the case at hand, petitioner wass a Chartered Accountant who was inducted in Board of Techpro Systems Limited as non-executive independent Director in 2007, In 2009, he relocated to Oman and due to his full time employment in Oman and health concerns, he resigned from the post of independent Director of the Company. Subsequently, in 2017, Corporate Insolvency Resolution Proceedings were initiated against the Company of which the Resolution Plan was approved in 2019. On 21-02-2021, the petitioner was scheduled to fly back to Oman after his travel to India, however, he was stopped at the airport and was intimated about the LOC issued against him.. The Court took note of the stay application dated 12-04-2021, wherein the Court merely considered the question as to whether the LOC deserves to be stayed or not, and said that there is no criminal case pending against the Petitioner. His role is also yet to be ascertained by the investigating authorities. Phrases such as ‘economic interest’ or ‘larger public interest’ cannot be expanded in a manner to include an Independent Director who was in the past associated with the company being investigated, without any specific role being attributed to him, as in the present case. Further,after perusing all the documents on record, the Court opined that the present case would fall under Clause (i) of the Office Memorandum dated 22-02-2021 i.e. “where there is no cognizable offence under IPC and other penal laws, the LOC subject cannot be detained/arrested or prevented from leaving the country. The Originating Agency can only request that they be informed about the arrival/ departure of the subject in such cases.” With the above observation, the Bench directed the immigration authorities to inform the SFIOs about the entry and exit of the petitioner from time to time. However, it was clarified that the petitioner would have no obligation to inform the SFIO about his travel outside India. The Bench found it appropriate to impose certain conditions after changing the status of the LOC. The Petitioner would present himself in the Indian Embassy in Oman on the first Monday of every month. The Petitioner’s undertaking filed in compliance of order dated 12-04-2021 that he would present himself before the Authorities upon a 15 days’ notice, would continue. All remaining conditions imposed on the petitioner stood discharged. [Brij Bhushan Kathuria v Union of India, 2023 SCC OnLine Del 1860, decided on 24-03-2023]...

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Advocates who appeared in this case: For the Petitioner: Senior Advocate Maninder Acharya, AdvocateSiddhart Bhatli, Advocate Lashita Dhingra; For the Respondents: Central Government Standing Counsel Rakesh Kumar, Advocate Shriram Tiwary Advocate Salman Razi and Advocate Nitin Agnihotri. Tags : airport CIRP IBC Immigration Independent Director indian embassy Insolvency Insolvency and Bankruptcy Code 2016 Look out circular Ministry of Corporate Affairs Office Memorandum Oman Embassy Serious Fraud Investigation Office

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After Brexit, European insolvency procedures lost the privilege of the automatic recognition in the United Kingdom. As a matter of fact, the UK legislator did not retain the principle under art. 19(1) of the Regulation (EU) 2015/848. Therefore, the recognition of any European insolvency procedure will be under the procedures pursuant to the Cross Border Insolvency Regulations 2006, which implemented the UNCITRAL Model Law in the United Kingdom.
As they are now foreign insolvency proceedings, the opening of a European insolvency procedure is a neutral event for the English law. Pursuant to the Rule in Gibbs, English creditors are now free to choose to accept the foreign jurisdiction and to participate in the European insolvency proceedings or not. If they choose the latter, the European insolvency proceedings cannot compromise their credit.
It is now therefore critical to activate recognition proceedings in the United Kingdom in a timely manner. Because of the common law “First Past the Post Rule”, the risk of a late recognition is therefore that other creditors can validly enforce their judgments on the assets within the UK jurisdiction ahead of the European insolvency proceedings and the general body of creditors, as they are now treated as any other creditor.

RESUMEN El presente trabajo de investigación realizado bajo la metodología de revisión sistemática tiene por objetivo analizar los aspectos teóricos y las investigaciones previas que se han realizado sobre la Estructura de Capital como herramienta para la gestión financiera en las MYPE del Perú. La información recogida fue de revistas indexadas ubicadas en bases de datos como: Scielo, Redalyc, Doaj y Dialnet de las cuales se obtuvieron diversos artículos para evaluar las evidencias. Se desarrolló una búsqueda de información preliminar, definida mediante criterios de inclusión y exclusión el que abarcó el periodo comprendido entre los años 2008 al 2018, en idioma español y artículos de revistas indexadas, excluyendo publicaciones con duplicidad de información, tesis y libros y los que no tienen relación con el tema de investigación. La muestra obtenida fueron 30 artículos científicos publicados en bases de datos de revistas indexadas, los cuales mostraron un enfoque puntual y dieron ...

The ability to make savvy financing decisions is now a key differentiator for corporate firms seeking to outpace competition and achieve sustainable growth. In view of this, this study examined the moderating effect of firm size on the nexus between financing decisions and financial stability of listed industrial goods firms in Nigeria. The study employed Altman's Z-score in evaluating the financial stability of listed industrial goods firms in Nigeria and a combination of debt-equity ratio, interest coverage ratio, and total debt ratio as key predictors. Altman's Z-score assisted in gauging firms' financial stability over the research period. Additionally, the natural logarithm of total assets was integrated into the analysis to further refine the predictive model and to achieve the study objectives. The study adopted an ex-post facto research design and utilized a panel data of one hundred and fifty (150) pooled observations gathered across a sample of ten (10) listed industrial goods firms in Nigeria over a period of fifteen (15) years (2009-2023). The study employed descriptive statistics tools, Pearson correlation analysis and Fixed effects regression technique via Eviews 10.0 statistical package in analyzing the data. The study findings revealed that with the moderating effect of firm size, debt equity ratio has an insignificant negative relationship {(Coeff. =-0.000247 (0.6571)} with financial stability of listed industrial goods firms in Nigeria while interest coverage ratio has a significant positive relationship {Coeff. = 2.322405 (0.0173)} with financial stability of listed industrial goods firms in Nigeria. It also revealed that total-debt ratio has an insignificant negative relationship {Coeff. =-0.002365 (0.4236)} with financial stability of listed industrial goods firms in Nigeria. It was thus concluded that firm size has a significant moderating effect on the relationship between financing decisions and financial stability of listed industrial goods firms in Nigeria. The study recommended, amongst others, that firms should consider their size when making financing decisions and adjust their strategies accordingly for enhanced financial stability, growth prospects, and overall success.

The quality of financial information in Nigeria regarding property, plant and equipment, particularly in the manufacturing sector, remains a significant concern. In view of this, this present study examined the relationship between property, plant and equipment measurement and financial reporting quality of manufacturing firms in Nigeria. The specific objectives were to ascertain the effect of PPE measurement using cost model on faithful representation of financial information of manufacturing firms in Nigeria and to assess the effect of PPE measurement using revaluation model on faithful representation of financial information of manufacturing firms in Nigeria. This study adopted a survey research design with data collected through the administration of a fivepoint Likert Scale questionnaire to a sample of 360accounting staff across selected manufacturing firms in Nigeria. The data collected were analyzed using descriptive statistics tools and Pearson product moment correlation analysis via SPSS 25.0 statistical package. The study findings revealed that PPE measurement using cost model has an insignificant positive relationship (r= 0.039{p=0.468>0.05}) with faithful representation of financial information of manufacturing firms in Nigeria while PPE measurement using revaluation model has a significant positive relationship (r= 0.733{p=0.000<0.05}) with faithful representation of financial information of manufacturing firms in Nigeria. It was thus concluded that the use of the revaluation model for PPE measurement leads to more accurate and reliable financial information, which enhances the credibility of financial statements and increase stakeholder trust. The study recommended, amongst others, that regulatory bodies in Nigeria should consider mandating the use of the revaluation model for PPE measurement in financial reporting to enhance the credibility of financial information at all times.

Relevanța leasingului și a altor contracte moderne în dreptul comerțului internațional Acceptarea conceptului și a principiilor economiei de piață de către statele Europei de Est, inserarea lor în Constituțiile României (art.135 alin.(1)) 1 și Bulgariei (art.19) 2 , crearea unor economii de piață funcționale, conduc la continuarea proceselor de înviorare a relațiilor economice ale acestor țări cu statele lumii. Asemenea procese sunt caracteristice și pentru Moldova după 27 august 1991, data Declarației de Independență a Republicii Moldova 3 , fundamentată pe norme constituționale și imperative. O astfel de abordare este prevăzută și în Legea fundamentală națională. Art. 126 alin.(2) din Constituția RM dispune: "Economia Republicii Moldova este economie de piață, de orientare socială, bazată pe proprietatea privată și proprietatea publică, antrenate în concurență liberă. Statul trebuie să asigure: lit.b) libertatea comerțului și activității de întreprinzător, protecția concurenței loiale, crearea unui cadru favorabil valorificării tuturor factorilor de producție" 4. Evoluția acestor relații se utilizează tot mai frecvent în contractele moderne de comerț internațional alături de cele clasice (contractele de vânzare-cumpărare, locație, antrepriză), aplicabile în viața economică contemporană. Exigențele afacerilor internaționale sunt mereu în căutarea de noi instrumente, mijloace și modalități de a rezolva problemele legate de avansarea ramurilor naționale prin noi forme juridice de contractare, pentru a crea o economie de piață funcțională, aflată în perpetuă evoluție și prosperare. Etimologic, termenul leasing este de sorginte engleză, traducerea în română sub aspect juridic semnifică închirierea unor bunuri mobile ori imobile. În contractele moderne se referă la know-how, engineering, factoring, leasing etc. Adaptarea lor la exigențele și realitățile moderne ale secolului XXI, la progresul tehnico-științific și înzestrarea ramurilor economiei naționale cu tehnică, instalații și utilaje de ultimă generație este scopul suprem către care tindem. Politica Guvernului, dar și a statului RM, urmează să dezvolte strategia comercial-economică a leasingului ca instrument financiar pentru parteneriatul public-privat. Deoarece este unul dintre instrumentele financiare accesibile și rapide, cu acces la resursele financiare interne și externe, mai ales referitor la finanțarea utilajului, tehnologiilor avansate, a bunurilor cu destinație agricolă cu active în proporții mari. Asemenea investiții trebuie să se bucure, la importul în țară, de un regim fiscal și vamal mai avantajat.

Pembelian sepeda motor dengan cara kredit antara debitur dengan kreditur terdapat perjanjian yang berisi klausul-klausul hak istimewa (privilege) kepada lembaga pembiayaan. Dalam penerapannya hak privilege banyak menimbulkan ketidak seimbangan antara pihak lembaga pembiayaan dengan pihak konsumen bahkan lebih menguntungkan pihak lembaga pembiayaan. Apabila debitur wanprestasi, lembaga pembiayaan biasanya menggunakan jasa pihak ketiga untuk menagih tunggakan kepada konsumen dan sering menimbulkan berbagai permasalahan. Tujuan dari penulisan jurnal ilmiah ini adalah untuk menelaah dan mengetahui kedudukan perjanjian utang piutang dalam hukum perdata dan cara penagihan utang dalam perspektif hukum perdata. Metode penelitian yang digunakan adalah metode penelitian hukum normatif. Sumber penelitian hukum normatif berupa bahan hukum primer, bahan hukum sekunder, dan bahan nonhukum. Perjanjian utang piutang termasuk ke dalam perjanjian pinjam meminjam Pasal 1754 KUH Perdata yang merupakan perjanjian pokok. Cara-cara penagihan utang dalam perspektif hukum perdata dapat dilakukan melalui pengadilan, melalui kepailitan, dan dapat dengan cara lelang. Penggunaan pihak ketiga dikatakan tidak sesuai karena tidak terpenuhinya Pasal 1320 KUHPer dan melanggar Pasal 1338 KUHPer yang merupakan dasar dari adanya suatu perjanjian." Kata Kunci: Utang, Perjanjian, Hak Istimewa, Wanprestasi. ABSTRACT "The purchase of a motorbike by means of credit between the debtor and the creditor there is an agreement containing clauses of privileges to the financing institution. In the application of privileges, many cause imbalances between the financing institution and the consumer, even more profitable for the financing institution. If the debtor defaults, the financing institution usually uses third-party services to collect arrears to consumers and often cause various problems. The purpose of this scientific journal writing is to examine and find out the position of the debt debt agreement in civil law and debt collection method in the perspective of civil law. The research method used is normative legal research methods. Normative legal research sources in the form of primary legal materials, secondary legal materials, and non-legal materials. The loan agreement is included in the loan agreement Article 1754 of the Civil Code which is the principal agreement. Debt collection methods in a civil law perspective can be done through court, through bankruptcy, and can be done by auction. The use of third parties is said to be inappropriate because Article 1320 of the Criminal Code is not fulfilled and violates Article 1338 of the Criminal Code which is the basis of an agreement."

Purpose: Assessing the reaction of the prices of shares of companies listed in the Warsaw Stock Exchange to the public disclosure of information about the filing a bankruptcy petition in bad faith by creditors. Design/Methodology/Approach: Event study analysis. Findings: It can therefore be assumed that the filing of an unfounded bankruptcy petition does not, in the short term, have a statistically significant negative impact on the share price of the company being the subject of the petition Practical Implications: When information about the filing a bankruptcy, petition appears and creditors submitted it in bad faith, it has not a negative impact on the share price in short term. It can be said that submitting such information is not an opportunity for an investor to receive an abnormal rate of return. Originality/value: Although there are many research results using event study analysis most of them are related to the US market. The originality of this paper is that this research is dedicated to petitions in bad faith for a selected developing country.

The Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC) has tremendously reformed the landscape of corporate insolvency proceedings in India. The IBC has consolidated all fragmented insolvency laws into an integrated one in India, evolutionizing the resolution across businesses by enhancing creditors' rights and moving toward a more rescue-oriented approach to resolving distressed corporations. Regulatory authorities, such as the IBBI, NCLT, and NCLAT, play a significant role in administering and adjudicating insolvency matters. They are critical to the operation and balance of the CIRP. Through an in-depth analysis of statutory provisions and case studies, this paper investigates the efficacy of the CIRP and how it defends the interests of several stakeholders, such as creditors, debtors, and shareholders. Judicial precedents have significantly influenced the interpretation of the IBC and underscore the dynamic nature of the CIRP and its evolution through judicial scrutiny. Moreover, the paper focuses on the necessity to constantly update the regulatory environment and legal framework to alleviate operational challenges, ensure protection to stakeholders, and align with international best practices. Suggestions to make the CIRP more effective include stricter implementation of the IBC, transparent approval processes, and a heavy-duty framework to deal with cross-border insolvency cases.

This article underscores the crucial role of regulatory bodies in insolvency processes, providing the audience with a comprehensive understanding of their functions. They play a significant part in creating a conducive environment for restructuring viable businesses and rehabilitation. The Corporate Insolvency Resolution Process (CIRP) implementation under the Insolvency and Bankruptcy Code (IBC), 2016, has transformed the corporate insolvency regime of India and has affected the economic growth, wealth distribution, employment stability and ultimately socioeconomic development of India. This paper evaluates the CIRP by scrutinising the legislative provisions and analysing case studies of various distressed companies to determine how far it has facilitated corporate distress resolution and protected the interests of its stakeholders. It focuses on the practical implementation of the CIRP and identifies the challenges in the CIRP, like judicial interpretation, procedural delays, and regulatory ambiguities. Ultimately, it provides suggestions for improving the efficiency and efficacy of insolvency resolution in India to promote sustainable socioeconomic development, reassuring the audience of the regulatory bodies' commitment to the process.

Neste artigo, propõe-se uma revisita aos pressupostos teóricos do Direito Empresarial brasileiro, como farol donde derivam as normas e princípios para o exercício da atividade empresária, portanto, com finalidade lucrativa. Nessa linha, os agentes econômicos necessitam contar com um ambiente propício que decorre não somente dos princípios do próprio Direito de regência, mas que encontram a sua inspiração no contexto social e nas políticas econômicas postas em prática pelo Estado, que, em definitiva, são responsáveis pela segurança das relações comerciais. Assim, o resguardo do investimento direto é defendido como instrumento de desenvolvimento nacional. Para que tal aconteça faz-se necessário que um novo Processo Empresarial dotado de princípios e métodos próprios, na linha de respeito à lei e a sua efetividade, seja aplicado como método para a solução de litígios na seara Direito Comercial, conduzindo à ampliação de segurança jurídica capaz de afetar positivamente a captação de investimentos, sejam nacionais ou mesmo estrangeiro. Finalmente, objetiva-se analisar a necessidade do investimento privado para o desenvolvimento de um país e como a insegurança jurídica advinda de decisões judiciais anacrônicas pode afetar a captação de investimentos, sejam nacionais ou mesmo internacional, especificamente nas relações do Direito Comercial.

Politicians, economists, policy-makers and social scientists have increasingly recognized the importance of legal institutions for a well-functioning market economy. Bankruptcy law is one of the most important of these legal institutions since it constitutes and imposes the "hard budget constraints" of capitalist competition. Directly and indirectly, bankruptcy law sets the terms for economic restructuring. Drawing on a unique crossnational data set of 78 countries (including developing, developed and transitional economies), this paper analyzes the causes of reform of bankruptcy law in the 1973-1998 period. Using proportional hazards models, we do an event history analysis of legal reform. We find that a combination of political and economic factors best explains legal change, although the limits of quantitative analysis are also apparent.

O presente trabalho tem por objetivo o estudo do mecanismo do Cram Down, instituto importado do direito norte-americano, adotado no ordenamento juridico brasileiro enquanto solucao para os casos em que o plano de recuperacao e rejeitado quando levado a voto pela assembleia geral de credores. Assim, o artigo examina as caracteristicas e dissemelhancas entre o instituto original e aquele incorporado no direito brasileiro, dentre esses aspectos estao: o teste de viabilidade, quesito de importância fundamental em um processo de recuperacao judicial. Sob essa perspectiva, percebe-se que o modelo introduzido no Brasil se particulariza por ter um arcabouco legislativo mais rigido e que confere menos poderes aos juizes para retificarem a decisao denegatoria de recuperacao proferida pelos credores. Diante dessas amarras, o Judiciario buscou, por meio da evolucao jurisprudencial, especialmente no Superior Tribunal de Justica, construir um caminho alternativo que superasse os entraves da legis...

This paper focuses on the information content of the periodic allocation of expense by managers. In this paper, we analyzed the direction and magnitude of stock price changes in response to the disclosure of write-off policies of 424 Japanese companies on two newspapers. We obtained some empirical evidence that information concerning write-off policies confirms or changes the expectation of investors about the target companies. This was achieved by our examination concerning market reactions to information about write-off policies of unfunded pension benefit obligations; good and bad performances by short and long write-off periods. Companies that had disclosed their write-off policies were assigned to one of the two categories: companies with good performance or companies with poor performance. Our observation of the effect of the length of unfunded pension benefit obligation (UPBO) write-off periods on stock prices made it clear that the disclosed write-off policies contained information that either confirmed or caused the revision of investors had formed opinions regarding the target companies. In the first section, we explain the change of accounting standards and consequent

Em 2023, foi identificada uma inconsistência contábil no balanço financeiro das Lojas Americanas e a empresa encontrou como saída para a crise gerada o pedido de recuperação judicial. Parte-se da hipótese que o pedido de recuperação judicial das Lojas Americanas é uma das formas de concretizar os princípios constitucionais que regulamentam a ordem
social econômica brasileira, vislumbrada a partir do art. 170 da Constituição Federal, afinal,
buscou concretizar os princípios da propriedade privada, função social da propriedade, livre concorrência, defesa do consumidor, redução das desigualdades regionais e sociais e busca pelo pleno emprego. Ao continuar funcionando, além da empresa se manter no mercado, ela
cumpre a função social, gerando empregos, mantendo a circulação de bens e renda, contribuindo para o desenvolvimento da economia, pois dessa forma a empresa está se comprometendo com a sociedade como um todo e não somente a um pequeno grupo. A pesquisa foi realizada sob o método dedutivo, pois parte de aspectos gerais sobre a Ordem
Social e Econômica da Constituição Federal, para focar nos aspectos jurídicos da recuperação judicial das Lojas Americanas e a relação desta com os princípios do art. 170 da Carta Magna.

Insolvency of enterprise groups has long remained an enigmatic and untouched issue in the realm of international insolvency law. Recently, the Working Group V of United Nations Commission on International Trade Law (UNCITRAL WG V) has taken up the onerous task to fill this void and to draft an instrument/ model law to govern international aspects of insolvency resolution of enterprise groups (two or more enterprises that are interconnected by control or significant ownership) 2 including obligations of directors of enterprise group companies for acts done in the 'twilight zone'. This article attempts to introduce and outline certain key issues relating to insolvency resolution of enterprise group companies and discuss a few of them, reserving a comprehensive discussion shared in subsequent papers.

Article 9 of the Uniform Commercial Code governs the creation, perfection, priority and enforcement of consensual security interests in personal property and fixtures, as well as most consignments of personal property and sales of certain types of intangible personal property."). Article 9 was revised in 1999 ("Revised Article 9" or "Article 9"), and has been adopted uniformly by all U.S. states. NATIONAL CONFERENCE OF COMMISSIONERS ON UNIFORM STATE LAWS,

I. INTRODUCTION Article 9 of the Uniform Commercial Code ("U.C.C.") 1 is the law governing the creation, perfection, and enforcement of security interests in personal property. Originally enacted in 1960, 2 Article 9 was substantially revised in 1972 in response to changes in commercial financing markets and practices 3 Since this last revision, there have been further changes, including technological advances, affecting commercial practice and custom 4 These changes have led the Permanent Editorial Board for the U.C.C. ("PEB") to recommend to the American Law Institute ("ALI") and the National Conference of Commissioners on Uniform State Laws ("NCCUSL") that Article 9, once again, be significantly revised. 5 The stated reason for the current revisions is to ensure that Article 9 keeps pace with changes in commercial financing practices, thereby offering enhanced certainty to the

profound third party effects that policy makers should take into considera tion. This Article concludes that such significant and far-reaching changes to Article 9 and the Bankruptcy Code are premature, as there must be fur ther judicial consideration of securitization transactions, both in and out side of the bankruptcy context, before provisions with such potentially extreme implications are enacted. II. .ARTICLE 9'S ORIGIN AND HISTORY Prior to the enactment of Article 9, 12 lenders used a variety of security devices to secure the repayment of borrowed money with collateral. 13 For example, the contours of what constituted, and what types of collateral were subject to, a pledge, a chattel mortgage and a conditional sale were defined by both the common law and a variety of state statutes. 14 Different consequences followed from characterizing a financing transaction as one 12. Between 1952 to I%7, every stale legislature adopted Article 9, except Louisiana. PEB STIJDY GROUP,supranote7, at I. !3. The initial adopdon of Article 9 was accompanied by the corresponding n:peal of, inter alia, the Uniform Condidonai Sales Act, Cbnttel Mortgage Ac~ Fa-'s Lien ~Uniform Trust Receipts Act and AssigDIJiellt of Accounts Receivable AcL See OSCAR SPIVAK, SECURED 'l"RANSAcnONS I (2d ed. 1%3) (predicting this repeal); see also JAMES J. Wlll11l &. RoBEin" S. SUMMERS, UNIFORM COM• MERCIAI. CoDE § 21-1, at 714-16 (4th ed. 1995) (discussing Article 9's substitution of these devices with one device and one set of tenns). 14. The following example was cited by Oscar Spivak in his 1963 bandbook on secured tmnsac tious prepared under the auspices of the Joint Committee on Continuing Legal Bducntioo of tbc Amcri• can Law Institute and the American Bar Association: For example, in a pre-Code Stat<: teday, suppose the same ~er were to apply at his bank for a secured loan to enable him (I) to pun:hase a new delivery truck for his busi• ment contaiaing a computer program for oper.ltiou). .33. Set id. § 9-102(a)(64) (Proposed Revision 1!198). 34.

Resumo O artigo trata do financiamento do devedor em recuperação judicial no bojo das alterações implementadas pela Lei n. 14.112/2020. Os objetivos são: (i) indicar a origem dos dispositivos afetos ao DIP Financing, oriundos da legislação norte-americana; (ii) comparar os institutos verificando a compatibilidade das legislações falimentares norte-americana e brasileira. O método utilizado foi o dedutivo e a pesquisa bibliográfica também se apoiou no estudo de processos de recuperação judicial, nos quais já se verificou a contratação deste financiamento. Palavras-chave: DIP Financing; crise da empresa; recuperação judicial; Bankruptcy Code; Lei nº 11.101/2005; DIP FINANCING: Financing to entrepreneurs under judicial reorganization in light of changes implemented by Law #14,112/2020 Abstract The article deals with the financing of a debtor under judicial reorganization, within the body of the changes implemented by law #14,112/2020. Its objectives are as follows: (i) indicating the origin of provisions linked to DIP Financing; (ii) compare the institutions ascertaining compatibility of North American and Brazilian bankruptcy legislations. The deductive method was used, and bibliographic research was also supported by the study of judicial reorganization processes, in which such financing was used.