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Author: OECD Publisher: OECD Publishing ISBN: 926418953X Category : Languages : en Pages : 428
Book Description
This volume brings together a comparative report and studies of the insolvency systems of Indonesia, Korea, Malaysia, the Philippines, Singapore and Thailand.
Author: OECD Publisher: OECD Publishing ISBN: 926418953X Category : Languages : en Pages : 428
Book Description
This volume brings together a comparative report and studies of the insolvency systems of Indonesia, Korea, Malaysia, the Philippines, Singapore and Thailand.
Author: OECD Publisher: OECD Publishing ISBN: 9264038337 Category : Languages : en Pages : 284
Book Description
A conference proceedings that provides a regional and country perspective on Asian insolvency reform, including individual Asian country reports, and reports on broader international trends and developements.
Author: OECD Publisher: OECD Publishing ISBN: 926418953X Category : Languages : en Pages : 428
Book Description
This volume brings together a comparative report and studies of the insolvency systems of Indonesia, Korea, Malaysia, the Philippines, Singapore and Thailand.
Author: Roman Tomasic Publisher: Routledge ISBN: 1317115988 Category : Law Languages : en Pages : 702
Book Description
Insolvency law reform has become a subject of public urgency in many countries in the past two decades and particularly in much of Asia over the last ten years. This volume provides an overview of insolvency laws and related rules and procedures in the countries of East Asia. The book comprises two introductory chapters dealing with issues such as legal culture and cross-border insolvency, before examining the fourteen principal jurisdictions in the region. Each chapter addresses the key themes of different insolvency regimes, such as: the legal system and culture; personal insolvency laws; corporate insolvency rules; court-based schemes of arrangement; winding-up procedures; liquidators; enforcement; and offences. This title will be an invaluable guide to academics, practitioners and policy makers working in the areas of comparative and commercial law.
Author: Publisher: OECD ISBN: Category : Business & Economics Languages : en Pages : 438
Book Description
This volume brings together a comparative report and studies of the insolvency systems of Indonesia, Korea, Malaysia, the Philippines, Singapore and Thailand.
Author: Stijn Claessens Publisher: World Bank Publications ISBN: Category : Bank Languages : en Pages : 33
Book Description
Abstract: June 1999 - Evidence from East Asia suggests that a firm's ownership relationship with a family or bank provides insurance against the likelihood of bankruptcy during bad times, possibly at the expense of minority shareholders. Bankruptcy is more likely in countries with strong creditor rights and a good judicial system - perhaps because creditors are more likely to force a firm to file for bankruptcy. The widespread financial crisis in East Asia caused large economic shocks, which varied by degree across the region. That crisis provides a unique opportunity for investigating the factors that determine the use of bankruptcy processes in a number of economies. Claessens, Djankov, and Klapper study the use of bankruptcy in Hong Kong, Indonesia, Japan, the Republic of Korea, Malaysia, the Philippines, Singapore, Taiwan (China), and Thailand. These economies differ in their institutional frameworks for resolving financial distress, partly because of the different origins of their judicial systems. One difference is the strength of creditor rights, which Claessens, Djankov, and Klapper document. They expect that differences in legal enforcement and judicial efficiency should affect the resolution of financial distress. Using a sample of 4,569 publicly traded East Asian firms, they observe a total of 106 bankruptcies in 1997 and 1998. They find that: · The likelihood of filing for bankruptcy is lower for firms with ownership links to banks and families, controlling for firm and country characteristics. Filings are more likely in countries with better judicial systems; Filings are more likely where there are both strong creditor rights and a good judicial system. These results alone do not allow Claessens, Djankov, and Klapper to address whether increased use of bankruptcy is an efficient resolution mechanism. This paper - a product of the Financial Economics Unit, Financial Sector Practice Department - is part of a larger effort in the department to study corporate financing and governance mechanisms in emerging markets.
Author: Yuka Kaneko Publisher: Springer Nature ISBN: 9811683026 Category : Law Languages : en Pages : 84
Book Description
This book examines the outcomes of the economic law reforms in Asian developing countries, guided by the leading international development financiers such as the World Bank and the Asian Development Bank. Included is a particular focus on the recent “insolvency law” reforms in the Asian emerging economies, such as Vietnam, Laos, and Myanmar. Such legal reforms are the results of the “transplant” of the model law provided by these donor agencies, a law that was created in the post-Asian Currency Crisis in the 1990s. This book therefore examines the outcomes of three decades of donor-guided legal reforms. Appropriately, it applies not only the static approach to the legal texts but also an empirical methodology through interview surveys of the corporate and financial sectors. Following the introduction in Chapter I, Chapter II reviews the basic theories and presents the methodological framework. Chapter III then analyzes the contents of insolvency law reforms in the major target countries, namely, Vietnam, Laos, and Myanmar. Chapter IV provides a closer investigation into the design choices of Myanmar’s 2020 Insolvency Law as a typical example of the law reform involving the inter-donor conflict of law models between the Asian Development Bank and Japan’s official development assistance project. Lastly, Chapter V applies an empirical approach to the functioning of insolvency law, through international collaboration for interview surveys with small and medium-sized enterprises (SMEs) and their financiers.
Author: Terence Halliday Publisher: Stanford University Press ISBN: 0804760756 Category : Social Science Languages : en Pages : 537
Book Description
Through the lens of the Asian Financial Crisis, this book documents how international organizations and national governments crafted legal responses, through corporate bankruptcy reforms, to the fragility of financial markets in East Asia and worldwide.
Author: Wai Yee Wan Publisher: Bloomsbury Publishing ISBN: 1509952357 Category : Law Languages : en Pages : 379
Book Description
This book provides an in-depth analysis of 4 economically significant Asian jurisdictions: Mainland China, India, Hong Kong and Singapore. These jurisdictions have recently either reformed – or are considering reforming – their corporate restructuring laws to promote regimes conducive to restructuring financially distressed, but otherwise economically viable, companies. Mainland China, India, Hong Kong and Singapore continue to adhere to a framework that requires the court's final approval but draw references from Chapter 11 of the Bankruptcy Code 1978 in the United States and/or the schemes of arrangement in the United Kingdom. However, the institutional and market structures are very different in Asia; in particular, Asia has a far higher concentration in shareholdings among listed firms, including holdings by families and the state, and a different composition of creditors. The book explains how, notwithstanding the legal transplantation, corporate restructuring laws in these Asian jurisdictions have adapted and evolved due to the frictions in shareholder-creditor and creditor-creditor relationships, and the role of the state in resolving non-performing loans and financial distress of state-owned enterprises which are listed, or which issue public debt. The study argues that any reforms must go beyond professionalising the insolvency professionals and the judiciary but must be designed to address fundamental issues of corporate governance, bank regulation and enforcing non-bankruptcy rules. It offers invaluable insights for academics and policy makers alike.
Author: Mr.Qaizar Hussain Publisher: International Monetary Fund ISBN: 145193131X Category : Business & Economics Languages : en Pages : 47
Book Description
This paper explores insolvency and debt recovery procedures, and political, legal, and institutional factors influencing financial decisions of corporations and banks during pre-crisis years in six Asian economies. It also examines whether these factors may have contributed to the depth and duration of the 1997 crisis. There are two key findings: First, bank behavior and other institutional factors, and not the nature of stakeholder orientation, seem to explain variations in capital structures and the depth of recessions across economies. Second, aspects of insolvency procedures favoring rehabilitation of “financially distressed” firms seem to explain well the expected duration of the crisis.
Author: OECD
Author: OECD
Author: OECD
Author: OECD
Author: Roman Tomasic
Author: 
Author: Stijn Claessens
Author: Yuka Kaneko
Author: Terence Halliday
Author: Wai Yee Wan
Author: Mr.Qaizar Hussain