Цель: Рассмотрение института банкротства застройщика как способа осуществления прав участниками долевого строительства. Методология: Использовалcя формально-юридический метод. Результаты: Рассмотрены особенности удовлетворения требований участников долевого строительства в рамках процедуры несостоятельности (банкротства) застройщиков. Исследование законодательных норм, регулирующих банкротство застройщиков, позволило выделить ряд преимуществ, предоставленных дольщикам, которые недоступны иным кредиторам. Новизна/оригинальность/ценность: Статья обладает высокой научной и практической ценностью, поскольку является современной попыткой рассмотрения актуальной проблемы. ; Methodology: The formal-legal method was used. Results: Features of satisfaction of requirements of participants of shared-equity construction within procedure of insolvency (bankruptcy) of builders are considered. Research of the legislative arrangements regulating bankruptcy of builders has allowed to allocate a number of the benefits provided to shareholders who are unavailable to other creditors. Novelty/originality/value: Article has the high scientific and practical value as is modern attempt of consideration of an actual problem.
Several countries and regions around the world, including Singapore, the United Kingdom, and the European Union are amending their restructuring framework to implement a pre-insolvency mechanism that looks like a US Chapter 11 reorganization. However, unlike what happens in the United States, where unsuccessful reorganizations lead to Chapter 7 liquidations, companies using this 'de facto Chapter 11' (DFCH11) are still allowed to use the formal reorganization procedures existing in their insolvency jurisdictions if the DFCH11 fails.
Following a depiction of the problem of sovereign insolvency that touches on changes in the pattern of international financial flow to developing countries & various troubles in the debt restructuring process, attention turns to various proposals to resolve said problems. While one private sector perspective sees no real difficulty in extant international credit markets & only a need to address moral hazard generated by IMF bailout policy, the cases of Argentina & Ukraine shed light on the need for formal sovereign debt restructuring arrangements. Another perspective suggests the introduction of collective action clauses (CACs) into bond contracts. Although useful, CACs will not address core problems. Attention turns to a critique of the IMF's Sovereign Debt Restructuring Mechanism (SDRM) & the Chapter 9 proposal endorsed by nongovernmental organizations. It is suggested that modifications to the SDRM can bring it closer to the spirit of intent of Chapter 9, resulting in a workable comprehensive approach. J. Zendejas
Тема. Темой данной статьи являются банкротство туроператоров России и влияние последствий этих банкротств на дальнейшее развитие туристского рынка и экономику страны в целом. Эта проблема остается актуальной, поскольку в 2014 г. имело место значительное число банкротств туроператоров, в результате чего пострадало множество российских туристов, кроме того, существенные изменения произошли на самом рынке туристических услуг. Цель. Целями настоящего исследования являются анализ случаев банкротства и выявление возможных причин банкротства отечественных туроператоров и сопутствующих им факторов. Для этого авторами были поставлены следующие задачи: изучить правовую документацию, регламентирующую финансовое обеспечение деятельности туроператоров, собрать данные о деятельности туроператоров из открытых источников, определить возможность на их основе выявления предрасположенности туроператора к банкротству. Методология. В работе использованы методы сравнительного анализа, а также формально-юридический, системно-логический и математико-статистический методы. Результаты. Проведен анализ случаев банкротств туроператоров России за последние несколько лет, дана сводная информация об их деятельности. Изучено влияние факторов, описывающих деятельность туроператоров, на возможное их банкротство. Установлено, что имеющихся у потребителя туристических услуг данных из открытых источников недостаточно для оценки предрасположенности туроператоров к банкротству, при этом влияние данных факторов на вероятность банкротства достаточно мало, а банкротству сопутствуют иные, скрытые от потребителя туристических услуг, причины. Полученные результаты показывают, что существует необходимость в усилении контроля за деятельностью туроператоров со стороны государства и общества, а также в выработке политики по предотвращению банкротства туроператоров на российском туристическом рынке. Выводы. Современный российский турист для оценки надежности того или иного туроператора не может ориентироваться на одни только данные Ростуризма и единого реестра туроператоров. Статья может быть полезной всем, кто интересуется основными тенденциями развития и состояния туристского рынка России. ; Importance The article reviews bankruptcy of tour operators in Russia, and how those bankruptcies have influenced the further development of the tourism market and national economy. Objectives The research analyzes instances of bankruptcy and identifies possible causes of the Russian tour operators' bankruptcies and other related factors. For this, we address the following tasks: studying legal documents governing financial aspects of tour operators' activities, collecting data on tour operators' activities from publicly available sources, using those data to determine tour operators' proclivity for insolvency. Methods The research relies upon a comparative analysis, formal and legislative, systems and logic, mathematic and statistical methods. Results We have analyzed bankruptcies of the Russian tour operators for the recent several years and provide a summary of their operations. We have studied how the factors of their operations may influence possible insolvency of tour operators. Conclusions and Relevance Today's tourists should not rely upon data of the Federal Agency for Tourism and the Uniform Federal Register of the Tour Operators only. The article may prove useful for those who follow the main trends in the development and condition of Russia's tourism market. As the research shows, the Government and society should tighten control over tour operators and formulate a policy for preventing bankruptcies of tour operators in the Russian tourism market.
The archipelagic nation of Solomon Islands in the sw Pacific experienced a debilitating internal conflict between 1998 and 2003. What began as an ethnic conflict evolved into a wider breakdown of law and order that led to the progressive collapse of government, closure of commercial enterprises and threat of national bankruptcy. In mid-2003 the Regional Assistance Mission to Solomon Islands (ramsi) was mobilised and deployed under the auspices of the Pacific Islands Forum. Led and largely funded by the Australian government, ramsi sought to restore security and stability to the troubled nation through a combination of policing and law enforcement, institutional strengthening with central government agencies and measures aimed at reviving and growing the national economy. Ten years later and the mission is undergoing drawdown and the transition of its development programs into regular bilateral and multilateral aid programs. While ramsi has made a substantial contribution to the restoration of security and stability in the aftermath of conflict, many outstanding challenges remain. These include issues of political economy and how these are impacting on the quality of governance, service delivery and nation-building, as well as longstanding structural issues with the formal economy, set against prevailing patterns of population growth and internal migration. These challenges are examined in the context of Solomon Islands socio-economic characteristics and recent history with a view to assessing the country's prospects for enduring stability in the post-ramsi era.
Abstract Households in developing economies have greater access to formal credit today than at any point in history, owing to the global expansion of microfinance and recent innovations in consumer finance, such as digital lending. While this has improved the ability to smooth consumption and invest in productive activities, it has also raised concerns about over-indebtedness. Against this background, this article reviews and extends the literature on debt relief for households in developing countries. We begin by laying out a simple stylized model that illustrates the costs and benefits of debt relief and use the model to guide our review of the evidence on various relief policies, such as debt forbearance, debt forgiveness, and personal bankruptcy. We additionally present survey evidence from a population of microfinance and bank borrowers with recent exposure to debt relief. The results highlight that an important channel through which discretionary debt relief policies, which are common in developing countries, affect credit market outcomes is their impact on borrower expectations. The development of legal bankruptcy institutions that offer a rules-based avenue to discharge unsustainable debts can reduce such distortions and alleviate the credit market inefficiencies that have often accompanied debt relief initiatives in developing economies.
This paper aims to analyse the pari passu principle of insolvency law (which provides that the creditors of a company in liquidation are to be paid rateably), and to ask how it relates to other principles available for the treatment of claims in corporate liquidation. The discussion reveals that the principle has rather limited effect in governing distributions of the insolvent's estate. Not only do various types of secured claim fall beyond its ambit, even unsecured claims are often exempt from its application. Nevertheless, the principle thrives both in judicial rhetoric and in academic arguments. For example, many a challenge to the different priorities accorded to different types of claim in a company's insolvency begins with an incantation of the pari passu principle. Commentators see an inherent tension between the 'two fundamental principles of credit and insolvency law', that of the freedom of contract which allows one to bargain for priority, and the mandatory pari passu principle. The pari passu principle is said to be 'the foremost principle in the law of insolvency around the world'. It is thought to be 'all-pervasive', and its effect is to 'strike down all agreements which have as their object or result the unfair preference of a particular creditor by removal from the estate on winding up of an asset that would otherwise have been available for the general body of creditors.' The principle is said to be supported both by the need for an orderly liquidation of insolvents' estates, and by requirements of fairness. So it is not surprising that its invocation as the starting point for, say, the debate on the priority of secured or preferential claims, weights the argument in a particular way. Since the pari passu principle has been recognised so widely and for so long as vital, and since it serves such desirable aims as orderliness in liquidation and fairness to all creditors, any deviation from it must be a cause for concern. On this view, the priority (say) of secured or preferential claims is an abnormality, a pathology to be diagnosed and controlled, perhaps even 'cured'. Since 'equality' is the norm, the onus must be on those supporting differing priorities to justify their claim. To the extent that their efforts are unpersuasive, the case for priority must be considered not established, and the 'default principle' of 'equality' must prevail. This paper seeks to overturn this order of things. It is suggested the pari passu principle does not constitute an accurate description of how the assets of insolvent companies are in fact distributed, has no role to play in ensuring an orderly winding up of such companies, does not explain or justify distinctive features of the formal insolvency regime, and has little to do with fairness in liquidation. The actual role of the principle, it is argued, is merely to provide a low-cost method for dealing with those types of claim which both Parliament and commercial parties themselves have decided should receive little or nothing in most insolvencies. The principle, long regarded as the core distributional principle in corporate liquidation, is more properly understood as a principle of non-distribution. To the extent that these arguments succeed, the initial onus of justifying their position shifts from those arguing in favour of the priority of secured credit, to those who support a more 'equal' distribution of the insolvent's estate.
Abstract Drawing insights from the literature and from the author's own survey work on contractual practices among manufacturers and traders in Africa, we study the transition from anonymous to personal to impersonal exchange. Using a dynamic game with heterogenous agents and information sharing, we derive precise conditions under which relational contracting spontaneously emerges and deters opportunistic breach even in the absence of formal market institutions. Exclusion of cheaters is not required for contracting to begin. As exchange develops, newcomers may be excluded from contracting when screening costs are high and agents long lived. Reputational equilibria in which cheaters are permanently excluded are not decentralizable unless contracting is already developed and breach of contract is interpreted as a sign of impending bankruptcy.
Risk-sharing is a fundamental form of economic behaviour. It can occur through formal insurance markets, informal family arrangements, community support, legal institutions (such as bankruptcy), or government tax-transfer programmes. Whatever the mechanism used to share risk, the extent of risk mitigation can greatly influence the welfare of all members of society. Understanding the degree of risk-pooling in society is important for policy-makers, since insufficient risk pooling may provide a basis for government intervention. Alternatively, if risks are being pooled adequately without the help of the government, government risk-sharing may be redundant. This study explores the implications of the risk-sharing model, namely, that households which pool risks, either through formal markets or informal personal arrangements, experience correlated changes in their consumption through time. It conducts tests of within-village, across-village, within-district, and across-district risksharing using a new Pakistani panel data set—the Pakistan Food Security Management Survey—collected by the International Food Policy Research Institute (IFPRI), Washington, D. C. Unlike studies for other Less Developed Countries (LDCs), these tests find very little or almost no evidence of risk-sharing among unrelated individuals within- and across-villages in the rural sector of Pakistan.
In: Dialectical anthropology: an independent international journal in the critical tradition committed to the transformation of our society and the humane union of theory and practice
AbstractTo avoid the snowballing of economic and legal challenges that immigrant and diaspora workers face, Punjabi families continue to use an assemblage of social practices and vernacular legal acumen to maneuver around restrictive labor conditions and economic systems, thereby mitigating what Balibar (2015) describes as "ultra-subjective" and "ultra-objective" violence. This essay draws on ethnographic examples to explore these strategies. In one case, a Punjabi family faced bankruptcy from a new motel business following the events of September 11, 2001. The family deployed the legal instrument of a fictive divorce to prevent the loss of their property and home, thereby formally individualizing the financial loss of bankruptcy while actually maintaining their collectively shared resources. Paradoxically, the formal dissolution of the marriage here served to ensure stability within the intergenerational family by securing the home, school enrollment, and community ties. In another case, I consider the role of the intergenerational family in contesting cultural citizenship for working-class immigrant parents working in meatpacking plants. This article explores the way Punjabi immigrant workers experience the contested web of cultural citizenship, racial capitalism, and violence, while concomitantly leveraging their legal acumen and community ties to traverse a legal and economic system that is often inaccessible or hinders their very stability. In doing so, workers challenge the distinction between class struggle and non-class struggle forms of action to ameliorate the objectification of racialized workers under capitalism (as reported by Riley et al., New Left Review, no. 138 (December), 5–27, 2022).
This essay examines the processes of transformation & the progressive formalization of Chinese law, particularly civil & commercial law, which have taken place since the beginning of the reform-and-opening process in 1978. The article emphasizes the large-scale rehabilitation & strengthening of laws & procedures as necessary tools in view of the modernization & economic development of the country. Westernization & internationalization of legal norms, particularly in the field of international trade, the central role undertaken by private law, formal litigation, arbitration & third party decision are significant features of this process. The central part of the study focuses on four institutions, considered to be highly indicative of the abovementioned directions & transformations (market economy, private law): a) property, b) contracts, c) special legal vehicles of foreign investments (FIE), d) bankruptcy. Lastly, the study underlines the importance for future (market & western-oriented) developments of the Chinese legal system at large, & not only in the field of international trade, of the entrance of the PRC in the World Trade Organization. Adapted from the source document.
Is the dream of EU endangered? This book reviews classic and modern values and virtues, and uses them in order to rethink Europe's present politics and its future. The idea of the Republic was born with the political ethics of ancient Greece. The current international crisis obliges Europe to face the mirror of truth: What has become of the European Idea and how fares the European Constitution? It has been a long road from the Greek Politeia to the present lack of values and financial monomania in Europe, who seems to have lost any harmony between the spirit, the soul and the body of her Constitution: the will and values of the people (material constitution), the text of the Lisbon Treaty (formal constitution) and its current political interpretation and action (real constitution), making Europe a two-tier or three-tier club, far from the dream of the founding fathers. Without republican values and virtues, and failing to uphold the European social model, the European Union would devolve into moral, social and democratic bankruptcy
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"China's economic boom over the last two decades has taken many analysts by surprise, given the ongoing role of central government planning. Its current growth trajectory suggests that the size of its economy could soon surpass that of the United States. Some argue that continued growth and the expanding middle class will ultimately exert pressure on the government to bring about greater openness of the financial market. To better understand China's recent economic performance, this volume examines the distinctive system it has developed: "market socialism with Chinese characteristics." While its formal institutional makeup resembles that of a free-market economy, many of its practices remain socialist, including strategically placed state-owned enterprises that wield influence both directly and through controlled business groups, and Communist Party cells whose purpose is to maintain control of many segments of the economy. China's economic system, the contributors find, also retains many historical characteristics that play a central role in managing the economy. These and other issues are examined in chapters on China's financial regulations, corporate governance codes, bankruptcy laws, taxation, and disclosure rules."--Publisher's website
Zugriffsoptionen:
Die folgenden Links führen aus den jeweiligen lokalen Bibliotheken zum Volltext:
"China's economic boom over the last two decades has taken many analysts by surprise, given the ongoing role of central government planning. Its current growth trajectory suggests that the size of its economy could soon surpass that of the United States. Some argue that continued growth and the expanding middle class will ultimately exert pressure on the government to bring about greater openness of the financial market. To better understand China's recent economic performance, this volume examines the distinctive system it has developed: "market socialism with Chinese characteristics." While its formal institutional makeup resembles that of a free-market economy, many of its practices remain socialist, including strategically placed state-owned enterprises that wield influence both directly and through controlled business groups, and Communist Party cells whose purpose is to maintain control of many segments of the economy. China's economic system, the contributors find, also retains many historical characteristics that play a central role in managing the economy. These and other issues are examined in chapters on China's financial regulations, corporate governance codes, bankruptcy laws, taxation, and disclosure rules."--Publisher's website.
