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Author: Dr Kubi Udofia
Publisher:
ISBN:
Category :
Languages : en
Pages : 3
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Book Description
Formal insolvency proceedings are usually characterised by adverse consequences on a broad range of stakeholders of the insolvent company. Affected stakeholders typically range from directors, shareholders, employees, counterparties, creditors to tort victims. Employees are usually regarded as being among the most vulnerable stakeholders. As involuntary creditors, employees do not assume the risk of their employers' distress and inability to pay wages. Unlike trade creditors, employees do not extend credit to their employers, they do not have the capacity to ex ante factor in the risk of insolvency into their entitlements and are not positioned to negotiate for security or quasi security measures. Besides, it is common practice for some companies to have standardised employment contracts for employees.Employees are also considered vulnerable due to their inability to diversify their risks. Employees often have one employer at a time and typically depend on the employer as their sole source of income. Failure by the employer to pay pre-insolvency wages will have far-reaching implications on employees including impairing their ability to cater for basic needs such as food, shelter, healthcare etc. In contrast, trade creditors often transact with several counterparties asides the insolvent company thereby diversifying their risks.
Author: Dr Kubi Udofia
Publisher:
ISBN:
Category :
Languages : en
Pages : 3
Get Book Here
Book Description
Formal insolvency proceedings are usually characterised by adverse consequences on a broad range of stakeholders of the insolvent company. Affected stakeholders typically range from directors, shareholders, employees, counterparties, creditors to tort victims. Employees are usually regarded as being among the most vulnerable stakeholders. As involuntary creditors, employees do not assume the risk of their employers' distress and inability to pay wages. Unlike trade creditors, employees do not extend credit to their employers, they do not have the capacity to ex ante factor in the risk of insolvency into their entitlements and are not positioned to negotiate for security or quasi security measures. Besides, it is common practice for some companies to have standardised employment contracts for employees.Employees are also considered vulnerable due to their inability to diversify their risks. Employees often have one employer at a time and typically depend on the employer as their sole source of income. Failure by the employer to pay pre-insolvency wages will have far-reaching implications on employees including impairing their ability to cater for basic needs such as food, shelter, healthcare etc. In contrast, trade creditors often transact with several counterparties asides the insolvent company thereby diversifying their risks.
Author: Hamiisi Junior Nsubuga
Publisher: Routledge
ISBN: 1000731111
Category : Law
Languages : en
Pages : 213
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Book Description
This book analyses corporate rescue laws, processes and policies prescribed in corporate insolvency or bankruptcy laws, and employment laws of the UK and the US, with a particular focus on how extant employee rights are treated when a debtor employer initiates corporate insolvency proceedings. The commencement of formal insolvency proceedings by an employer affects employees’ rights and interests. Employment laws seek to protect employees’ rights and interests, while insolvency laws seek to promote corporate rescue, which may entail workforce changes. Consequently, this creates a tension between whose interest insolvency law should give primacy of protection. The book analyses how corporate rescue processes such as administration, pre-pack business sales, company voluntary arrangements, receivership and liquidation impact employee rights and protection during corporate rescue proceedings in both jurisdictions. It goes on to address how the federal system of government in the US and the diffusion of power between federal and state law jurisdictions impact a uniform code of employee protection during Chapter 11 bankruptcy reorganisation proceedings. The book considers how an interpretative approach to law (Dworkin’s Interpretative Theory of Law) may be used to balance both employee protection and corporate rescue laws during corporate insolvency in the UK and the US. Of interest to academics, students and employment law practitioners, this book examines the tension between corporate rescue laws and employment protection laws during corporate insolvency in the US and the UK and how this tension may be remedied or balanced.
Author: Kayode Akintola
Publisher: Edward Elgar Publishing
ISBN: 1788971396
Category : Law
Languages : en
Pages : 211
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Book Description
The significant role of credit in obtaining corporate capital means that credit and the treatment of creditors’ interests raises distinctive issues in the event of company insolvency. In this book, Kayode Akintola addresses these issues, providing an exceptional in-depth analysis of the principles, policy and practice of creditor treatment in corporate insolvency law.
Author: Hong Kong Government Secretariat. Financial Services Bureau
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 37
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Book Description
Author: Janis Pearl Sarra
Publisher: Carswell Legal Publications
ISBN: 9780779817375
Category : Business & Economics
Languages : en
Pages : 499
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Book Description
"This study is the most comprehensive analysis of the treatment of social claims in insolvency to date, and will make an important contribution to a timely and important public policy debate. The text can be used to challenge the status quo, to compare and contrast one system to another in order to frame an argument of why wages and pensions should be treated differently in your country. This book is divided into parts that are designed to provide the most detailed account of world insolvency systems and how they treat wages and benefits of employees."--pub. desc.
Author: Christopher F. Symes
Publisher: Routledge
ISBN: 1351897977
Category : Law
Languages : en
Pages : 290
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Book Description
Who enjoys statutory preferred creditor status? What justifications exist for jurisdictions to maintain statutes that favour 'priority' creditors over other creditors and contributories? This book examines preferential debts derived from specific legislative provisions applying to corporate insolvency. In exploring the concept of preferential treatment, Statutory Priorities in Corporate Insolvency Law includes chapters that provide a doctrinal, theoretical and historical analysis of who enjoys preferred creditor status. As well as examining the traditional major categories of priorities, this work also identifies potential new categories for priority status such as environmental clean-up costs, international creditors, tort claimants and consumers among other non-consensual creditors. While the study focuses on Australian corporate insolvency law, where appropriate, comparisons are made with other common law jurisdictions, particularly the UK, Canada, New Zealand and the US.
Author: David Pollard
Publisher:
ISBN: 9781526515650
Category : Bankruptcy
Languages : en
Pages : 992
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Book Description
"Bridges the gap between the three distinct disciplines of pensions, employment and corporate insolvency law. Through a mix of legislation, case law, analysis and comment, this well-regarded text gives you all the information you need to answer your clients' questions. It outlines the legal principles applicable where the three regimes interact, with a particular focus on the application of the rules relating to corporate insolvency and how they impact on employees and their pension rights. For example: - How is the position of employees affected by the appointment of an insolvency practitioner over their employing company? - Who is liable, and what priority is given to past or future claims? Updates for the 7th edition include: - Full treatment of CVAs and pensions - Implications of the Court of Appeal decision in Granada/Box Clever about ?association? and about Pensions Regulator powers - Implications of proposed pensions legislation, including new criminal offences - New Crown preferential debts Corporate Insolvency: Employment and Pension Rights is cited in many works focusing on the employment and insolvency fields. If you work as an employment, pensions or corporate insolvency practitioner, you'll find its up-to-date case law and practical analysis an essential aid to your work."--
Author: Vanessa Finch
Publisher: Cambridge University Press
ISBN: 9780521626859
Category : Business & Economics
Languages : en
Pages : 662
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Book Description
Vanessa Finch provides an interesting look at corporate insolvency laws and processes. She adopts an interdisciplinary approach to place two questions at the centre of her discussion. Are current UK laws and procedures efficient, expert, accountable and fair? Are fundamentally different conceptions of insolvency law needed for it to develop in a way that serves corporate and broader social ends? Topics considered in this wide-ranging book include different ways of financing companies, causes of corporate failure and prospects for designing rescue-friendly processes. Also examined are alternative asset distribution of failed companies, allocations of insolvency risks and effects of insolvency on a company's directors and employees. Finch argues that changes of approach are needed if insolvency law is to develop with coherence and purpose. This book will appeal to academics and students at advanced undergraduate and graduate level, and to legal practitioners throughout the common law world.
Author: Jay Lawrence Westbrook
Publisher: BRILL
ISBN: 9004182535
Category : Law
Languages : en
Pages : 318
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Book Description
We live in an age of economic turmoil. The recent crises emphasize the need for modern, sophisticated rules to govern businesses in financial distress in order to realize value from distressed companies and to protect economic institutions. Guided by the World Bank’s Principles and Guidelines on International Insolvency, we have assembled, compared and analysed the legal principles and institutions of many different jurisdictions. Our goal is both practical and scholarly. Our work supplements the Legislative Guide of the UN Commission on International Trade Law by providing extensive analysis of the ways in which various legal systems address the issues that arise in insolvency law, including both liquidation and reorganization. It employs many examples of national and international practice in every area of insolvency law. For teachers, those examples can enliven and enrich courses on domestic insolvency law by revealing how similar problems are viewed and resolved in other legal systems. After introductory discussions of debt collection laws generally, including those governing the grant of security interests or liens, the book discusses each of the central elements of the insolvency process, beginning with discussions of valuation and corporate officer liability, then initiation of an insolvency proceeding and the resulting moratorium on creditor action, and continuing through the treatment of various forms of property and contracts and the voiding of certain transactions that may have preceded the initiation of legal action. Separate chapters work though the particular considerations applicable to cases that seek to preserve distressed businesses, including both formal proceedings and informal “workout” agreements as tools in the reorganization or rescue process. Another chapter addresses the crucial problem of institutional and staffing requirements without which the best law will fail to achieve its goals. Two remaining chapters address other areas of special importance: the treatment of employees and the management of cases involving multinational businesses.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 9781557758200
Category : Business & Economics
Languages : en
Pages : 108
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Book Description
Written by IMF's Legal Department, this book outlines the key issues involved in designing and implementing orderly and effective insolvency procedures, which play a critical role in fostering growth and competitiveness and may also assist in the prevention and resolution of financial crises. The book draws on lessons learned from firsthand experience by some of the IMF's 182 member countries. It includes an analysis of the major policy choices that countries need to address when designing an insolvency system, a discussion of the advantages and disadvantages of these choices, and a number of specific recommendations.
