Search results for "Debtor"
showing 10 items of 34 documents
The Case for Contingent Convertible Debt for Sovereigns
2015
We make the case for sovereigns to issue contingent convertible bonds as a means to forestall debt crises. These instruments contractually stipulate payment standstill, contingent on a sovereign’s credit default swap spread breaching a distress threshold. This is a financial innovation solution to the lack of sovereign debt restructuring mechanisms, limiting ex ante the likelihood of debt crises and imposing ex post risk sharing between creditors and the debtor. The new instruments are contingent contracts addressing neglected risks in sovereign debt. Building on literature for contingent convertible debt for banks we address the design of sovereign contingent debt, including market discipl…
Simplified restructuring proceedings in Poland as an example of anti – crisis regulation due to the COVID-19 pandemic
2020
Summary The study discusses new legislative anti – crisis solutions adopted in Poland in connection with the COVID – 19 pandemic. The Polish legislator decided to introduce the so-called simplified restructuring procedure. This happened in the face of the expectations of both the jurisprudence of law and practice. On the one hand, the simplified restructuring procedure (the fifth independent type of restructuring procedure for an entrepreneur in Poland) allows for a quick, cheap and simplified conclusion of an arrangement with creditors outside the court, then approved by the court. On the other hand, the opening of such proceedings gives the debtor protection against enforcement at the cre…
Conflitti tra azioni esecutive civili e sequestri disposti dal giudice penale
2016
Lo scritto esamina le conseguenza prodotte dai sequestri penali sul patrimonio responsabile del debitore, al fine di approfondire la posizione dei creditori, che vorrebbero sui beni oggetto di sequestro penale. The essay deal with the consequences of penal freezing of the debtor's asset, with regard of the creditors' right to seize the debtor's assets to satisfy their rights.
Hard currency indebtedness of the developed socialist countries
1985
In recent years the problems of the indebtedness of the communist countries have been driven somewhat into the background by the high foreign indebtedness of many developing countries and the attention attracted by the balance of payments crises in Brazil and Mexico. Yet there are many indications that the need for the socialist debtor nations to adjust their balance of payments policy has not lessened but, to a large extent, simply been deferred. It is therefore not unlikely that the 1980s will witness a new need to solve the problems of those nations and their creditors in the West.
Shared Cognitions in a Field of Informal Education: Knowledge Maps Towards Money Management of Young Adults
2013
Prerequisite knowledge of first grade Bachelor students (N = 48) on processes of private consumption and housekeeping (money management) has been assessed by means of knowledge mapping. The study is based on the fact that in German compulsory education, there is no emphasis on economic literacy. Young adults (students), however, have to cope with individual economic planning processes. Most of them succeed based on support from families, friends, and peers. Some may simply refer to successful models experienced within their money socialization or to professional advice. Others, however, fail and become confronted with early indebtedness or even overindebtedness. The percentage of young adul…
The Legacy and the Tyranny of Time: Exit and Re-Entry of Sovereigns to International Capital Markets
2018
We use a novel continuous-time Weibull model (without and) with a change-point in the duration dependence parameter to investigate the duration of the exit and re-entry of sovereigns to international capital markets. Relying on annual data for a large panel of countries over the period 1970-2011, we find that, as the reputation of debtor countries as good (bad) borrowers solidifies over time, those episodes are more likely to end - i.e. the "legacy of time". Debtor countries can take advantage of the "benefit of doubt" of creditors during short exit spells. However, when exits are long and the reputation as a bad borrower emerges, no more "complacency" makes it more difficult for them to bo…
The Euro's Effect on Trade Balance Dynamics
2015
During the pre-EMU period changes in real effective exchange rate or faster-than-trading-partners growth rates Granger caused changes in trade balance in most of the EMU-12 countries. However, our data driven article provides evidence that after the adoption of euro, these Granger causalities disappeared. We decompose trade balances into intra balances (trade balance vis-a-vis the euro area) and extra balances (trade balance vis-a-vis the rest of the world), and find that the disappearance of dynamic feedback effect typically occurred in the intra balances rather than in the extra balances. Our results imply that debtor countries cannot reduce their trade deficits in the short-run by enhanc…
Commenti agli artt. 543-566
2019
Espropriazione forzata - pignoramento presso terzi - pignoramento immobiliare Commentary of civil procedure code articles ruling a) seizure in the hands of a third person; b) seizure of immoble assets of the debtor
The Puzzle of the New European COMI Rules: Rethinking COMI in the Age of Multinational, Digital and Glocal Enterprises
2019
EU Regulation 2015/848 (Recast) laid down new rules on the debtor’s ‘centre of main interests’ (COMI) both to make it easier to determine international jurisdiction and to prevent a debtor from fraudulently relocating his/her/its COMI from one Member State to another. However, the terms of the litigation concerning the NIKI case and an in-depth analysis of the Recast demonstrate that this operation has been unsuccessful. This paper argues: first, that the new COMI rules contain logical and teleological flaws; secondly, that the prerequisite that the COMI ‘shall be the place […] which is ascertainable by third parties’ is a duplicate of the prerequisite ‘on a regular basis’; thirdly, that th…
The Role of Fraudulent Transfer Rules in Corporate Insolvency
2008
"The article is based on a lecture given by the author in Paris on the 12. October 2007 in the context of a Symposium devoted to corporate insolvency law. It deals with the role of fraudulent transfer rules in company law. The research is carried out on the field of comparative and European law. It therefore starts from a stipulative definition of [UTF-8?]“fraudulent transfer [UTF-8?]rules†which excludes preferences (even if they belong to the matter, in some legal systems) but includes the regulations aimed at subordinating [UTF-8?]shareholders’ loans. The paper demonstrates that the different [UTF-8?]“fraudulent transfer [UTF-8?]rules†adopted by principal EU Member States conver…