Court Supervised Restructuring Of Large Distressed Companies In Asia
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Court Supervised Restructuring Of Large Distressed Companies In Asia
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Author : Wai Yee Wan
language : en
Publisher:
Release Date : 2022
Court Supervised Restructuring Of Large Distressed Companies In Asia written by Wai Yee Wan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with Bankruptcy categories.
"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 far higher concentration in shareholdings among listed firms, including holdings by families and the state, and 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 the 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."--
Court Supervised Restructuring Of Large Distressed Companies In Asia
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Author : Wai Yee Wan
language : en
Publisher: Bloomsbury Publishing
Release Date : 2022-07-28
Court Supervised Restructuring Of Large Distressed Companies In Asia written by Wai Yee Wan and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-07-28 with Law categories.
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.
Bankruptcy Of Large Firms And Exit Mechanisms In Korea
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Author : Il Chong Nam
language : en
Publisher:
Release Date : 2000
Bankruptcy Of Large Firms And Exit Mechanisms In Korea written by Il Chong Nam and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Bankruptcy categories.
This report deals with two fundamental questions that face the Korean economy: why did so many large firms go bankrupt, and what is wrong with the insolvency mechanisms in Korea? Roughly one third to one half of the medium-sized chaebols went bankrupt or fell into deep financial trouble after the onset of the crisis. In addition, essentially all of the firms belonging to the Daewoo group, one of the top five chaebols, went bankrupt. Some firms affiliated with the other top five chaebols have also fallen into financial difficulties. Massive bankruptcy of chaebol firms led to deep financial difficulties of banks and non-bank financial institutions, which in turn resulted in a massive injection of public funds. Even after the outbreak of the crisis, lack of confidence in the court-supervised bankruptcy proceedings led to the wide use of so-called workouts. The laws on court-supervised bankruptcy proceedings have recently been revised twice, but have not been able to gain full confidence of market participants. The authors claim that the most important factor behind the malfunctioning of bankruptcy proceedings in Korea is the lack of proper corporate governance in financial institutions and large firms. Banks in Korea have been run as if they were government businesses; and as a consequence, they have not been supervised by a proper governance structure that is profit-oriented. Lack of proper governance was the main reason that banks did not act properly as creditors in bankruptcy proceedings and passively followed initiatives of debtor firms and the government. This monograph also contains a chapter focusing on a comparative analysis of bankruptcy proceedings of the following six East Asian countries: Singapore, Malaysia, the Philippines, Thailand, Indonesia, and Korea. The comparative analysis generally confirms that Singapore and Malaysia are equipped with superior institutional infrastructures concerning corporate governance of large firms and reallocation of resources from bankrupt firms, compared to the other four countries that have been adversely affected by the economic crisis. The monograph concludes with a set of proposals that the authors believe is needed to improve the efficiency of bankruptcy proceedings in Korea.
Shareholders And Stakeholders
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Author : Joanne F Sonin
language : en
Publisher: Bloomsbury Publishing
Release Date : 2023-09-07
Shareholders And Stakeholders written by Joanne F Sonin and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-09-07 with Law categories.
This book explores the evolution of the shareholder in post-war Britain within the context of changing legal, political, economic, and social conditions. It examines how the post-war transformation of the shareholder body influenced relationships amongst stakeholders, impacting corporate behaviour and the legal and political efforts to govern industry and financial markets. The book addresses a number of themes, including: 1) how the movements for democratisation influenced the treatment of shareholder interests and the calls for stakeholder representation; 2) how the rhetoric of change created a narrative that deflected from the lack of systemic legal reforms and protected the status quo; 3) how, in the post-war consensus environment, political positions on equity ownership de-radicalised, which proved unsustainable against a background of increasing political polarisation and industrial unrest; and 4) how the institutionalisation of the post-war shareholder body had profound effects on industry, the financial markets, and the economy. With these themes as a foundation, the evolutionary arch of the post-war shareholder is examined, focusing on developments that influenced the treatment and perception of shareholder and stakeholder interests, including nationalisations, shareholder democracy, corporate purpose, and industrial democracy. The book further considers how these post-war changes contribute to the post-1979 legal treatment of shareholder and stakeholder interests, including subsequent changes to the Companies Act and the development of corporate governance codes. Parallels to contemporary movements for stakeholder capitalism, corporate purpose, and ESG are drawn. The historical analysis of the post-war shareholder provides a framework for considering current questions on shareholder primacy and the demands for systemic legal reforms. These missed opportunities for meaningful changes to the treatment of shareholder interests in UK company law serve as useful precedents for evaluating subsequent periods.
Investment Management Stewardship And Sustainability
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Author : Iris H-Y Chiu
language : en
Publisher: Bloomsbury Publishing
Release Date : 2023-02-09
Investment Management Stewardship And Sustainability written by Iris H-Y Chiu and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-02-09 with Law categories.
This book brings together thought leadership from academia and leading figures in asset management in key global jurisdictions, to pool together insights regarding the transformative visions and challenges for modern investment management, as well as best practices that realise the policy objectives in regulation and soft law. The world of investment management is being challenged by new legal, regulatory and soft law developments to demonstrate that their practices cohere with the long-term needs of the saving population as well as public interest needs in financing global sustainability and social development. The chapters in this book uniquely bring together the views of academia and practice on the key developments that can transform the law and practice of investment management, including the EU's new sustainable finance reform package, the UK Stewardship Code 2020, and developments in the US regarding the fit between fiduciary law for investment management and modern sustainability concerns. The book brings together the best of both worlds–critical thoughtful perspectives from academia and qualitative insight from the investment management industry. It will be of interest to researchers in law, investment management, business and management, practitioners in the investment management industry and their legal advisers, and policy-makers in the EU, UK and beyond who are grappling with the appropriate governance paradigms for bringing about more sustainable outcomes globally.
Activist Shareholders In Corporate Governance
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Author : Tim Bowley
language : en
Publisher: Bloomsbury Publishing
Release Date : 2023-01-12
Activist Shareholders In Corporate Governance written by Tim Bowley and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-01-12 with Business & Economics categories.
This book explores the regulatory challenges of public company shareholder activism. Around the world, policy makers, practitioners and academics debate how best to regulate shareholder activism. Using Australia as a case study, the book examines key issues raised by this debate. With a market structure and legal settings that are conducive to activism, Australia makes an ideal case study and provides a fresh comparative perspective on the regulatory debate about shareholder activism, which tends to be dominated by US-focused analysis and commentary. The book presents empirical evidence which reveals that Australian activism is a significant and multifaceted phenomenon, undertaken by different types of activists pursuing varying strategies and supported by a range of complementary market developments. The book uses this evidence to develop comparative insights and explore internationally topical issues, including: - activists' willingness to use interventionist governance rights; - the role of intermediaries such as proxy advisers in facilitating activism; - institutional investor stewardship; and - the risks of collective shareholder activism. This book provides an important comparative perspective on the topic of shareholder activism. It is an essential resource for policy makers, practitioners and academics interested in the regulatory implications of shareholder activism.
Diversity Merit And Power In The C Suite
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Author : Eleanore Hickman
language : en
Publisher: Bloomsbury Publishing
Release Date : 2023-05-18
Diversity Merit And Power In The C Suite written by Eleanore Hickman and has been published by Bloomsbury Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-05-18 with Law categories.
This book explores the correlations of diversity and power in UK boardrooms and the difficulties inherent in truly merit-based appointments. From a distance, boardroom diversity is seen as a UK success story of recent years. A closer look at boardrooms reveals a more uncomfortable truth: boards can be split into tracks of power and diversity. Where there is a concentration in power, genuine diversity is much less prevalent. Using the FTSE 100, the book examines the appointment and retention of the most powerful positions in some of the world's most powerful corporations. Diversity, merit and power are each defined and measured individually, then considered cumulatively, to provide fresh insights into the meaning of corporate power, who wields it and how it is obtained. This analysis is considered alongside the diversity narratives created by the FTSE 100 to frame their position on diversity. From this, the value of corporate 'diversity speak' is challenged, together with the regulatory requirements that result in its production. Those studying or practising corporate law or management and anyone with an interest in corporate power will find this in-depth assessment thought-provoking and informative. From the book's original vantage point, suggestions are made as to how and why we might seek a more balanced distribution of power in the boardroom.
Court Supervised Restructuring Of Large Distressed Companies In Asia
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Author : Wai Yee Wan
language : en
Publisher: Hart Publishing
Release Date : 2023-04
Court Supervised Restructuring Of Large Distressed Companies In Asia written by Wai Yee Wan and has been published by Hart Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-04 with Corporate reorganizations categories.
"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"--
Corporate Restructuring
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Author : Michael Pomerleano
language : en
Publisher: World Bank Publications
Release Date : 2005
Corporate Restructuring written by Michael Pomerleano and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.
In light of the periodic financial crises of the late 1990s, there has been a growing recognition of the need for a strategy to avoid and mitigate the severity of crises in the corporate sector, requiring the complementary efforts of policymakers, regulators, lawyers, insolvency experts and financiers. This publication examines the issue of corporate restructuring, drawing on case studies of corporate crises in Indonesia, Korea, Malaysia and Thailand among others; and discusses a range of topics including the key role of governments in securing an enabling legal system, effective out-of-court workouts, supportive tax regimes, policy and regulatory initiatives to address systemic corporate problems.
Reform And Recovery In East Asia
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Author : Peter Drysdale
language : en
Publisher: Routledge
Release Date : 2003-09-02
Reform And Recovery In East Asia written by Peter Drysdale and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-09-02 with Business & Economics categories.
This exciting sequel to East Asia in Crisis offers a completely up-to-date assessment of the progress of East Asian recovery and provides a detailed review of the experience of the region's economies.