Free Download BookOut-of-Court Debt Restructuring (World Bank Studies)

Free Out-of-Court Debt Restructuring (World Bank Studies)

Free Out-of-Court Debt Restructuring (World Bank Studies)

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Published on: 2012-01-12
Released on: 2012-01-12
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This study provides a conceptual framework for the analysis of the questions of out-of-court debt restructuring from a policy-oriented perspective. The starting point of the analysis is given by the World Bank Principles for Effective Insolvency and Creditor Rights Systems.The study offers an overview of out-of-court restructuring, which is not seen as fundamentally opposed to formal insolvency procedures. Actually, the study contemplates different restructuring techniques as forming a continuum to the treatment of financial difficulties. Thus, from the purely contractual – or informal – arrangements for debt rescheduling between the debtor and its creditors, to the fully formal reorganization or liquidation procedures, there are numerous intermediate solutions. In the study, these solutions are identified by the terms of enhanced procedures –where the contractual arrangements are supported by norms or principles for workouts; and hybrid procedures –where the contractual arrangements are supported by the intervention of the courts or an administrative authority. The study discusses the advantages and disadvantages of all the debt restructuring techniques, and concludes, in this regard, that a legal system may contain a number of options – a menu – that can cover different sets of circumstances. In the end, the law may offer a toolbox with very different instruments that the parties may use depending on the specific facts of the case.A substantial part of the study is devoted to the analysis of the enabling regulatory environment for out-of-court restructuring. It is evident that debt restructuring does not operate in a vacuum: in fact, the general legal system influences and to a certain extent determines the possibilities for debt restructuring in any given jurisdiction. The study provides a checklist that can be used to examine the features of a legal system that bear a direct influence on debt restructuring activities.The different characteristics of informal restructurings, and of enhanced and hybrid debt restructurings are covered by the study. The different approaches to debt restructuring aim at combining the advantages of an informal approach with the advantages of formal procedures: especially, the existence of a moratorium on creditor actions and the binding effects of creditor agreements concluded within the insolvency process. Our People - Blackstone - Home Our People. We believe that intellectual capital is critical to providing innovative solutions and ultimately having a positive economic impact. United Kingdom Chadbourne & Parke LLP Chadbourne & Parke (London) LLP is noted for its fully committed service intellectually and practically impressive thoroughness and determination timely ... Bank and Financial Institution Representation - Duane Morris For decades Duane Morris has provided leading national and international financial institutions with the full range of legal services they require. Corporate Finance & Restructuring Awards & Recognition Corporate Finance & Restructuring Awards These accolades are recognition of our teams dedication to providing integrated solutions to protect enhance develop and ... Team Members Page 4 Moelis & Company Bert Grisel is a Managing Director at Moelis & Company. Mr. Grisel has over 25 years of investment banking experience advising clients on restructuring M&A and debt ... World - Bloomberg Bloomberg delivers business and markets news data analysis and video to the world featuring stories from Businessweek and Bloomberg News. Chadbourne Elects Six New Partners in New York and ... Chadbourne & Parke LLP is pleased to announce that Brian Greene Jenny Kramer Seth Kruglak Michael Masri Samantha Miller and Christy Rivera have been elected to ... International News Latest World News Videos & Photos ... Get the latest international news and world events from Asia Europe the Middle East and more. See world news photos and videos at ABCNews.com About Us Shearman & Sterling LLP Shearman & Sterling is a top global corporate law firm that has been advising many of the world's leading corporations and financial institutions governments and ... Journal of Financial Regulation and Compliance There is common agreement among both academics and responsible practitioners that the upcoming regulatory environment must force financial institutions to internalize ...
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