The new Italian bankruptcy law rushed through Parliament on December 23rd has not mollified these concerns.
Partly as a result, Beijing is now putting the finishing touches to a new bankruptcy law which vastly increases the rights of creditors and clarifies the procedure.
Knowing financial markets might tumble on the news, the Senate reassured them by approving a much-needed new bankruptcy law on the same day as the minimum-wage vote.
Even before the new law, bankruptcy rates have been rising, fuelled by a rapid rise in consumer debt, especially credit card borrowing and personal loans, which have reached record levels.
Indonesia, beset by violence and economic collapse, has many other troubles, but the courts' mishandling of a new bankruptcy law has made matters worse.
Like America's bankruptcy code, the new law aims to give companies a chance to trade on, sort their problems out, preserve jobs and even help capitalists get some money back.
That's the amount Zabel all but concedes Picard has the right to collect under New York State and federal bankruptcy law clawbacks, because it is what Picower took out in the six-year period prior to Picard's suit.
The IRS investigations area also likely to affect consumers, thanks to a new bankruptcy law that requires consumers considering bankruptcy to get counseling before they are allowed to file.
The case is set to be a big test of China's new bankruptcy law, which came into effect in 2007 but has rarely been applied to overseas-listed companies with assets in China.
Even under the new law, it is unclear whether lenders who step in after a bankruptcy have priority over old claims, undermining any incentive for a would-be backer to give a firm a second chance.
In 2007 China adopted a new bankruptcy law its first since 1949 and 11 years in the making that makes it easier to restructure insolvent firms.
Instead, they give the lucrative collection industry an opportunity to convey to consumers that bankruptcy is no longer an option and that they cannot qualify under the new law.
The law was finally passed seven years later, implementing a new set of guidelines for bankruptcy filings and safeguards to cut down on potential fraud and abuse.
The new insurance law, expected to take effect next month, will force policyholders, who in bankruptcy proceedings take precedence over holders of subordinated debt, to lose out first.
But a new study by two law professors offers an additional, surprising explanation: A change in the way the bankruptcy courts report statistics may have led analysts to mistakenly believe that bankruptcy was no longer a key escape hatch for entrepreneurs, conclude Elizabeth Warren of Harvard University and Robert Lawless of the University of Nevada.
But a new obstacle has arisen: Congress has approved two bills whose effect is to reverse the recent repeal of a bankruptcy law which favoured debtors at the expense of banks.
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