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The purpose of this book is to provide a coherent overview of the insolvency systems found around the world. Its intended audience includes academics, judges, lawyers, and policymakers. Its focus is on businesses rather than natural persons. The authors hope to give the reader a sense of some of the principal approaches to managing the general default of a business debtor. The authors will discuss the nature of the costs and benefits arising from the various policy choices legislators have made. In the process, they will emphasize the close interrelationship among various elements of an insolvency regime so that these elements can be viewed as part of an overall system and not just as a series of policy decisions about particular rules, such as the method of initiation of an insolvency case or the balance struck in setting the boundaries of an avoidance power. The organization of the book reflects our view of insolvency laws as complete systems, including not only the 'insolvency' or 'bankruptcy' code of a jurisdiction but also closely related laws and the institutional framework in which those laws are applied. The book takes a systematic approach to a variety of topics related to credit and insolvency regulation. The functional analysis starts with the study of debt enforcement, continues with an examination of general corporate insolvency legislation, corporate rehabilitation proceedings, informal workouts, employee rights, judicial and administrative institutions, and the considerations key to cross-border insolvency proceedings.

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. 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. The study also provides a checklist that can be used to examine the features of a legal system that bear a direct influence on debt restructuring activities.

With this article, the author intends to outline a systematic framework of the long-standing issue relating to the delicate relationship between innovative start-ups and the (different) insolvency procedures. First, the report attempts to provide the subjective and objective elements by which a start-up can actually be framed as ‘innovative’. Secondly, the article analyses the successive regulations on insolvency matters aimed – sometimes at inclusion, sometimes at exemption – at regulating the procedures that can be carried out voluntarily by the innovative startup or those to which, in any case, it shall be subjected. In the following, the author tries to highlight the case law framework in fieri that occurred in the context of insolvency in relation to the aforementioned companies. Finally, the article, analysing some of the recent rulings occurred, attempts to represent the state of the art of the quaestio iuris and how this may affect the application of the new provisions on insolvency matters, governed by the new Corporate Crisis and Insolvency Code (breviter, CCII). Innovative start-ups, bankruptcy, objective and subjective requirements, five-year term

The purpose of this article is a non-exhaustive examination of the regulation of cross-border insolvency, as regards the model law of UNCITRAL, transposed internally by the provisions of Law No 85/2014 (Title III, Chapter II), and European Regulation 848/2015, currently in force. After individualising the scope of each of the two pieces of legislation, the analysis focuses on regulation at EU level, as the EU regulation applies directly at national level without further transposition rules. We focus on how to determine international jurisdiction, in relation to the concept of the centre of the debtor's interests' (COMI), which will be examined in the light of the provisions of Regulation (EU) No 848/2015 and the case law of the CJEU. The analysis will continue with the presentation of the relationship between the main and secondary insolvency proceedings, from the point of view of the effects of each of them. Consideration will also be given to the combination of the abovementioned regulation with other acts of European law and legislative developments, given concrete expression by the adoption of Directive (EU) 2019/1023 on restructuring and insolvency and a proposal for a directive on the harmonisation of certain aspects of insolvency law rules of December 2022, which will be briefly presented.

Objetivo do estudo: Analisar os demonstrativos financeiros dos clubes de futebol para determinar os fatores de insolvência para identificar o risco de investimento em caso de projeto de clube empresa. Metodologia/abordagem: Análise dos 20 melhores clubes listados no Ranking da CBF 2023, cuja natureza não seja de clube empresa e que não esteja na série C do campeonato brasileiro, utilização dos indicadores de rentabilidade, liquidez e endividamento para calcular o fator de insolvência de Kanitz. Originalidade/Relevância: Há escassez no estudo da insolvência dos clubes de futebol e também pouca discussão sobre o risco de investimento dos clubes empresas. Principais resultados: A presente pesquisa mostra que a maioria dos clubes nacionais estudados estão em cenário de incertezas referente à identificação de risco de investimento, situados em zona de penumbra, segundo termômetro de Kanitz. Por outro lado, em um cenário incerto, é necessário fazer uma análise do mercado futebolístico e, como exposto neste trabalho, ele é extremamente favorável, ficando mais clara a determinação de risco ponderando as variáveis. Contribuições teóricas/metodológicas: Incentivar as análises financeiras dos clubes de futebol como forma de avaliação e entendimento das atividades e comportamentos de cada clube. Contribuições sociais/para a gestão: Os resultados desta pesquisa somam às gestões dos clubes para o aprimoramento de suas gestões financeiras e administrativas e também auxiliar na tomada de decisão para o futuro de cada clube.

Grupul de societăţi este о realitate economică ţi juridică complexă. Acesta prezintă în materia procedurii de reorganizare judiciară o serie de particularităţi. Depunerea planurilor de reorganizare este realizată prin administratorii judiciari desemnaţi pentru fiecare membru insolvent din grup sau de administratorul unic judiciar numit la nivelul grupului. Termenul de depunere al planului de reorganizare, în cazul grupurilor de societăţi, este de 60 de zile de la data afiţării tabelelor definitive de creanţe. Administratorii judiciari ai grupului au obligaţia de a coopera ţi de a-ţi pune la dispoziţie informaţiile necesare, în vederea elaborării unor planuri de reorganizare compatibile ţi coordonate. Comitetele creditorilor, desemnate pentru fiecare membru al grupului supus procedurii insolvente!, se vor întâlni cel puţin trimestrial, cu scopul de a formula recomandări cu privire la activitatea debitorilor ţi planurile de reorganizare propuse.

This paper explores the intricate application of Article 11 of the Insolvency Directive concerning the utilization of cram-down tools within the insolvency frameworks of Italy and Romania. The directive aims to harmonize insolvency laws across the European Union, facilitating efficient restructuring processes while safeguarding the interests of creditors and debtors alike. Article 11 introduces the ‘cram-down’ mechanism, empowering courts to approve a restructuring plan even if not all creditors consent, under certain conditions. This paper delves into how Italy and Romania have transposed this provision into their legal systems, highlighting the similarities and disparities in implementation. It examines the procedural requirements, creditor protections, judicial discretion, and the impact on restructuring dynamics in both jurisdictions. By analysing case law, legislative texts, and scholarly commentary, this essay offers insights into the effectiveness and challenges of integrating cram-down tools into the Italian and Romanian insolvency regimes, shedding light on broader implications for European insolvency law harmonization.