Gerstrøm, Anna; Isabella, Lynn A.
bank that went bankrupt as a consequence of the large and global crisis. Based on narrative interviews with 20 organizational members' the article offers a model that theorizes bankruptcy as a series of unfolding events that change a work world. Members narrate their immediate experience as a work......Bankruptcies are becoming more and more prevalent, partly as a consequence of business conditions created by the financial crisis characterizing the beginning of the 21st century. Nonetheless, knowledge on the phenomenon of bankruptcy from the point of view of the people who undergo it is scant...
Ionina M. B.
Full Text Available This article discusses the bankruptcy of individuals under the Federal Law "On Insolvency (Bankruptcy", the Federal Law "On Amendments to the Federal Law "On Insolvency (Bankruptcy" and some legislative acts of the Russian Federation regarding regulation of rehabilitation procedures applicable to an individual debtor. The author analyzes the main ways to address the issue of the bankruptcy of an individual, identifies risks for both a bankrupt and credit institutions
Estevez, A.; Borm, P.E.M.; Fiestras-Janeiro, G.
In this paper, we analyze bankruptcy problems with nontransferable utility (NTU) from a game theoretical perspective by redefining corresponding NTU-bankruptcy games in a tailor-made way. It is shown that NTU-bankruptcy games are both coalitional merge convex and ordinal convex. Generalizing the
Sautner, Z.; Vladimirov, V.
We use a simple model to predict how creditor rights in bankruptcy a¤ect the accumulation and magnitude of indirect bankruptcy costs. We empirically identify these e¤ects by using two matched samples of bankrupt firms that provide us with variation in creditor rights. Consistent with our model, we
This paper analyzes bankruptcy games with nontransferable utility as a generalization of bankruptcy games with monetary payoffs. Following the game theoretic approach to NTU-bankruptcy problems, we study some appropriate properties and the core of NTU-bankruptcy games. Generalizing the core cover
This paper analyzes bankruptcy games with nontransferable utility as a generalization of bankruptcy games with monetary payoffs. Following the game theoretic approach to NTU-bankruptcy problems, we study some appropriate properties and the core of NTU-bankruptcy games. Generalizing the core cover
John Armour; Douglas Cumming
Entrepreneurs, catalysts for innovation in the economy, are increasingly the object of policymakers’ attention. Recent initiatives both in the UK and at EU level have sought to promote entrepreneurship by reducing the harshness of the consequences of personal bankruptcy law. Whilst there is an intuitive link between the two, little attention has been paid to the question empirically. We investigate the link between bankruptcy and entrepreneurship using data on self employment over 13 years (1...
Grant, Jon E; Schreiber, Liana; Odlaug, Brian L; Kim, Suck Won
Although prior studies have examined rates of bankruptcy in pathologic gambling (PG), there are only limited data regarding the clinical correlates of those with PG who declare bankruptcy because of gambling. Five hundred seventeen consecutive subjects with Diagnostic and Statistical Manual of Mental Disorders, Fourth Edition, PG (54.7% females; mean age 47.6 years) were grouped into 2 categories: those who had (n = 93; 18.0%) and had not (n = 424; 82.0%) declared bankruptcy secondary to gambling. Groups were compared on clinical characteristics, gambling severity (using the Yale-Brown Obsessive-Compulsive Scale Modified for Pathological Gambling, Gambling Symptom Assessment Scale; Clinical Global Impression-severity scale, and time and money spent gambling), and psychiatric comorbidity. Gamblers who had declared bankruptcy were more likely to be single (P = .004); have an earlier age of problem gambling onset (P = .032); and have more financial (P bankruptcy in PG may be associated with specific clinical differences. Treatment strategies may want to assess bankruptcy status to develop more effective treatments that take account of these clinical differences. Copyright 2010 Elsevier Inc. All rights reserved.
Grant, Jon E.; Schreiber, Liana; Odlaug, Brian L.; Kim, Suck Won
Background Although prior studies have examined rates of bankruptcy in pathological gambling (PG), there is only limited data regarding the clinical correlates of those with PG who declare bankruptcy due to gambling. Method 517 consecutive subjects with DSM-IV PG (54.7% females; mean age = 47.6) were grouped into two categories: those who had (n=93; 18.0%) and had not (n=424; 82.0%) declared bankruptcy secondary to gambling. Groups were compared on clinical characteristics, gambling severity (using the Yale Brown Obsessive Compulsive Scale modified for Pathological Gambling, Gambling Symptom Assessment Scale; Clinical Global Impression – Severity scale, and time and money spent gambling) and psychiatric comorbidity. Results Gamblers who had declared bankruptcy were more likely to be single (p=.004), have an earlier age of problem gambling onset (p=.032), and have more financial (pbankruptcy in PG may be associated with specific clinical differences. Treatment strategies may want to assess bankruptcy status to develop more effective treatments that take account of these clinical differences. PMID:20152290
Full Text Available This paper aims to identify the financial ratios that are most significant in bankruptcy prediction for the non-financial sector of Pakistan based on a sample of companies which became bankrupt over the time period 1996-2006. Twenty four financial ratios covering four important financial attributes, namely profitability, liquidity, leverage, and turnover ratios, were examined for a five-year period prior bankruptcy. The discriminant analysis produced a parsimonious model of three variables viz. sales to total assets, EBIT to current liabilities, and cash flow ratio. Our estimates provide evidence that the firms having Z-value below zero fall into the “bankrupt” whereas the firms with Z-value above zero fall into the “non-bankrupt” category. The model achieved 76.9% prediction accuracy when it is applied to forecast bankruptcies on the underlying sample.
Couwenberg, Oscar; Lubben, Stephen J.
This article begins from a simple observation: Chapter 11 of the United States Bankruptcy Code is the global standard for corporate restructuring, but at the same time it is a far more complex procedure than most jurisdictions seem to require. This observation begs the question what parts of a
Bass, Lisa; Gerstl-Pepin, Cynthia
The authors consider Ladson-Billings' (2006) charge to reframe the way the "achievement gap" is viewed, and put forth the metaphor of "bankruptcy" as a way to acknowledge the educational debt and educational inequity and move towards debt forgiveness in public education. Specifically, the bankruptcy metaphor is used to examine…
... 49 Transportation 8 2010-10-01 2010-10-01 false Bankruptcy claims. 1018.32 Section 1018.32... § 1018.32 Bankruptcy claims. When the Board receives information that a debtor has filed a petition in bankruptcy or is the subject of a bankruptcy proceeding, it shall suspend all collection actions against the...
... 29 Labor 2 2010-07-01 2010-07-01 false Bankruptcy claims. 100.618 Section 100.618 Labor... Procedures § 100.618 Bankruptcy claims. When the NLRB learns that a bankruptcy petition has been filed by a... from the NLRB's Office of Special Counsel concerning the impact of the Bankruptcy Code on any pending...
... 48 Federal Acquisition Regulations System 2 2010-10-01 2010-10-01 false Bankruptcy. 52.242-13... Bankruptcy. As prescribed in 42.903, insert the following clause: Bankruptcy (JUL 1995) In the event the Contractor enters into proceedings relating to bankruptcy, whether voluntary or involuntary, the Contractor...
... 7 Agriculture 15 2010-01-01 2010-01-01 false Bankruptcy. 3575.85 Section 3575.85 Agriculture... GENERAL Community Programs Guaranteed Loans § 3575.85 Bankruptcy. (a) Calculating losses. Report of Loss... all the collateral securing it in bankruptcy proceedings. These responsibilities include, but are not...
... 22 Foreign Relations 2 2010-04-01 2010-04-01 true Bankruptcy. 309.24 Section 309.24 Foreign Relations PEACE CORPS DEBT COLLECTION Salary Offset § 309.24 Bankruptcy. Peace Corps generally terminates collection activity on debts that have been discharged in bankruptcy unless otherwise provided for by...
... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Bankruptcy reporting. 232..., DEPARTMENT OF DEFENSE GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Contract Debts 232.671 Bankruptcy reporting. Follow the procedures at PGI 232.671 for bankruptcy reporting. ...
... 7 Agriculture 15 2010-01-01 2010-01-01 false Bankruptcy. 4287.170 Section 4287.170 Agriculture... § 4287.170 Bankruptcy. The lender is responsible for protecting the guaranteed loan and all collateral securing the loan in bankruptcy proceedings. (a) Lender's responsibilities. It is the lender's...
... 10 Energy 1 2010-01-01 2010-01-01 false Bankruptcy claims. 15.39 Section 15.39 Energy NUCLEAR REGULATORY COMMISSION DEBT COLLECTION PROCEDURES Administrative Collection of Claims § 15.39 Bankruptcy claims. When the NRC learns that a bankruptcy petition has been filed with respect to a debtor, before...
... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Bankruptcy. 17.611... Professional Scholarship Program § 17.611 Bankruptcy. Any payment obligation incurred may not be discharged in bankruptcy under title 11 U.S.C. until 5 years after the date on which the payment obligation is due...
This paper contributes to the debate on optimal bankruptcy reform by providing a set of results that challenge the wisdom that "soft" bankruptcy codes have necessarily positive effects. The model hinges on the key idea that "soft" bankruptcy allows a poor performing entrepreneur to renegotiate the
... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Bankruptcy. 34.23 Section 34.23 Foreign... Bankruptcy. A debtor should notify STATE at the contact office provided in the original notice of the debt, if the debtor has filed for bankruptcy. STATE will require documentation from the applicable court...
... 7 Agriculture 7 2010-01-01 2010-01-01 false Bankruptcy. 762.148 Section 762.148 Agriculture... SPECIAL PROGRAMS GUARANTEED FARM LOANS § 762.148 Bankruptcy. (a) Lender responsibilities. The lender must protect the guaranteed loan debt and all collateral securing the loan in bankruptcy proceedings. The...
... 7 Agriculture 15 2010-01-01 2010-01-01 false Bankruptcy. 4280.159 Section 4280.159 Agriculture Regulations of the Department of Agriculture (Continued) RURAL BUSINESS-COOPERATIVE SERVICE AND RURAL... Improvements Program Section B. Guaranteed Loans § 4280.159 Bankruptcy. Bankruptcies will be handled in...
J.C. Bioch (Cor); V. Popova (Viara)
textabstractThe bankruptcy prediction problem can be considered an or dinal classification problem. The classical theory of Rough Sets describes objects by discrete attributes, and does not take into account the order- ing of the attributes values. This paper proposes a modification of the Rough Set
Dietzenbacher, Bas; Borm, Peter; Estevez Fernandez, M.A.
This paper axiomatically studies bankruptcy problems with nontransferable utility by adequately generalizing and analyzing properties for bankruptcy rules. In particular, we discuss several consistency notions and introduce the class of parametric bankruptcy rules. Moreover, we introduce the class
Dietzenbacher, B.; Borm, Peter; Estevez Fernandez, M.A.
This paper axiomatically studies bankruptcy problems with nontransferable utility by adequately generalizing and analyzing properties for bankruptcy rules. In particular, we discuss several consistency notions and introduce the class of parametric bankruptcy rules. Moreover, we introduce the class
Hinojosa, M. A.; Mármol, A. M.; Sánchez, F. J.
We model bankruptcy problems under uncertainty under the assumption that there are several possible states of nature, each of which is identified with a different bankruptcy problem. For this multi-dimensional extension of classic bankruptcy problems, we consider situations in which agents exhibit at the same time additive preferences and leximin preferences on their possible results. We propose division rules which combine different rationality principles and guarantee efficiency with respect to leximin preferences.
Full Text Available We study a credit network and, in particular, an interbank system with an agent-based model. To understand the relationship between business cycles and cascades of bankruptcies, we model a three-sector economy with goods, credit and interbank market. In the interbank market, the participating banks share the risk of bad debits, which may potentially spread a bank's liquidity problems through the network of banks. Our agent-based model sheds light on the correlation between bankruptcy cascades and the endogenous economic cycle of booms and recessions. It also demonstrates the serious trade-off between, on the one hand, reducing risks of individual banks by sharing them and, on the other hand, creating systemic risks through credit-related interlinkages of banks. As a result of our study, the dynamics underlying the meltdown of financial markets in 2008 becomes much better understandable.
Tedeschi, Gabriele; Mazloumian, Amin; Gallegati, Mauro; Helbing, Dirk
We study a credit network and, in particular, an interbank system with an agent-based model. To understand the relationship between business cycles and cascades of bankruptcies, we model a three-sector economy with goods, credit and interbank market. In the interbank market, the participating banks share the risk of bad debits, which may potentially spread a bank's liquidity problems through the network of banks. Our agent-based model sheds light on the correlation between bankruptcy cascades and the endogenous economic cycle of booms and recessions. It also demonstrates the serious trade-off between, on the one hand, reducing risks of individual banks by sharing them and, on the other hand, creating systemic risks through credit-related interlinkages of banks. As a result of our study, the dynamics underlying the meltdown of financial markets in 2008 becomes much better understandable.
Kamei, Hideto; Takayasu, Hideki; Kabashima, Yoshiyuki; Takayasu, Misako
This study examines bankruptcy in terms of financial variables as well as interfirm network structure variables. We first binarize the variables by introducing a threshold and then select the appropriate set of variables that minimize the p-value in Fisher's exact test. Here, the financial variables related to borrowing and savings are strongly correlated with bankruptcy, but the variables of trade network and capital network, including chain bankruptcy effect, have weaker yet significant correlations. Finally, we perform a bankruptcy prediction with the selected variables and a second-order Ising model and confirm that the Ising model has relatively higher predictive power than the logit model.
Suggests that bankruptcy occurs when creditors withdraw their support from a firm's top management team. Five characteristics measuring the relative status of top teams tested on a sample of 57 large bankrupt firms and 57 matched firms revealed that membership in political elites and board connections were negatively associated with bankruptcy.…
... 7 Agriculture 12 2010-01-01 2010-01-01 false Bankruptcy. 1779.85 Section 1779.85 Agriculture Regulations of the Department of Agriculture (Continued) RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE (CONTINUED) WATER AND WASTE DISPOSAL PROGRAMS GUARANTEED LOANS § 1779.85 Bankruptcy. (a) Calculating losses...
European countries have amended their bankruptcy statutes in the past decades to increase the likelihood of a company's continuation in bankruptcy. Liquidation procedures are ill suited to realize the full value of the company as a going concern. An infusion of new finance raises company valuation
Alaminos, David; Del Castillo, Agustín; Fernández, Manuel Ángel
The recent world financial crisis has increased the number of bankruptcies in numerous countries and has resulted in a new area of research which responds to the need to predict this phenomenon, not only at the level of individual countries, but also at a global level, offering explanations of the common characteristics shared by the affected companies. Nevertheless, few studies focus on the prediction of bankruptcies globally. In order to compensate for this lack of empirical literature, this study has used a methodological framework of logistic regression to construct predictive bankruptcy models for Asia, Europe and America, and other global models for the whole world. The objective is to construct a global model with a high capacity for predicting bankruptcy in any region of the world. The results obtained have allowed us to confirm the superiority of the global model in comparison to regional models over periods of up to three years prior to bankruptcy.
Dietzenbacher, Bas; Estevez Fernandez, M.A.; Borm, Peter; Hendrickx, Ruud
This paper analyzes bankruptcy problems with nontransferable utility as a generalization of bankruptcy problems with monetary estate and claims. Following the classical axiomatic theory of bankruptcy, we formulate some appropriate properties for NTU-bankruptcy rules and study their implications. We
... 29 Labor 9 2010-07-01 2010-07-01 false Bankruptcy or similar settlement. 4043.35 Section 4043.35....35 Bankruptcy or similar settlement. (a) Reportable event. A reportable event occurs for a plan when any member of the plan's controlled group— (1) Commences a bankruptcy case (under the Bankruptcy Code...
Full Text Available The complexity of economic environment and information asymmetry makes financial reporting and accounting disclosure policies crucial to stakeholders, hence the role of accounting disclosure quality in bankruptcy prediction realm has been investigated in this study. The Result of Genetic algorithm show that accounting disclosure quality significantly increases the accuracy of bankruptcy prediction model and it can be regarded as a complementary variable to other variables used in the bankruptcy literature. To examine the research hypotheses, the listed Companies of Tehran Stock Exchange have been investigated between 2004 and 2010.
Vasyliev Oleksii V.
Full Text Available An important issue in forecasting the probability of bankruptcy is the formation of an optimal set of financial-economic performance indicators with high forecast capacity. The article is aimed at optimizing the indicator system, which can be used to build a model for diagnosing the probability of corporate failures. The known methods and models for diagnosing bankruptcy were analyzed and it was found that they were based on the financial performance indicators, which use empirical data only. A set of financial performance indicators has been formed that can be used to forecast probability of corporate bankruptcy or to plan for anti-crisis measures. The practical significance of the study suggests developing a theoretical basis for solving issues arising in the diagnostics of probability of bankruptcy of corporate enterprises. Prospect for further research in this direction is to develop an integrated indicator using the fuzzy logic theory, taking into account the qualitative and quantitative performance indicators of enterprise.
Guettabi, Mouhcine; Munasib, Abdul
Over the last two decades, both bankruptcy and obesity rates in the U.S. have seen a steady rise. As obesity is one of the leading causes of medical and morbidity related economic costs, its influence on personal bankruptcy is analyzed in this study. Using the National Longitudinal Survey of Youth 1979, we employ a duration model to investigate the relative importance of obesity on the timing of bankruptcy. Even after accounting for possible endogeneity of BMI and controlling for a wide variety of individual and aggregate-level confounding factors, being obese puts one at a greater risk of filing for bankruptcy. Copyright © 2014 Elsevier B.V. All rights reserved.
... REGULATIONS (CONTINUED) GENERAL Business and Industrial Loan Program § 1980.475 Bankruptcy. (a) It is the... the operation of the reorganization plan, and the borrower repays in full the remaining balance of the...
Full Text Available The Indonesian bankruptcy law system adheres to the debt collective principle which is general seizure (sita umum of the debtor’s property as guarantee for the payment of debt through the bankruptcy institution. The principle of debt collective stresses that the debtor’s debt shall be paid immediately from the property owned by the debtor. Based on such principle, bankruptcy serves as a means of coercion to materialize the creditors’ rights through liquidation of the debtor’s assets. Bankruptcy law in Indonesia does not recognize the principle of debt forgiveness, among others, the implementation of debt relief granted to the debtor to pay off debts that are truly incapable of being fulfilled. According to the Bankruptcy Law, after the completion of the bankruptcy process, the debtor is no longer in a state of bankruptcy, because the end of bankruptcy has revoked the status of insolvent debtors, hence debtors are considered as being competent to take care of their property. However, the termination of bankruptcy does not necessarily absolve the debtor from the remainder of the debt; creditors are entitled to collect it and debtors are obligated to pay it off. Upon the completion of the bankruptcy process, debtors or their heirs may apply for rehabilitation. However, rehabilitation is only to be granted if all creditors state that they have obtained payment in a satisfactory manner, meaning that recognized creditors will not file claims against the debtor concerned again even though they may not have received payment on all of their outstanding receivables. Request for rehabilitation can only be granted if the debtor has completed the entire scheme of bankruptcy and creditors were satisfied with the payment.
Full Text Available The paper deals with the most current topic in the field of collective civil law protection. The reforms of the Bankruptcy Act (seven of them as well as implementation of the Financial Operations and Pre-Bankruptcy Settlements Act (three amendments, which were implemented in 2012, have significantly altered Croatian insolvency legislation. Nevertheless, the indicative methods of determining the facts show that the bankruptcy and preliminary bankruptcy procedures, in relation to other countries in the region, are consuming less time. They are more expensive and have lower satisfaction from creditors. In comparison to countries with developed bankruptcy systems, Croatian regulations still need improvement. One has to take into consideration a substantial impact of multiple external, institutional factors on legislative solutions (unfavourable social context, problems in the payment system, the precarious recordings of immovable and movable property, an insufficient number of judges who were entrusted with the liquidation proceedings, weak training of bankruptcy administrators, inadequate methods of financing, and consequently weak motivation to work. The legislators are planning to make another functionalization of the Bankruptcy Act. His intention is, after two years of experimentation in the Financial Operations and Pre-Bankruptcy Settlements Act, to accept provisions on pre-bankruptcy settlements and reinstate many pre-existing options in the preparation of the reorganization plan. Since the existing framework is not allowing for a detailed analysis of the aforementioned subjects, one must emphasize that the space here does not permit a detailed analysis of these issues. Therefore, authors of this article will deal with subjects they see as relevant and essential for understanding key issues within the domain of the Bankruptcy Act. This work has been supported by the Croatian science foundation under the project number 6558 "Business and
The article is devoted to the monitoring procedure used in the bankruptcy case. The procedures used in the insolvency (bankruptcy) case are examined and analyzed. Bankruptcy is the debtor's inability recognized by the court of arbitration or the debtor's inability to fully satisfy the creditors' claims for monetary obligations ...
... 26 Internal Revenue 18 2010-04-01 2010-04-01 false Bankruptcy and receivership. 301.6231(c)-7...) PROCEDURE AND ADMINISTRATION PROCEDURE AND ADMINISTRATION Assessment In General § 301.6231(c)-7 Bankruptcy and receivership. (a) Bankruptcy. The treatment of items as partnership items with respect to a...
... 7 Agriculture 14 2010-01-01 2009-01-01 true Debtors in bankruptcy. 1956.111 Section 1956.111... Debtors in bankruptcy. FmHA or its successor agency under Public Law 103-354 personnel will process... of the bankruptcy reorganization plan, including any adjustment of the debt. ...
... 29 Labor 9 2010-07-01 2010-07-01 false Bankruptcy or similar settlement. 4043.68 Section 4043.68... Bankruptcy or similar settlement. (a) Reportable event and information required. Advance notice is required for a bankruptcy or similar settlement, as described in § 4043.35(a), and the notice shall include the...
... 34 Education 3 2010-07-01 2010-07-01 false Bankruptcy of borrower. 674.49 Section 674.49 Education..., DEPARTMENT OF EDUCATION FEDERAL PERKINS LOAN PROGRAM Due Diligence § 674.49 Bankruptcy of borrower. (a) General. If an institution receives notice that a borrower has filed a petition for relief in bankruptcy...
... 26 Internal Revenue 20 2010-04-01 2010-04-01 false Bankruptcy and receivership cases. 601.109... REVENUE PRACTICE STATEMENT OF PROCEDURAL RULES General Procedural Rules § 601.109 Bankruptcy and receivership cases. (a) General. (1) Upon the adjudication of bankruptcy of any taxpayer in any liquidating...
Extensive research on bankruptcy still has not made it possible to end the efficiency discussion concerning the need for a reorganization provision in bankruptcy laws. In this paper, I discuss the pervasiveness of asset sales in bankruptcy procedures and the effect it has on survival rates. Without
Aleksiejuk, Agata; Hołyst, Janusz A.
Interbank deposits (loans and credits) are quite common in banking system all over the world. Such interbank co-operation is profitable for banks but it can also lead to collective financial failures. In this paper, we introduce a new model of directed percolation as a simple representation for contagion process and mass bankruptcies in banking systems. Directed connections that are randomly distributed between junctions of bank lattice simulate flows of money in our model. Critical values of a mean density of interbank connections as well as static and dynamic scaling laws for the statistics of avalanche bankruptcies are found. Results of computer simulations for the universal profile of bankruptcies spreading are in a qualitative agreement with the third wave of bank suspensions during The Great Depression in USA.
Antunes, Francisco; Ribeiro, Bernardete; Pereira, Francisco Camara
In accounting and finance domains, bankruptcy prediction is of great utility for all of the economic stakeholders. The challenge of accurate assessment of business failure prediction, specially under scenarios of financial crisis, is known to be complicated. Although there have been many successful......). Using real-world bankruptcy data, an in-depth analysis is conducted showing that, in addition to a probabilistic interpretation, the GP can effectively improve the bankruptcy prediction performance with high accuracy when compared to the other approaches. We additionally generate a complete graphical...... visualization to improve our understanding of the different attained performances, effectively compiling all the conducted experiments in a meaningful way. We complete our study with an entropy-based analysis that highlights the uncertainty handling properties provided by the GP, crucial for prediction tasks...
Since the early 1990s, the age distribution of the bankruptcy population has shifted. Specifically, the age distribution curve has flattened, due in large part to an increase in the number of elder Americans (65 and older) who are filing bankruptcy. To date, the reasons for elder bankruptcies have not been studied. Quantitative and qualitative data from 381 elder bankruptcy respondents who participated in the 2007 Consumer Bankruptcy Project suggest that overwhelming interest and fees on credit cards, illnesses and injuries, income problems, aggressive debt collectors, and housing problems are the leading reasons that elder debtors file bankruptcy. Further, the vast majority of elder bankruptcies result not from a single cause, but rather from multiple interconnected causes.
Pulido, M.; Borm, P.E.M.; Hendrickx, R.L.P.; Llorca, N.; Sánchez-Soriano, J.
This paper deals with bankruptcy situations in which in addition to the claims, an exogenously given reference point for the allocation of the estate is present.We introduce and analyse two types of compromise solutions and show that they coincide with the T value of two corresponding TU games.We
Knot, Ondřej; Vychodil, Ondřej
-, č. 290 (2006), s. 1-66 ISSN 1211-3298 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : corporate bankruptcy * debt contracts * monitoring Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp290.pdf
Full Text Available An intensive research from academics and practitioners has been provided regarding models for bankruptcy prediction and credit risk management. In spite of numerous researches focusing on forecasting bankruptcy using traditional statistics techniques (e.g. discriminant analysis and logistic regression and early artificial intelligence models (e.g. artificial neural networks, there is a trend for transition to machine learning models (support vector machines, bagging, boosting, and random forest to predict bankruptcy one year prior to the event. Comparing the performance of this with unconventional approach with results obtained by discriminant analysis, logistic regression, and neural networks application, it has been found that bagging, boosting, and random forest models outperform the others techniques, and that all prediction accuracy in the testing sample improves when the additional variables are included. On the other side the prediction accuracy of old and well known bankruptcy prediction models is quiet high. Therefore, we aim to analyse these in some way old models on the dataset of Slovak companies to validate their prediction ability in specific conditions. Furthermore, these models will be modelled according to new trends by calculating the influence of elimination of selected variables on the overall prediction ability of these models.
Knot, Ondřej; Vychodil, Ondřej
Roč. 55, 3-4 (2005), s. 110-123 ISSN 0015-1920 Institutional research plan: CEZ:AV0Z70850503 Keywords : bankruptcy * capital and ownership structure Subject RIV: AH - Economics Impact factor: 0.173, year: 2005
Podobnik, Boris; Horvatic, Davor; Petersen, Alexander M; Urosevic, Branko; Stanley, H Eugene
We analyze the size dependence and temporal stability of firm bankruptcy risk in the US economy by applying Zipf scaling techniques. We focus on a single risk factor--the debt-to-asset ratio R--in order to study the stability of the Zipf distribution of R over time. We find that the Zipf exponent increases during market crashes, implying that firms go bankrupt with larger values of R. Based on the Zipf analysis, we employ Bayes's theorem and relate the conditional probability that a bankrupt firm has a ratio R with the conditional probability of bankruptcy for a firm with a given R value. For 2,737 bankrupt firms, we demonstrate size dependence in assets change during the bankruptcy proceedings. Prepetition firm assets and petition firm assets follow Zipf distributions but with different exponents, meaning that firms with smaller assets adjust their assets more than firms with larger assets during the bankruptcy process. We compare bankrupt firms with nonbankrupt firms by analyzing the assets and liabilities of two large subsets of the US economy: 2,545 Nasdaq members and 1,680 New York Stock Exchange (NYSE) members. We find that both assets and liabilities follow a Pareto distribution. The finding is not a trivial consequence of the Zipf scaling relationship of firm size quantified by employees--although the market capitalization of Nasdaq stocks follows a Pareto distribution, the same distribution does not describe NYSE stocks. We propose a coupled Simon model that simultaneously evolves both assets and debt with the possibility of bankruptcy, and we also consider the possibility of firm mergers.
... of Lodging of a Bankruptcy Settlement Agreement Pursuant to the Comprehensive Environmental Response, Compensation, and Liability Act Notice is hereby given that a proposed Bankruptcy Settlement Agreement between the debtors and the Environmental Protection Agency (hereinafter ``Bankruptcy Settlement Agreement...
Pathological gambling can lead to a number of deleterious consequences, including bankruptcy and suicide. The present study examined the correlation between clinical characteristics of pathological gamblers and history of bankruptcy and suicide attempts. Subjects (141; 124 male) were outpatients at a psychiatric hospital from 2007 to 2010. Demographic and medical variables including age, gender, age of gambling onset, psychiatric complications, suicide attempts, and bankruptcy were assessed. Positive correlations were observed between suicide attempt and female gender, family history of addiction, and unemployment ( p bankruptcy ( p bankruptcy. Results suggest that treatment for pathological gambling should address the patient's past experience with addict family members, especially if the patient reports a history of bankruptcy or suicidal ideation.
Anna Bieniasz; Zbigniew Gołaś
The main purpose of this work is to analyse the phenomenon of enterprises’ bankruptcy in Poland in 2004-2013 and attempt to build regression models defining the relationship between the number of bankrupted companies and selected macroeconomic parameters of the national economy. The analysis is based on Coface Poland reports presenting the phenomenon of bankruptcy in Poland of branches, provinces, legal forms of companies and types of bankruptcy proceedings. Studies have shown that the ...
There is no international bankruptcy law, but only the national bankruptcy laws of various states. The failure of a multinational firm therefore raises difficult questions of conflict and cooperation among national bankruptcy regimes. Theorists have proposed various reforms to the uncoordinated territorial approach that most states pursue when a multinational firm suffers financial distress. Among these reform proposals, universalism has long been the dominant idea. Under universalism, the ba...
Ondøej Knot; Ondøej Vychodil
The paper presents facts on the ex-post efficiency of the Czech bankruptcy procedures. First, it briefly summarizes in what aspects bankruptcy systems differ across countries and introduces the main observations made about the Czech case so far. Second, international data are presented to assess the Czech standings in four aspects of bankruptcies' ex-post efficiency – duration, recovery rate, administrative costs, and continuation/liquidation decision. Third, the paper provides a summary of s...
Himmelstein, David U; Thorne, Deborah; Woolhandler, Steffie
Massachusetts' recent health reform has decreased the number of uninsured, but no study has examined medical bankruptcy rates before and after the reform was implemented. In 2009, we surveyed 199 Massachusetts bankruptcy filers regarding medical antecedents of their financial collapse using the same questions as in a 2007 survey of 2314 debtors nationwide, including 44 in Massachusetts. We designated bankruptcies as "medical" based on debtors' stated reasons for filing, income loss due to illness, and the magnitude of their medical debts. In 2009, illness and medical bills contributed to 52.9% of Massachusetts bankruptcies, versus 59.3% of the bankruptcies in the state in 2007 (P=.44) and 62.1% nationally in 2007 (Pbankruptcy filings in Massachusetts increased 51%, an increase that was somewhat less than the national norm. (The Massachusetts increase was lower than in 54 of the 93 other bankruptcy districts.) Overall, the total number of medical bankruptcies in Massachusetts increased by more than one third during that period. In 2009, 89% of debtors and all their dependents had health insurance at the time of filing, whereas one quarter of bankrupt families had experienced a recent lapse in coverage. Massachusetts' health reform has not decreased the number of medical bankruptcies, although the medical bankruptcy rate in the state was lower than the national rate both before and after the reform. Copyright © 2011 Elsevier Inc. All rights reserved.
Full Text Available Bankruptcy is defined as the legal situation in which an individual, a company or an institution cannot meet outstanding liabilities, which are superior in value compared to available assets. Personal bankruptcy refers to the situation described above in the case of individuals. This highly important legal and economic institution was long ago settled in the United States of America, United Kingdom, France, Germany, Japan, and recently in former communist countries such as Poland, Latvia, Estonia, and Lithuania, existing throughout the EU, except for Romania, Bulgaria and Hungary. In December 2015, in Romania, the Personal Bankruptcy Law is to come into force and this article focuses on the main aspects of the three steps procedure comprised in it as well as on the advantages and disadvantages from all involved parts perspective, that is: individual debtors, Banks as creditors and state institutions as third parties highlighting the main changes that are to happen both for individuals as well as for the society as a whole.
Corradin, S.; Gropp, R.; Huizinga, H.P.; Laeven, L.
Homestead exemptions to personal bankruptcy allow households to retain their home equity up to a limit determined at the state level. Households that may experience bankruptcy thus have an incentive to bias their portfolios towards home equity. Using US household data from the Survey of Income and
Wealth distribution provisions in bankruptcy reorganization law, which regulate the distribution of the debtor's overall value among all the interested parties with an aim of ensuring a fair and equitable distribution, constitute an important part of the bankruptcy reorganization law. This article
... 7 Agriculture 14 2010-01-01 2009-01-01 true Bankruptcy and insolvency. 1962.47 Section 1962.47 Agriculture Regulations of the Department of Agriculture (Continued) RURAL HOUSING SERVICE, RURAL BUSINESS... record will be sent a courtesy copy if the bankruptcy has not been closed for at least 2 years. No...
Both in the Netherlands and the United States of America a change in the dynamics of bankruptcy procedures is taking place. In the Netherlands, the opening of a bankruptcy procedure (faillissement) traditionally leads to the sale of the assets of the debtor and a distribution of the proceeds among
Jostarndt, P.; Sautner, Z.
We investigate debt restructurings in Germany for a sample of 116 financially distressed companies. About half of the firms succeed in restructuring their debt in a workout while the others file for bankruptcy. Our evidence suggests that firms which have higher leverage, owe more debt to banks, and
Jostarndt, P.; Sautner, Z.
We empirically investigate debt restructurings in Germany. Our sample consists of 116 financially distressed companies from 1997 to 2004. About half of the firms succeed in restructuring their debt in a workout while the others fail and file for bankruptcy. Our evidence suggests that firms which
Full Text Available The main purpose of this work is to analyse the phenomenon of enterprises’ bankruptcy in Poland in 2004-2013 and attempt to build regression models defining the relationship between the number of bankrupted companies and selected macroeconomic parameters of the national economy. The analysis is based on Coface Poland reports presenting the phenomenon of bankruptcy in Poland of branches, provinces, legal forms of companies and types of bankruptcy proceedings. Studies have shown that the greatest risk of bankruptcy refers to metals production and fabricated metal products enterprises, manufacture of food products and beverages, wholesale trade, construction, micro and small enterprises, enterprises under the age of 10 years and companies from Mazovia region, Silesia and Lower Silesia. The estimated parameters of the regression models showed that the number of bankruptcies in Poland is strongly determined i.a. by the number of registered companies, GDP growth, dynamics of changes in fixed capital formation and changes in foreign exchange rates.
Gross, Tal; Trenkamp, Brad
Poor health can lead to financial instability and, eventually, bankruptcy. We examined how entrance into the Social Security Disability Insurance (SSDI) program was associated with bankruptcy filings among those who had a disability and applied to the SSDI program. We merged dockets from U.S. bankruptcy courts that cover 2000 through 2009 to administrative records on all SSDI applicants from 2000 through 2003 (adults aged > 18, N = 1,500,607). We estimated logistic regression models for bankruptcy declaration within one year of the decision to allow applicants onto the SSDI program. Being allowed onto the SSDI program was associated with a decreased risk of bankruptcy (adjusted odds ratio = 0.754). The association was negative and statistically significant for all age groups, including older applicants nearing eligibility for Medicare. The findings contribute to a growing body of research suggesting that increased aid to adults with a disability can reduce financial instability.
... bankruptcy. 766.303 Section 766.303 Agriculture Regulations of the Department of Agriculture (Continued) FARM... For Borrowers in Bankruptcy § 766.303 Processing loan servicing requests from borrowers in bankruptcy... acknowledgment that the Agency will not interfere with any rights or protections under the Bankruptcy Code and...
... 7 Agriculture 7 2010-01-01 2010-01-01 false Notifying borrower in bankruptcy of loan servicing... For Borrowers in Bankruptcy § 766.301 Notifying borrower in bankruptcy of loan servicing. If a borrower files for bankruptcy, the Agency will provide written notification to the borrower's attorney with...
... 26 Internal Revenue 18 2010-04-01 2010-04-01 false Collection of assessed taxes in bankruptcy and..., Bankruptcy, and Receiverships Jeopardy § 301.6871(a)-2 Collection of assessed taxes in bankruptcy and receivership proceedings. (a) During a proceeding under the Bankruptcy Act (11 U.S.C. chapters 1-14) or a...
Full Text Available The aim of this paper is to compare the performance of small enterprises in the Zlín and Olomouc Regions. These enterprises were assessed using the Altman Z-Score model, the IN05 model, the Zmijewski model and the Springate model. The batch selected for this analysis included 16 enterprises from the Zlín Region and 16 enterprises from the Olomouc Region. Financial statements subjected to the analysis are from 2006 and 2010. The statistical data analysis was performed using the one-sample z-test for proportions and the paired t-test. The outcomes of the evaluation run using the Altman Z-Score model, the IN05 model and the Springate model revealed the enterprises to be financially sound, but the Zmijewski model identified them as being insolvent. The one-sample z-test for proportions confirmed that at least 80% of these enterprises show a sound financial condition. A comparison of all models has emphasized the substantial difference produced by the Zmijewski model. The paired t-test showed that the financial performance of small enterprises had remained the same during the years involved. It is recommended that small enterprises assess their financial performance using two different bankruptcy models. They may wish to combine the Zmijewski model with any bankruptcy model (the Altman Z-Score model, the IN05 model or the Springate model to ensure a proper method of analysis.
Full Text Available Countries from Central and Eastern Europe are in different stages of development andimplementation of personal bankruptcy legislation. Austria has regulations comparable to those inWestern Europe, while the Czech Republic and Poland have recently developed regulationsregarding the bankruptcy of individuals. The solutions identified in countries that have followed asimilar path, namely the abandonment of a centrally planned economy and transition to afunctioning market economy, which consequently led to the problem of individual bankruptcy, canalso be applied selectively in Romania in the next period.
Thornburg, Loralei L.; Glantz, J. Christopher; Caprio, Thomas V.; Gillespie, Suzanne M.
In modern academic medicine, the amount of academic time is decreasing as the workload and commitments are increasing. As physicians take on so many professional obligations that there is no way to meet all of the demands of the ever-expanding responsibilities, the question becomes: Should academic physicians ever consider filing for their own “professional bankruptcy”? Presented here are 10 steps to successful academic bankruptcy for the overextended junior faculty. Although somewhat fanciful, this method allows faculty to take an honest and critical assessment of their personal and professional goals and to align their career with these goals. With a critical eye to the future, this alignment will allow faculty to decrease their workload while maintaining productivity. PMID:21976103
Pompe, P.P.M.; Feelders, A.J.; Feelders, A.J.
Recent literature strongly suggests that machine learning approaches to classification outperform "classical" statistical methods. We make a comparison between the performance of linear discriminant analysis, classification trees, and neural networks in predicting corporate bankruptcy. Linear
indebtedness became a problem for many countries. As a response to this, many jurisdictions have departed from their “merchant-oriented” bankruptcy law to include consumers giving them discharge and fresh start. Germany, United States, United ...
Abdelmajid El hajaji
Full Text Available In this paper, we develop a new numerical method, game theory and option pricing to compute a bankruptcy triggering asset value. we will draw our attention to determining a the numerical asset value, or price of a share, at which a bankruptcy is triggered. This paper develops and analyze a cubic spline collocation method for approximating solutions of the problem. This method converges quadratically. In addition, this article also provides with a real-life case study of the investment bank, and the optimal bankruptcy strategy in this particular case. As we will observe, the bankruptcy trigger computed in this example could have served as a good guide for predicting fall of this investment bank.
Full Text Available Personal bankruptcy is regulated in all the countries from Western Europe. We selected a groupof three countries: France, Ireland and Germany, to analyze the ways in which physical personsare put under bankruptcy law protection, while considering that implementation of the personalbankruptcy law is constantly delayed in Romania. Taking into account some comparative studies,we have found out that in all three countries is applied the principle of “consumer-friendlylegislation”.
Zarezadeh, M.; Madani, K.; Morid, S.
A bankruptcy approach is proposed for resolving trans-boundary rivers conflicts in which the total water demand or claim of the riparian parties is more than the available water. Bankruptcy solution methods can allocate the available water to the conflicting parties with respect to their claims. Four bankruptcy rules are used here to allocate the available water to the riparian parties. Given the non-uniform spatial and temporal distribution of water across river basins, bankruptcy optimization models are proposed to allocate water based on these rules with respect to time sensitivity of water deliveries during the planning horizon. Once allocation solutions are developed, their acceptability and stability must be evaluated. Thus, a new stability index method is developed for evaluating the acceptability of bankruptcy solutions. To show how the bankruptcy framework can be helpful in practice, the suggested methods are applied to a real-world tarns-boundary river system with eight riparians under various hydrologic regimes. Stability analysis based on the proposed stability index method suggests that the acceptability of allocation rules is sensitive to hydrologic conditions and demand values. This finding has an important policy implication suggesting that fixed allocation rules and trans-boundary treaties may not be reliable for securing cooperation over trans-boundary water resources as they are vulnerable to changing socio-economic and climatic conditions as well as hydrologic non-stationarity.
Full Text Available Serbia's courts jurisprudence has divergent attitudes with respect to the dilemma whether a surety contract represents a contract without consideration, which may be avoided once the guarantor is subject to bankruptcy procedure without any additional conditions, or an onerous contract. Whether a surety contract is an onerous one has anyhow been disputed in the legal theory. One school of thought considers this contract as non-onerous one, since vis-a-vis guarantor's obligation no benefit to be expected from the other contractual party (i. e. creditor exists. The other school of thought understands surety (almost always as an onerous contract bearing in mind that the guarantor who enters into this contract does not have intentio liberalis. There are numerous and nuanced views based on analyses of the relation between a guarantor and a debtor focused on the argument that surety is a contract without consideration if intentio liberalis existed vis-a-vis main debtor rather than vis-a-vis creditor. Our legal literature did not pay much attention to that issue until recently. In a rare text dedicated to it the author's basic standpoint is that surety represents a contract without consideration. An exception, depending on the circumstances of the case, could be surety given by a parent company for the obligation of a subsidiary, provided the former reasonably expected a benefit in terms of an increase in the value of shares. Commercial courts followed such reasoning. In this article an opposite stance has been argued. Namely, the onerousness of surety must be assessed based on the relation between the guarantor and the main debtor rather than between the guarantor and the creditor. As a rule, surety is an onerous contract because the guarantor expects to collect from the debtor through subrogation the amount he paid to the creditor; exceptionally, surety may be a non-onerous contract if intentio liberalis existed vis-a-vis main debtor. However, this
Full Text Available For the past 30 years the problem of bankruptcy prediction had been thoroughly studied. From the paper of Altman in 1968 to the recent papers in the '90s, the progress of prediction accuracy was not satisfactory. This paper investigates an alternative modeling of the system (firm, combining neural networks and fuzzy controllers, i.e. using neuro-fuzzy models. Classical modeling is based on mathematical models that describe the behavior of the firm under consideration. The main idea of fuzzy control, on the other hand, is to build a model of a human control expert who is capable of controlling the process without thinking in a mathematical model. This control expert specifies his control action in the form of linguistic rules. These control rules are translated into the framework of fuzzy set theory providing a calculus, which can stimulate the behavior of the control expert and enhance its performance. The accuracy of the model is studied using datasets from previous research papers.
Sieczka, P.; Sornette, D.; Holyst, J. A.
Inspired by the bankruptcy of Lehman Brothers and its consequences on the global financial system, we develop a simple model in which the Lehman default event is quantified as having an almost immediate effect in worsening the credit worthiness of all financial institutions in the economic network. In our stylized description, all properties of a given firm are captured by its effective credit rating, which follows a simple dynamics of co-evolution with the credit ratings of the other firms in our economic network. The dynamics resembles the evolution of Potts spin-glass with external global field corresponding to a panic effect in the economy. The existence of a global phase transition, between paramagnetic and ferromagnetic phases, explains the large susceptibility of the system to negative shocks. We show that bailing out the first few defaulting firms does not solve the problem, but does have the effect of alleviating considerably the global shock, as measured by the fraction of firms that are not defaulting as a consequence. This beneficial effect is the counterpart of the large vulnerability of the system of coupled firms, which are both the direct consequences of the collective self-organized endogenous behaviors of the credit ratings of the firms in our economic network.
Full Text Available Bankruptcy risk made the subject of many research studies that aim at identifying the time of the bankruptcy, the factors that compete to achieve this state, the indicators that best express this orientation (the bankruptcy. The threats to enterprises require the managers knowledge of continually economic and financial situations, and vulnerable areas with development potential. Managers need to identify and properly manage the threats that would prevent achieving the targets. In terms of methods known in the literature of assessment and evaluation of bankruptcy risk they are static, functional, strategic, and scoring nonfinancial models. This article addresses Altman and Conan-Holder-known internationally as the model developed at national level by two teachers from prestigious universities in our country-the Robu-Mironiuc model. Those models are applied to data released by the profit and loss account and balance sheet Turism Covasna company over which bankruptcy risk analysis is performed. The results of the analysis are interpreted while trying to formulate solutions to the economic and financial viability of the entity.
... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Debts that have been discharged in bankruptcy... Suspension or Termination of Collection Action § 213.34 Debts that have been discharged in bankruptcy. USAID generally terminates collection activity on a debt that has been discharged in bankruptcy regardless of the...
... CORPORATION 29 CFR Parts 4001, 4022, and 4044 RIN 1212-AA98 Bankruptcy Filing Date Treated as Plan Termination... contributing sponsor is in bankruptcy, sections 4022 and 4044(a)(3) of ERISA are applied by treating the date the sponsor's bankruptcy petition was filed as the termination date of the plan. Section 4022...
... Internal Revenue Service Open Meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project... meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project Committee will be conducted. The.... (1988) that a meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project Committee will be...
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... Internal Revenue Service Open Meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project... meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project Committee will be conducted. The... Act, 5 U.S.C. App. (1988) that a meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project...
... of Filing of Proposed Settlement Agreement Resolving Bankruptcy Proofs of Claim Relating to the... the United States and others, with the United States Bankruptcy Court for the District of Delaware in... Pittsburgh at 84 Montour Road, Coraopolis, Pennsylvania. Debtors filed bankruptcy petitions on September 27...
... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Bankruptcy, insolvency or death of... AUTHORITIES TITLE I PROPERTY IMPROVEMENT AND MANUFACTURED HOME LOANS Loan Administration § 201.42 Bankruptcy, insolvency or death of borrower. (a) Bankruptcy or insolvency. The lender shall file a proof of claim with...
... Advocacy Panel Bankruptcy Compliance Project Committee AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of meeting. SUMMARY: An open meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance... Act, 5 U.S.C. App. (1988) that a meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project...
... permanent disability, or bankruptcy. 682.510 Section 682.510 Education Regulations of the Offices of the... borrower's death, total and permanent disability, or bankruptcy. (a) The procedures in § 682.402(a)-(d) for determining whether a borrower has died, become totally and permanently disabled, or filed a bankruptcy...
... 39 Postal Service 1 2010-07-01 2010-07-01 false Changes in ownership or control, bankruptcy, or... MANUFACTURE AND DISTRIBUTE POSTAGE EVIDENCING SYSTEMS § 501.4 Changes in ownership or control, bankruptcy, or... condition either through bankruptcy, insolvency, assignment for the benefit of creditors, or other similar...
... UNITED STATES Hearings of the Judicial Conference Advisory Committee on Rules of Bankruptcy Procedure... Bankruptcy Procedure, Judicial Conference of the United States. ACTION: Notice of Cancellation of Open Hearing. SUMMARY: The following public hearing on proposed amendments to the Federal Rules of Bankruptcy...
... in bankruptcy. 766.302 Section 766.302 Agriculture Regulations of the Department of Agriculture... Loan Servicing For Borrowers in Bankruptcy § 766.302 Loan servicing application requirements for borrowers in bankruptcy. (a) Borrower not previously notified. To be considered for loan servicing, the...
... Internal Revenue Service Open Meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project... meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project Committee will be conducted. The.... (1988) that a meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project Committee will be...
... UNITED STATES Meeting of the Judicial Conference Advisory Committee on Rules of Bankruptcy Procedure AGENCY: Judicial Conference of the United States Advisory Committee on Rules of Bankruptcy Procedure. ACTION: Notice of open meeting. SUMMARY: The Advisory Committee on Rules of Bankruptcy Procedure will...
... Internal Revenue Service Open Meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project... meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project Committee will be conducted. The...) that a meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project Committee will be held...
... UNITED STATES Meeting of the Judicial Conference Advisory Committee on Rules of Bankruptcy Procedure AGENCY: Judicial Conference of the United States Advisory Committee on Rules of Bankruptcy Procedure. ACTION: Notice of Open Meeting. SUMMARY: The Advisory Committee on Rules of Bankruptcy Procedure will...
... Internal Revenue Service Open Meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project... meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project Committee will be conducted. The...) that a meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project Committee will be held...
... UNITED STATES Hearings of the Judicial Conference Advisory Committee on Rules of Bankruptcy Procedure... Bankruptcy Procedure, Judicial Conference of the United States. ACTION: Notice of Cancellation of Open Hearing. SUMMARY: The following public hearing on proposed amendments to the Federal Rules of Bankruptcy...
... UNITED STATES Hearings of the Judicial Conference Advisory Committee on Rules of Bankruptcy Procedure... States, Advisory Committee on Rules of Bankruptcy Procedure. ACTION: Notice of Cancellation of Open Hearing. SUMMARY: The following public hearing on proposed amendments to the Federal Rules of Bankruptcy...
... UNITED STATES Meeting of the Judicial Conference Advisory Committee on Rules of Bankruptcy Procedure AGENCY: Judicial Conference of the United States Advisory Committee on Rules of Bankruptcy Procedure. ACTION: Notice of open meeting. SUMMARY: The Advisory Committee on Rules of Bankruptcy Procedure will...
... Internal Revenue Service Open Meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project... meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project Committee will be conducted. The....S.C. App. (1988) that a meeting of the Taxpayer Advocacy Panel Bankruptcy Compliance Project...
... UNITED STATES Hearings of the Judicial Conference Advisory Committees on Rules of Appellate, Bankruptcy... Appellate, Bankruptcy, and Criminal Procedure, and the Federal Rules of Evidence; Judicial Conference of the... on Rules of Appellate, Bankruptcy, and Criminal Procedure, and Rules of Evidence have proposed...
Full Text Available This article is devoted to the issue of forecasting the bankruptcy risk of the enterprises. In the article author compares the effectiveness of multicriteria early warning system with the traditional discriminant analysis model of forecasting the risks of bankruptcy of companies. In the conducted research author has used data on 185 companies listed on the Warsaw Stock Exchange Market. This population of firms was divided into learning and testing setdata. Each company has been analyzed using the absolute values of 14 financial ratios and the dynamics of change of these ratios. Additionally, author has used the macroeconomic variables in developed multicriteria system. The author’s developed models are characterized by high efficiency. These studies are the first attempt to use fuzzy logic to predict the bankruptcy of companies in Poland and one of the first in the world. Obtained results demonstrate the great potential of this method.
Addo, Fenaba R
This study examined the impact of declaring consumer bankruptcy on the physical and mental health of adult women and if outcomes differed depending on whether the filer received automatic debt discharge under Chapter 7 compared to a debt repayment plan with Chapter 13. Sample data consisted of women from the NLSY79 cohort who completed the age 40 and 50 health modules as of the most recent wave. Results indicated a negative effect of bankruptcy on self-assessed health, whereas prior health history explained its negative relationship with depressive symptoms. Debt liquidation under Chapter 7 was associated with poor physical health relative to those who did not file and with depressive symptoms relative to Chapter 13 repayment plan filers. Poor health is an unintended consequence for women who seek financial relief through bankruptcy.
Full Text Available The current study evaluates the potential of the solvency ratio in predicting corporate bankruptcy. The research is focused on Romania and, in particular, on Timis County. The interest for the solvency ratio was based on the recommendations of the scientific literature, as well as on the availability of information concerning its values to all stakeholders. The event on which the research was focused was represented by the manifestation of bankruptcy 2 years after the date of the financial statements of reference. All tests were performed over 2 paired samples of 1176 companies in total. The methodology employed in evaluating the potential of the solvency ratio was based on the Area Under the ROC Curve (0.646 and the general accuracy ensured by the ratio (64.5% out-of-sample accuracy. The results confirm the practical utility of the solvency ratio in the prediction of bankruptcy.
Telipenko, E.; Zakharova, A.; Sopova, Svetlana
The paper presents an overview of well-known bankruptcy risk forecasting models, elaborated as by Russian so by foreign authors, on the basis of the data about financial and business activities of the biggest machine-building Russian plants. The authors substantiate and confirm appropriateness of a fuzzy set model to the problem of bankruptcy risk forecasting. This model is worked out on the basis of 10 most important factors, which have the greatest influence on sales proceeds as the main financial source for a production plant.
von Schedvin, E.L.
This thesis consists of four chapters that empirical explore issues related to bank credit supply, corporate bankruptcy risk, and firms’ leverage decisions. The first chapter explores the role of contractual externalities in loan contracts. The second chapter evaluates the extent trade credit chains
Full Text Available The article focuses on assessing the effectiveness of a non-statistical approach to bankruptcy modelling in enterprises operating in the logistics sector. In order to describe the issue more comprehensively, the aforementioned prediction of the possible negative results of business operations was carried out for companies functioning in the Polish region of Podkarpacie, and in Slovakia. The bankruptcy predictors selected for the assessment of companies operating in the logistics sector included 28 financial indicators characterizing these enterprises in terms of their financial standing and management effectiveness. The purpose of the study was to identify factors (models describing the bankruptcy risk in enterprises in the context of their forecasting effectiveness in a one-year and two-year time horizon. In order to assess their practical applicability the models were carefully analysed and validated. The usefulness of the models was assessed in terms of their classification properties, and the capacity to accurately identify enterprises at risk of bankruptcy and healthy companies as well as proper calibration of the models to the data from training sample sets.
Full Text Available In today’s unstable political and economic situation in the country is increasing the threat of losing financial capacity for domestic enterprises, which may subsequently lead to bankruptcy, whose effectiveness as a means of restoring solvency and getting rid of debt depends on the procedures performed in the course of its realization. In connection with this, the author of the article research essence, peculiarities and consequences of bankruptcy procedures in comparative aspect. As a result, of the characteristics of judicial bankruptcy proceedings, found that the application of appropriate procedures, readjustment, liquidation or settlement agreement may have both positive and negative consequences for the debtor company and could restore the solvency of the company and its business continuation or termination of its existence through liquidation. It is inappropriate to determine the effects of the procedure only disposition of property, which is a kind of phase transition to the next procedure and has no concrete results for the debtor. Having reviewed the features of pretrial bankruptcy pretrial readjustment was defined its main advantages in comparison with judicial readjustment to ensure its higher effectiveness, efficiency and profitability effects for the company and for the creditors. Results of the study indicate that the introduction judicial and pre-trial procedures is a complicated and important process which requires further research and settlement of uncertain in legislation
Knot, Ondřej; Vychodil, Ondřej
-, 3/2006 (2006), s. 1-29 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : bankruptcy * liquidation * ex- post efficiency Subject RIV: AH - Economics http://ies.fsv.cuni.cz/index.php?module=publication&action=publication&id_publication=1878&lng=en_GB
Dr Tanya du Plessis
also if a creditor has filed for bankruptcy, his role in the appointment process is quite negligible. In the absence of the debtor against whom the petition is filed by a creditor, the court is sometimes inclined to ask the creditor for information. 6 With the risk that the appointment of the trustee is not an impartial process, ...
In this contribution the topic of integrity of the bankruptcy trustee is being dealt with from a Dutch perspective, more specifically from the point of view of the creditors and their (lack of) influence on the appointment of the trustee. In this respect various questions are addressed: what does integrity or righteousness mean in the ...
Landry, Robert J., III
A great deal of research by legal studies scholars pertains to employment law, international law, and corporate governance, as well as other fields including ethics and international law. The fields typically addressed are very important and rightfully receive considerable attention in the scholarship and textbooks. However, bankruptcy as a…
Régis BLAZY; Aziza LETAIEF
Bankruptcy is an essential screening mechanism for developing economies. This paper focuses on the way bankruptcy is managed in Tunisia, a country characterized by the importance of its banking sector. We hand collected data on a set of Tunisian firms that went bankrupt between 1995-2009. We gathered original and unique information on the firms’ characteristics, the causes of default, the values of assets, the structure of claims, the recovery rates, and the bankruptcy costs. We use this info...
Daraban, Bogdan; Thies, Clifford F
Using newly-constructed estimates of state revenue or its equivalent from casino-type and lottery gambling and panel data set regression techniques, a small but statistically significant bankruptcy effect is found. Assuming a linear relationship between gambling and the rate of personal bankruptcies, casino-type gambling increases bankruptcies by about 2%. Lottery gambling, while less potent per dollar of revenue generated, has about the same total effect.
LAURA GIURCA VASILESCU
Full Text Available Many factors (internal and external can make a business vulnerable. In the context of the international financial crisis, the firms, and especially the small and mediume enterprises (SMEs have to face new challenges. Smaller businesses are particularly prone to financial difficulties as they often lack resources to adapt to the changing market conditions. Very often the business distress or even business failure is not yet sufficiently understood as a normal economic development and an opportunity for a new start. In order to take the full potential of business in Europe, should be created the background that genuinely talented entrepreneurs have every opportunity to get another second chance. The European Commission lays out proposals to actively help businesses at financial risk and prevent bankruptcy. In the same time, the national insolvency systems should provide more options for restructuring and rescue. Thus, EU supports simpler and faster procedures for bankruptcy and encourages giving a second chance to honest entrepreneurs who have failed.
Coelho, Luís; Peixinho, Rúben
Finance literature suggests that financial analysts are sophisticated agents that act as facilitators of market efficiency by releasing relevant information to the market. This paper uses a sample of four major US bankruptcies to explore if analysts are able to disclose information to the market that provides investors with material information for their investment decisions. In particular, we use a qualitative approach to analyse analysts’ reports in order to verify if these agents are ab...
Shrime, Mark G; Weinstein, Milton C; Hammitt, James K; Cohen, Jessica L; Salomon, Joshua A
Although nearly two-third of bankruptcy in the United States is medical in origin, a common assumption is that individuals facing a potentially lethal disease opt for cure at any cost. This assumption has never been tested, and knowledge of how the American population values a trade-off between cure and bankruptcy is unknown. To determine the relative importance among the general American population of improved health versus improved financial risk protection, and to determine the impact of demographics on these preferences. A discrete-choice experiment was performed with 2359 members of the US population. Respondents were asked to value treatments with varying chances of cure and bankruptcy in the presence of a lethal disease. Latent class analysis with concomitant variables was performed, weighted for national representativeness. Sensitivity analyses were undertaken to test the robustness of the results. It was found that 31.3% of the American population values cure at all costs. Nevertheless, for 8.5% of the US population, financial solvency dominates concerns for health in medical decision making. Individuals who value cure at all costs are more likely to have had experience with serious disease and to be women. No demographic characteristics significantly predicted individuals who value solvency over cure. Although the average American values cure more than financial solvency, a cure-at-all-costs rubric describes the preferences of a minority of the population, and 1 in 12 value financial protection over any chances of cure. This study provides empirical evidence for how the US population values a trade-off between avoiding adverse health outcomes and facing bankruptcy. These findings bring to the fore the decision making that individuals face in balancing the acute financial burden of health care access. Copyright © 2018 International Society for Pharmacoeconomics and Outcomes Research (ISPOR). Published by Elsevier Inc. All rights reserved.
Relyea-Chew, Annemarie; Hollingworth, William; Chan, Leighton; Comstock, Bryan A; Overstreet, Karen A; Jarvik, Jeffrey G
To estimate the prevalence of medical debt among traumatic brain injury (TBI) and spinal cord injury (SCI) patients who discharged their debts through bankruptcy. A cross-sectional comparison of bankruptcy filings of injured versus randomly selected bankruptcy petitioners. Patients hospitalized with SCI or TBI (1996-2002) and personal bankruptcy petitioners (2001-2004) in western Washington State. Subjects (N=186) who filed for bankruptcy, comprised of 93 patients with previous SCI or TBI and 93 randomly selected bankruptcy petitioners. Not applicable. Medical and nonmedical debt, assets, income, expenses, and employment recorded in the bankruptcy petition. Five percent of randomly selected petitioners and 26% of petitioners with TBI or SCI had substantial medical debt (debt that accounted for more than 20% of all unsecured debts). SCI and TBI petitioners had fewer assets and were more likely to be receiving government income assistance at the time of bankruptcy than controls. SCI and TBI patients with a higher blood alcohol content at injury were more likely to have substantial medical debts (odds ratio=2.70; 95% confidence interval, 1.04-7.00). Medical debt plays an important role in some bankruptcies after TBI or SCI. We discuss policy options for reducing financial distress after serious injury.
Himmelstein, David U; Thorne, Deborah; Warren, Elizabeth; Woolhandler, Steffie
Our 2001 study in 5 states found that medical problems contributed to at least 46.2% of all bankruptcies. Since then, health costs and the numbers of un- and underinsured have increased, and bankruptcy laws have tightened. We surveyed a random national sample of 2314 bankruptcy filers in 2007, abstracted their court records, and interviewed 1032 of them. We designated bankruptcies as "medical" based on debtors' stated reasons for filing, income loss due to illness, and the magnitude of their medical debts. Using a conservative definition, 62.1% of all bankruptcies in 2007 were medical; 92% of these medical debtors had medical debts over $5000, or 10% of pretax family income. The rest met criteria for medical bankruptcy because they had lost significant income due to illness or mortgaged a home to pay medical bills. Most medical debtors were well educated, owned homes, and had middle-class occupations. Three quarters had health insurance. Using identical definitions in 2001 and 2007, the share of bankruptcies attributable to medical problems rose by 49.6%. In logistic regression analysis controlling for demographic factors, the odds that a bankruptcy had a medical cause was 2.38-fold higher in 2007 than in 2001. Illness and medical bills contribute to a large and increasing share of US bankruptcies.
Mihaela Narcisa Stoicu
Full Text Available Bankruptcy is a legal concept that emerged and developed in the business environment, along with other concepts such as: insolvency, debtor, creditor, etc. Simple bankruptcy or bankruptcy fraud do not have a legal definition, but their analysis cannot be made without considering the legal norms governing the procedure of insolvency. The legal regime applicable to insolvent debtors is of general interest, due to the economic and financial effects manifested upon the business environment, with direct influences on the national economy. The insolvency procedure is regulated by Law 85/2006 and aims to establish a collective procedure for covering the liabilities of insolvent debtors. Insolvency is the state of the debtor's assets that is characterized by lack of available funds for the payment of certain, liquid and exigible debt. Therefore, non-payment of debt on maturity must be the effect of the debtor’s incapacity to pay the debt with the available sums of money, incapacity which must be caused by an external and objective situation, namely the cessation of payments.
Full Text Available The frequent cases of corporate failures within the financial sector necessitates the need to employ models to predict forehand the financial distressed or bankruptcy state of the financial sector. This study aims at predicting financial distress and bankruptcy on selected listed banks on the stock exchange of a developing West African country, Ghana. Data used for the study spanned from 2008 to 2014. The Altman Z-Score and Boone Indicator were the main means of analysis. The study concluded that poor corporate governance contributes to financial distress and that smaller board size negatively affects corporate performance. The study also concludes that, in a high competitive industry, firms become more efficient and their performance enhanced and thus less likely to be financially distressed. Merging the listed banks indicates financial stability of listed banks albeit one distressed bank. Adoption of best corporate governance standards, enhancing competition through effective corporate strategies and the Central Bank ensuring that banks have enough deposit insurance funds in stock to mitigate the effect of bankruptcy are some of the policy suggestions from the study.
Full Text Available Considering the fundamental role of small and medium enterprises in Romanian economy, this paper aims to quantify the level of their bankruptcy risk for 2009 and 2012 period, after debuting of financial crisis. The main reason of selecting this type of companies is that they represent the backbone of national economy. They have an indispensable role, because they offer jobs for great part of population and their contribution for GDP stimulation is considerable. In this paper it was applied two default risk models, namely the well known Altman’s Z-score model, based on five financial ratios and a bankruptcy predictor model developed by Teti et. al (2012 used firstly exclusively for Italian small and medium-sized enterprise for 2006-2009 period. The model proposed by Teti et. is based on the investigation of financially distressed and financially non-distressed Italian small and medium-sized enterprises during the financial crisis by using a discriminant analysis model. They conclude that there are four financial ratios, which characterized well the small and medium-sized enterprises bankruptcy risk. These variables are financial ratios, like: Debt/Total Assets, Return on Sales (ROS, EBIT/Interest Expenses and Working capital/EBIDTA. They consider that small and medium-sized enterprises require a particular approach in terms of bankruptcy risk analysis. In present study I try to compare the efficiency of traditional bankruptcy risk model with a small and medium-sized specific model. The necessary database for present analysis is ensured by simplified financial reports of 120 small and medium-sized enterprises registered in Bihor County. The selected enterprises are operating in manufacturing industry (21,67% and trading (78,33%. Present investigation has an important value in actual economic background, where the healthiness and sustainability of small and medium-sized enterprises is a great issue. The results of study shows contradictory
... 40 Protection of Environment 26 2010-07-01 2010-07-01 false Bankruptcy or other incapacity of... Bankruptcy or other incapacity of owner or operator or provider of financial assurance. (a) Within 10 days after commencement of a voluntary or involuntary proceeding under Title 11 (Bankruptcy), U.S. Code...
... Program obligation be discharged in bankruptcy? 62.29 Section 62.29 Public Health PUBLIC HEALTH SERVICE... what circumstances can the Loan Repayment Program obligation be discharged in bankruptcy? Any payment obligation incurred under § 62.27 of this subpart may be released by a discharge in bankruptcy under title 11...
... Regulation; Information Collection; Bankruptcy (FAR subpart 42.9; 52.242-13) AGENCY: Department of Defense... approved information collection requirement concerning Bankruptcy. Public comments are particularly invited... statute, contractors may enter into bankruptcy which may have a significant impact on the contractor's...
... in bankruptcy? 68c.14 Section 68c.14 Public Health PUBLIC HEALTH SERVICE, DEPARTMENT OF HEALTH AND... obligation be discharged in bankruptcy? Any payment obligation incurred under § 68c.12 may be discharged in bankruptcy under Title 11 of the United States Code only if such discharge is granted after the expiration of...
... in bankruptcy? 68a.14 Section 68a.14 Public Health PUBLIC HEALTH SERVICE, DEPARTMENT OF HEALTH AND...-LRP payment obligation be discharged in bankruptcy? Any payment obligation incurred under § 68a.12 may be discharged in bankruptcy under Title 11 of the United States Code only if such discharge is...
... disclose information in a receivership or bankruptcy proceeding. 140.76 Section 140.76 Commodity and... COMMISSION Functions § 140.76 Delegation of authority to disclose information in a receivership or bankruptcy... receiver appointed in a judicial proceeding brought under the Act, or in any bankruptcy proceeding in which...
... Regulation; Submission for OMB Review; Bankruptcy (FAR Subpart 42.9; 52.242-13) AGENCY: Department of Defense... approved information collection requirement concerning Bankruptcy. A notice was published in the Federal...-0108, Bankruptcy, in all correspondence. FOR FURTHER INFORMATION CONTACT: Curtis E. Glover, Sr...
... UNITED STATES Hearings of the Judicial Conference Advisory Committees on Rules of Bankruptcy and Civil Procedure AGENCY: Advisory Committees on Rules of Bankruptcy and Civil Procedure, Judicial Conference of the... on Rules of Bankruptcy and Civil Procedure have proposed amendments to the following rules and forms...
... UNITED STATES Revision of Certain Dollar Amounts in the Bankruptcy Code Prescribed Under Section 104(A...: Francis F. Szczebak, Chief, Bankruptcy Judges Division, Administrative Office of the United States Courts, Washington, DC 20544, telephone (202) 502-1900 or by e-mail at Bankruptcy[email protected
... From the Federal Register Online via the Government Publishing Office JUDICIAL CONFERENCE OF THE UNITED STATES Meeting of the Judicial Conference Advisory Committee on Rules of Bankruptcy Procedure... Committee on Rules of Bankruptcy Procedure will hold a two-day meeting. The meeting will be open to public...
Provisions of the U.S. Bankruptcy Code that affect the right of colleges to withhold transcripts as a means of collecting student debts are considered. Automatic stay provisions state that the filing of a petition for bankruptcy relief prohibits actions to collect obligations of the debtor. The discharge injunction provides that once a discharge…
Kidger, Judi; Gunnell, David; Jarvik, Jeffrey G.; Overstreet, Karen A.; Hollingworth, William
The associations between admissions to an emergency department following attempted suicide and personal bankruptcy in the preceding and subsequent 2 years were evaluated. Records from a level 1 trauma center (June 1993-December 2002) in Seattle, WA, were linked with case files from the local U.S. District Bankruptcy Court (June 1991 onward).…
Full Text Available The path of international accounting convergence is, unanimously accepted by all decision makers of the international financial reporting environment, as being the best solution towards reducing differences in international accounting. The idea of core standards is embraced by our country, too, the proof being the last legislative changes in Romanian accounting framework. This study aims to highlight a small part of the economic consequences of the decision to extend the mandatory use of IFRS standards to the statutory financial statements, also. More exactly we will underline the changes registered at the level of bankruptcy risk measureson a samples of companies listed on BSE.
Madani, K.; Zarezadeh, M.; Morid, S.
A novel bankruptcy approach is proposed for resolving transboundary river conflicts in which the total water demand or claim of the riparian parties is more than the available water. Bankruptcy solution methods can allocate the available water to the conflicting parties with respect to their claims. Four commonly used bankruptcy methods in the economic literature are used here to develop new river bankruptcy solution methods for allocating water to the riparian parties of river systems. Given the non-uniform spatial and temporal distribution of water across river basins, the proposed solution methods are formulated as non-linear network flow optimization models to allocate water with respect to time sensitivity of water deliveries at different locations in a river network during the planning horizon. Once allocation optimization solutions are developed, their acceptability and stability must be evaluated. Thus, a new bankruptcy allocation stability index (BASI) is developed for evaluating the acceptability of river bankruptcy solutions. To show how the proposed river bankruptcy framework can be helpful in practice, the suggested methods are applied to a real-world transboundary river system with eight riparians under various hydrologic regimes. Stability analysis based on the proposed stability evaluation method suggests that the acceptability of allocation rules is sensitive to hydrologic conditions and demand values. This finding has an important policy implication suggesting that fixed allocation rules and treaties may not be reliable for securing cooperation over transboundary water resources as they are vulnerable to changing socioeconomic and climatic conditions as well as hydrologic non-stationarity.
Full Text Available (Discrete bankruptcy problems associated with apportionment problems have been defined. The authors studied which allocations for apportionment problems have been obtained when (discrete bankruptcy rules were applied to the associated bankruptcy problems. They have shown that the (discrete constrained equal losses rule coincides with the greatest remainder method for apportionment problems. Furthermore, new properties related to governability have been proposed for apportionment methods. Finally, several apportionment methods satisfying governability properties have been applied to the case of the Spanish Elections in 2015. (original abstract
Ruslan Valentinovich Druzin
Full Text Available Analysis of the most common foreign methods showed that they were designed to analyze enterprises in the sustainable economic development with low-shadowing of the economy. The most appropriate retrospective analysis results were obtained using Springate model, Lis ratio and Beaver ratio. Domestic methods analysis allows us to conclude that they make it difficult to account criterion of insolvency using a number of factors. Ukrainian researchers, as well as foreigners, use indexes for bankruptcy prediction that are based on convolution values of different insolvency signs. However, we believe that usage of a single indicator as a result doesn’t allow us to make an insolvency diagnosis. The reason is high probability of an erroneous calculation because of the unreliability of the data used. Also, one of domestic methods problems is their orientation to the official statistics that increases the error due to significant domestic shadowing economy.
Securities and Exchange Commission — This file contains all of the bankruptcy cases for public companies opened and monitored in the fiscal year 2009. The data includes the District Court, the state,...
Hayes, Thomas J
This paper tests the degree to which PAC contributions can influence voting outcomes on legislation that disproportionately influences the poor. Using passage of the Bankruptcy Abuse and Consumer Protection Act of 2005 in the House of Representatives, the results show an association between PAC campaign contributions from the financial industry and support for final passage of bankruptcy reform. The findings suggest that one source of underrepresentation of the poor may be donations made by interest groups during campaigns. Published by Elsevier Inc.
Wilson, Robert L
Bankruptcy is a crisis that generates severe stress and anxiety, resulting in maladaptive behavior and inappropriate decision-making at both individual and organizational levels. There is limited research or guidance for management to address the consequences of bankruptcy on an organization's human capital. This study examined the human capital management principle of organizational resilience that was employed by a company that successfully reorganized and emerged from bankruptcy. This study translated seven principles of organizational resilience proposed by Mallak to operationalize a conceptual model of organizational resilience for companies operating in bankruptcy. The model is evaluated using a qualitative research approach comprised of an original case study of Integrated Electrical Services, Inc. The results of the research points to the importance of de-centralized operational decision making, expanding communication channels, ensuring adequate external resources, and engaging external stakeholders in the management of an organization seeking to successfully operate and ultimately emerge from bankruptcy. The research identified the central importance of expanding decision making boundaries in the resilience of organizations and their ability to adapt when under adverse conditions such as bankruptcy. The implications support an organization developing a human resource strategy to develop organizational resilience.
Savu, Anamaria; Schopflocher, Donald; Scholnick, Barry; Kaul, Padma
We examined the association between personal bankruptcy filing and acute myocardial infarction (AMI) rates in Canada. Between 2002 and 2009, aggregate and yearly bankruptcy and AMI rates were estimated for 1,155 forward sortation areas of Canada. Scatter plot and correlations were used to assess the association of the aggregate rates. Cross-lagged structural equation models were used to explore the longitudinal relationship between bankruptcy and AMI after adjustment for socio-economic factors. A cross-lagged structural equation model estimated that on average, an increase of 100 in bankruptcy filing count is associated with an increase of 1.5 (p = 0.02) in AMI count in the following year, and an increase of 100 in AMI count is associated with an increase of 7 (p bankruptcy filing count. We found that regions with higher rates of AMI corresponded to those with higher levels of economic and financial stress, as indicated by personal bankruptcy rate, and vice-versa.
Full Text Available The inactivity of banks may be the result of a number of events, such as merger & acquisition (M&A, liquidation, default-bankruptcy, etc. All these phenomena of inactivity contribute to the same result, the reform of the European banking sector and they may have the same causes. The paper will address the issue of inactivity and will try to detect its causes using econometric models. Six groups of indicators are examined: performance, size, ownership, corporate governance, capital adequacy or capital structure and loan growth. Three econometric methods (Probit, Logit, OLS have been used to create a system that predicts inactivity. The results of the econometric models show that from the six groups of indicators, four have been found to be statistically important (performance, size, ownership, corporate governance. Two have a negative impact (ownership, corporate governance on the probability of inactivity and two positive (performance, size. The paper’s value and innovation is that it has given a systemic approach to find indicators of inactivity and it has excluded two groups of indicators as non-statistically important (capital adequacy or capital structure and growth.
Full Text Available The analysis of the development of the phenomenon in Romania has the role to highlight the trend that has been followed by the number of organisational entities that have been affected by the insolvency phenomenon in Romania, the distribution by counties and regions of the number of insolvency cases as well as the activity sectors that have been most affected by this phenomenon. At the same time, in order to provide an overall picture regarding the size of the insolvency phenomenon in Romania, organisational entities with extremely high turnovers have been given as examples, (legal entities entities which, since 2008 up to the present moment, have been crossing one of the stages of the insolvency procedure. Some of them have been applied the simplified insolvency procedure, since they didn’t have the possibility to reorganise, and others, fewer in number, have used insolvency as a „rescue boat”, following the general insolvency procedure and entering a reorganisation process, in the attempt to avoid bankruptcy.
Full Text Available Bankruptcy risk and made the subject of many research studies that aim to identify the time of the bankruptcy, the factors that compete to achieve this state, and the indicators that best expresses this orientation (the bankruptcy. The threats to enterprises require knowledge managers continually economic and financial situations, and vulnerable areas with development potential. Managers need to identify and properly manage the threats that would prevent achieving the targets. In terms of methods known in the literature of assessment and evaluation of bankruptcy risk they are static, functional, strategic and non-scoring. Analysis by scoring methods is usually carried out by banks in the analysis of creditworthiness, when a company asks for a bank loan. Each bank has its own analysis, including a feature-score calculated internally based on indicators defined in its credit manual. To have a national comparability, however, a scoring system should be based on more data in the situation of "public data" or available to all stakeholders. In this article, in order to achieve bankruptcy risk prediction model is used Robu-Mironiuc on the passage benchmarking 2009-2013. The source of information is the profit and loss account and balance sheet of the two companies listed on the Bucharest Stock Exchange (Turism Covasna and Dorna Turism companies. The results of the analysis are interpreted while trying to formulate solutions to the economic and financial viability of the entity.
Full Text Available Our main research topic is the analysis of leading companies in the Hungarian meat processing industry in terms of liquidity criteria. We examine this scientific subject by application of financial indicators and several important bankruptcy forecasting models. In our thesis the emphasis is placed on the presentation and evaluation of business failure models. The topicality of the research subject is rooted in the economic crisis and recession, which made solvency a key issue. Maintaining the competitive position in the market and the ability to stay in competition depend on the capability to generate an appropriate level of net operative cash flow. The most important research questions are the following. Which financial methods can be used to predict and estimate the situation when a company is facing bankruptcy? Do bankruptcy forecasting models provide accurate forecasts and what conclusions can be drawn based on these results? In our study we present the actual economic situation and the main problems of the sector, select the sample companies, calculate and compare the applied financial ratios and the most relevant bankruptcy forecasting models. On the basis of annual reports concerning 2010-2013 interval we investigate the financial position of leading pork processing companies. We make a comprehensive and comparative analysis concerning capital structure, liquidity, and profitability; consequently identify risky processes and companies having high probability of insolvency. Finally, we demonstrate and evaluate the results of three traditional bankruptcy forecasting models (Altman, Springate, and Fulmer and four modern models (DA, LR, industrial DA and industrial LR.
Kliestik, Tomas; Misankova, Maria; Valaskova, Katarina; Svabova, Lucia
Every corporation has an economic and moral responsibility to its stockholders to perform well financially. However, the number of bankruptcies in Slovakia has been growing for several years without an apparent macroeconomic cause. To prevent a rapid denigration and to prevent the outflow of foreign capital, various efforts are being zealously implemented. Robust analysis using conventional bankruptcy prediction tools revealed that the existing models are adaptable to local conditions, particularly local legislation. Furthermore, it was confirmed that most of these outdated tools have sufficient capability to warn of impending financial problems several years in advance. A novel bankruptcy prediction tool that outperforms the conventional models was developed. However, it is increasingly challenging to predict bankruptcy risk as corporations have become more global and more complex and as they have developed sophisticated schemes to hide their actual situations under the guise of "optimization" for tax authorities. Nevertheless, scepticism remains because economic engineers have established bankruptcy as a strategy to limit the liability resulting from court-imposed penalties.
..., estate, and gift taxes in bankruptcy and receivership proceedings. 301.6871(a)-1 Section 301.6871(a)-1... ADMINISTRATION PROCEDURE AND ADMINISTRATION Jeopardy, Bankruptcy, and Receiverships Jeopardy § 301.6871(a)-1 Immediate assessment of claims for income, estate, and gift taxes in bankruptcy and receivership proceedings...
... proceedings under the Bankruptcy Act and receivership proceedings; claim filed despite pendency of Tax Court... TREASURY (CONTINUED) PROCEDURE AND ADMINISTRATION PROCEDURE AND ADMINISTRATION Jeopardy, Bankruptcy, and... Bankruptcy Act and receivership proceedings; claim filed despite pendency of Tax Court proceedings. (a) If it...
... 362 or 524 of the Bankruptcy Code. 301.7433-2 Section 301.7433-2 Internal Revenue INTERNAL REVENUE... section 362 or 524 of the Bankruptcy Code. (a) In general. (1) If, in connection with the collection of a... may file a petition for damages against the United States in Federal bankruptcy court. The taxpayer...
Érika Santiago Silva
Full Text Available The 11.101/05 Law, when dealing with the bankruptcy of commercial companies, as basic postulates invokes the principles of universality and indivisibility of the bankruptcy court, beyond the principle of par conditio creditorum. However, the Labour Court, disregarding the purpose of the Bankruptcy Law, and in flagrant violation of the mentioned principles, insists on proceeding with the executions of the labor processes proposed against the bankrupt company, surpassing the limits of their competence, thus so completely arbitrary, piercing the corporate veil in order to reach the personal patrimony of the shareholders of the company. This practice may prejudice the bankruptcy, since, if ascertained the liability of bankrupt partners, they will no longer have patrimony to be raised by the bankruptcy, because all of its property have been realized in favor only of labor creditors, thus offending the equality that all the creditors must be treated.
Zhou, Ligang; Keung Lai, Kin; Yen, Jerome
Due to the economic significance of bankruptcy prediction of companies for financial institutions, investors and governments, many quantitative methods have been used to develop effective prediction models. Support vector machine (SVM), a powerful classification method, has been used for this task; however, the performance of SVM is sensitive to model form, parameter setting and features selection. In this study, a new approach based on direct search and features ranking technology is proposed to optimise features selection and parameter setting for 1-norm and least-squares SVM models for bankruptcy prediction. This approach is also compared to the SVM models with parameter optimisation and features selection by the popular genetic algorithm technique. The experimental results on a data set with 2010 instances show that the proposed models are good alternatives for bankruptcy prediction.
Rhesa Theodorus Hanani
Full Text Available The purpose of this thesis is to understand the effects of corporate governance mechanisms on the potential for bankruptcy. This study is done by utilizing the linear regression fixed effect vector decomposition model on 30 listed firms from the consumer goods sector of Indonesia Stock Exchange during the 2010-2012 periods. The results of the study indicate that: the board of commissioners’ independence and size of the commissioners’ board pose a significant positive effect on the potential for bankruptcy; the presence of an audit committee and the presence of a nomination and remuneration committee pose a significant negative effect and institutional ownership and managerial ownership do not significantly affect the potential for bankruptcy.
Atiya, A F
The prediction of corporate bankruptcies is an important and widely studied topic since it can have significant impact on bank lending decisions and profitability. This work presents two contributions. First we review the topic of bankruptcy prediction, with emphasis on neural-network (NN) models. Second, we develop an NN bankruptcy prediction model. Inspired by one of the traditional credit risk models developed by Merton (1974), we propose novel indicators for the NN system. We show that the use of these indicators in addition to traditional financial ratio indicators provides a significant improvement in the (out-of-sample) prediction accuracy (from 81.46% to 85.5% for a three-year-ahead forecast).
The preliminary sample for the analysis is framed on the basis of three criteria: amount of the subscribed capital, sales revenues and product structure. Those companies are regarded as competitors that have subscribed capitals in excess of HUF 250 million, consistently high levels of sales revenues and diversified product structures. The preliminary sample consists of 7 companies. In 2012, their total sales revenues were as high as about 50% of the overall amount of sales revenues in the sector. Three of the 7 companies are possessed by foreign owners in full or part, whereas 4 of them belong to Hungarian owners. In 2012, Hungarian-owned companies covered more than one-third of the combined sales revenues of the 7 leading companies. Hence, the competitive positions of these 4 companies based on their financial positions are examined. These calculations have relied on the annual reports for the period of 2008–2012 (balance sheets, income statements, cash flow statements. The research has implemented a comprehensive and comparative financial analysis. The main question is what the key financial characteristics of the Hungarian-owned companies are. Financial indicators are calculated and their time-series analysis is accomplished to describe the sample companies’ capital structures, liquidity and profitability. Using comparative analysis of the applied financial ratios the study determines (1 which company has the most advantageous financial conditions for the successful operation; (2 which companies have disadvantageous financial situation; and (3 which companies are in potential financial distress situation. Potential bankruptcy positions are examined by the applications of Altman and Springate models.
Ştefan Daniel ARMEANU
Full Text Available Diversification of methods and techniques for quantification and management of risk has led to the development of many mathematical models, a large part of which focused on measuring bankruptcy risk for businesses. In financial analysis there are many indicators which can be used to assess the risk of bankruptcy of enterprises but to make an assessment it is needed to reduce the number of indicators and this can be achieved through principal component, cluster and discriminant analyses techniques. In this context, the article aims to build a scoring function used to identify bankrupt companies, using a sample of companies listed on Bucharest Stock Exchange.
This research has successfully attained the following results: (1 type I error is in fact 59,83 times more costly compared to type II error, (2 22 ratios distinguish between bankrupt and non-bankrupt groups, (3 2 financial ratios proved to be effective in predicting bankruptcy, (4 prediction using ZETAc optimal cut-off score predicts more companies filing for bankruptcy within one year compared to prediction using Hair et al. optimum cutting score, (5 Although prediction using Hair et al. optimum cutting score is more accurate, prediction using ZETAc optimal cut-off score proved to be able to minimize cost incurred from classification errors.
Following the default of one of its major journal subscription agents, AGU has committed itself to providing campus-wide electronic access for 2003 to libraries whose journal orders are affected by the bankruptcy. The company, RoweCom Inc. of Westwood, Massachusetts, filed for Chapter 11 protection on 27 January 2003.RoweCom folded in December with nearly $80 million in unfulfilled orders which were destined to thousands of publishers. Subscription agents consolidate orders from libraries and transmit payments to publishers for journal subscriptions. The bankruptcy could cost AGU up to $700,000 in lost revenue in 2003, approximately 7% of AGU's gross institutional subscriptions.
Full Text Available Purpose: The purpose of this article is to present the findings of the author’s own studies on the influence of owner-occupied property valuation by historical cost on fixed assets value of entities at risk of bankruptcy. Methodology: As part of the implementation of the study, objective desk research was carried out. Empirical research was carried out on a group of 100 companies on which the courts had declared bankruptcy. The study sample constituted 14% of all bankruptcy cases in 2011 and was a significant representation of the national phenomenon. Findings: The findings indicated that historical cost values of owner-occupied properties in most cases are significantly lower that estimated fair value when business activities continuation is threatened. The historical cost valuation also does not provide useful information about the market value of property, plant and equipment of entities at risk of bankruptcy that do not possess real estate. Research limitations/implications: Information about market value of fixed assets of entities at risk of bankruptcy is essential in making the decision to begin bankruptcy roceedings and estimating the ability to repay debts to creditors. Originality/value: The results are a part of the author’s own study concerning assets valuation when business activities continuation is threatened. The results emphasize the role of fair value estimation of property, plant and equipment when an entity is at risk of bankruptcy.
Ramsey, Scott; Blough, David; Kirchhoff, Anne; Kreizenbeck, Karma; Fedorenko, Catherine; Snell, Kyle; Newcomb, Polly; Hollingworth, William; Overstreet, Karen
Much has been written about the relationship between high medical expenses and the likelihood of filing for bankruptcy, but the relationship between receiving a cancer diagnosis and filing for bankruptcy is less well understood. We estimated the incidence and relative risk of bankruptcy for people age twenty-one or older diagnosed with cancer compared to people the same age without cancer by conducting a retrospective cohort analysis that used a variety of medical, personal, legal, and bankruptcy sources covering the Western District of Washington State in US Bankruptcy Court for the period 1995-2009. We found that cancer patients were 2.65 times more likely to go bankrupt than people without cancer. Younger cancer patients had 2-5 times higher rates of bankruptcy than cancer patients age sixty-five or older, which indicates that Medicare and Social Security may mitigate bankruptcy risk for the older group. The findings suggest that employers and governments may have a policy role to play in creating programs and incentives that could help people cover expenses in the first year following a cancer diagnosis.
Ramsey, Scott D.; Blough, David K.; Kirchhoff, Anne C.; Fedorenko, Catherine R.; Snell, Kyle S.; Kreizenbeck, Karma L.; Newcomb, Polly; Hollingworth, William; Overstreet, Karen A.
Much has been written about the relationship between a person’s high medical expenses and his or her likelihood of filing for bankruptcy, but the relationship between receiving a cancer diagnosis and filing for bankruptcy is less well understood. We estimated the incidence and relative risk of bankruptcy for people age twenty-one or older diagnosed with cancer compared to people the same age without cancer by conducting a retrospective cohort analysis that used a variety of medical, personal, legal, and bankruptcy sources covering the Western District of Washington State in US Bankruptcy Court for the period 1995–2009. We found that cancer patients were 2.65 times more likely to go bankrupt than people without cancer. Younger cancer patients had 2–5 times higher rates of bankruptcy compared to cancer patients age sixty-five or older, indicating that Medicare insurance and Social Security may mitigate bankruptcy risk for the older group. The findings suggest that employers and governments may have a policy role to play in creating programs and incentives that could help people cover expenses in the first year following a cancer diagnosis. PMID:23676531
... used to foreclose on the property. (3) For loans with movable collateral and no real estate lien, CCC... convey the collateral or property securing the loan to another eligible borrower, or the borrower is dead... or conveyance, or bankruptcy. (a) The collateral or land securing a loan may be sold by CCC whenever...
Himmelstein, David U; Woolhandler, Steffie; Sarra, Janis; Guyatt, Gordon
Illness can contribute to financial problems directly, through high medical bills, and indirectly, through lost income. No previous in-depth studies have documented the role of medical problems among Canadian bankruptcy filers. We obtained the bankruptcy filings from a random sample of 5,000 debtors across Canada and mailed surveys to them seeking information about the medical antecedents of their bankruptcy. A total of 521 debtors responded (response rate of 10.4%), of whom 40.1 percent reported losing at least two weeks of work-related income because of illness or injury in the two years before their filing; 8.3 percent reported a similar income loss because of caregiving responsibilities for someone else who was ill. Although 60.1 percent of respondents reported being responsible for a medical bill within the previous two years, only 6.9 percent had bills over $5,000 (all amounts in Canadian Dollars). Prescription drugs were cited as the costliest medical expense by two-thirds of debtors reporting bills > $5,000, with dental bills cited by 22.2 percent. Universal health insurance affords Canadians protection against ruinous doctor and hospital bills. Inadequate coverage for prescription drugs and dental care, however, leaves some with unaffordable out-of-pocket costs. In addition, illness is a frequent indirect cause of bankruptcy through loss of work-related income.
Wakkee, I.A.M.; Moser, C.
Previous bankruptcy is often seen as sign of poor entrepreneurial skills but few have examined whether renascent entrepreneurs actually perform worse or better upon reentering and how performance differences might be explained. Using a sample of 1,745 Dutch SMEs firms of which 67 were managed by
... additions to the tax may be collectible in equity or under other provisions of law although no claim was... chapter X of the Bankruptcy Act, a tax or a liability in respect thereof is not discharged by a proceeding... running of the period of limitation on the collection of taxes are applicable, whether or not a claim is...
McDaniel, Diane L.; Tanaka, Paul
This pamphlet summarizes the legal restraints that affect the right of colleges and universities to withhold transcripts as a means of collecting student debts under the Bankruptcy Code of the United States which provides for restraint on the actions of creditors. An introductory section notes that there are three kinds of relevant bankruptcies…
... merchant (``FCM'') that was sold as a going concern in bankruptcy\\3\\ and (ii) one from a futures industry...). Collectively, the comments raise the following five (5) concerns with the Notice: The Commission's proposed... address below each of the five concerns. II. Concern That the Commission's Proposed Rule Is Premature FIA...
Full Text Available Analysis of the risk of a company’s bankruptcy in Polish food and beverages production sector (NACE, No. 15 has been carried out using econometric modelling in the form of the Cox regression. The purpose of this paper was to find factors (models describing the risk of a company’s bankruptcy. The described approach to modelling of the risk of bankruptcy is – in the case of quantitative variables – the use of “raw” positions from financial accounts. (original abstract
Full Text Available The bankruptcy procedure is essentially a legal procedure which is governed by bankruptcy law, but there is interweaving of economics and rights because over the company, which is an economic entity is conducted legal proceedings. Interdisciplinary is reflected in the fact that under the authority of the law and the authority of the bodies which the law sets as carriers of the proceedings, bankruptcy judges, Trustees, I dismissed the economic problems of enterprises or dismissed major issues that could not initially be neat and loose during the normal operation of enterprises. Fans in terms of bankruptcy are based on the dating of the economic environment, most frequently as a result of a decision of the management.
Full Text Available In the area of international bankruptcies, the proposal to recognize a foreign ruling on the opening of bankruptcy proceedings has a special place. It is doubtless that there has to be a ruling by a foreign court or another competent authority on the opening of bankruptcy proceedings over a bankruptcy debtor. The concrete case under consideration involves the proposal by the official receiver of a debtor in Bosnia and Herzegovina to the Croatian bankruptcy court, which includes claims that the debtor has known property in the Republic of Croatia. The proposer submitted some other documents, in the belief that all the requirements have been met. Furthermore, the receiver invoked the Annex to the Dayton peace Agreement. The competent court in Croatia first considered the formal legal requirements. The reasons for dismissal were explained as the established omissions were not remedied during the procedure. Since this is an effective ruling of a Croatian bankruptcy court, the argument can be used as a basis for court practice
Full Text Available This paper examines the relationship between corporate governance level and the bankruptcy law for such debt variables as firms’ cost of debt and amount (and variation of debt. Our empirical results are consistent with the model's prediction. First, we find that the better the corporate governance, the lower the cost of debt. Second, we find that better corporate governance arrangements relate to firms with higher amounts of debt. Finally we find that better governance and harsher bankruptcy laws have a positive effect on debt. Moreover, this effect is stronger for firms with worse corporate governance, which indicates that the law works as a substitute for governance practices to protect creditors' interests.
Kim, Hak-Man; Kinoshita, Tetsuo; Lim, Yujin; Kim, Tai-Hoon
Research, development, and demonstration projects on microgrids have been progressed in many countries. Furthermore, microgrids are expected to introduce into power grids as eco-friendly small-scale power grids in the near future. Load-shedding is a problem not avoided to meet power balance between power supply and power demand to maintain specific frequency such as 50 Hz or 60 Hz. Load-shedding causes consumers inconvenience and therefore should be performed minimally. Recently, agent-based microgrid operation has been studied and new algorithms for their autonomous operation including load-shedding has been required. The bankruptcy problem deals with distribution insufficient sources to claimants. In this paper, we approach the load-shedding problem as a bankruptcy problem and adopt the Talmud rule as an algorithm. Load-shedding using the Talmud rule is tested in islanded microgrid operation based on a multiagent system.
Mianabadi, Hojjat; Mostert, Erik; Zarghami, Mahdi; van de Giesen, Nick
Growing competition over water resources has caused political disputes among stakeholders and has brought conflict resolution in the focus of negotiation processes. In these cases, bankruptcy rules for redistributing an asset when it is not sufficient to meet all claims could be applied. In this paper, we develop a new bankruptcy rule for water resources problems that considers agents' contribution to the total resources as well as their claims, which is in accordance with the UN Watercourses Convention (1997), as important factors for reallocation. Using the Euphrates River and a hypothetical case from the literature as examples, the new rule is compared with four alternative rules. The results show that the novel solution is potentially more powerful to help solving conflicts over river sharing problems. Copyright © 2014 Elsevier Ltd. All rights reserved.
Full Text Available Puerto Rico has been going through a period of economic downturn since 2006, beginning a little before the global economic recession. This paper examines the behavior of loans granted by the commercial banking sector and their relationship with the number of business bankruptcies filed in Puerto Rico between 1999 and 2011. Findings draw attention to the fact that from 2006, there has been a steady decline in the number of personal, commercial and mortgage loans approved by the commercial banking sector, as well as in their value. An increase in the filing of bankruptcy is also observed. The number of loans approved by banks in Puerto Rico show a strong correlation with the economic activity index (EAI and other economic indicators that help to explain the island’s employment situation (total employment, labor force participation rate and unemployment rate.
Full Text Available Business of companies in terms of financial instability and market uncertainty can lead to a significant increase in bankruptcy risk and the risk of financial statements manipulation. A creative accounting practice has led many companies in the world to bankruptcy. Creative accounting means all accounting practices that deliberately deviate from the standardized ones, in order for the external users to be presented with the desired, not the actual yield and the financial strength of the company. Numerous corporate accounting scandals were the cause for initiatives to strengthen the protection of shareholders and all other interested users of financial statements (investors, creditors, tax authorities, etc. from manipulative financial reporting in countries around the world. In such circumstances, responsibility for the detection and prevention of possible manipulation with the data presented in the financial statements have: external and forensic audit, internal control and management of the company, accountants - forensics and state.
Erma Defiana Putriyanti
Full Text Available The transfer in the functions, duties, and authority for regulation and supervision as stipulated in Article 55 of the Act concerning the Financial Services Authority (OJK does not include the transfer of authority in filing a petition for bankruptcy. The authority to file a bankrupty petition against a debtor in the financial services sector still refers to Article 2 paragraph (3 to (5 Act No. 37 of 2004 concerning Bankruptcy and Suspension of Payment. Peralihan fungsi, tugas dan kewenangan pengaturan dan pengawasan sebagaimana dimaksud dalam Pasal 55 Undang-undang tentang Otoritas Jasa Keuangan (OJK tidak termasuk peralihan kewenangan pengajuan pailit. Kewenangan untuk mengajukan permohonan pailit terhadap debitor yang bergerak dibidang jasa keuangan tetap mengacu pada Pasal 2 ayat (3 sampai (5 Undang-Undang Nomor 37 Tahun 2004 tentang Kepailitan dan PKPU.
The proposed amendments to the Bankruptcy and Insolvency Act (BIA) and the Companies' Creditors Arrangement Act (CCAA), which would have a significant impact on creditors' rights and remedies when dealing with a petroleum industry insolvency, were explained. An explanation was presented for the structured procedures that should be followed for: (1) Directors' liability, (2) Protection given to trustees and receivers against pre-appointment corporate obligations, and (3) International insolvencies
Kim, Hak-Man; Kinoshita, Tetsuo; Lim, Yujin; Kim, Tai-Hoon
A microgrid is composed of distributed power generation systems (DGs), distributed energy storage devices (DSs), and loads. To maintain a specific frequency in the islanded mode as an important requirement, the control of DGs’ output and charge action of DSs are used in supply surplus conditions and load-shedding and discharge action of DSs are used in supply shortage conditions. Recently, multiagent systems for autonomous microgrid operation have been studied. Especially, load-shedding, which is intentional reduction of electricity use, is a critical problem in islanded microgrid operation based on the multiagent system. Therefore, effective schemes for load-shedding are required. Meanwhile, the bankruptcy problem deals with dividing short resources among multiple agents. In order to solve the bankruptcy problem, division rules, such as the constrained equal awards rule (CEA), the constrained equal losses rule (CEL), and the random arrival rule (RA), have been used. In this paper, we approach load-shedding as a bankruptcy problem. We compare load-shedding results by above-mentioned rules in islanded microgrid operation based on wireless sensor network (WSN) as the communication link for an agent’s interactions. PMID:22163386
Full Text Available The increase of banking products and services which is more complex will increase the risk to the banks. Therefore, to anticipate the rise of financial difficulties in a bank, the early warning system. This study aimed to find the influence RBBR (Risk Based Bank Rating ratio’s to predict bankruptcy of conventional Banks in Indonesia. Ratio of RBBR consisted of risk profile, Good Corporate Governance, profitability and capital. Independent variables used were NPL, PDN, LDR, GCG, ROA and NIM, and CAR. Dependent variable was bank bankruptcy using dummy variable. The population of this study was all of the conventional banks in Indonesia. The data was a secondary data taken form financial report of conventional bank 2011-2015. Technical sampling used was a purposive sampling method with some criteria. The analysis of this study used logistic regression.The result of the study showed that NPL, PDN, LDR, GCG, ROA and NIM, and CARhad no significant influence to bankruptcy of the bank.
Kim, Hak-Man; Kinoshita, Tetsuo; Lim, Yujin; Kim, Tai-Hoon
A microgrid is composed of distributed power generation systems (DGs), distributed energy storage devices (DSs), and loads. To maintain a specific frequency in the islanded mode as an important requirement, the control of DGs' output and charge action of DSs are used in supply surplus conditions and load-shedding and discharge action of DSs are used in supply shortage conditions. Recently, multiagent systems for autonomous microgrid operation have been studied. Especially, load-shedding, which is intentional reduction of electricity use, is a critical problem in islanded microgrid operation based on the multiagent system. Therefore, effective schemes for load-shedding are required. Meanwhile, the bankruptcy problem deals with dividing short resources among multiple agents. In order to solve the bankruptcy problem, division rules, such as the constrained equal awards rule (CEA), the constrained equal losses rule (CEL), and the random arrival rule (RA), have been used. In this paper, we approach load-shedding as a bankruptcy problem. We compare load-shedding results by above-mentioned rules in islanded microgrid operation based on wireless sensor network (WSN) as the communication link for an agent's interactions.
Although regulatory reform in the electric power industry had been considered as part of social system reform like in the finance and communications to liberalize the market, there still continued to exist regional monopoly, integrated system for power generation, transmission and distribution, and lack of competition. The Fukushima accident showed such electric power system was unethical as social system compared to ordinary industries, because electric power company getting profit could not be prepared for nuclear damage liability and would burden third unrelated parties with risk. Electric power company should be forced to insure nuclear power plants for nuclear accidents. Otherwise restart of nuclear power plant operation should not be allowed. Nuclear power had been justified to be entitled grant or subsidy from the government for public good, which would be unfair to people. This article presented speeding-up scheme of Fukushima accident treatment leading to TEPCO bankruptcy and discussed measures against concerns or comments about bankruptcy procedures, major part of which might be mitigation of fund-raising fear by government support. At the proceeding of bankruptcy procedure including spinning off of separate companies, regulatory reform in the electric power industry could be taken in advanced. (T. Tanaka)
Full Text Available A microgrid is composed of distributed power generation systems (DGs, distributed energy storage devices (DSs, and loads. To maintain a specific frequency in the islanded mode as an important requirement, the control of DGs’ output and charge action of DSs are used in supply surplus conditions and load-shedding and discharge action of DSs are used in supply shortage conditions. Recently, multiagent systems for autonomous microgrid operation have been studied. Especially, load-shedding, which is intentional reduction of electricity use, is a critical problem in islanded microgrid operation based on the multiagent system. Therefore, effective schemes for load-shedding are required. Meanwhile, the bankruptcy problem deals with dividing short resources among multiple agents. In order to solve the bankruptcy problem, division rules, such as the constrained equal awards rule (CEA, the constrained equal losses rule (CEL, and the random arrival rule (RA, have been used. In this paper, we approach load-shedding as a bankruptcy problem. We compare load-shedding results by above-mentioned rules in islanded microgrid operation based on wireless sensor network (WSN as the communication link for an agent’s interactions.
Full Text Available The financial and economic crisis that started in 2008 caused negative effects felt by the entire European economy, affecting more or less all of the world's economies. This paper aims to study the diagnosis of bankruptcy risk using the Canon-Holder and Altman methods, from a theoretical point of view and with practical examples on a company in the furniture industry in Romania. In a context of economic uncertainty, the relevance of such an analysis designed to quantify the risk of bankruptcy for companies is the default. The financial data used is real and descriptively analyzed, we analyzed a period of eight years, between 2006-2013. As a method of analysis complementary to the financial analysis of the background of companies, the diagnosis of bankruptcy risk using the score method, using the specific models known in the specialty literature, brings relevant information concerning the problem of risk assessment. We concluded in the case study the opportunity of such an analysis for the furniture industry through the results obtained in the case studies, the method is a useful tool, especially for the practitioners in the sector.
Gaspar-Cunha, A.; Recio, G.; Costa, L.; Estébanez, C.
Bankruptcy prediction is a vast area of finance and accounting whose importance lies in the relevance for creditors and investors in evaluating the likelihood of getting into bankrupt. As companies become complex, they develop sophisticated schemes to hide their real situation. In turn, making an estimation of the credit risks associated with counterparts or predicting bankruptcy becomes harder. Evolutionary algorithms have shown to be an excellent tool to deal with complex problems in finances and economics where a large number of irrelevant features are involved. This paper provides a methodology for feature selection in classification of bankruptcy data sets using an evolutionary multiobjective approach that simultaneously minimise the number of features and maximise the classifier quality measure (e.g., accuracy). The proposed methodology makes use of self-adaptation by applying the feature selection algorithm while simultaneously optimising the parameters of the classifier used. The methodology was applied to four different sets of data. The obtained results showed the utility of using the self-adaptation of the classifier. PMID:24707201
Banegas, Matthew P; Guy, Gery P; de Moor, Janet S; Ekwueme, Donatus U; Virgo, Katherine S; Kent, Erin E; Nutt, Stephanie; Zheng, Zhiyuan; Rechis, Ruth; Yabroff, K Robin
The rising medical costs associated with cancer have led to considerable financial hardship for patients and their families in the United States. Using data from the LIVESTRONG 2012 survey of 4,719 cancer survivors ages 18-64, we examined the proportions of survivors who reported going into debt or filing for bankruptcy as a result of cancer, as well as the amount of debt incurred. Approximately one-third of the survivors had gone into debt, and 3 percent had filed for bankruptcy. Of those who had gone into debt, 55 percent incurred obligations of $10,000 or more. Cancer survivors who were younger, had lower incomes, and had public health insurance were more likely to go into debt or file for bankruptcy, compared to those who were older, had higher incomes, and had private insurance, respectively. Future longitudinal population-based studies are needed to improve understanding of financial hardship among US working-age cancer survivors throughout the cancer care trajectory and, ultimately, to help stakeholders develop evidence-based interventions and policies to reduce the financial hardship of cancer. Project HOPE—The People-to-People Health Foundation, Inc.
Gaspar-Cunha, A; Recio, G; Costa, L; Estébanez, C
Bankruptcy prediction is a vast area of finance and accounting whose importance lies in the relevance for creditors and investors in evaluating the likelihood of getting into bankrupt. As companies become complex, they develop sophisticated schemes to hide their real situation. In turn, making an estimation of the credit risks associated with counterparts or predicting bankruptcy becomes harder. Evolutionary algorithms have shown to be an excellent tool to deal with complex problems in finances and economics where a large number of irrelevant features are involved. This paper provides a methodology for feature selection in classification of bankruptcy data sets using an evolutionary multiobjective approach that simultaneously minimise the number of features and maximise the classifier quality measure (e.g., accuracy). The proposed methodology makes use of self-adaptation by applying the feature selection algorithm while simultaneously optimising the parameters of the classifier used. The methodology was applied to four different sets of data. The obtained results showed the utility of using the self-adaptation of the classifier.
Full Text Available The article presents the financial situation and risk of bankruptcy enterprises in the meat in-dustry. To assess the risk of bankruptcy meat industry companies discriminatory models analysis was applied. Studies have shown that not all of the selected Polish discriminatory models effectively indicate companies bankruptcy in meat industry. Therefore a model was built to assess the risk of bankruptcy for those companies.
Benson, Sandra S.; Chumney, Wade M.
The news is rife with Ponzi schemes--named after Charles Ponzi, who enticed investors with promissory notes paying an above-market return. Ponzi schemes present a unique opportunity to bring to life a federal Bankruptcy Code by illustrating the requirements for commencing a voluntary or involuntary bankruptcy case, the broad avoidance powers of…
Huang, Sean S; Yang, Jie; Carroll, Nathan
About 60% of the US hospitals are not-for-profit and it is not clear how traditional theories of capital structure should be adapted to understand the borrowing behavior of not-for-profit hospitals. This paper identifies important determinants of capital structure taken from theories describing for-profit firms as well as prior literature on not-for-profit hospitals. We examine the differential effects these factors have on the capital structure of for-profit and not-for-profit hospitals. Specifically, we use a difference-in-differences regression framework to study how differences in leverage between for-profit and not-for-profit hospitals change in response to key explanatory variables (i.e. tax rates and bankruptcy costs). The sample in this study includes most US short-term general acute hospitals from 2000 to 2012. We find that personal and corporate income taxes and bankruptcy costs have significant and distinct effects on the capital structure of for-profit and not-for-profit hospitals. Specifically, relative to not-for-profit hospitals: (1) higher corporate income tax encourages for-profit hospitals to increase their debt usage; (2) higher personal income tax discourages for-profit hospitals to use debt; and (3) higher expected bankruptcy costs lead for-profit hospitals to use less debt. Over the past decade, the capital structure of for-profit hospitals has been more flexible as compared to that of not-for-profit hospitals. This may suggest that not-for-profit hospitals are more constrained by external financing resources. Particularly, our analysis suggests that not-for-profit hospitals operating in states with high corporate taxes but low personal income taxes may face particular challenges of borrowing funds relative to their for-profit competitors.
James G. Mulligan; Daniel J. Wedzielewski
In the 1970s motion picture studios increased their use of blind bidding and non-refundable guarantees in an attempt to reduce the risks associated with producing a small number of large budget films. However, theater owners claimed that blind bidding and guarantees shifted risk to them and increased the likelihood of bankruptcy, since they were required to bid for the right to exhibit a movie without seeing it first. In response to the lobbying of theater owners, twenty-four states passed la...
Full Text Available In this study, we have worked on developing a brand-new index called Fuzzy-bankruptcy index. The aim of this index is to find out the default probability of any company X, independent from the sector it belongs. Fuzzy logic is used to state the financial ratiointerruption change related with time and inside different sectors, the new index is created to eliminate the number of the relativity of financial ratios. The four input variables inside the five main input variables used for the fuzzy process, are chosen from both factor analysis and clustering and the last input variable calculated from Merton Model. As we analyze in the past cases of the default history of companies, one could explore different reasons such as managerial arrogance, fraud and managerial mistakes, that are responsible for the very poor endings of prestigious companies like Enron, K-Mart. Because of these kind of situations, we try to design a model which one could be able to get a better view of a company’s financial position, and it couldbe prevent credit loan companies from investing in the wrong company and possibly from losing all investments using our Fuzzy-bankruptcy index.
Full Text Available Legal obligation to pay compensation of an insurance company arise immediatelyafter the evenement occurred, if this obligation not being settled right away it can becategorized as “fall due debt” and “claimable”, and this can be used as a reason to proposebankruptcy application. The creditor’s fundamental rights practically impeded by Section 2article (5 of Insolvency Act, which give absolute authority to Minister of Finance in proposingbankruptcy application for insurance company. This authority is attached to the status of Ministerof Finance as the guider and supervisor of insurance institution in Indonesia, but this authorityoften might reduce people’s trust to insurance institution itself if it is not used carefully andwisely. For the sake of law and justice, Minister of Finance should acts proportionally if thebankruptcy application doesn’t have enough reason, according to Minister’s authority in thecase of bankruptcy application for insurance company against their insured and other creditors.
Ducato, Rossana; Perra, Silvia; Zuddas, Carla
In the case of biobank bankruptcy, the current legal framework is not suitable to protect the rights of research subjects. In the paper we identify such a gap in protection and suggest some remedies to address it.
There have been vast changes in how net primary production (NPP) is consumed by humans and animals during the Holocene beginning with a potential increase in availability following the Pleistocene megafauna extinctions. This was followed by the development of agriculture which began to gradually restrict availability of NPP for wild animals. Finally, humans entered the industrial era using non-plant based energies to power societies. Here I ask the following questions about these three energy transitions: 1. How much NPP energy may have become available following the megafauna extinctions? 2. When did humans, through agriculture and domestic animals, consume more NPP than wild mammals in each country? 3. When did humans and wild mammals use more energy than was available in total NPP in each country? To answer this last question I calculate NPP consumed by wild animals, crops, livestock, and energy use (all converted to units of MJ) and compare this with the total potential NPP (also in MJ) for each country. We develop the term "ecological bankruptcy" to refer to the level of consumption where not all energy needs can be met by the country's NPP. Currently, 82 countries and a net population of 5.4 billion are in the state of ecologically bankruptcy, crossing this threshold at various times over the past 40 years. By contrast, only 52 countries with a net population of 1.2 billion remain ecologically solvent. Overall, the Holocene has seen remarkable changes in consumption patterns of NPP, passing through three distinct phases. Humans began in a world where there was 1.6-4.1% unclaimed NPP to consume. From 1700-1850, humans began to consume more than wild animals (globally averaged). At present, >82% of people live in countries where not even all available plant matter could satisfy our energy demands.
Full Text Available In Romania, SMEs are facing with great financial problems, which led, during 2008 - 2011, to about 60.000 bankruptcies, 200.000 firm suspension and to an increased number of unemployed from 568.000 at 31.12.2008 to 711 000 unemployed at the half-year of 2011. Professors W. Chan Kim and Renee Mauborgne, authors of Blue Ocean Strategy concept, have identified two working-tools, namely:Strategic Sail and EDDC matrix, which can be used to reduce the risk of bankruptcy of small and medium enterprises. The article presents an example of using these workink- tools for a small enterprise, specialized in financial and economical consulting.
Full Text Available In this study we investigate how bankruptcy affects the market behaviour of prices of stocks on Warsaw’s Stock Exchange. As the behaviour of prices can be seen in a myriad of ways, we investigate a particular aspect of this behaviour, namely the predictability of these price formation processes. We approximate their predictability as the structural complexity of logarithmic returns. This method of analysing predictability of price formation processes using information theory follows closely the mathematical definition of predictability, and is equal to the degree to which redundancy is present in the time series describing stock returns. We use Shannon’s entropy rate (approximating Kolmogorov-Sinai entropy to measure this redundancy, and estimate it using the Lempel-Ziv algorithm, computing it with a running window approach over the entire price history of 50 companies listed on the Warsaw market which have gone bankrupt in the last few years. This enables us not only to compare the differences between predictability of price formation processes before and after their filing for bankruptcy, but also to compare the changes in predictability over time, as well as divided into different categories of companies and bankruptcies. There exists a large body of research analysing the efficiency of the whole market and the predictability of price changes enlarge, but only a few detailed studies analysing the influence of external stimulion the efficiency of price formation processes. This study fills this gap in the knowledge of financial markets, and their response to extreme external events.
Carla Bonomo; Vitor Ferreira de Campos
This article intends to open or bring to light a debate about the bankruptcy claims under the aegis of Law 11.101/2005, considering that all credit rating urged a modern update, centered in Social Law, which only occurred with the New Bankruptcy Law. The study was exploratory and qualitative, with the strategy to approach each claim, denominating the differences of recent legislation with former Decree 7.661/1945, demonstrating why the payment order structured by the law under discussion, inc...
Full Text Available The basic question which every bank it putswhen a client or a future client whishes to take a bank loanis: “The future debtor it’s capable to refund the loan atmaturity? (Installments plus the interest“. To answer atthis question the bank makes an assessment in which assetsand liabilities are analyze. There is also assessed the creditrating, the cash flow, the securities and, very important,bankrupt risk analysis.For the last one, to calculate bankrupt risk analysis,banks use some models (knows as “Z” score. Few of themare financials methods (like Altman, Canon & Holder,Yves Colonques etc. Nevertheless, these models are beendevelop for a specific situation and for a western economywhich is functional and very articulated. For our economy,we propose a new model that is been build with the specificeconomic dates and inputs, the model we called “IO”model.Without pretending to be able to penetrate over thecomplexity of the phenomenon, this study is trying to do apractical and experimental analysis of bankruptcy usingback propagation algorithm applied to the ”IO” model.
Full Text Available The paper presents a competing-risks approach for investigating the determinants of corporate financial distress. In particular a comparative analysis of three European markets-France, Italy and Spain–is performed in order to find out the similarities and the differences in the determinants of distress.By using the AMADEUS dataset, two possible causes of exit from the market are considered:bankruptcy and liquidation. For identifying the variables that influence the risk of leaving the market,a competing-risks model for each country is estimated and is compared with a pooled model including all the three countries. In addition, the performance of the competing-risks approach is evaluated versus the single-risk model, in which all states are considered without any distinctions.The reached results show that the competing risks approach leads to a saving in the number of selected variables that becomes more significant when the model is estimated for each country separately. Moreover, the selected variables for each country enable to identify similarities between the different exit routes across the markets. Some of the differences between Spain and the other two countries may be related to the dissimilar definition of the distress states.
Jonabio Barbosa Santos
Full Text Available This study aimed to examine the Law of Bankruptcy and Enterprise Preservation connected to the principle of the social function of the company seeking to determine the effectiveness of its work in protecting the social function of the enterprise. From the theoretical analysis on the evolution of the topic, the social importance of the company and the negative results of its extinction, a comparative study between the aforementioned statute, Bankruptcy Act and the Concordat was held regarding the preservation of function business. With the analysis of data related to the amount of requirement of bankruptcy and recovery from 1991 to 2014, and the use of simple regression, this study demonstrates the influence of the new legislation to reduce the requirements of bankruptcy and bankruptcy protection. Leading us to consider the claim of social function company protection, sought by the legislature, is being achieved
Full Text Available This paper presents issues related to determining the bankruptcy risk for 64 companies listed on the Bucharest Stock Exchange.The purpose of this paper is to determine the percentage of companies falling within the normal range. In the introduction, we set the goal, the research methodology, and the novelty value of this work. Hereinafter, we presented different views of risk concepts, bankruptcy, solvency and liquidity. After that, based on theoretical presentations, a case study was conducted to determine the solvency and liquidity ratios. In the end, on the basis of the above considerations, the conclusions were established and some proposals were listed.
Laely Aghe Africa
Full Text Available Early warning is essential for overseeing the firm’s financial system stability, and is developed by financial distress model. Financial Distress is financial declining phase that happens before bankruptcy or liquidation. This Research aimed to analyze whether the following factors such as CKPN (Allowance For Impairment Losses Of Credits, NPL (Non Performing Loan, IRR (Interest rate Ratio, PDN (Net Open Position, LDR (Loan To Deposit Ratio, IPR (Investing Policy Ratio, OE-OI (Operating Expenses To Operating Revenues and FBIR (Fee Based Income Ratio can determine financial distress as early warning in Indonesia’s go public banks. It is a quantitative study, with the sample of 100 go-public banks listed in Indonesia Stock Ex-change (www.idx.go.id ranging from 2010 to 2014, collected using purposive sampling. They were analyzed using SPSS 23 IBM version. The result shows that LDR (Loan To Deposit Ratio is the most significant factor to determine financial distress as early warning of bankruptcy of Indonesia’s go public banks. Besides that, it has several implications for regulators and bank management to determine the firm financial system stabilization.
Telipenko, E.; Chernysheva, T.; Zakharova, A.; Dumchev, A.
The article represents research results about the knowledge base development for the intellectual information system for the bankruptcy risk assessment of the enterprise. It is described the process analysis of the knowledge base development; the main process stages, some problems and their solutions are given. The article introduces the connectionist model for the bankruptcy risk assessment based on the analysis of industrial enterprise financial accounting. The basis for this connectionist model is a three-layer perceptron with the back propagation of error algorithm. The knowledge base for the intellectual information system consists of processed information and the processing operation method represented as the connectionist model. The article represents the structure of the intellectual information system, the knowledge base, and the information processing algorithm for neural network training. The paper shows mean values of 10 indexes for industrial enterprises; with the help of them it is possible to carry out a financial analysis of industrial enterprises and identify correctly the current situation for well-timed managerial decisions. Results are given about neural network testing on the data of both bankrupt and financially strong enterprises, which were not included into training and test sets.
Nagatomi, Kaori; Ishitake, Tatsuya; Hara, Kunio; Shigemoto, Akira; Hoshiko, Michiko; Tsuji, Yoshiyasu; Yamaguchi, Yoshie; Tamaki, Hideki; Furumura, Mitsuyo; Muramoto, Junko
The study aimed to examine the effects of long-term unemployment and the transition from unemployment to re-employment after abrupt bankruptcy on the mental health of unemployed Japanese. The cases of 96 men and 54 women who were laid off by a large shoemaking company because of sudden bankruptcy in 1998, were examined for one year. The mental health of these individuals was evaluated using a 'self-rating questionnaire for depression (SRQ-D)'. The respondents were categorized by employment transition status into four groups: (1) still employed full-time, (2) unemployment to full-time employment, (3) unemployment to part-time employment, and (4) still unemployed. The prevalence rate of depressive symptoms in the 'still unemployed' group was significantly higher (adjusted odds ratio (OR) = 4.33) than in the still employed group. Moreover, high levels of depressive symptoms were observed in the individuals in the 'unemployment to part-time employment' group (adjusted OR = 4.93). There was no significant risk of depressive tendency among individuals in the 'unemployment to full-time employment' group. The results suggest that the negative effect of re-employment to part-time employment on depressive symptoms is similar to that in long-term unemployment.
Full Text Available It is hard to remember when the last time was that one legal document raised as much controversy among legal and economic experts, entrepreneurs and wider public as it is the case with the Act on Financial Operations and Pre-Bankruptcy Settlements (AFOPS. As stated by the Croatian Government at the time of its delivery, the primary aim of the pre-bankruptcy (or insolvency settlement proceedings was to help troubled companies to revitalize their businesses, keep jobs and to help creditors to recover their claims in a larger proportion than it would be possible if standard bankruptcy proceedings were applied to troubled companies. The fact that two different organs, one professional and one juridical have been conducting pre-bankruptcy settlement proceedings in different stages gives rise to different questions in relation to the right to a fair trial and access to courts as guaranteed by the European Convention for Protection of Human Rights and its related case law. In particular, we shall discuss whether PBS committees constituted “tribunals” in the Conventional context and whether European Convention allows the prior intervention of professional bodies in disputes over civil rights and obligations. Last, but not least, we need to check the powers and the role of commercial courts in confi rming the settlement agreements, bearing in mind that only if the access to a court with full jurisdiction is ensured, the lawfulness of the procedure is provided and secured.
Full Text Available This article intends to open or bring to light a debate about the bankruptcy claims under the aegis of Law 11.101/2005, considering that all credit rating urged a modern update, centered in Social Law, which only occurred with the New Bankruptcy Law. The study was exploratory and qualitative, with the strategy to approach each claim, denominating the differences of recent legislation with former Decree 7.661/1945, demonstrating why the payment order structured by the law under discussion, including the approach of controversial issues such as limiting the receipt of one hundred and fifty minimum salaries of workers' claims, and finally, proof that the classification of credits arising from Law 11.101/2005 fulfill the social function of the company, even in bankruptcy, since it values and reflects the respect to creditors according to the nature of their claims.Este artigo tem a intenção de abrir ou trazer à luz para um debate acerca dos créditos falimentares sob a égide da Lei 11.101/2005, haja vista que toda classificação creditícia urgia uma atualização moderna, com o fulcro no Direito Social, o que somente ocorreu com a Nova Lei de Falências. O estudo realizado foi exploratório e qualitativo, tendo como estratégia a abordagem de cada crédito, epigrafando as diferenças da recente Legislação com o antigo Decreto 7.661/1945, evidenciando-se o porquê da ordem de pagamento estruturada pela lei em comento, inclusive com a abordagem de temas polêmicos como a limitação ao recebimento de até cento e cinqüenta salários mínimos dos créditos trabalhistas, e ao final, a comprovação de que a classificação dos créditos decorrentes da Lei 11.101/2005 faz concretizar a função social da empresa, até mesmo na falência, posto que valoriza e contempla o respeito aos credores de acordo com a natureza de seus créditos.
Modelos de Beaver, Ohlson y Altman: ¿Son realmente capaces de predecir la bancarrota en el sector empresarial costarricense? (Models of Beaver, Ohlson and Altman: are really able to predict the bankruptcy in the Costa Rican business sector?
José Alonso Vargas Charpentier
Full Text Available El presente artículo analiza la aplicación de mo- delos para la prevención de bancarrotas empresariales en el sector empresarial costarricense. Se aplicaron los modelos a un grupo de empresas que se acogieron al proceso de intervención financiera, o quiebra, en el Juzgado Concursal de los Tribunales de Justicia de San José, con el fin de determinar si estos modelos fueron capaces de predecir la bancarrota. Dentro de los hallazgos principales están que el Modelo de Altman calificó a cuatro de las cinco empresas anali- zadas como zona roja el año en que se declararon en quiebra, el Modelo de Ohlson, con su ecuación O1 u O3, calificó en quiebra las cinco empresas el año en que se dio, y el modelo de Beaver calificó como el año con peores indicadores al último en tres oca- siones, a diferencia de los otros modelos, los cuales no indicaron que el año de quiebra tuviera los peores indicadores. Abstract This article analyzes the models for company bankruptcy prevention used by the Costa Rican business sector. The author applied the studies models to the selected group of companies that had started the judicial intervention or bankruptcy process within the Bankruptcy Court of the Justice Court of San Jose. The objective was to determine if the selected models were capable to prevent the bankruptcy before it initialized. The primary fin- ding was an EM Score 4:5 analyzed companies in the red zone that had filed for bankruptcy within that year. The use of the O1 and O3 equations of the Ohlson method was to predict the bankruptcy of the five companies in the year that had filed to have a bankruptcy case. However, in the Beaver method the companies scored a three as the worst indicators of the year to file for bankruptcy yet the remaining company’s worst year was not the ability to file for bankruptcy within the time.
Juan L Goldenberg Serrano
Full Text Available La definición del momento en que los interesados pueden dar inicio a un procedimiento concursal es un asunto de la mayor trascendencia para su éxito como mecanismo de solución al dilema de la insolvencia. El legislador, tomando en cuenta los diversos intereses involucrados, no sólo debe precisar el o los hechos que desencadenan tal apertura, sino configurar una serie de incentivos (positivos y negativos para ajustar la decisión del deudor y de los acreedores, a fin de que el concurso no sea abierto cuando ya no existan bienes suficientes para el reparto, como para que tampoco sea utilizado como una herramienta de amenaza y cobro cuando aún no es evidente su utilidad. El presente trabajo pretende dar algunas ideas sobre las razones de este "problema temporal", su magnitud e implicancias, y los medios que se han tenido a la vista para resolverlo en nuestro ordenamiento y en el Derecho comparado.The definition of the moment in which the stakeholders may initiate a bankruptcy proceeding is a matter of great importance for its success as a mechanism for resolving the insolvency dilemma. The lawmaker, considering the different interests that are involved in this issue, not only must specify the fact or facts that trigger such opening, but also must create a series of (positive and negative incentives to adjust the decision of the debtor and the creditors to ensure that the proceeding is not opened when there are no longer enough assets to be distributed, but it is not used as a threat or collection tool when its utility is not evident. This article aims to give some ideas for the reasons of this "timing problem", its magnitude and implications, and the means that have been considered in order to solve it in our system and in comparative law.
Full Text Available Commercial banks generally use different methods and procedures for managing credit risk. The internal rating method in which the client has an important position in the process of granting credit provides a comprehensive assessment of client creditworthiness. The aim of this article is to analyze selected theoretical, methodological and practical aspects of internal rating models of commercial banks within the context of models that measures financial performance and to make a comparison of results of real - rating models which are used in the Czech Republic and Slovakia. The results of the chosen credit scoring and bankruptcy methods on selected companies from segments of small and medium-sized companies are presented.
Full Text Available This work presents the evolution for the main economic and financial indicators and the risk of bankruptcy for a company who is the most modern maritime - river port on the Danube, in the period 2009-2013. The evolution of the main economic and financial indicators in the last years 2009- 2013 is very dramatic, because Net profit margin (% decreased from 65.76% in 2009 at 9.93% in 2013 and after tax ROE (Return on Equity decreased from 6.69% in 2009 at 2.93% in 2013, so less than half. Bankruptcy risk has always been very important both for investors, for company managers, and for banking institutions and if this intensifies then it becomes a warning for them. Regression models can be used to explain relationships among economic and financial indicators.
Raúl Núñez Ojeda
Full Text Available El presente trabajo trata de la quiebra sin bienes, esto es, de aquellos juicios en donde hay inexistencia o insuficiencia del patrimonio del fallido para afrontar los costos que supone la quiebra. En ambos supuestos, no se justifica económicamente dicho proceso. Sin embargo, nuestra legislación no contempla mecanismos apropiados para impedir el inicio o continuación de un juicio de quiebras en donde se acredite la inexistencia o insuficiencias de activos, los que se promueven, a pesar de sus altos costos, con la única finalidad de satisfacer la venganza de los acreedores, incentivados, estos últimos, por la posibilidad de perseguir criminalmente al deudor.The present paper is about the bankruptcy with no assets, that is, those trials where there is lack or insufficiency of the assets of bankrupt to face the costs of bankruptcy has involved. In both cases, no such process is economically justified. However, our legislation does not provide appropriate mechanisms to prevent the beginning or continuation of a bankruptcies trial in which it is established the absence or insufficiency of assets, which are promoted despite their high costs, with the only purpose of satisfying the revenge of creditors, motivated the latest by the possibility of prosecuting the debtor criminally.
Judicial protection of the rights of the victim (bank-creditor after the conclusion of the agreement of assignment of the right (requirements in the conditions of the intentional bankruptcy of the debtor.
Full Text Available The subject of analysis in the paper is Russian insolvency legislation? As well as rules ofRussian Criminal Code about insolvency crimes.The purpose of the article is to analyze methods of the judicial protection of the rights ofthe victim (creditor-bank after the conclusion of the contract of cession of rights (claimsin the context of deliberate bankruptcy of the debtor.The methodology of research includes: analysis, synthesis, induction, deduction, survey,and statistical method.The results, scope of application. Intentional bankruptcy (Art. 196 of the Russian CriminalCode violates the legitimate property interests of creditors. In particular, the Bank has theright to appeal to law enforcement agencies with a statement about criminal acts committedagainst the Bank that caused damage to the Bank. The creditor has the right to applyfor recognition as an injured person. Such a creditor is harmed by a crime. In the event thatthe Bank deliberately bankruptcy of the debtor harmed, and there is a causal relationshipbetween such actions and the socially dangerous consequences that have occurred, then,as follows from Part 1 of Art. 44 of the Code of Criminal Procedure, this circumstance is aprerequisite for the recognition of the Bank as a civil plaintiff. Such a bank has the right todeclare in the criminal case a civil claim for damages to the bank. The purpose of this articleis to provide judicial protection of the rights of the victim (creditor bank after concludingthe contract of assignment of the right (claims in the circumstances of the debtor's deliberatebankruptcy. The research methods are: analysis, synthesis, induction, deduction,questioning and statistical method. The conclusion is drawn that the assignment of claimsunder a civil law contract is not grounds for refusing to recognize the Bank as a victim anda civil plaintiff in a criminal case under Art. 196 of the Criminal Code.Conclusions. The assignment of claims under civil contract is not
Hoolimata peaminister Algirdas Brazauskase nõudmisest, keeldus Leedu kindlustusinspektsiooni juht Edvinas Vasilis-Vasiliauskas oma kohalt tagasi astumast, kuna soovib viia lõpule kindlustusseltsi Ingo Baltic pankrotiprotsessi
La calificación del concurso tras la reforma introducida en la Ley Concursal por la Ley 38/2011 = The qualification of the bankruptcy after the reform carried out in the insolvency act by the Law 38/2011
María Angustias Díaz Gómez
Full Text Available ResumenEl objeto de este trabajo es analizar la calificación del concurso, tema éste de gran importancia dentro de la institución del concurso de acreedores. La calificación del concurso se regula en España en la Ley Concursal 22/2003, de 9 de julio, que ha sido modificada últimamente por la Ley 38/2011, de 10 de octubre. Se trata de reflexionar sobre esta normativa, destacando los aspectos más novedosos y significativos introducidos por esta Ley en la calificación del concurso.Con el fin de profundizar en el estudio de la calificación del concurso, tras unas consideraciones introductorias, se analizan aspectos fundamentales en la calificación, tales como los presupuestos de la calificación; la complicidad de un tercero que coopere con el deudor en algún acto generador o agravante de la insolvencia; las consecuencias jurídicas que derivan de la calificación del concurso; la problemática que suscita la sustitución de los inhabilitados como consecuencia de la sentencia de calificación; la calificación en el supuesto de intervención administrativa; la tramitación de la sección de calificación, cerrando el trabajo con una conclusión, a modo de reflexión final, sobre el tema que es objeto de estudio.AbstractThe object of this work is to analyze the qualification of the bankruptcy, topic of great importance inside the institution of bankruptcy. The qualification of the bankruptcy is regulated in Spain in the Insolvency Act 22/2003, of July 9, which has been modified lately by the Law 38/2011, of October 10. It is a question of thinking about this regulation, emphasizing the most new and significant aspects introduced by this Law in the qualification of the bankruptcy.In order to penetrate into the study of the qualification of the bankruptcy, after a few introductory considerations, fundamental aspects are analyzed in the qualification, such as the budgets of the qualification; the complicity of a third party that he cooperates
Caro, Norma Patricia
Full Text Available Este trabajo replica y adapta el modelo de Jones y Hensher (2004 a los datos de una economía emergente con el propósito de evaluar su validez externa. Se compara el desempeño del modelo logístico estándar en relación con el modelo logístico mixto para predecir el riesgo de crisis en el periodo 1993-2000, utilizando estados contables de empresas argentinas y ratios definidos en estudios de Altman y Jones y Hensher. Como en estudios anteriores, rentabilidad, rotación, endeudamiento y flujo de fondos operativos explican la probabilidad de crisis financiera. La contribución de esta nueva metodología reduce la tasa de error del tipo I a un 9 %. Se demuestra que el modelo logístico mixto, que tiene en cuenta la heterogeneidad no observada, supera ampliamente el desempeño del modelo logístico estándar. || This study is a replication and adaptation of Jones and Hensher (2004 model in an emerging economy with the purpose of testing its eternal validity. It compares the logistic standard model's performance with the logistic mixed model to predict bankruptcy risk of Argentinean companies between 1993-2000 by using financial statements and ratios defined in previous studies by Altman and Jones and Hensher. Similar to previous studies, profitability, asset turnover, debt and cash flow from operations explain financial distress' probability. The main contribution of this new methodology is the important reduction of error type I to the 9 %. This study asserts that the logistic mixed model, that considers the effect of non-observed heterogeneity, significantly improves the performance of the logistic standard model.
By notably referring to Cedric Reux's research thesis and to Andrew Thornton's research thesis, the author shows that the ITER project is a very dangerous one as the use of a tokamak as an energy plant could lead to a catastrophe. He first recalls and describes the ITER's operation principle (use of nuclear fusion instead of nuclear fission) by recalling historical developments of this approach. He describes a tokamak operation, evokes some lessons learned from the experience, discusses tritium reactions, and the problem of plasma pollution. He then refers to Reux and Thornton, and also to an other author (Boozer from Columbia University) for their theoretical works on tokamaks, and quotes some important statements of their works. As quoted in this document, all these authors highlight the severe problem related to disruptions and to their consequences. The author quotes another article presented during a conference of the risk and consequences of disruptions in large tokamaks, and notably discusses the risk related to fatigue. He also illustrates the involved processes by commenting processes occurring at the Sun surface
Utility regulators must decide whether to allow a bailout for utilities with unfinished or cancelled plants, but there may be financial and regulatory obstacles to non-utility financing. New investors may want take-or-pay contracts, or contractors may agree to complete plants at a fixed cost. The problem for ratepayers is that bailouts allow utilities to complete uneconomical plants. Citizens are fighting back against high rate increases in several state legislatures, which are considering a variety of initiatives to deal with cost recovery, construction work in progress, cancellations, and cost overruns
Thousands of jobs are under threat as bankrupt Nortel Networks - once Canada's largest telecoms company and a major employer of physicists - begins selling its divisions to satisfy creditors. Nortel, which employs 35 000 people worldwide, sold its wireless section to Sweden's Ericsson for C 1.13bn (£626m) in late July, but no buyers have yet been announced for other sectors.
王偉霖 Wei-Lin Wang
cash flow in IP securitization, which result in investors’ preference in other financial instruments. Therefore, increasing the stability and predictability of cash flow from legal and business aspect, shall be critical to the motivation of IP securitization. This study is to investigate several legal issues in IP securitization, such as specialized legislation, improvement on IP rights registration and guarantee filing system, influences on securitization by bankruptcy trustee’s decision upon originator’s bankruptcy, etc. The discussion will explore relevant regulations in the mature market of U.S. IP securitization, and make comparison and give advices to relevant domestic regulations, providing a greater motivation of IP securitization in Taiwan and improve domestic enterprises’ funding pipeline.
A quick glance on various neighbouring jurisdictions, demonstrates that not much has been regulated in the Netherlands. As to the question whether or not more creditor involvement in the appointment process is required or desired, it is argued that there is no need to increase their influence because it is not to be expected ...
Talal A. Al-Kassar, Dr.
The research also demonstrates the need to include measures of both financial and non-financial performance in the evaluation as they complement each other. Without both financial and non-financial, the evaluation process is incomplete and does not provide desired results or the correct image of the process. The research suggests including comprehensive measures of performance evaluation of projects by using indicators of adopted criteria. Thus, the application of both models leads to better results and assists users in maintaining greater objectivity while obtaining more accurate results than from analysis based on personal evaluation alone.
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Camila Jaramillo Sierra
Full Text Available In this paper the author studies the insolvency situation of the individual debtor in Spain, taking into account the Real Decree Act 01/2015. In adition, the author criticises the innadecuate regulation of the fresh start mecanism in the spanish bankrupcy law, nevertheless the recomendations and guidelines draw by international organizations specialized in the subject.
Belasco, J A; Gorham, G
As a result of the rapid changes taking place in health care, nurse leaders are more challenged than ever to assume a new and different kind of leadership. Under the current paradigm, leaders are responsible for the performance of their people. Leaders do things TO the organization and the people in it. That paradigm of leader responsibility for other people's performance, given today's circumstances, guarantees organizational failure. A radical transformation in leadership thinking must take place. The leader's job is to get the people to be responsible for their own performance.
Mianabadi, H.; Mostert, E.; Pande, S.; Van de Giesen, N.C.
One significant problem of transboundary river basins causing various challenges and disputes throughout the world is that because of increasing water resource variability and consumption, the water demand often exceeds water availability. Hence, one of the main challenges in transboundary river
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Koch, Thomas G
Congress passed the Emergency Medical Treatment and Active Labor Act (EMTALA) in 1986, guaranteeing a standard of medical care to anyone who entered an emergency room. This guarantee made default a more reliable substitute for medical insurance. I construct a tractable structural model of the medical insurance market and find that repealing EMTALA would increase the fraction of the population with insurance while decreasing its price. Copyright © 2013 John Wiley & Sons, Ltd.
Dr Tanya du Plessis
completion of the Grotius/Insolad course – or similar training – as measurable start qualification.3 Last year the courts ... With respect to the courts that require certain professional training it is interesting to note that the ..... the wrong person, they will notice the adverse consequences in their wallet. On the other hand, more ...
Damania, Richard; Bulte, Erwin H.
We analyze the interaction between regulatory policies and the financial structure of a fishery and show that firms with debts may respond differently to regulations than firms that have not accumulated debts. There are conditions where more stringent regulation is counterproductive, providing a perverse incentive to increase harvesting effort. We show that optimal regulation depends on the sector's financial structure, and demonstrate that there are cases when intervention is counterproductive, or too costly to implement. There are also cases where successful regulatory intervention can only be implemented when accompanied by a sufficiently large subsidy. (author)
Full Text Available The financial crisis in Romania has expressed in an eloquent manner and meant large negative effects, such as external factors generated by trigger of the financial crisis in Romania in October 2008 and internal factors for society that fundamentally influenced the decreasing of funding in 2009. Promotion of private initiative is, in our opinion, one of the methods that attenuate the financial effort of state for social segment which generates costs and, is producing revenue for the state. In this paper we promote the idea of opening a fundamental process of restructuring the SME’s management mentality, that of safeguarding of the enterprises with existing instruments, but also with new proposals to the Government, for regeneration as soon as possible of the country's economic and human factors capable of working.
Van Gulijk, C.; Ale, B.J.M.
This paper investigates the effect of major catastrophes have on stock exchange values for the major multi-nationals. The paper demonstrates that the Sharpe analysis is more sensitive in identifying effects than just following the daily stock values for assessing market response. It was found that
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Exploiting the unique economic situation after German unification, I investigate how exit decisions deviate between new firms in a transition and a comparatively stable market environment. Two competing exit mechanisms are considered: entrepreneurial self-selection via voluntary liquidation and external selection based on insolvency regulation. Distinguishing between the competing exit modes proves to be crucial in semi-parametric propor- tional hazard-rate estimations. Comparing East and Wes...
The first of two articles analyzing the justifiability of international bioethical codes and of cross-cultural moral judgments reviews "moral fundamentalism," the theory that cross-cultural moral judgments and international bioethical codes are justified by certain "basic" or "fundamental" moral priniciples that are universally accepted in all cultures and eras. Initially propounded by the judges at the 1947 Nuremberg Tribunal, moral fundamentalism has become the received justification of international bioethics, and of cross-temporal and cross-cultural moral judgments. Yet today we are said to live in a multicultural and postmodern world. This article assesses the challenges that multiculturalism and postmodernism pose to fundamentalism and concludes that these challenges render the position philosophically untenable, thereby undermining the received conception of the foundations of international bioethics. The second article, which follows, offers an alternative model -- a model of negotiated moral order -- as a viable justification for international bioethics and for transcultural and transtemporal moral judgments.
Chen, A.; Suchanecki, M.
The topic of insolvency risk in connection with life insurance companies has recently attracted a great deal of attention. In this paper, the question is investigated of how the values of the equity and of the liability of a life insurance company are affected by the default risk and the choice of
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... customers, but bears some risk of loss on the value of collateral (subject to the investment restrictions of...'s guarantee fund), in which case the customers are at risk of losing their collateral. Customers also bear some risk of loss on the value of collateral (subject to the investment restrictions of...
As the recent economic crisis has demonstrated, inequality often spans credit and labor markets, supporting a system of cumulative disadvantage. Using data from the National Longitudinal Survey of Youth, this research draws on stigma, cumulative disadvantage and status characteristics theories to examine whether credit and labor markets intersect…
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Geier, Brett A.
Since 1980, Michigan retirees have been afforded health care benefits for which they were required to pay 10 percent of the premium upon retirement--the remainder was paid for by the state. Recently, the Michigan Legislature reduced the financial obligation of the State for retiree health care benefits, placing it on the individual member. In…
A do-it-yourself AIDS social organization: AIDS service organizations are struggling because of tighter reins on government funding, but an alternative organization in New York City is showing how it can be done. It has developed a successful social entrepreneur program that employs HIV-infected clients, pays them living wages, and makes money from retail, food services, and medical care business entities, contributing three-quarters of the organization's revenues.
Samuel Anindyo Widhoyoko
Full Text Available This research discussed the accounting scandal in the perspective of governance, risk, and compliance using Governance, Risk, and Compliance (GRC framework. Unlike other fraud’s framework, GRC framework combinedthree different aspects of business sustainability of reporting. The purpose of the research was to highlight early business fraud that usually initiated by the company in boosting up the revenue during the Initial public offering(IPO processes. When other research discussed the business’ fraud schemes through the document alteration, this research focused on a case showing how a business could make the wrong statement to the investors through real and lawful future contracts with unqualified audit opinion. Structurally, this research was done through the action research method in pointing out all the directors’ failures in their function to hold the fiduciary duty to exercise their responsibility. Based on the analysis with the accordance with the framework used, it is highlighted that directors in the aspect of (1 governance decisive, they fail to set proportional target, provide ethical value, and react positively to maintain the company sustainability; (2 compliance submissive, they do not submit the accounting standards through undisclosed third-party agreement, misrepresentation of revenue recognition, and mistreatment of expense omission; (3 risk preventive, they fail to assess the risk occurs from legal aspect of conflict of interest, long-term contractual and engagement risks, and insufficient future cash flow.
Maria Alexandra Ivan
Full Text Available The research rapport is a synthesis concerning the conclusions of an already done research. This is a project laying at the basis of the theoretical, methodological and practical aspects of the process. The research project implies the existence of specific knowledge and skills acquired by means of personal experience. The research proposal has to include the stages as provided in the present paper. This plan is just an option which will be further improved in order to make an action schedule.
Houba, H.E.D.; Motchenkova, E.; Wen, Q.
Abstract: We study antitrust enforcement in which the fine must obey four legal principles: punishments should fit the crime, proportionality, bankruptcy considerations, and minimum fines. We integrate these legal principles into an infinitely-repeated oligopoly model. Bankruptcy considerations
Full Text Available The number of bankruptcies increases by 50% in the period 2008-2011, at over 20,000 cases. Most bankruptcies are in the sector of trade and services, where falling demand and increased financial blockage cause serious financial problems. This article presents comparatively, the evolution of the number of bankruptcies, total and by main industry. Also it develops an econometric model to determine the effects of nonperforming loans in RON and foreign currency on the number of bankruptcies.
ADNAN, MUHAMMAD ALI
Article 21 of Law No. 37/2004 stipulates that bankruptcy includes all debtors' property at the time the ruling of bankruptcy is issued and anything obtained during the bankruptcy. The research was conducted to analyze the authority of Probate Court as the curator in the execution of fiduciary collateral in the Probate Court, Medan. The party claims to give the loan on the bankruptcy property and its claim for payment of the bankruptcy property. The result of the research shows that there is t...
hervana wahyu Prihatmaka
Full Text Available Amendments to the Bankruptcy Law is dominant protect the interests of creditors, because it should be a provision which requires that the debtor should have to go bankrupt. This is contrary to the philosophy of universal bankruptcy. This study aims to determine the bankruptcy provisions in the bankruptcy law in Indonesia and analyze the determination of bankruptcy within the bankruptcy decision No. 48/Bankrupt/2012/PN.NIAGA.JKT.PST. This research is a normative law with normative juridical approach. The data used in this research is secondary data. This study uses literature study with qualitative analysis methods. The authors conclude, first, the provisions of bankruptcy in Indonesia is based on article 2, paragraph (1, which is when the debtor does not repay the debt that will be the bankruptcy estate will go into phase bankruptcy with two possibilities, namely (i after being declared bankrupt (ii Through PKPU. Secondly, Award Bankrupt Assets not yet in the stage of bankruptcy because of the Supreme Court overturned the decision of the Commercial Court Decision Number 48/Bankrupt/2012/PN.NIAGA.JKT.PST through decision Number 704K/Pdt.Sus/2012, which ended before the bankruptcy Telkomsel Meeting Debt Verification completed. Advice, first there should be amendments to the Law No. 37 of 2004 specifically test the concept of insolvency and bankruptcy. The authors are aware that this study is not perfect, so the authors hope that further research is done, to continue and resolve the issues raised in this study. Keywords: Bankruptcy, Insolvency, the Rule of Law
Full Text Available This work presents the application of the normal distribution Gauss-Laplace in case of a company is the most modern Romanian sea-river port on the Danube, specialized service providers, with a handling capacity of approx. 20,000,000 tons / year. The normal distribution Gauss-Laplace is the most known and used probability distribution, because it surprises better the evolution of economic and financial phenomena. Around the average, which has the greatest frequency, gravitate values more to less distant than average, but with the same standard deviation. It is noted that, although used in the forecasting calculations, analysis of profitability threshold - even ignores the risk of decisional operations (regarding deviations between the forecast and achievements, which may, in certain circumstances, influence much the activity of the company. This can be held into account when carefully studying the evolution of turnover follows a law of probability. In case not exist any information on the law of probability of turnover and no reason that one case appear more than another, according of Laplace law, we consider that these cases are uniformly distributed, therefore they follow a normal distribution.
Avdyev Marat Aleksandrovich
Full Text Available The important problem of modern Russia is poverty of about 22,1 billions citizens. because of illegal action or practice of lending money at unreasonably high rates of interest. About 4,2 billions citizens of Russian are social bankrupts. There are many obstacles for human right in court. Total budget for legal expenses may estimates over than 1,5-2 average annual income of household. Therefore author considers mediation as alternative procedure for dispute resolution between creditors and debtors. Some amendment of law desirable for institutionalization of mediation practice in this types conflicts such as mandatory mediation and so on.
Čuveljak, Jelena; Rašić, Mario
Since difficulties during business are an integral part of entrepreneurship, the Croatian legislative offers several restructuring models for companies who have business issues. The pre-bankruptcy agreement is available in cases when the debtor is threatened by insolvency and during this procedure, the business of the company is still managed by the existing management board. However, it is necessary that the pre-bankruptcy procedure is finished within a short deadline. The bankruptcy procedu...
In centrally planned economy the efficiency of economic entities did not play any significant role. For this reason the bankruptcy phenomenon has not been known in Poland till 1990. The economic transformation, started in 1989, has caused a rapid growth of bankruptcies among the state-owned as well as privately owned enterprises. Although the bankruptcy has become an integral and natural part of market mechanisms in Poland, the analysis of economic aspects of this phenomenon in...
The recent sudden and largely unexpected bankruptcy of one of the nation's major corporations, Enron Corporation, and the financial difficulties being experienced by several other large corporations...
Full Text Available Bankruptcy Act was first put into service in May 1996. (NN 44/96 and has been changed (supplemented seven times (NN 44/96, 29/99, 129/00, 123/03, 82/06, 116/10, 25/12 and 45/13 - further BA. The BA was passed on 5. 10. 1994 and it was based on the Germany's Insolvency Act (Insolvenzordnung. (Bundesgesetzblatt, 1994., I, page. 2866; last change Bundesgesetzblatt, 2011., I, page. 2854. and the end of Force settlement, bankruptcy and liquidation act (NN br. 53/91 and 54/94 has represented a thorough change of the way bankruptcy process was conducted in Croatia. Each of the changes in the law was made in order to fix “acute problems” in practice and to enhance the system of the bankruptcy protection; this was supposed to be achieved through increase functionality, speeding up of the process and decrease of the bankruptcy cost. However since the time after of passing of the BA was time of economic prosperity, consequently there was no awareness of the fact that bankruptcy should have other functions except collections of debt from the debtors which are unable to pay. The whole process just leads to the liquidation of the companies. But, frequent financial crisis have forced a radical change in the bankruptcy legislature, considering that the bankruptcy procedure has not improved and that it was possible to undergo a bankruptcy procedure without a bankruptcy plan. There was a clear need for a new legislative framework, Financial conduct and pre-bankruptcy settlement act FCPS, (NN 108/12, 144/12, 81/13 and 112/13 (71/15 and 78/15. Although the passing of the FCPS in 2012. has significantly changed the bankruptcy procedure in Croatia, in its two year application a whole set of problems in terms of the meaning of the particular elements of the law which was tried to be solved with the passing of the new Bankruptcy act (NN 71/15. Since the „new“ BA has differently defined the rules and responsibilities of the trustee in bankruptcy, there was a
Some are calling it the Enron of the healthcare industry. Ryder trucks hauled possible evidence from embattled financier National Century Financial Enterprises during an FBI raid. NCFE filed for Chapter 11 bankruptcy protection last week, sending ripples through the industry and contributing to the bankruptcies of a string of national healthcare chains and at least six hospitals.
The Enron Corporation went from a $65 billion dollar market capitalization to bankruptcy in just 16 months. Using statistical techniques for extracting the implied probability distributions built into option prices, I examine the market's expectation of Enron's risk of collapse. I find that the "smart money" remained far too optimistic about the stock until just weeks before their bankruptcy filing.
In this paper I integrate elements from the bankruptcy literature in a resource contest model. In a contest model, agents fight over a contested resource and their investment in 'guns' determines how much of the resource is secured by each agent. In a bankruptcy problem, agents claim a share of a
Cerqueiro, Geraldo; Hegde, Deepak; Penas, Maria; Seamans, Robert
Firms’ innovative activities can be sensitive to public policies that affect the availability of capital for risky projects. In this paper, we investigate the effects of regional and temporal variation in U.S. personal bankruptcy laws on firms’ innovative activities. We find bankruptcy laws that
... an indirect sale, exchange or leasing of any property between the plan and a party in interest... liquidation pursuant to a Chapter 7 bankruptcy proceeding, participants in the plan benefit to the extent the... category of QTA is: (1) A person appointed as a bankruptcy trustee pursuant to a liquidation proceeding...
... States Bankruptcy Court for the Middle District of Florida. In this Chapter 7 bankruptcy case, the United... to the Assistant Attorney General, Environment and Natural Resources Division, and either emailed to..., Environment and Natural Resources Division. BILLING CODE 4410-15-P ...
... Interests. Form: 8831. Abstract: Form 8831 is used by a real estate mortgage investment conduit (REMIC) to... to IRC section 871(l). The information will allow a withholding agent to make a substitute dividend... collection. Title: Notice 2006-83, Chapter 11 Bankruptcy Cases. Abstract: The IRS needs bankruptcy estates...
It also exposes and punctures the lacuna discoverable in the Bankruptcy Act and other laws .... Corporate bankruptcy and adjudicatory process is however regulated by the Companies and Allied Matters Act. 2004 and the Companies Winding Up ... 11 Companies Winding Up Rules 2001, First Enacted Ist October 1983.
Csoka, Péter; Herings, P. Jean-Jacques
The most important rule to determine payments in real-life bankruptcy problems is the proportional rule. Many bankruptcy problems are characterized by network aspects and default may occur as a result of contagion. Indeed, in financial networks with defaulting agents, the values of the agents'
The Righteous Bankruptcy Trustee: The influence of creditors on the appointment of a bankruptcy trustee from a Netherlands perspective. EMAIL FREE FULL TEXT EMAIL FREE FULL TEXT · DOWNLOAD FULL TEXT DOWNLOAD FULL TEXT. RD Vriesendorp, 1-18. http://dx.doi.org/10.4314/pelj.v11i1.42226 ...
Cavaleri, Sylvie Cécile
The article reviews case law on the Swiss Statute on Private International Law from 1996 to 2004. Sylvie Cavaleri's contribution concerns provisions on insolvency and bankruptcy.......The article reviews case law on the Swiss Statute on Private International Law from 1996 to 2004. Sylvie Cavaleri's contribution concerns provisions on insolvency and bankruptcy....
Full Text Available The aim of this article is to present the concept of bankruptcy as a legal judicial procedure to be followed in case that the legal or natural person becomes insolvent. The paper is focused on the meaning of bankruptcy, the subjects of bankruptcy proceedings, causes for the opening of this proceeding, the competent court and its decision according to the law no.8901, dated 23.05.2002 “On bankruptcy” published in official Journal nr.31/2002. These article deals also with the organs of bankruptcy proceedings, administrator, meeting of creditors and methods of the conclusion of bankruptcy proceedings. A brief description of debtor’s possibilities during bankruptcy proceedings is given also in article. It deals with debtor’s closeout, rehabilitation/reorganization of the company and debtor’s liquidation. However, it should be noted that the bankruptcy procedure is a procedure not very widespread in our country, that due to the small number of cases before our courts. It also has to do with the fact that subjects rarely addressed the court.
Sugiyarti Fatma Laela; Dewi Lestari Meikhati
Auditor is a professional who has credibility in auditing financial report and company’s activities. This research’s purpose is to figure out; does the company’s bankruptcy can be predicted from the auditor’s opinion. The data used in this research are taken from 33 companies which have announced to bankruptcy by state justice of Central Jakarta, and the recent three years auditor’s opinions before the companies’ bankruptcy. After the data have been analyzed with T-test and Friedman test, it ...
王偉霖 Wei-Lin Wang
智慧財產權證券化係承襲資產證券化之基本架構，肇始於1960 年代美國房地產市場，一直到1997 年始首度運用至智慧財產權領域。若從資產證券化市場過去榮景觀之，智慧財產權證券或可成為重要的金融商品及成為中小企業有力融資之管道。然因基礎資產特性所限（智慧財產價值不易確定、不易管理等因素），智慧財產權證券化至今仍有某些困難尚待克服。主要原因之一乃在於智慧財產權證券化現金流量之可預測性及穩定性較不易掌控，導致投資人寧可選擇其他商品。因此，從商業面及法律面強化現金流量之訂定 性與增加其可預測性為推動智慧財產權證券化之重要條件。本文以此觀點探討智慧財產權證券化的幾個法律問題，包括是否制定專法、目前智慧財產權設定擔保及登記制度有無改進空間，以及權利人破產時破產管理人之處置對於證券化之影響等，以比較法的方式探討智慧財產權證券化較成熟的美國市場之相關規定，以為臺灣的相關法規提出建議，希冀對於臺灣智慧財產權證券化的推動有所助益，並改善國內企業之籌資管道。 The word “Intellectual property (IP) securitization” was originated...
... bankruptcy, as well as liquidation of security when available servicing options do not result in a feasible... Agency security property. Description of Respondents: Farms; Business or other for-profit. Number of...
... Operation of the Franchise Business 16. Restrictions on What the Franchisee May Sell 17. Renewal... Affiliates 2. Business Experience 3. Litigation 4. Bankruptcy 5. Initial Fees 6. Other Fees 7. Estimated.... Franchise Agreement ...
... conducting an initial public offering (``IPO''), issuers emerging from bankruptcy, spinoffs (where a company... business line or division, which then conducts a separate IPO). Newly listed issuers do not include issuers...
This Administrative Order on Consent with ERP Compliant Coke was effective August 2016. The Walter Coke facility located in North Birmingham was purchased by ERP Compliant Coke, LLC in February 2016 out of bankruptcy proceedings.
Aalbers, H.L.; Whelan, E.; Parise, S.; Vialle, C.
The article focuses on the organizational decision-making management. Topics mentioned include the development of enterprise social software (ESS), the online corporate communities management, and the project management. Also mentioned are the importance of customer services, the bankruptcy
S. van den Braak; R. Choenni; M.S. Bargh
Legal persons (i.e., entities such as corporations, companies, partnerships, firms, associations, and foundations) may commit financial crimes or employ fraudulent activities like money laundering, tax fraud, or bankruptcy fraud. Therefore, in the Netherlands legal persons are automatically screened
... supplier of truck chassis for the Chevrolet and GM commercial truck program. During General Motors bankruptcy, they decided to bring another truck to the Flint Truck Assembly Plant, the Chevrolet/GMC 900 half...
Since the 2005 changes to bankruptcy law made subprime products safer for credit card companies, they are promoting more cards to consumers with poor credit. High up-front fees and penalties may call for consumer caution.
Li, Shouwei; Sui, Xin
Highlights: • We propose an endogenous financial network model. • Endogenous networks include interbank networks, inter-firm networks and bank-firm networks. • We investigate contagion risk in endogenous financial networks. - Abstract: In this paper, we investigate contagion risk in an endogenous financial network, which is characterized by credit relationships connecting downstream and upstream firms, interbank credit relationships and credit relationships connecting firms and banks. The findings suggest that: increasing the number of potential lenders randomly selected can lead to an increase in the number of bank bankruptcies, while the number of firm bankruptcies presents a trend of increase after the decrease; after the intensity of choice parameter rises beyond a threshold, the number of bankruptcies in three sectors (downstream firms, upstream firms and banks) shows a relatively large margin of increase, and keeps at a relatively high level; there exists different trends for bankruptcies in different sectors with the change of the parameter of credits’ interest rates.
... of Cleared Swaps Customer Collateral AGENCY: Commodity Futures Trading Commission (``CFTC''). ACTION... participants will discuss certain issues related to the protection of cleared swaps customer collateral... Contracts and Collateral and Conforming Amendments to the Commodity Broker Bankruptcy Provisions (the ``NPRM...
Full Text Available The principles of legal assurance, justice and expediency are properly stipulated in the provisions of the Act Number 37 Year 2004. The legal assurance is seen by the rapidity of the settlement and the expeditious evidentiary procedure. The justice is reflected in equality principle in the proceeding. Then, the expediency is conceived from the imposition of bankruptcy as the last resort (ultimum remidium and the application of open to public-trial. Nevertheless, in certain case laws from the Commercial Court, the principles were not applied harmoniously. The legal assurance appears to be more emphasized than the other principles. Take for example the bankruptcy case of PT Telekomu-nikasi Phones (District-Commercial Court of Central Jakarta Number: 48/Bankruptcy/2012/PN Nia-ga.Jkt.Pst that has been reviewed and nullified by the Supreme Court Number: 704K/Pdt.Sus/ 2012. Key words: legal certainty, justice, expediency, bankruptcy decision.
Full Text Available Currently cross-border insolvency is not a new thing since free trade requires loan agreement with foreign parties. The issues with debtor's assets confiscation in other countries are the recognition and implementation of the domestic’s court decision in other countries and vice versa. Based on normative juridical research, Indonesia, Thailand, and Singapore do not recognize bankruptcy decision from other states domestic court due to the application of territoriality principle that debtor's assets in these countries cannot be confiscated by foreign creditors and the bankruptcy decision by those courts will not be recognized and implemented in other countries. With cross-border insolvency bilateral agreements such as between Singapore and Malaysia, the bankruptcy decision of each country can be recognized and implemented in countries which enter into agreements. Different to Japan and South Korea which apply the universality principle so that domestic bankruptcy decision may apply to the debtor's assets abroad and vice versa.
Roč. 18, č. 1 (2008), s. 41-49 ISSN N Institutional research plan: CEZ:AV0Z70680506 Keywords : discharge from debts * bankruptcy Subject RIV: AG - Legal Sciences http://www.jednotaceskychpravniku.cz/
... merger, acquisition, joint venture, spinoff, dissolution, bankruptcy filing or other similar type of... of the market would provide him with an unfair advantage over off-floor market participants. However...
... the announcement of a merger, acquisition, joint venture, spinoff, dissolution, bankruptcy filing or... the floor and the state of the market would provide him with an unfair advantage over off-floor market...
Dobson, William D.
This Discussion Paper describes developments affecting Parmalat of Italy, once one of the world's leading dairy-food firms, which filed for bankruptcy protection in December 2003. After the bankruptcy, it was discovered that fraud on a massive scale had occurred at Parmalat, putting the firm in the infamous category occupied by Enron, Tyco International, and WorldCom. This paper analyzes the origins, growth, strategies, downfall, and restructuring of Parmalat, and identifies implications for ...
Financial analysis of the small construction company in the period 2005 - 2009, focused on bankruptcy models and bankruptcy risk. Content of analysis is a summary of the economic situation in the construction industry in the period, description of the analyzed company, identification of its main competitors and SWOT analysis. Application part contains horizontal and vertical analysis, analysis by ratios, Du Pont decomposition, calculation of economic value added (EVA), comparison of company t...
John I. Zerbe
In July of 2005, U.S. airlines were losing money. Some were in bankruptcy or on the verge of bankruptcy. The worldâs Number 1 auto producer, General Motors, was losing money and market share. By the end of the month sales had set records, but this was mainly because of costly sales incentives. The U.S. dollar that had been at a high point of $1.29 in exchange for the...
Orlikoff, James E; Totten, Mary K
High profile business failures such as Enron and AHERF have raised the public's consciousness about the governing board's crucial role in ensuring sound, ethical business practices. AHERF (the Allegheny Health, Education, and Research Foundation in Philadelphia) was the largest not-for-profit health care bankruptcy in history and has generated many lawsuits against the AHERF boards and individual trustees. The Enron bankruptcy will certainly result in lawsuits against its board and directors and has embarrassed board members profoundly.
Suresh Ramakrishnan; Maryam Mirzaei; Mahmoud Bekri
The accurate prediction of corporate bankruptcy for the firms in different industries is of a great concern to investors and creditors, as the reduction of creditors’ risk and a considerable amount of saving for an industry economy can be possible. Financial statements vary between industries. Therefore, economic intuition suggests that industry effects should be an important component in bankruptcy prediction. This study attempts to detail the characteristics of each industry using sector in...
Jacobsen, Tor; von Schedvin, Erik
We quantify the importance of trade credit chains for the propagation of corporate bankruptcies. Our results show that trade creditors (suppliers) that issue more trade credit are more exposed to trade debtor (customer) failures, both in terms of the likelihood of experiencing a debtor failure and the loss given failure. We further document that the credit loss invoked by a debtor failure imposes a substantially enhanced bankruptcy risk on the creditors. The propagation mechanism is mitigated...
Sugiyarti Fatma Laela
Full Text Available Auditor is a professional who has credibility in auditing financial report and company’s activities. This research’s purpose is to figure out; does the company’s bankruptcy can be predicted from the auditor’s opinion. The data used in this research are taken from 33 companies which have announced to bankruptcy by state justice of Central Jakarta, and the recent three years auditor’s opinions before the companies’ bankruptcy. After the data have been analyzed with T-test and Friedman test, it goes to the result that there is no significant different between the whole auditor’s opinions in last three years before the companies’ bankruptcy. This research concludes that the bankruptcy cannot be predicted from the auditor’s opinion. Theoretically, the auditor’s opinion can be a tool in predicting the company’s bankruptcy. The deviation of auditor’s ethical codes causes to such this matter happen. Based on that fact, the shariah based ethical codes for auditor is needed. After deep learning from many literatures, the writer formulates shariah ethical codes for auditor which divides into two; relationship between Allah and Human, it performed with the faith (Iman, and the other one is relationship among all humans, it involves the objectivity, independency, professionalism, and integrity.JEL Classification : M40, M42Keywords : auditor, auditor’s opinion, Islamic auditor’s ethical codes
Raden Besse Kartoningrat
Full Text Available Financial Services Authority regulated in Law Number 21 in 2011, is a new institution which has the functions, duties and authority in terms of regulation and supervision in the financial services activities, one of which is the capital market. However, in bankruptcy proceedings securities company that is part of the Capital Markets financial services have not been set forth in the Act. The problems to be discussed in this study is on what legal basis the company filing for bankruptcy to effect by the FSA and is the concepts of Privileges Setting Supervision Authority in terms of the functions, duties and authority of the FSA on Bankruptcy Process Securities Company. This is a Normative Research. The results from this research is that the legal basis for the bankruptcy filing to the Securities Company by FSA is still not yet exist, so the FSA soon may have to implement regulations for the securities company bankruptcy so that there is no legal vacuum in that regard.
Full Text Available In the paper the optimization of capital enterprises in the economic crisis, namely the method of Modigliani–Miller. This is especially true because Ukraine is in an economic and financial crisis whose impact on businesses need to level through internal resources and companies with state tax support. Established that the values of financial leverage marginal tax benefits equal marginal cost of bankruptcy, in a model of Modigliani–Miller, taking into account taxes and compromise approach to the capital levels of financial leverage, which costs bankruptcy materialize in cash. Bankruptcy costs depend on the probability of bankruptcy and ruin the company and the value of the costs associated with it. With small loans and low probability of ruin and bankruptcy costs are low. Advantages of taxation lead to higher market price of the capital of the enterprise. Using the tools of financial and operational management, the owners of the firm's capital can allocate losses so that most of them will be in the creditors.
Full Text Available We examine the relation between corporate governance and bankruptcy risk as an underlying force affecting a bond’s yield. The level of corporate governance is captured by the G-index, along with the explicit groups of governance provisions. We estimate bankruptcy risk by Z-score, by cash-flow-score, by O-score, through Merton structural model default probabilities, and by S&P credit ratings. After addressing endogeneity and while controlling for firm-specific factors, based on the four objective methodologies we find that corporate governance is inversely related to bankruptcy risk. Yet, rating agencies take a mixed approach towards this association likely because of the conflicting impact of different governance provisions.
Dobkin, Carlos; Finkelstein, Amy; Kluender, Raymond; Notowidigdo, Matthew J
We use an event study approach to examine the economic consequences of hospital admissions for adults in two datasets: survey data from the Health and Retirement Study, and hospitalization data linked to credit reports. For non-elderly adults with health insurance, hospital admissions increase out-of-pocket medical spending, unpaid medical bills and bankruptcy, and reduce earnings, income, access to credit and consumer borrowing. The earnings decline is substantial compared to the out-of-pocket spending increase, and is minimally insured prior to age-eligibility for Social Security Retirement Income. Relative to the insured non-elderly, the uninsured non-elderly experience much larger increases in unpaid medical bills and bankruptcy rates following a hospital admission. Hospital admissions trigger less than 5 percent of all bankruptcies.
Quax, Rick; Kandhai, Drona; Sloot, Peter M. A.
In financial markets, participants locally optimize their profit which can result in a globally unstable state leading to a catastrophic change. The largest crash in the past decades is the bankruptcy of Lehman Brothers which was followed by a trust-based crisis between banks due to high-risk trading in complex products. We introduce information dissipation length (IDL) as a leading indicator of global instability of dynamical systems based on the transmission of Shannon information, and apply it to the time series of USD and EUR interest rate swaps (IRS). We find in both markets that the IDL steadily increases toward the bankruptcy, then peaks at the time of bankruptcy, and decreases afterwards. Previously introduced indicators such as `critical slowing down' do not provide a clear leading indicator. Our results suggest that the IDL may be used as an early-warning signal for critical transitions even in the absence of a predictive model.
ARRY PRATAMA RUDYAWAN
Full Text Available The cases of accounting data manipulation that involve big firms, such as Enron and WorldCom, have affected auditor reputation. Enron and 95 other firms received unqualified opinion in the year prior to bankruptcy. This fact raises questions why firms receiving unqualified opinion stop operating. The assessment of going concern has to be delivered by auditor and added into audit opinion. An auditor is responsible to evaluate whether there is substantial doubt about the entity’s ability to continue its operation for a reasonable period of time. This research aims to investigate the effect of bankruptcy prediction model, firm growth, leverage, and auditor reputation on going concern audit opinion. The result shows that bankruptcy prediction model affects the accuracy of going concern opinion issue. However, the firm growth, leverage, and auditor reputation do not do so.
Yessy Meryantika Sari
Full Text Available Commodity futures trading is a business activity that is complex and involves many parties including Client Segregated Account and Brokerage Company. This business promises huge benefits but ba-lanced with a high risk of loss. Therefore, a potential event of bankruptcy. Customer as the owner of the funds which mandated funds to the brokerage company to be managed for purposes of the transaction, should get legal protection from potential losses due to bankruptcy of futures brokerage firm. The spirit of the law in protection for customers is reflected in the preamble of le-gal norms futures trading as further elaborated in the general legal provisions stipulated in the Fu-tures Trading Act. Keywords : Legal Protection, Customer Segregated Account Owner, Broker, Bankruptcy Law
Full Text Available For some firms with large nonliquid assets, preferred shareholders can still get back a little bit of money when the firms finish disbursement of loans at the status of bankruptcy. For such a situation, to investigate the optimal dividend policy, a stochastic dynamic dividend model with nonzero terminal bankruptcy values is put forward in this paper. Moreover, an analytic solution for the optimal objective function of the discounted dividends is provided and verified. An important application of this result is that it can be employed to construct the solution for the optimal value function on the dividend problem with bailouts at bankruptcy. Further, the relationship for the solutions of these two different problems is demonstrated. In the end, some numerical examples are provided to support our theoretical results and the corresponding economic interpretations are illustrated.
Hanna Helena Sonkajärvi
Full Text Available The Brazilian Commercial Code entered in vigour in 1850, but this did not radically alter the manner how bankruptcy cases were handled by the law courts. Legal procedure continued heavily conditioned by local agents and by the actions taken early in the bankruptcy proceedings (conciliation and arbitration. In this situation, the task of determining the value of debt of insolvent merchants and establishing evidence against these individuals to be able to prove the existence of a fraudulent bankruptcy turned extremely complicated. Based on cases of insolvency in the second half of the nineteenth century we will identify factors that might explain why the tribunals struggled to establish evidence in merchants’ records and how they would, faced with this situation, try to reach a decision.
Marchetto, Patricia Borba [UNESP; Miranda, Adriana Augusta Telles de
This article brings brief comparison of Brazilian bankruptcy law between the French law of societies in difficulties. In this way, an analysis of the legal provisions of the two countries, to the end see if both aim at the preservation of the company, respectively, Law Recovery and Bankruptcy no. 11.101/05, in Code de Commerce - French commercial code, chapter Des difficultés des enterprises. O presente artigo traz breve comparação do Direito Falimentar brasileiro entre o Direito Francês d...
Full Text Available This paper captures the practical aspects in terms of tax treatment of the receivables arising subsequent to the initiation of insolvency proceedings, during the observation period, in judicial reorganization or bankruptcy proceedings. These issues are treated from a fiscal perspective, as new periods. During the observation, reorganization or bankruptcy period, an insolvent company is subject to the Law on insolvency prevention and insolvency proceedings. On the other hand, the provisions of the Fiscal Procedure Code, as applied by the tax creditor, govern an individual procedure for the recovery of receivables while the Law on insolvency prevention and insolvency proceedings refers to a collective procedure for the recovery of receivables.
Бызова, А. К.; Гольдштейн, С. Л.
Credit activity determines the effectiveness of the functioning of the bank, as a significant part of the bank income comes from lending operations. This lending is always associated with risk. NPLs could lead to the bankruptcy of the bank and this may lead to the bankruptcy of its related companies. Therefore, the problem of effective management of credit risk is a necessary part of the strategy and tactics of survival and growth for every commercial bank. The purpose of this work is to show...
Siregar, Putri Nanda
This study aims to determine the level of corporate bankruptcy using Altman Z-Score in Building Construction Companies that are listed in Indonesia Stock Exchange Period 2007-2009. The variables used in this study were Total Value Z-Score as independent variables and the level of the Company as the dependent variable Bankruptcy. Where Value Z-Score is measured with the ratio found by Altman consisting of five (5) the ratio of Working Capital to Total Assets Ratio (X1), Retained Earnings to To...
The General Public Utilities Corporation (GPU) faces bankruptcy or reorganization without Federal financial help and rate relief for the cleanup at Three Mile Island, but neither the Administration nor the Pennsylvania Public Utilities Commission is inclined to help. Bankruptcy will leave GPU's customers without power and will leave Unit 2 contaminated, making it unlikely that the courts will permit dissolution. The Nuclear Regulatory Commission's permission to restore Unit 1 could make financial recovery possible. Its reluctance to do so and its use of the psychological stress factor can be interpreted as applying a double standard to Babcock and Wilcox reactors
Full Text Available Literature shows some bankruptcy methods for determining the financial distress status of companies and based on this information we chosen Altman statistical model because it has been used a lot in the past and like that it has become a benchmark for other methods. Based on this financial analysis flowchart, programming software was developed that allows the calculation and determination of the bankruptcy probability for a certain rate of failure Z-score, corresponding to a given interval that is equal to the ratio of the number of bankrupt companies and the total number of companies (bankrupt and healthy interval.
The title of this research is the study of the Authority of the Commercial Court in Business Disputes Settlement. The main issues of this research are as follows: (1) What is the authority of the Commercial Court in the settlement of business disputes, due to unclear object of commercial case which can be handled by the Commercial Court? The results of this research are as follows: First, the authority of theÂ Commercial Court under the bankruptcy law is to examine and adjudicate bankruptcy ...
... tangible or intangible principal assets of the entity, whether or not in the ordinary course of business... decide important matters affecting an entity; in particular, but without limitation, to determine, direct... substantially all of the assets of an entity or a voluntary filing for bankruptcy or liquidation; (2) The power...
Brânzei, R.; Inarra, E.; Tijs, S.H.; Zarzuelo, J.
Airport profit games are a generalization of airport cost games as well as of bankruptcy games.In this paper we present a simple algorithm to compute the nucleolus of airport profit games.In addition we prove that there exists an unique consistent allocation rule in airport profit problems, and it
... bankruptcy; or (iv) Fail to pay the Surety. (6) Any fraud, misrepresentation, or negligence by the HHA in..., except that any fraud, misrepresentation, or negligence by the HHA in identifying to the Surety (or to... bond must provide that actions under the bond may be brought by CMS or by CMS's fiscal intermediaries...
the property which he owns at the time of bankruptcy, a new opportunity in life and a clear field for future effort, unhampered by .... property as if an involuntary case concerning the debtor had not been commenced. 11 USC § 303(g) bepaal ... and use the collateral until the court orders otherwise. Thus … the debtor will have ...
... securities pledged as collateral; that the certificate or other obligations so executed and so delivered... railroads property and priority in payment under the Bankruptcy Act, and that the lender and the Secretary... opinion shall also cover the priority and lien of each item of the collateral offered. (2) Certified...
... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Making and taking delivery on commodity contracts. 190.05 Section 190.05 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION BANKRUPTCY § 190.05 Making and taking delivery on commodity contracts. (a) General. (1) In the...
This report analyzes the conditions of school facilities in Contra Costa Unified School District, California. The district had been prohibited from participating in the state's school facilities funding program because of a very heavy debt burden and near-bankruptcy of the district. The report begins by summarizing findings in the areas of…
... perform debt collection functions; (g) U.S. Trustees and Assistant U.S. Trustees; bankruptcy analysts and... pursuant to 5 U.S.C. 3105; and (bb) Employees of the Office of Workers' Compensation Programs of the Department of Labor who adjudicate and administer claims under the Federal Employees' Compensation Act, the...
... 28 Judicial Administration 2 2010-07-01 2010-07-01 false Procedures for inclusion on the approved... RELATING TO THE BANKRUPTCY REFORM ACTS OF 1978 AND 1994 § 58.26 Procedures for inclusion on the approved provider list. (a) As used in this section the term “provider” means a provider of a personal financial...
The U.S. automotive industry has always been a cyclical business, but its near-collapse in 2008-09 and the subsequent bankruptcy of two of the three largest domestic automakers was more than a cyclical downturn. As light vehicle sales and production slowly recover, the industry has started to hire again, though with caution. In an industry known…
... and Services Administration (HRSA) will transfer Health Center Program (Section 330(h) of the Public... Sunset Park Health Council, Inc., to ensure the continuity of services to low-income, underserved... has filed for bankruptcy under Chapter 11. The former grantee has requested that HRSA transfer the...
profitability was the slow down of business travel in 2000. Business travel had been the mainstay of the top four major airlines. But with a downturn in the...travelers. Consequently, most of the majors are near or in Chapter 11 bankruptcy. The majors were severely hurt by the drop off in business travel , and
Danielsen, A.L.; Gupta, N.K.; Klein, P.G.
Recent law and economics literature suggests that courts and administrative agencies should allow utilities to renegotiate supply contracts signed prior to restructuring, as an attractive alternative to continued regulatory oversight or possible bankruptcy. The central issue is whether contracting parties have a legal duty to fulfill their obligations under all circumstances without modification
... be held at the Kansas State University Olathe Campus (Forum Hall), 22201 W. Innovation Drive, Olathe... private sector greatly increase the rate of success of technology transfers. The BDM will be constructed.... Technology Transfer. Cost Effectiveness. Outside Funding. Risk of Failure/Bankruptcy. Liability. DHS would...
Full Text Available ABSTRAK Berinvestasi di pasar modal dalam bentuk saham merupakan salah satu pilihan investasi. Investasi saham menjadi alternatif pembiyaan bagi perusahaan di tanah air, khususnya perusahaan terbuka di pasar modal, namun berinvestasi di pasar modal dalam bentuk saham selain memberikan peluang keuntungan juga memiliki resiko antara lain kepailitan, khususnya bagi para investor yang berinvestasi pada perusahaan terbuka yang mengalami pailit. Oleh karena itu dalam tulisan ini akan dilihat perlindungan hukum bagi investor pasar modal pada kepailitan perusahaan terbuka dalam sudut pandang baik hukum kepailitan dan hukum perusahaan Indonesia. Abstract Investing in capital market with stock form is one of investment choice for most people which is give a financing solution for most of company in the country. Especially for a listed company in the capital market. But investing in the capital market with stock form not only give a profit opportunity but also have a risk such as bankruptcy, specialy bankruptcy at listed company. The purpose of this article is to seek and analyzelegal protection for capital market investor due the bankruptcy of listed company reviewed by Indonesia bankruptcy and company law.
the record numbers of new business start-ups, mergers and bankruptcies of the last few years. VS 138. 2.1.2 Information System Developments. 22.214.171.124...users will require powerful, yet easy-to-use, user interface capabilities to facilitate the acqusition /specification process. "Mouse" activated graphics
Oracle counter sued for breach of contract. In the end Tri Valley filed for bankruptcy protection and Oracle denied all claims... Cosgrove -Ware, Lorraine, “Save Money: Centralize Your Help Desk” CIO Magazine, March 1, 2002 Available [Online] http://www.cio.com/archive
... corresponding CFTC bankruptcy regulations,\\15\\ in the event of the liquidation and distribution of the property... for this purpose. Segregation and Liquidation Considerations The proposed Market Professional Cross-Margining Program addresses concerns regarding segregation and liquidation procedures under the Commodity...
... bankruptcy matter, Motors Liquidation Corp, et al., f/k/a General Motors Corp., et al., Jointly Administered... of New York. The Parties to the Settlement Agreement are debtors Motors Liquidation Corporation... GM Delco Plant Site in Indiana; 4. Various Bedford Town Sites (60 Properties) Indiana; 5. The Manual...
... certain circumstances, including the death of the taxpayer, the liquidation or sale of substantially all... bankruptcy proceedings. Section 108(i)(5)(D) provides, in relevant part, that in the case of the liquidation..., includes an acquisition of the debt instrument for cash or other property, the exchange of the debt...
Full Text Available to an uncontrollable “under the radar” market for embedded PV, with potentially unsafe practices. Furthermore, it would lead to bankruptcy of many electricity distributors due to lost margins owed to self-consumed PV energy. It is better to embrace the development...
Wiener, Richard L.; Holtje, Michael; Winter, Ryan J.; Cantone, Jason A.; Gross, Karen; Block-Lieb, Susan
In response to federal legislative reform aimed, in part, at reducing consumer bankruptcy filings, the authors conducted 2 experiments examining the role of affect in purchasing behavior. In Experiment 1, they examined consumer debtors, and in Experiment 2, they examined nondebtors. In both experiments, they investigated purchasing decisions made…
... apply to operations over abandoned rail lines, which have been acquired (through purchase or lease) by a State. The rail line must have fully abandoned, or approved for abandonment by the Board or a bankruptcy... modified certificate of public convenience and necessity under this subpart or a common carrier certificate...
... U.S. issuers conducting an initial public offering (``IPO''), issuers emerging from bankruptcy... company carves out a business line or division, which then conducts a separate IPO). Newly listed issuers... described above. For example, if an issuer conducted an IPO and became listed as a Tier A company on the...
... issuer is defined as a U.S. issuer conducting an initial public offering (``IPO'') or an issuer emerging... carve-out (where a company carves out a business line or division, which then conducts a separate IPO... situated to a U.S. issuer conducting an IPO or emerging from a bankruptcy, spinoff, or carve-out, and...
... newly listed issuer is defined as a U.S. issuer conducting an initial public offering (``IPO'') or an... separate IPO), but does not include an issuer that transfers its listing from another U.S. exchange.\\3\\ \\3.... issuer conducting an IPO or emerging from a bankruptcy, spinoff, or carve-out, and should be eligible to...
Subject of this dissertation is the aetiology of crisis processes which place organizations under existential threats and which often cause organizational demise and bankruptcy. To date, research on organizational crises (OC) has not succeeded in identifying the generic grounds for these detrimental
As the General Motors Corporation shuts assembly plants and veers toward bankruptcy, the lonely remnants of one of its top technological achievements--the first modern mass-produced electric car--lie scattered across a few dozen American college campuses. GM produced and leased to customers more than 1,000 "EV1" automobiles beginning in 1996. In…
... 422.602 Employees' Benefits SOCIAL SECURITY ADMINISTRATION ORGANIZATION AND PROCEDURES Administrative... responsibility of paying the annual health and death benefit premiums of certain coal miners and their eligible... documents such as business incorporation, merger, and bankruptcy papers; health and safety reports filed...
... related to the production of printers and printer consumables. Eastman Kodak has filed for bankruptcy and... Kodak Company (GCG), Electrographic Print Solutions, Including On-Site Leased Workers From Adecco and Datrose, Spencerport, New York; Eastman Kodak Company, IPS, Including On-Site Leased Workers From Adecco...
Eastman Business Park EBP (formerly Eastman Business Kodak Park) is approximately 1,100 acres complex across nearly four miles through the City of Rochester and the Town of Greece. Although it has filed for bankruptcy on January 19, 2012 and is undergoin
Munich, Daniel; Jurajda, Stepan; Cihak, Martin
The current recession in the Czech Republic is driven by aggregate demand, unsustainable growth of wages, weak enforcement of the legal system, non-operational bankruptcy law, and poor corporate governance. The wage dispersion has been growing continuously, and wage setting has become increasingly more responsive to market forces. Education has…
... financial records or information related to: (a) Security interests, bankruptcy claims, debt collection. Any... loan insurance program. (c) Nonidentifiable information. Financial records that are not identified with.... (f) Federally required reports. Financial records required to be reported in accordance with any...
Giebel, Gregor; Schmidt Paulsen, Uwe; Bange, Jens
, partly with nano-synchronised sensors (time stamped with about 100 ns global accuracy). Between bankruptcy of a partner, denied overflight rights at the main test location, denied Civil Aviation Authorities permits at the alternative location, stolen planes, and crashed UAS we managed to collect data...
V. N. Alferov
Full Text Available This paper analyzes the practical aspects of the formation of the federal standards, internal standards and rules of self-regulating organizations of arbitration managers and arbitration managers. Identifi cation of unsolved problems concerning maintenance decision-making mechanisms in bankruptcy proceedings requiring refl ection in federal standards is carried, and appropriate proposals for inclusion in the federal standards are considered.
Full Text Available This paper analyzes the Total Value-Added Tax Gap and its components for the Member States of the European Union: the Policy VAT Gap (which reflects VAT revenue losses due to the application of tax exemptions and reduced VAT rates and the Compliance VAT Gap (that refers to losses in VAT receipts arising from tax evasion, insolvency and bankruptcy.
A state can simple be defined as an organized political community living under a single system of government, while a municipal area is a town or city or its local ... workshop papers and other media sources including the internet, government policy papers and several write ups on state/municipal bankruptcies in Nigeria.
... Trustees, Department of Justice, 441 G Street NW., Suite 6150, Washington, DC 20530. Written comments and... individuals who file for bankruptcy to complete an approved personal financial management instructional course.../reply: complete the application; initial applicants will complete the application in approximately ten...
Hollensen, Svend; Boyd, Britta; Bogers, Marcel
We analyze the more specific changes to the various components of Cimber’s business model, building on this historical perspective, and especially focusing on the recent developments surrounding the bankruptcy in May 2012. Some key findings with respect to the role of the family in business model...
The target of this financial analysis is general assessment of financial position of MADETA, a.s. in years 2003-2008. I used classical methods of financial analysis to this purpose (percentage analysis of financial statements, Du Pont analysis, bankruptcy models, EVA).
Profession: Oversight, Auditor Independence, and Financial Reporting Issues Dear Mr. Chairman: This letter responds to your recent request that we provide...selected financial reporting matters. The sudden and largely unexpected bankruptcy of the Enron Corporation (Enron) and other large corporations... financial reporting restatements have raised questions about the soundness of the current self-regulatory and financial reporting systems and resulted in
, and modeled a headpiece fashioned of sardine cans. To most art historians, Dada remains a culturally contingent expression of World War I trauma, nihilism, political disillusionment, and an aggressive attack on the moral bankruptcy of Western culture. The author suggests that this negative interpretation...
... Employment and Training Administration Delphi Thermal Systems Currently Known as General Motors Components... related to the production of automotive heat exchanger products and HVAC modules. New information shows that following a bankruptcy agreement, Delphi Thermal Systems was taken over by General Motors and is...
a solution to the problem of race among creditors situated in the same footing19, a ..... this problem. To this effect, they came up with justifications such as bankruptcy discharge as a debt-collection device,80 incentive of debtor cooperation in the debt .... 109 See John Armour and Douglas Cumming, supra note 102, at 18.
Describes how to select materials needed by the growing legal self-help movement, the importance of currency, and publishers in the field. An annotated bibliography of 25 titles includes general guides and books focusing on estate planning, going to court, contracts, animals, immigration, domestic issues, real estate, and bankruptcy. (KRN)
... obligations; and (4) The aggregate market value of the public float of the registrant's outstanding equity... of Canada or a Province or Territory of Canada. 3. For purposes of this Form, the “public float” of... securities is in bankruptcy or receivership or has an accumulated capital deficit, in which case one-third of...
... compliance with such obligations; and (4) Has an aggregate market value of the public float of its..., the “public float” of specified securities shall mean only such securities held by persons other than... issuer of such securities is in bankruptcy or receivership or has an accumulated capital deficit, in...
... (v) Accounts which are in deficit. (2) Amount of equity which may be transferred. In no case may... transfer prior to the order for relief by a public customer, including a transfer by a public customer... appropriate and in the public interest. (3) Withdrawals prior to bankruptcy. The withdrawal or settlement of a...
Heinrichs, Karin; Jäcklin, Benjamin
During the post-formation phase, young ventures are often in danger of sliding into bankruptcy. The entrepreneur has to deal with a multitude of complex problems, decisions have to be made under time pressure or uncertainty, and upcoming crises have to be perceived in time. This paper presents seven critical incidents that are (1) realistic,…
The aim of the final thesis is to analyze the risk of trading with financial derivatives. The theoretical part generally describes characteristics of financial derivatives and their use. Practical part illustrates the risk of trading with financial derivatives by analyzing the bankruptcy of Barings Bank and Long-term Capital Management.
... Room, Washington, DC. STATUS: Part of the meeting will be in Open Session and the remainder of the... Draft Proposed Rule on Passenger Vessel Financial Responsibility Requirements. Closed 1. Staff Briefing... Proceedings and Chapter 15 Bankruptcy Petition of the Containership Company A/S. CONTACT PERSON FOR MORE...
... Room, Washington, DC. STATUS: Part of the meeting will be in Open Session and the remainder of the... Financial Responsibility Requirements (Performance). Closed Session 1. Discussion of Transpacific... Discussion of the Reconstruction Proceedings and Chapter 15 Bankruptcy Petition of The Containership Company...
... connection with the termination of single-family housing loans, including foreclosure, deed-in-lieu of foreclosure, and bankruptcy- related services, issued by the Department of Housing and Urban Development (HUD... Jersey N/A 2425 350 New Mexico N/A 1500 350 New York--Western Counties \\3\\ N/A 2000 350 New York--Eastern...
... zoning or FAA approvals, or similar constraints; or (B) Where the licensee or permittee is currently the subject of a bankruptcy or receivership proceeding, or is experiencing severe financial hardship as... period. Licensees and permittees will certify under penalty of perjury the accuracy of the information...
Polyandra Zampiere Pessoa da Silva
Full Text Available Based on the Theory of Signs, this work began with the assumption that the financial indicators emit signals about some economic-financial situations. When using a bankruptcy prediction model, works with the hypothesis that the problems of an organization can be detected in advance, thus identifying the financial health of the company. Thus, the purpose of this article is to identify the financial indicators that signal the bankruptcy of state organizations. We selected all public companies listed on the BM & FBovespa during the period 2005-2013, a total of 330 companies and 2,664 observations. Data were grouped (pooled of unbalanced way and the parameters estimated by econometric technique logistic regression (logit. The results showed that four indicators are statistically significant for bankruptcy prediction, and the contents of Current Liquidity, Asset Productivity and Return on Assets significant at 1% and Return on Equity significant 5%. Furthermore, the estimated model classified correctly 93.69% of the observations, however, only to the level of the percentage of solvent companies prediction is satisfactory, reaching 100%. Although the model does not provide a satisfactory forecast percentage for companies in bankruptcy, the individual results presented for each of them (significances and regression coefficients were statistically significant.
W. Burger (Willem)
textabstractYugoslavia is one of the rapidly industrialising countries which has had a record of very high rates of economic growth over the past decades and which is now balancing on the brink of bankruptcy. That its grave financial problems have not attracted as much international attention as
Stoeckl, Verena E.; Gabl, Sabrina; von Wallpach, Sylvia
This study aims at gaining an empirical understanding of the temporary discursive construction of solidarity for a brand in crisis. The authors draw on two highly frequented national newspaper platforms to analyse online discourses revolving around the threatening bankruptcy of a national chocolate...
owes money or has incurred pecuniary liabilities”.1 In the words of Sir Livingstone Njemanze, it is: ... 42 | Page. KALU: A Critique of Voluntary or Debtor Initiated Bankruptcy Adjudicatory Process and the Need for Legislative ..... avenue for a debtor to profit from a self-created situation or self-induced loss or precipitated.
Ryan, Timothy K.
During the period from 1978 to 2009, more than 200 commercial airlines were forced to merge, cease operations, or file for bankruptcy protection. The purpose of this quantitative study is to evaluate the global commercial airline industry from an IT-business alignment perspective and correlate the alignment maturity level of each airline with…
In times of financial distress, the communication strategies of leaders of institutions of higher education are often flawed. This is because the best approaches to helping a campus deal with financial woes are counter-intuitive and require an understanding of money as a language. But bankruptcy law, financial counseling, psychology, and…
On the other hand, this kind of bank's activity is connected with high risk as big amount of bad decisions may even cause bankruptcy. The key problem consists of distinguishing good (that surely repay) and bad (that likely default) credit applicants. Credit risk evaluation is an important and interesting management science ...
Dockner, Engelbert J.; Mæland, Jøril; Miltersen, Kristian R.
Debt priority rules, i.e., the rules determining how different classes of debt split the firm's assets after bankruptcy, influence the firm's investment decisions. Existing debt benefits from an investment either because the investment is equity financed or because new debt issued to (partly) fin...
... combination) that will adequately protect the Fund against the risk of loss of Foreign Assets held in... interest, lien or claim of any kind in favor of the Eligible Foreign Custodian or its creditors, except a... rights in favor of creditors of the custodian arising under bankruptcy, insolvency, or similar laws; (C...
Q. Zhang (Quxian)
textabstractAcquisitions made by distressed firms in recent years are economically important. This paper explores the rationale behind such acquisitions using a natural experiment. Exploiting a recent tax change which reduces debt restructuring costs for certain creditors and decreases bankruptcy
Aðalheiður Ámundadóttir & Rachael Lorna Johnstone, Mannréttindi í þrengingum: Efnahagsleg og félagsleg réttindi í kreppunni (Akureyri-Reykjavík: Háskólinn á Akureyri og Mannréttindaskrifstofa Íslands, 2011
Full Text Available For years Iceland had been one of the most prosperous countries in the world, even scoring number one in the United Nations Development Report in the year 2007. In the fall of 2008 the Icelandic population faced great changes to the national economy; the country was on the verge of national bankruptcy.
have unique reasons for lacklustre performances. Privateering, warfare, bankruptcy, bad fishing luck are all valid explanations at the level of politics and short term events. However, when looked upon in connection to each other, some recurrent features of more or less sound policies appear, as well...
bankruptcy when it came to handling contemporary culture. Hence, the appeal was directed to the figures important to the Orthodox Greek tradition (Nyssa, Maximus, Damascene) and to the figures important to the. Roman Catholic tradition (Augustine, the Victorines, Aquinas). This appeal to the older Christian tradition, ...
In this situation, it becomes extremely difficult for the insurer since a negative reserve would severely increase its risk of insolvency, or might cause bankruptcy. This situation might also make many policy holders withdraw from the insurance by simply terminating their premium payments. It is proved that the benefit
Agaezich, Enweluzor Gloria. Vol 8, No 1 (2017) - Articles The legality of financial bailout: the imperative of a legal framework for state/municipal bankruptcies in Nigeria Abstract PDF. ISSN: 2276-7371. AJOL African Journals Online. HOW TO USE AJOL... for Researchers · for Librarians · for Authors · FAQ's · More about ...
Jun 13, 1993 ... or bankruptcy are associated with low yields, which likelyisthecaseforsubsistence farmers. RESULTS. The indices as well as the mean yield indicated the high yielding potential forB3072 as well as its stability, the low yielding and less stable lines were also indicated (Tables 2 and 3). The EV, FWand SH ...
... corruption, unemployment, moral decadence, spiritual ignorance, academic barrenness, and economic bankruptcy that are endemic diseases prevalent in Nigerian society. Recommendations in the way of using the Islamic and Christian sacred texts and scientific strategies capable of improving the situation were offered.
With the decreasing college-aged population and the transforming policy environment in Japan, private universities are confronted with management crises, such as bankruptcy, mergers, etc. As the second largest source of funding, government subsidies for private universities is considered to have contributed to enhancing educational conditions and…
... Administrative Law, (2) Contempt, Compliance and Special Litigation, and (3) Freedom of Information Act (FOIA... bar ethics. The Contempt, Compliance and Special Litigation Branch will provide compliance and contempt advice and litigation involving, among other things, the Bankruptcy Code, the Federal Debt...
... savings bond to a trustee in bankruptcy, a receiver of an insolvent's estate, a receiver in equity, or a... SERVICE, DEPARTMENT OF THE TREASURY BUREAU OF THE PUBLIC DEBT REGULATIONS GOVERNING U.S. SAVINGS BONDS.... The Department of the Treasury will pay (but not reissue) a savings bond to the purchaser at a sale...
Huizinga, H.P.; Laeven, L.; Nicodeme, G.
This paper presents a model that relates a multinational firm's optimal debt policy to taxation and to non-tax factors such as the desire to prevent bankruptcy. The model yields the predictions that a multinational's indebtedness in a country depends on national tax rates and differences between
Calcagno, R.; Renneboog, L.D.R.
We show that the relative seniority of debt and managerial compensation has important implications on the design of remuneration contracts.Whereas the traditional literature assumes that debt is senior to remuneration, we show that this is frequently not the case according to bankruptcy regulation
..., acquisition, joint venture, spinoff, dissolution, bankruptcy filing or other similar type of event involving... time, place, or information advantage with respect to the proposed proprietary trading activity that... time, place, or information advantage but permits them to more fully utilize booth staff and thereby...
Full Text Available One of the most frequent buzzwords nowadays in the economic science is word »optimum« or its adjective »optimal«. In most cases it includes the maximization of certain variables, but in the case of financial and capital structure it refers to the most favourable ratio of debt and capital. In order to determine the most suitable range of financial (capital structure it must be associated with company's success. The question that arises is – how to measure success of a company? There are many ways – most common is definitely profitability. But nowadays profitability in many cases cannot be reliable indicator of company's success because there are many ways to embellish »bottom line« without substantial upturns. There is notable number of cases in which profitable companies go bankrupt. That is the reason why business continuity was used as a measure of company's success in this paper. Relation between financial (capital structure and opening bankruptcy proceeding will be analyzed to determine which companies according to their affinities in financing are more likely to go bankrupt. Also, financial (capital structure movement in years before bankruptcy occured and difference between financial (capital structure of companies which belong to manufacturing and retail and wholesale activity will be analyzed. Sample consists of small and medium enterprises which operated in Republic of Croatia. They are divided in two subsamples – first subsample includes companies which have opened bankruptcy proceeding and second subsample includes companies which haven't opened bankruptcy proceeding and continued their business activity. Financial data was gathered from Croatian Financial Agency official website and data about bankruptcy proceedings was collected from Croatian Official Gazzette.
Full Text Available The purpose of this research is to show the illustration of the financial performance in food and beverages companies during the years 2001, 2002, 2003, 2004, and 2005. Since the Indonesian economic crisis which began in middle 1997, most of industry sectors, including food and beverages companies, had some constraints in producing and actualizing their products. One of the important things in making decisions for company managers, creditors, and the future investors is the bankruptcy analysis model to predict company’s bankruptcy. This research used two models developed by Edward I. Altman (Model Z-Score and Christine V. Zavgren (Logit Model. The result of this research is, generally, the financial conditions of the food and beverages companies are in bad conditions. This situation is connected with the low profitability, liquidity, and activity rates of those companies.
Yessy Meryantika Sari
Full Text Available Commodity futures trading is a business activity that is complex and involves many parties including Client Segregated Account and Brokerage Company. This business promises huge benefits but ba-lanced with a high risk of loss. Therefore, a potential event of bankruptcy. Customer as the owner of the funds which mandated funds to the brokerage company to be managed for purposes of the transaction, should get legal protection from potential losses due to bankruptcy of futures brokerage firm. The spirit of the law in protection for customers is reflected in the preamble of le-gal norms futures trading as further elaborated in the general legal provisions stipulated in the Fu-tures Trading Act.
Zgurovsky, Mikhail Z
This monograph is dedicated to the systematic presentation of main trends, technologies and methods of computational intelligence (CI). The book pays big attention to novel important CI technology- fuzzy logic (FL) systems and fuzzy neural networks (FNN). Different FNN including new class of FNN- cascade neo-fuzzy neural networks are considered and their training algorithms are described and analyzed. The applications of FNN to the forecast in macroeconomics and at stock markets are examined. The book presents the problem of portfolio optimization under uncertainty, the novel theory of fuzzy portfolio optimization free of drawbacks of classical model of Markovitz as well as an application for portfolios optimization at Ukrainian, Russian and American stock exchanges. The book also presents the problem of corporations bankruptcy risk forecasting under incomplete and fuzzy information, as well as new methods based on fuzzy sets theory and fuzzy neural networks and results of their application for bankruptcy ris...
Ntoung A. T. Lious
Full Text Available The recent financial crisis which causes bankruptcy around the world, Spain was placed at the top list because of the crucial state of its banking. This lead to a call to ensure adequate bank capitalization and reduce uncertainty regarding the strength of their balance sheets. In the light of recent event, the important of knowing the financial position of banks is imperative to shareholders. Thus, the aim of this study is to affirm the validity of Altman Z”-Score model as a predictors of the uncertainty regarding financial sector in Spain. This study takes into consideration two periods: before the banking reform and after the banking reform. It requires 30 financial institutions in Spain both big as well as small. Ratio analysis was carried out on the 30 banks before and after the reforms for five years prior to their bankruptcy or nationalisation as the Z” Score model has predictive power of up to five years before the reforms
Sormunen, Nina; Klarskov Jeppesen, Kim; Sundgren, Stefan
The study uses a sample of 2,941 bankrupt firms from Denmark, Finland, Norway and Sweden in the period 2007 to 2011, and investigates the harmonisation of audit behaviour in terms of going-concern reporting. Even though the Nordic countries have similar legal systems and, for all practical purposes......, identical audit requirements regarding going-concern reporting, the study findings show significant differences in going-concern reporting before bankruptcy between the Nordic countries. One key result is that Danish and Norwegian companies get a going-concern opinion prior to bankruptcy more frequently...... and Norway compared to Sweden and Finland. Finally, the study findings also indicate that differences in audit reporting behaviour are moderated by international audit firm networks....
Ligia Cielo Romero Marín
Full Text Available This present article constitutes a research piece based on the project denominated “Harmonization of the constitutional, labor and bankruptcy law”, against the objective dismissal of workers due to a business crisis, as a globalization effect. Thisresearch isfunded by the Corporación Universitaria de la Costa “CUC”. The work analyzes the constitutional, labor and bankruptcy law that tend to protect workers against layoffs conditioned by an “objective reasoning” of companies in crisis as a result of the globalization, as well as the owners of the means of production, with the objective of warning about the existence of a harmonic articulation between the aforementioned bodies of law and the degree by which these bodies withstand the efficiency test proposed by Bobbio in his major work: “A Theory of the Legal Order: Justice Validity and Effectiveness”
Santoso, Noviyanti; Wibowo, Wahyu
A financial difficulty is the early stages before the bankruptcy. Bankruptcies caused by the financial distress can be seen from the financial statements of the company. The ability to predict financial distress became an important research topic because it can provide early warning for the company. In addition, predicting financial distress is also beneficial for investors and creditors. This research will be made the prediction model of financial distress at industrial companies in Indonesia by comparing the performance of Linear Discriminant Analysis (LDA) and Support Vector Machine (SVM) combined with variable selection technique. The result of this research is prediction model based on hybrid Stepwise-SVM obtains better balance among fitting ability, generalization ability and model stability than the other models.
by another bank to which bankers needed to adapt. Even in the acquiring organization, the legacy organizational identity continued to play a significant role. The paper contributes to the important and timely emergence of theory on legacy organizational identity by showing how members of a dead organization...... such phases. The aim of this paper is to explore how an organization’s identity is re-constructed after organizational death. Based on interviews with members of a bankrupted bank who narrate their bankruptcy experiences, the paper explores how legacy organizational identity is constructed after...... organizational death. The paper shows how members draw on their legacy organizational identity to justify their past interpretations and responses to the intensifying bankruptcy threats. Members refer to their firm belief in the bank’s solid and robust identity claim when they explain how they disregarded...
Dockner, Engelbert J.; Mæland, Jøril; Miltersen, Kristian R.
holders have the incentive to over invest. We formulate a dynamic structural model to study the interaction of initial capital structure choice, investment policy, subsequent debt issues, and debt priority rules. We find that priority rules have a substantial impact on investment timing as well......Debt priority rules, i.e., the rules determining how different classes of debt split the firm's assets after bankruptcy, influence the firm's investment decisions. Existing debt benefits from an investment either because the investment is equity financed or because new debt issued to (partly......) finance the investment has lower priority in the event of bankruptcy as is the case for the commonly used absolute priority rule (APR). This incentivizes equity holders to under invest. If debt priority rules are specified in such a way that existing debt can be exploited by issuing new debt, do equity...
Full Text Available Neurasthenia, though no longer diagnosed today, was an illness that was commonly diagnosed in the late 19th and early 20th centuries. It was an umbrella category that encompassed all manner of somatic and psychosomatic ailments. In order to make this disease more palatable to the American public, Dr. George Miller Beard constructed an economic metaphor, in which people had certain amounts of “nerve-force” that could be saved or spent and, when overspent, could result in “nervous bankruptcy.” My essay analyzes The Diary of Alice James from a disability studies perspective in order to how Alice James uses this economic terminology rhetorically to reclaim her subjectivity, to characterize disability as central to identity, to disrupt the narrative of disability as global incapacity, and to configure pain (rather than illness itself as work. Keywords: neurasthenia, "rest cure," invalid, discourse, nervous, nerve-force, and "nervous bankruptcy"
Full Text Available We derive a stochastic function of risk propagation empirically from comprehensive data of chain-reaction bankruptcy events in Japan from 2006 to 2015 over 5,000 pairs of firms. The probability is formulated by firm interaction between the pair of firms; it is proportional to the product of α-th power of the size of the first bankrupt firm and β-th power of that of the chain-reaction bankrupt firm. We confirm that α is positive and β is negative throughout the observing period, meaning that the probability of cascading failure is higher between a larger first bankrupt firm and smaller trading firm. We additionally introduce a numerical model simulating the whole ecosystem of firms and show that the interaction kernel is a key factor to express complexities of spreading bankruptcy risks on real ecosystems.
Marcia M. Lastre Valdes
Full Text Available In this paper a review and analysis of the major theories and models that address the prediction of corporate bankruptcy and insolvency is made. Neural networks are a tool of most recent appearance, although in recent years have received considerable attention from the academic and professional world, and have started to be implemented in different models testing organizations insolvency based on neural computation. The purpose of this paper is to yield evidence of the usefulness of Artificial Neural Networks in the problem of bankruptcy prediction insolence or so compare its predictive ability with the methods commonly used in that context. The findings suggest that high predictive capabilities can be achieved using artificial neural networks, with qualitative and quantitative variables.
Tahirou Younoussi, Adama
International audience; The aim of this paper is to present the results of research conducted on the intergenerational transfer of knowledge in the family SMEs of Moroccan textile industry. If SMEs are an important part of family firms, they are nevertheless the most vulnerable and at risk of bankruptcy for poor organization or even ineffective knowledge transfer process. With an analytical model developed, we study the characteristics of this process in a Moroccan context, taking into accoun...
Aim of this work is to evaluate the financial performance of the company Ing. Bronislav Vala based on financial analysis from 2008 to 2012. The applied methods od financial analysis are selected for this evaluation. The used methods include vertical and horizontal analysis, analysis of ratios, analysis of differential indicators, pyramidal decomposition Du Pont, value and bankruptcy models and inter-company comparisons. The thesis is divided into theoretical and practical parts. The theoretic...
Full Text Available Credit portfolio management means the totality of financial and economic decisions realization aimed at achieving optimal ratio of performance indicators of loan portfolio. If low-quality loans increase, the reduction of productive assets volume and, respectively, profitability from banking lending. In extreme cases a such situation could lead to bank bankruptcy. At present bank loan portfolio quality assessment is an important component of bank management.
This thesis deals with the theme "Limits of reorganization in insolvency proceedings." Thesis is divided into eight chapters. First chapter defines the concept of reorganization and insolvency proceedings regardless of the specifics of individual national laws and arranges them into the legal scheme. Second chapter deals with the development of insolvency throughout history. Specific attention is paid to the Bankruptcy and Settlement Act ("zákon o konkurzu a vyrovnání"). Third chapter describ...
R. I. Barmutski
Full Text Available Analysis of anti-crisis manager training permits to make justified conclusions on the basis of data of department on reorganization and bankruptcy of Ministry of Economy of the Republic of Belarus. This analysis shows the necessity to improve the quality of training , increase the number of higher educational institutions that participate in the educational process and establishment of special anti-crisis companies, which in their turn will make much better viability of the Belarusian enterprises.
Pakpahan, Yuliantri Solideo
Methods Z-score Altman models, Springate models and Zmijewski models are the method of analysis to determine whether the financial performance at PT. Indonesia Asahan Aluminium (Persero) leads to bankruptcy or not to obtain data to support and assist in responding to problems that occur in the company and to determine the development of the company's financial performance in 2010-2014. Economic Value Added (EVA) as a method that takes into account the cost of capital as a substitute for th...
This is a directory of law firms that provide services to the independent energy industry. The directory lists the firm's name, address, telephone and FAX numbers, and the name of a contact person. Included is a description of the specialties or services offered by the firm in the area of independent energy projects; some of these include regulatory, tax, fuel supply, operations and maintenance, environmental, real estate, government contracts and bankruptcy
The overall aim of the research presented is to investigate the relationship between the macroeconomic factors linked with financial crises and housing industry in Turkey. The research includes empirical investigation in a regression based model using mostly the Turkish market data. The ability of public intervention, indicated by central bank reserves and corporate bankruptcies are statistically effective in the performance of housing market. There is weak statistical dependence of housing o...
personal bankruptcies bode ill for Japanese consumer spending , which represents nearly 60 percent of Japanese GNP. 24 Tokyo department store sales fell...2.4 percent in December 1991 from a year earlier, the largest fall since 1965. Overall, consumer spending continues to drop, with some of Japan’s...hit hard. The drop in consumer spending is predictably taking its toll on the corporate bottom line. Japanese corporations are seeing profits plummet
In this thesis we analyzed methods contributing to corporate government improvement in order to enhance companies' efficiency, thereby preventing their bankruptcy during times of crisis. In the theoretical part we defined corporate governance, described its elements, influential factors and models. Particular attention was paid to the concept of effective governance and recommendations aimed at its achievement. Overall it was discovered that to be successful company should have such corporate...
Catalin Dan; Vasile Bleotu; Nicoleta Moise
Bankruptcies of major credit institutions in the UK and the U.S., since late 2007, have generated a large-scale financial crisis that affected most countries of the world economy significantly. To limit the effects of the crisis and restore confidence in the banking system, states have taken various measures, including providing substantial loans to banks in liquidity crisis, nationalization, as well as measures to increase the effectiveness of deposit guarantee schemes in the banking system....
This paper explores the relationship between airline markets and competition policy focusing on network carriers in the United States. Concerning about competition policy, this reviews process and impacts of Chapter 11 under bankruptcy law and merger policy based by anti-trust act. This analysis reveals that growth of LCCs and spread of open sky have facilitated competition in the airline markets. US network carriers have worked out strategy materializing diverted revenues and vast cost red...
Full Text Available At the 12th annual European Food Service Summit in Zurich, Switzerland in September 2011, Professor Christopher Muller sat down with Howard Schultz, the CEO of Starbucks to discuss a wide range of topics. Their discussion touched on best management and business practices and the techniques that Schultz used to bring Starbucks back from the brink of bankruptcy to the international coffee corporation it is today.
or space operations. Space weather may impact spacecraft and ground-based systems. Space weather is influenced by phenomena such as solar flare...shareholders included Rocket and Science Corporation Energia (Russian- based company), a Norwegian shipbuilder, and two Ukrainian rocket firms (Hennigan...Hennigan 2011b). In October 2010, Sea Launch AG emerged from Chapter 11 bankruptcy protection as a result of Rocket and Science Corporation Energia
Full Text Available Following the bankruptcy of large firms (Enron, Parmalat, WorldCom due to incompetence and failure of procedures is necessary to improve the audit work, paying special attention to risk management and taking into account the recommendations of the auditors. This paper presents a detailed analysis of risks that may arise in financial audit of how risk assessment and the factors involved in their estimation.
The crisis worsened in 1995-1996 following the bankruptcy of several specialized housing loan companies (jusen). In 1996, the government made its...Order Code RS22960 Updated September 29, 2008 The U.S. Financial Crisis : Lessons From Japan Dick K. Nanto Specialist in Industry and Trade Foreign...reports that it provided $399 billion to Japan’s troubled financial institutions of which it has recovered $195 billion. Overcoming the crisis in
However, if the member resides in a location like Hawaii , base pay could account for less than 50% of TMC. Base pay will likely increase with...consider regarding BAH would be high cost of living locations, like Hawaii , would increase TMC for those in that area when compared to the airline...turmoil, including a long list of furloughs, bankruptcies, mergers, acquisitions and takeovers . Historically, most of the major airlines offered a pension
The thesis "Economic Analysis of an Agricultural Company" aims to provide overall evaluation of the financial situation and performance of Zemědělská společnost Kosova Hora, a.s. in the years 2005 2015, applying standard methods of financial analysis. The aim was achieved by applying a ratio analysis, credibility and bankruptcy models, economic value added (EVA), analysis of operational indicators, inter-company comparisons based on selected criteria and evaluation of the project of construct...
Liang, Zongxia; Huang, Jianping
This paper considers optimal control problem of a large insurance company under a fixed insolvency probability. The company controls proportional reinsurance rate, dividend pay-outs and investing process to maximize the expected present value of the dividend pay-outs until the time of bankruptcy. This paper aims at describing the optimal return function as well as the optimal policy. As a by-product, the paper theoretically sets a risk-based capital standard to ensure the capital requirement ...
Full Text Available Many years ago, professor Nouriel Roubini got the Dr. Doom nickname. He was one of the few economists warning that the entire world economy was on the verge of a major recession, unseen since the Great Depression. As immediate cause, he identified the speculations spreading in the United States that finally led to the bankruptcy of the investment banks. In 2007, his predictions came true. Suddenly, Roubini’s voice started to be heard.
This thesis aims to analyse the financial statements of entities that filed for bankruptcy in 2015. Firstly, the theoretical part of the thesis provides explanations for technical jargon in relation to insolvency and subsequent proceedings in relation to entities that went bankrupt. Secondly, it also elucidates related legislation through analysis of particular items in financial statements - the balance sheet and the profit and loss statement - to determine the problematic indicators within ...
This paper is focused on estimating the credit scoring models for companies operating in the Republic of Croatia. According to level of economic and legal development, especially in the area of bankruptcy regulation as well as business ethics in the Republic of Croatia, the models derived can be applied in wider region particularly in South-eastern European countries that twenty years ago transferred from state directed to free market economy. The purpose of this paper is to emphasize the rel...
Serbia faced the economic crisis with powerless and very fragile economy. The inconvenient transition heritage made the consequences of global economic crisis even worse. The companies that had already experien,ced serious problems approached to bankruptcy. Other, healthier com,panies, kept some kind of business activity, but they were faced with the lack of capital. Low activity level disabled generating higher incomes. In this way, the possibility of growth based on internal financing sourc...
and welcomed government involvement in the economy.26 One outcome of Korea’s economic program was the creation of chaebols . These are large industrial...conglomerates that command major portions of the ROK economy. The chaebols initially held a monopoly or oligopoly position and received economic and...began to encounter economic difficulties brought on by political corruption, an inefficient banking system, chaebol bankruptcies, and increasing wages
Dinh TRAN NGOC HUY
After the recent global crisis, corporate scandals and bankruptcy in US and Europe, there is some certain evidence on weak auditing, risk management, accounting and audit system. This paper chooses a different analytical approach and among its aims is to give some systematic opinions on corporate governance criteria as a benchmark for stock markets. Firstly, it classifies limited Western European representative corporate governance (CG) standards into two (2) groups: The Netherlands and Belgi...
Dinh Tran Ngoc Huy
After the recent global crisis, corporate scandals and bankruptcy in US and Europe, there is some certain evidence on weak corporate governance, risk management and audit system. The 2009 India Code of Corporate Governance also revealed that during the crisis time, there are certain weaknesses although corporate structure is fairly durable. Hence, this paper chooses a different analytical approach and among its aims is to give some systematic opinions. First, it classifies limited South Asian...
Dinh Tran Ngoc Huy
In past few years, corporate scandals and bankruptcy in US and Europe and other parts of the world show some certain evidence on weak corporate governance, weak internal control system and weak audit. Though there are a few researches which have been done in the field of international corporate governance standards, we believe that this field with more rooms to explore. Therefore, this paper chooses a different analytical approach and among its aims is to give some systematic opinions. Fir...
Full Text Available Malaysia and Singapore are members of the common law family and have 'inherited' their company and insolvency law from models in use in the United Kingdom with influences from Australia. It is the purpose of this article to outline the law in relation to cross-border insolvency, particularly the winding up of foreign companies, the co-operation provisions in bankruptcy and insolvency as well as more recent moves to redevelop insolvency through UNCITRAL and Asian Development Bank initiatives.
V. E. Gladkova
Full Text Available The paper studies the degree of development and the theoretical foundations of international experience in the exploration of two independent directions: the first one related to the concept, the question of the role and necessity of lender of last resort, while the latter, in turn, is connected with the problem of the spread of bankruptcies in the banking system, known in literature as the «contagion effect».
Nyoman Samuel Kurniawan
Full Text Available Based on the assumption default is debt, the settlement of default case in contract law by using mechanisms of the law of Bankruptcy’s has become a new phenomenon in Indonesian business world. Though it is not infrequently the defendant of bankruptcy intentionally default to reply the counterparty that had already been in default (exceptio inadimpleti contractus situation. So the research problem of this thesis is: Is the concept of default on the law of treaties can be fully applied to the concept of debt in bankruptcy law? This research used normative legal research methods by using statue approach, case-based approach, comparative approach and the conceptual approach. Analysis of legal materials is done with a qualitative approach to the exploratory nature of interpretive techniques, systematic, evaluative, constructive and argumentative. The results showed that not all defaults can be expressed as a debt in bankruptcy Law, except if the intended achievement is an achievement in the field of business activity (accounts payable. Default is determined from the agreement, regardless of whether there has been an exchange of rights and obligations or not, while the concept of debt has to be determined from the exchange between the rights and obligations which just happens sided (unilateral halt though it is not preceded by a written agreement. Beside that, in contract law, tort only accountable to the creditors who have made a covenant only, but in bankruptcy law, the settlement will involve and affect a whole other creditors as well.
Gregory W. Goussak; Jon K. Webber; Elliot M. Ser
The purpose of this paper is to create a critical needs plan for General Motors Corporation in the 21st century. General Motors (GM), once the most dominant manufacturer in the automotive industry, finds itself in financial crisis with a Chapter 11 bankruptcy and a necessary government infusion of capital. The foundation of this paper applies the Supportive Model as an effective strategy for creating a new corporate culture and focusing GM as a competitive manufacturer in the global automotiv...
Butar Butar, Daniel
The purpose of this research is to examine the impact of executive compensation and earning management toward bankruptcy risk in manufacture companies that listed on Indonesia Stocks Exchange. Sampling method that used is purposive sampling and the result is 68 firms as sample. This research is done for 2008-2010 period. Data that used in this research is financial statements from each company, published through website www.idx.co.id. The data which have already collected are processed w...
Financial distresses have strong relationships with the company’s bankruptcy. The ﬁnancial distress can be predicted by using information contained in the ﬁnancial statements and the company’s corporate governance mechanisms. The purpose of this study is to prove the effect of ownership structure, liquidity ratios, leverage ratios, activity ratios, and the size of the company to possible ﬁnancial distress of manufacturing companies in Indonesia Stock Exchange. Populations of this study are ma...
European legislation facilitates that companies start using electronic invoicing. The aim of the European E-invoice Directive was to introduce some uniform rules regarding VAT throughout the European Union. Some other important legal aspects, such as the probative value of an e-invoice, endorsement, e-invoices in bankruptcy proceedings, remain often unexamined. EU Member State law can be construed and interpreted according to the European Directives, for legal issues not covered by the E-invo...
Financial analysis of company is very important instrument of corporate affairs. My work deals with complex financial analysis of company Matex HK s.r.o. since 2004 till 2008. I primarily focus on horizontal and vertical analysis, ration and distance indicators analysis, EVA analysis, ROE analysis and I discover by the help of models of bankruptcy if company is threatened by bankrupt. I judge too, if company is run by some recommended rules, example by gold balance rules. Next I accentuate on...
The aim of this Bachelor´s Thesis is a financial analysis of the company Ryor, a. s. between years 2010 to 2014. The thesis is divided into two parts. The methodological part include general procedures, terms methods, formulas and data sources, that are necessary for financial analysis. The methods will applied to the selected company in the practical part. The practical part will include horizontal and vertical analysis, financial ratios, working capital, bankruptcy and credibility models an...
The main goal of this bachelor thesis called "Company Financial Analysis" is to evaluate the financial situation of ZS Kosova Hora a.s. in the years 2005 2013 using standard methods of financial analysis. To achieve this goal horizontal and vertical analyses, ratio analysis, pyramidal decomposition of the ROE indicator and solvency and bankruptcy models have been used. In all these areas the selected company has been compared with a selected sample of other agricultural enterprises and its fi...
D.Litt. et Phil. Recent studies have found that the life expectancy of organisations is rapidly declining (currently between 40 and 50 years) and that organisational decline and bankruptcy were increasing at disturbing rates. Equally recent contributions in the popular and business press have suggested that the expensive path to corporate failure could be linked to the "identity" or "corporate identity" of the organisation (more specifically the absence thereof). With the exception of the ...
Relationship NPD New Product Development NPVR Net Present Value Risk Adjusted OSI Open System Interconnection PDD Product Design and Development PLM...helped, the crescendo of litigation hounded Vitek into Chapter 7 bankruptcy and a U.S. Food and Drug Administration mandated recall of the Vitek TMJ...Product Development ( NPD ). Herrmann et .al.  described the product development in terms of decisions rather than phases. Tsinopoulos et. al. [22
Andrew Feltenstein; Roger Dean Lagunoff
This paper examines alternative ways to prevent losses from bank insolvencies. It is widely viewed that transparency in reporting bank balance sheets is a key element in reducing such losses. It is, however, unclear just how such transparency would be achieved. Current approaches to avoiding insolvencies generally involve international enforcement mechanisms. Among these are the sovereign debt restructuring mechanism (SDRM), and, more generally, an international bankruptcy court. We develop a...
Roberts, J.O.; Saltzman, J.
Financial repercussions of the accident at Three Mile Island Unit 2 on the ability of the Licensee, Metropolitan Edison Co., to complete cleanup of the facility are examined. Potential impacts of licensee default on cleanup and alternatives to minimize the potential of bankruptcy are discussed. Specific recommendations are made regarding steps the Nuclear Regulatory Commission might take in keeping with its regulatory functions and its mission to protect the public health and safety
The aim of my final thesis is the derivatives markets development analysis during financial crisis. Through basic problems with derivatives accounts of Lehman Brothers we can assess needs of standardization and transparency in area of derivatives instruments with such result which has minimal impact for liquidity on derivatives market. In the next step, there was analyzed year 2008 alone because of bankruptcy announcement of Lehman Brothers and therefore was analyzed impact on derivatives pro...
Roe, Mark J.
Chapter 11 bars bankrupt debtors from immediately repaying their creditors, so that the bankrupt firm can reorganize without creditors shredding the bankrupt’s business. Not so for the bankrupt’s derivatives counterparties, who unlike most creditors, even most other secured creditors, can seize and immediately liquidate collateral, net out gains and losses, terminate their contracts with the bankrupt, and keep both preferential eve-of-bankruptcy payments and fraudulent conveyances they obtain...
Full Text Available The overall aim of the research presented is to investigate the relationship between the macroeconomic factors linked with financial crises and housing industry in Turkey. The research includes empirical investigation in a regression based model using mostly the Turkish market data. The ability of public intervention, indicated by central bank reserves and corporate bankruptcies are statistically effective in the performance of housing market. There is weak statistical dependence of housing on financial crisis. The research is based on Turkish market data between the period 2002-2009. The research can be extended with global market data especially from the emerging market for a comparative study. Research in this field should focus more to industry dynamics rather than macroeceonomic variables explaining crisis to explore housing sector dynamics. The real estate managers should look to central bank reserves and corporate bankruptcies more closely as a macroeceonomic variable affecting housing industry. The effect of macroeceonomic variables in the period of financial volatility is limited in the housing market, whereas industry factors should be analized. Central bank reserves and corporate bankruptcies are important indicators of housing industry growth that can be used as an instrument. To to the author’s knowledge, the paper is the first study to investigate the link between financial crisis and housing market in Turkey.
Full Text Available We illustrate how a comparatively new technique, a Tabu search variable selection model [Drezner, Marcoulides and Salhi (1999], can be applied efficiently within finance when the researcher must select a subset of variables from among the whole set of explanatory variables under consideration. Several types of problems in finance, including corporate and personal bankruptcy prediction, mortgage and credit scoring, and the selection of variables for the Arbitrage Pricing Model, require the researcher to select a subset of variables from a larger set. In order to demonstrate the usefulness of the Tabu search variable selection model, we: (1 illustrate its efficiency in comparison to the main alternative search procedures, such as stepwise regression and the Maximum R2 procedure, and (2 show how a version of the Tabu search procedure may be implemented when attempting to predict corporate bankruptcy. We accomplish (2 by indicating that a Tabu Search procedure increases the predictability of corporate bankruptcy by up to 10 percentage points in comparison to Altman's (1968 Z-Score model.
Full Text Available The worker is the weaker party in terms of worker-employee relationship system. The problem that often arises in the event of bankruptcy decision issued by the judiciary is the ignorance of labor rights. As we know that termination of employment (layoffs may be conducted by the employer in accordance with article 165 of Law Number 13 Year 2003 on Manpower, which is when the company is closed due to creditors’ law suit on unpaid credit within a specified time and therefore stating bankruptcy. Employers who are declared bankrupt by a competent judge shall settle all obligations, including in this case, paying workers' compensation regulations. In practice, the curator, the official havint the authority to calculate the company's assets can be invited to cooperate in terms of the repayment obligation, and they rather put the assets of the creditor's rights in front of workers’ rights. The receiver and or parties related to tend to prioritize the interests of the group more than the fulfillment of labor rights as compensation from the bankruptcy decision occurs. Whereas Article 95 Paragraph (4 of Law No. 13 of 2003 has stated that labor rights should come first before completing the receivables of the creditors.
Gorman, H.A.; Park, J.J.
A list of four recent gas marketing bankruptcies in Canada and their current status was reviewed. In 1996 and in early 1997 some gas marketers found themselves with an open position as a result of insolvency of their suppliers. Consequently, they faced huge losses in a market where commodity prices were rising significantly. A number of practical suggestions to deal with the losses and forestall receivership and/or bankruptcy have been discussed. One of the most important considerations is to protect oneself from the outset, i.e. to arrange for satisfactory security for performance. Dealing only with reputable parties and contracting for short term deals are some of the other measures that a marketer can take in advance. Security for performance was described as the most important issue in gas contracting today. It was seen as the only way to ensure that a company would not have to deal with insolvency problems. The legal implications of bankruptcy and insolvency were also discussed
McCarthy, P.T.; Lee, S.; Milani, M.W.
A clarification of the ranking of environmentally related claims in bankruptcy and receivership proceedings, was presented. Also, the liability that a creditor assumes when taking control of a debtor's business or assets, particularly where environmental contaminants are concerned, was explained. The way that environmental law operates and the sorts of liability it imposes and upon whom, was also explained. Generally, environmental legislation imposes liability upon the owner of a contaminated property, whether or not the owner caused or created the problem. However, legislation also exists which imposes liability on the party in control and on the party which caused the contamination. A review of cases which deal with environmental legislation and their impact upon receivers in Saskatchewan and Alberta, was presented. Ways in which secured creditors can assess liability and minimize risks, were also described. The proposed amendments to the Bankruptcy and Insolvency Act (BIA) expand the current limited protection from personal liability for trustees in bankruptcy and extend it to receivers, trustees, monitors and agents
Pawluck, B.K.; Prowse, J.T.
The statutory rights that unpaid creditors have when an oil or gas operator is placed in bankruptcy, were evaluated. Those statutory rights may give priority to their claims against the operator. Fifteen topics dealing with statutory priorities were examined, focusing on the change in priorities which would occur if the insolvent operator were placed in bankruptcy. The topics were: (1) Summary of statutory federal and provincial priorities, (2) Revenue Canada - source deductions/deemed trust, (3) Revenue Canada - source deductions/enhanced requirement to pay, (4) Revenue Canada - goods and service tax (GST)/deemed trust, (5) Revenue Canada - GST/enhanced requirement to pay, (6) Federal income taxes, (7) Validity of provincially legislated priority provisions in bankruptcy, (8) Provincially authorized municipal taxes - real property, (9) Provincial workers' compensation board, (10) Provincially legislated wages, overtime pay and holiday pay, (11) Provincially legislated severance/termination pay, (12) Provincially legislated successor employer obligations, (13) Provincially legislated private employment pension plans, (14) Provincial health care insurance premiums, and (15) Provincial freehold mineral rights tax
José Roberto Securato
Full Text Available Este trabalho tem como objetivo verificar o impacto no custo de endividamento das empresas devido à ordem de prioridade de pagamento das dívidas corporativas em caso de falência. A nova Lei de Falência em tramitação no Congresso Nacional, Projeto de Lei 4.376, define a ordem de classificação dos créditos na falência pelo artigo 83. A atual Lei de Falência estabelece que as dívidas trabalhistas, previdenciárias e tributárias possuem prioridade de pagamento às demais dívidas. Entende-se, portanto, que existe uma subordinação das dívidas contratadas junto aos bancos e investidores com relação aos passivos prioritários. Este estudo estima o custo de subordinação do passivo financeiro - empréstimos e financiamentos - aos passivos com preferência de pagamento. Primeiro, obteve-se evidência a favor do modelo de precificação, através da comparação do valor do passivo obtido pela aplicação do modelo com o valor de mercado, e finalmente, calculou-se uma média de 0,30%a.a. de custo de subordinação dos passivos financeiros.This paper studies the debt cost effect caused by the payment order when liquidating its liabilities in case of corporate bankruptcy established by the current Bankruptcy Legislation. The new Bankruptcy Legislation under discussion at the Brazilian Congress, Law project 4.376, defines the liability ranking order in case of Bankruptcy in article 86. The current Brazilian bankruptcy regulation defines that employee, social security and fiscal liabilities must be settled before other liabilities such as asset backed debt securities, suppliers and loans. Therefore, there is a subordination of financial liabilities - loans and financing contracted with banks and investors compared to those liabilities with liquidation priority. This research estimates the cost of subordination of financial liabilities. First, we applied the binomial model to estimate the present value of corporate liabilities and its
Antonio J. Blanco Oliver
Full Text Available La importancia de las micro-entities como generadoras de empleo y propulsoras de la actividad económica conlleva, unida a sus mayores tasas de quiebra y a su dificultad para acceder a las fuentes de financiación, la necesidad de diseñar métodos apropiados que anticipen sus quiebras. Con este fin, en este trabajo se desarrolla un modelo híbrido mediante la combinación de enfoques paramétricos y no paramétricos para la detección de sus quiebras. Para ello, se seleccionan las variables con mayor poder predictivo para detectar la quiebra mediante un modelo híbrido de regresión logística (LR y árboles de regresión y clasificación (CART. Nuestros resultados muestran que este modelo híbrido obtiene una mejor performance que aquellos modelos implementados de forma aislada, además de tener una más fácil interpretación y una convergencia más rápida. Por otra parte, se constata la conveniencia de la introducción de variables no financieras y macroeconómicas que complementen a la información proporcionada por los ratios financieros para la predicción de la quiebra de las micro-entities, lo cual está en línea con las características propias e idiosincrasia de este tamaño empresarial recientemente definido por la Comisión Europea. ------------------------------------ The importance of micro-entities due to their generation of employment and propelling economic activity, together with the fact of their particularities, implies the need to design appropriate methods that anticipate their bankruptcies. For that purpose, a hybrid model by combining parametric and nonparametric approaches is developed in this paper. First, the variables with the highest predictive power to detect bankruptcy are selected using logistic regression (LR. Subsequently, a non-parametric method, namely regression trees and classification (CART, is then applied to companies classified as "bankruptcy" or "non-bankruptcy". Our results show that this model
Full Text Available The principle of equality of arms requires that each party to the proceedings should have equal opportunity to present facts and support them with their evidence without of putting any party in a substantial disadvantage. (Case LB INTERFINANZ AG against Croatian, judgment, 27.03.2008 ., application no. 29549/04.. In terms of the procedural balance between the parties, this principle constitutes one of the essential elements of the right to a fair trial. However, the question of equality of arms is again raised in Bankruptcy Act (Official Gazette, 71/15. hereinafter: BA. BA has kept solution in which the creditor is able to initiate bankruptcy proceedings if he makes the existence of its claims likely possible and the existence of the reasons for bankruptcy. However, the legislator has retained the disputed solution in which the probability of the existence of the creditor claim can be proven by non-final judicial or non-final administrative decisions. As there are different solutions in terms of the above mentioned assumptions, the authors will focus on general statements based on comparative experiences, without detail consideration of the numerous and specific comparative solutions. This paper discusses the practical, but also theoretical implications of positive legal solutions specifically analysing the law of the European Court of Human Rights (ECtHR in proceedings according to Art. 6 (right to a fair trial of the European Convention for the Protection of Human Rights and Fundamental Freedoms (ECHR, because we assume that these information play key role in the understanding of the issue concerned. In addition, authors are trying to get the answer on the question will overall unsatisfied indicators of bankruptcy proceedings, which are the result of structural problems, need “stringent” procedural measures to resolve that situation. The subject of the paper is also a nomotehnical dimension of this issue, because the same solution was in
Full Text Available In conditions of extreme financial and corporate scandals, in order to achieve a good position in the market and thus maximize profit, modern companies and their top managers must make continual innovation and change, as an adaptation of one of the basic imperatives of modern business. This means that today's modern enterprises are facing numerous challenges, including the need to find a way to survival, growth and development. The global economic crisis that occurred in 2007 passed the downfall of many companies and put into focus the creative application of financial resources in the process of bankruptcy. Each company during its life cycle comes to a situation that is found in some form of crisis, but if it fails to overcome the crisis inevitably is to declare bankruptcy, which is a recognition that the company failed to meet its objectives. The causes of business failure are different, so the task of the financial due diligence to do the recording of enterprises, carefully, systematically and thoroughly investigate, examine and analyze them information company that filed for bankruptcy. The point of introduction of due diligence is in providing input as soon as possible, in order to take advantage of information in the right way and made the right decisions and strategies of the business. So due diligence serves as a tool or vehicle for designing business decisions, which is in the territory of the Republic of Serbia still minimal use. The reorganization process is applied rather than the liquidation process, precisely in order to use all the resources that the company has, and thus protect shareholders, creditors and suppliers. This process is strictly controlled and regularized to avoid possible abuse by management that led the company to bankruptcy. The legislation allows considerable benefits company in the reorganization process, just to fit in a healthy leg, changed unsuccessful business and financial structure of the successful and
Full Text Available Purpose of the article: The purpose of this paper is to analyse the distributional properties of financial data, suitable for building a bankruptcy forecast model, in the sense of normality deviation and the existence of outliers. Methodology/methods: In praxis, financial data in the form of financial ratios is very often not normály distributed. A Shapiro-Wilk’s procedure was used to test normality (Shapiro, Wilk, 1965 and a Box-Cox transformation (Box, Cox, 1964 for normalizing financial ratios. Scientific aim: We would like to contributed to the previous pieces of research in following ways. Firstly, by analysing a greater range of accounting ratios or indicators (i.e. 44, secondly, by focusing on data of a different character (data suitable for building a bankruptcy forecast model, thirdly, by explaining cases in which the parameter l is not possible to estimate, and finally fourthly, identifying a possible cause of transformation failure in achieving normality of financial ratios. Findings: Before the transformation none of the analysed financial ratios met the condition of one-dimensional normality, not even on the 1-% level. After transformation, the condition of one-dimensional normality was met, at the 1-% level, by 34% of the analysed financial ratios. The same condition, but at the 5 or 10-% level, was met by 27% of the analysed financial ratios. The parameter l was not possible to estimate in the case of 18% of financial ratios. Conclusions: The condition of normality for untransformed Czech bankruptcy data seems almost as impossible to fulfil. This conclusion implies the use of non-parametric methods, such as artificial neural networks. However, the comparison of the parametric method’s performance using untransformed or transformed data is the subject of further research.
Full Text Available The fast development of Indonesia capital market has happened recently requires investors to manage more information which is available with variety of technical analysis. One of technical Springates model of bankruptcy prediction which is able to predict the possibility of bankruptcy for evading fortfolio depreciation held by the investors. In above-mentioned analysis, the investors use one set of financial ratio which has the same type profitability, leverage, and liquidity ratio. Logically, the investors who have used Springates ratio in their analysis will consider the set of ratio in selling and buying shares so Springates ratio have the influence to shares price. This reseach was done based on wanting to know the influence of Springates financial ratios to shares price of public enterprise of telecommunication sector in Indonesia Stock Exchange. This reseach is empirical study for getting to know the influence of Springates financial ratios to share price. The financial data which are used from report of public enterprise of telecommunication sector in Indonesia Stock Exchange are from the year 2009 up to 2013. The financial ratios which are independent variable used by Springate for predicting enterprise bankruptcy, i.e : Working Capital to Total Assets (WC/TA, Earnings Before Interest and Taxes to Total Assets (EBIT/TA, Earnings Before Taxes to Currents Liabilities (EBT/CL, and Sales to Total Assets (S/TA. The analysis instrument is panel data regression and for data processing using Eviews 7. t-test and F-test outcome shown that WC/TA, EBIT/TA, EBT/CL and S/TA independent variables partially and simultaneously together influencing shares price with random effect test.
Caruntu Genu Alexandru
Full Text Available In economic and financial activity, risk is an inherent financial decisions, encountered in daily agenda of managers of companies. Unexpected changes in the price of a product development not only affect the financial results of a company, but can cause even bankruptcy. In fact, the nature of financial decisions involve uncertainty. Financial decisions are made based on cash flows under future contracts, which are par excellence incerte.Activitatea an enterprise that holds any weight in the industry is subject to risks, since it can not predict with certainty different components of its outcome (cost, quantity, price and operating cycle (purchase, processing, sales.
Patricia Fernandes Bega
Full Text Available The article is subject to study the Principle of Judicial Cooperation. The problem of research focuses on the conflict between the institution of bankruptcy and labor laws. The initial hypothesis is that the principle of protection to workers and the Judicial Recovery Institute reveal clash, contradiction and non-cooperation. In this way, the work seeks to demonstrate that the procedural rule of judicial cooperation brought about by the new CPC is an instrument of dialogue between material contradictions. The objective is to analyze the new civil procedure code and the difficulty to cooperate the irreconcilable. The method used was deductive.
Full Text Available This article examines the use of numismatic iconography by the British colonial administration of Cyprus in order, initially, to legitimise its possession of the island and, subsequently, to promote an Eteocypriot, an "authentic Cypriot", identity as counter-poison against Greek nationalism. In this endeavour of social engineering, archaeological items and other symbols from Cyprus' past played a prominent part. The outbreak of the Cypriot guerrilla war for union with Greece in 1955 highlighted the bankruptcy of this operation. Nevertheless, British efforts to evade Cyprus' overwhelmingly Greek past - and present - continued unabated, even after the formal recognition of the island's independence.
Elsas, Ralf; Florysiak, David
Estimating the speed of adjustment toward target leverage using the standard partial adjustment model assumes that all firms within the sample adjust at the same (average) pace. Dynamic capital structure theory predicts heterogeneity in adjustment speed due to firm-specific adjustment costs...... speed of adjustment is the highest for firms with high default risk or expected bankruptcy costs, and if opportunity costs of deviating from a target are high. Our evidence is consistent with the general relevance of the trade-off theory....
— was seen as a symptom of moral corruption. The same applied to the decadence of the Spanish empire, national bankruptcy, and the internal dissolution that occurred during the first half of the seventeenth century. The Baroque experienced a profound cultural crisis and the answer to this experience...... such as political theory, education, mythography, literary criticism, and dramatic theory. The upsurge of the term comedia as a hegemonic concept of serious dramatic art is shown to be the logical outcome of the allegorical outlook dominating these fields and to be particularly dependent on the re...
大橋, 亨; Ohashi, Tohru
The purpose of this paper is to test the following question. Does the Insolvency Law system of Japan offer an opportunity for highly motivated persons to reconstruct their bankrupt business or to start up his or her enterprise again even if they once went wrong? The method of my research is to compare Japanese Insolvency Law system with that of U.S.A. The contents of the paper are the following. Section 1 surveys and analyzes the Japanese and U.S. bankruptcy number of cases from various viewp...
Norris, C.; Brown, H.; Gedden, R.; Lovinger, T.
Contents include articles entitled: Senators criticize DOE use of Envirocare and Molten Metal; Officials express concern re implications of WCS ruling; DOE files notice of appeal in WCS suit; WCS responds to critics re implications of ruling; Background: Prior correspondence between the Senators and DOE re Envirocare; Waste control specialists authorized to conduct additional operations at Texas site; Molten Metal files for bankruptcy protection; Envirocare of Texas receives first approval for hazardous waste permit; Envirocare of Utah applies to NRC for SNM license; NRDC alleges death threats and financial intimidation by Envirocare; DOE and NRC sign off on external regulation pilot program; and NRDC requests Inspector General probe re Envirocare
Ntoung A. T. Lious; Puime G. Felix; Miguel A. C. Cibran
The recent financial crisis which causes bankruptcy around the world, Spain was placed at the top list because of the crucial state of its banking. This lead to a call to ensure adequate bank capitalization and reduce uncertainty regarding the strength of their balance sheets. In the light of recent event, the important of knowing the financial position of banks is imperative to shareholders. Thus, the aim of this study is to affirm the validity of Altman Z”-Score model as a predictors of the...
This article examines the effects of Russia's parliamentary elections on the Russian energy sector and gives details of Russia's legislation concerning Production Sharing Agreement (PSA). The importance of party politics, use of the energy sector as a ready source of cash for electoral campaigns, the government's strengthening of its representation on the board of Gazprom, the role of foreign investors, the bankruptcy of the Siberian Far Eastern Oil Company (Sidanko), the postponement of reforms, and the wait-and-see attitude of investors especially with the forthcoming presidential and Duma elections are discussed. (UK)
Full Text Available The European Union is currently affected by the financial crisis that spread internationally. The member states face difficulties such as price volatility, uncertainties, liquidity issues, cases of bankruptcy, increased unemployment rate, and decreasing GDP. The present paper analyses the challenges faced under these new circumstances by the European companies and their stakeholders. By taking into consideration the threats and weaknesses faced by firms and other interested parties, we emphasize the importance that transparency and communication among companies and their stakeholder have in overcoming financial difficulties.
Full Text Available Different axioms underlie efficient market theory and Keynes's liquidity preference theory. Efficient market theory assumes the ergodic axiom. Consequently, today's decision makers can calculate with actuarial precision the future value of all possible outcomes resulting from today's decisions. Since in an efficient market world decision makers "know" their intertemporal budget constraints, decision makers never default on a loan, i.e., systemic defaults, insolvencies, and bankruptcies are impossible. Keynes liquidity preference theory rejects the ergodic axiom. The future is ontologically uncertain. Accordingly systemic defaults and insolvencies can occur but can never be predicted in advance.
Full Text Available At the end of the Sixties the banker Michele Sindona introduces in italian economy new tools to hide a comprehensive system based on the control of financial companies in tax havens in Europe. In 1972 he merged in Italy Banca Unione with Banca Privata Finanziaria in Banca Privata Italiana. In 1974, following Franklin National Bank failure too, also fails both the attempt of refinancing Finambro and Banca Privata Italiana. The liquidator of Banca Privata Italiana Giorgio Ambrosoli reconstructs the causes of failure reacting to crack bank to process for bankruptcy against Sindona in Italy and in the States.
Ponzi finance is a type of financial fraud based on the principle of continuous fund rasing arising from the newcomers to the system. Ponzi scheme is inherently but necessarily tend to financial failure/bankruptcy. In Turkey, there were at least three well known ponzi schemes after 1980’s. Those cases appeared in the Banking Crisis of 1982, illegal/unauthorized fund-raising of some companies in Anatolia in violation of relevant securities legislations and Titan case. After Madoff scandal in t...
Ponzi finance is a type of financial fraud based on the principle of continuous fund rasing arising from the newcomers to the system. Ponzi scheme is inherently but necessarily tend to financial failure/bankruptcy. In Turkey, there were at least three well known ponzi schemes after 1980’s. Those cases appeared in the Banking Crisis of 1982, illegal/unauthorized fund-raising of some companies in Anatolia in violation of relevant securities legislations and Titan case. After Madoff scandal in t...
V. N. Alferov
Full Text Available The article deals with topical issues of the effectiveness of self-regulatory organizations of arbitration managers (SRO AU and the arbitration managers playing a key role in the bankruptcy law and financial restructuring of Russian enterprises. Despite the increasing demands imposed on the arbitration managers, professionalism and quality of their work remains low, the number of administrative offenses is not reduced. The article discusses various approaches to build-rated activities of CPO AU and the corresponding figures for the implementation of the evaluation.
Paul R. Reed; Carol J. Cumber
Approximately twenty-five years ago, a majority of the railroads in the industry were either in or near bankruptcy. As a partial cure, a series of federal and state legislation was enacted which freed the industry from archaic laws passed in the days railroads enjoyed a virtual monopoly in U.S. transportation. One of the outcomes of this new legislation was the freedom granted major railroads to abandon or sell off excess trackage to entrepreneurs. The Dakota Minnesota & Eastern (DM&E) is a r...
On 6 October 2008 the Icelandic legislature enacted the Emergency Act no. 125/2008 as a response to an impending collapse of the State´s banking system. Clause 6 of the act amended the Icelandic Bankruptcy Act with regard to priorities of claims filed by creditors of financial institutions subject...... creditors of the Icelandic bank Landbanki Íslands hf. who claimed they had thereby been deprived of their possessions. The Supreme Court of Iceland upheld the constitutionality of Clause 6 in the Case of the Financial Services Compenstion Scheme on 28 October 2011 (case no. 340/2011). To both illustrate...
The aim of this bachelor thesis is to carry out the financial analysis of the company named AŽD Praha s.r.o. The analysis is conducted for the financial years 2009/2010 - 2013/2014 from the perspective of an external analyst. To accomplish the goal, the methods of horizontal and vertical analysis, ratio analysis, evaluation of financial health with the use of bankruptcy and credibility models and eventually SWOT analysis were applied. The work is divided into three parts. The methodological p...
ABSTRACT: In the legal relations, loan of the debtor is obligated to pay the debt due and collectible. The debtor to pay the debt he sometimes defaults (broken promise. If the debtor owes to several creditors, then the solution can be done by the commercial court of brankruptcy. The debtor is declared bankrupt by the commercial court because he paid the at least one debt due and collectible. Bankruptcy decision raises serious legal consequences for debtors, and therefore the debtor needs to file a legal action in order to avoid the consequences of the decision.
Hyman, David A; Silver, Charles
We identify five myths of medical malpractice that have wide currency in medical circles. The myths are as follows: (1) Malpractice crises are caused by spikes in medical malpractice litigation (ie, sudden rises in payouts and claim frequency), (2) the tort system delivers "jackpot justice," (3) physicians are one malpractice verdict away from bankruptcy, (4) physicians move to states that adopt damages caps, and (5) tort reform will lower health-care spending dramatically. We test each assertion against the available empirical evidence on the subject and conclude by identifying various nonmythical problems with the medical malpractice system.
Full Text Available The penal enlightenment was forged as the culmination of a process of bankruptcy paradigms. This is much due to the forward positions that were built before its claims, especially those of natural law rationalists who were based on legal thought of the modern age. In this context, the criminal ideas of Francisco de Vitoria gain considerable importance for understanding the matrix of the criminal law of these days, because they are linked to the enlightenment. Such ideas break the paradigm of the middle ages and replaced in theocentrism by anthropocentrism in the criminal field.
The bachelor thesis assesses a financial position of the company Choceňská mlékárna, s.r.o. with the help of financial analysis tools such as horizontal and vertical analyses, parallel and pyramidal system of financial ratios, creditworthy and bankruptcy models, and economic value added in the horizon of five years. Theoretical-methodological part describes the financial analysis as a tool for an assessment of the financial position of the company and it further defines the evaluation apparat...
In the reference model of market liberalization, the reference business model is the pure electricity retailer. But bankruptcy, merger or vertical integration are indicative of the failure of this organizational model and its incapacity to manage efficiently the combination of sourcing and market risks in a setting of fierce price competition. Because of the structural dimension of electricity's volume risk, a supplier's level of risk exposure is unknown ex ante and will only be revealed ex post when consumption is known. Sourcing and selling portfolios of hedging contracts are incomplete risk management tools. Consequently, physical hedging is an essential complement to portfolios of contracts to overcome the pure supplier's curse. (author)
Export Trade Credit Insurance is a financial service product that intends to cater to the risk management needs of a company. Its primary purpose is protecting a policy holding company against payment defaults, insolvencies and bankruptcies that their business part- ners (buyers) can face. This helps the company keep their Accounts/Trades Receivable and bad debt under check. The goal of this thesis is to study the impact of Credit Insurance coverage on a policy holding company’s A/R level...
Andersen, Peter; Ross, Jeanne
processes. The goal of the new transformation is “to become a digital company.” Although the company already looked digital in 2016, management felt it had not become digital—in its products and processes. This case describes the LEGO Group’s journey to become a successful digital company.......To avert bankruptcy, the LEGO Group had transformed itself starting in 2004. As it entered 2016, the company was poised for a new transformation. This time the transformation builds on the strength of an enterprise platform the company developed to provide needed discipline around core business...
Bernet, Patrick M; Getzen, Thomas E
Not-for-profit hospitals rely heavily on tax-exempt debt. Investor confidence in such instruments was shaken by the 1998 bankruptcy of the Allegheny Health and Education Research Foundation (AHERF), which was the largest U.S. not-for-profit failure up to that date and whose default was accompanied by claims of accounting irregularities. Such shocks can result in contagion whereby all hospitals are viewed as riskier. We test for the significance and duration of resulting contagion using an industry-specific model of interest cost determinants. Empirical tests indicate that contagion does occur, resulting in higher interest on new debt issues from other hospitals.
Cavaliere, Christianne; Larsen, Erik R.; Dyner, Isaac
In this paper we describe the successful part-privatization of Empresa de Energia de Bogota (EEB), the city-owned electricity company in Bogota, Colombia. We describe the reason, the preparation and the actual sale process as well as the outcome following the part-privatization. EEB went from being a company on the edge of bankruptcy to one of the most financially secure electricity companies in South America. We also place the case in relation to the standard views on direct foreign investment and their social benefit. Finally, we aim to generalize the experience to see what other organizations in a similar position can learn
Vinten, Frederik; Thomsen, Steen
of exit by merger or acquisition. Taking into consideration that corporate governance policy may be endogenously determined, the estimated policy effects turn out to be highly sensitive to model specification, but our best estimates produce qualitatively similar results. We conclude that the evidence...... to go private. It seems likely that increasing investor protection will at some point add more costs than benefits to companies and investors. Governments should therefore consider both costs and benefits of further regulation.Key words: Delisting, public listing, mergers, acquisitions, bankruptcy...
not to do certain things is often the best thing a leader can do. When Steve Jobs returned to Apple Computer in 1997, the company was on the verge of...bankruptcy. Its employees were disillusioned, unfocused and unmotivated. Apple had many projects in development and Jobs canceled 70 percent of...room and watch when any new idea gets proposed. People’s thoughts immediately jump to “how can this new idea harm me?” It’s easy for members of a
Full Text Available Bankruptcy prediction is an important problem facing financial decision support for stakeholders of firms, including auditors, managers, shareholders, debt-holders, and potential investors, as well as academic researchers. Popular discourse on financial distress forecasting focuses on developing the discrete models to improve the prediction. The aim of this paper is to develop a novel hybrid financial distress model based on combining various statistical and machine learning methods. Then multiple attribute decision making method is exploited to choose the optimized model from the implemented ones. Proposed approaches have also been applied in Iranian companies that performed previous models and it can be consolidated with the help of the hybrid approach.
The financial crisis that started in U.S. real estate markets in late 2007 has now developed into a financial and economic crisis, spreading to most countries of the world. The signs of a financial crisis include a decline in bank liquidity, which means a loss of potential customers; rising interest rates on loans, the demand for which decreases; the bankruptcy of a certain part of credit institutions and a financial market slump. An economic crisis is characterized by a slowdown in GDP growt...
Hougaard, Jens Leth; Moreno-Ternero, Juan D.; Østerdal, Lars Peter
We analyze a general model of rationing in which agents have baselines, in addition to claims against the (insufficient) endowment of the good to be allocated. Many real-life problems fit this general model (e.g., bankruptcy with prioritized claims, resource allocation in the public health care...... sector, water distribution in drought periods). We introduce (and characterize) a natural class of allocation methods for this model. Any method within the class is associated with a rule in the standard rationing model, and we show that if the latter obeys some focal properties, the former obeys them...
Full Text Available The hereby paper tackles the onset and evolution of the global financial crisis, providing an overview of the partially foreseeable causes and extremely severe consequences. The aim of the paper is to analyze how the collapses of the US sub-prime mortgage market and the reversal of the housing boom in other industrialized economies led to a ripple effect on the world economy. In Europe, bankruptcy stroke and a number of major financial institutions collapsed, while others needed rescuing. The paper concludes that the global economy has proven to be extremely brittle and in need of coherent actions in order to insure recovery.
Roxana Anca Adam
Full Text Available Unsecured creditors in the insolvency of the debtor's creditors are those who do not have collateral security against the debtor's assets and who are not accompanied by liens privileges whose claims are current at the opening proceedings and claims us for current activities during observation. In the matter of the bankruptcy secured creditors set for secured debts are claims receiving collateral on the debtor's property, whether it is the primary obligor or third party guarantee to persons benefiting from collateral. The secured creditor's secured claim in the insolvency procedure is given by the value of collateral assessment arising after the opening of insolvency proceedings the debtor. These special legal provisions contained in the bankruptcy, derogating from the common law, they often generate different practical situations and have created jurisprudence. In judicial practice of insolvency have encountered situations where the creditor security budget, which requires to be entered in the final table of the debtor in the category of secured creditors, the debt claim, warranty claims for his claim is the universality of the debtor's assets. The study on which we focused includes analysis of these categories of claims in insolvency proceedings and the solutions adopted in judicial practice.
Caswell, Kyle J; Waidmann, Timothy A
Using a novel data set from a major credit bureau, we examine the early effects of the Affordable Care Act Medicaid expansions on personal finance. We analyze less common events such as personal bankruptcy, and more common occurrences such as medical collection balances, and change in credit scores. We estimate triple-difference models that compare individual outcomes across counties that expanded Medicaid versus counties that did not, and across expansion counties that had more uninsured residents versus those with fewer. Results demonstrate financial improvements in states that expanded their Medicaid programs as measured by improved credit scores, reduced balances past due as a percent of total debt, reduced probability of a medical collection balance of $1,000 or more, reduced probability of having one or more recent medical bills go to collections, reduction in the probability of experiencing a new derogatory balance of any type, reduced probability of incurring a new derogatory balance equal to $1,000 or more, and a reduction in the probability of a new bankruptcy filing.