737 research outputs found
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Do the bankruptcy laws of England & Wales adequately protect debtorsâ human rights who suffer mental illness?
This thesis was submitted for the award of Doctor of Philosophy and was awarded by Brunel University LondonStriking the correct balance of interest amongst creditors and debtors is an underlying
objective of insolvency law and practice. However, in the last three decades, the attitudes
towards debt, risk and rewards have shifted significantly in favour of a debtor. The financial
crises of 2008 and the COVID-19 pandemic exposed the vulnerability of a debtor who requires
adequate protection and certainty that their rights will be protected by all means. The available
safety net for debtors in England & Wales through the regulatory and statutory framework
protects debtors are insufficient. The parallels system of the international debt relief
framework, which comprises international treaties and conventions to which the United
Kingdom is party grants certain rights to the debtor to maintain dignity and respect. Debtors
confront many challenges during the life cycle of their debt. Discrimination, mental stress, fear
of losing a home, and the societal stigma of bankruptcy and exclusion are the prime issues a
debtor faces daily. It is now evident that debt and bankruptcy create both physical and mental
problems for a debtor. The Supreme Court decisions in Manchester CC v Pinnock and
Hounslow CC v Powell examine the potential impact of Article 8 of the European Convention
on Human Rights and Fundamental Freedoms on protecting the home in creditor repossession
proceedings. However, under Article 8, occupiers may have an independent right to respect
for their home, which should be recognised in the legal frameworks governing creditorâs
enforcement rights against the home. Common symptoms of mental health problems, such as
low motivation, untrustworthy memory, limited concentration, and diminished planning and
problem-solving abilities, can make it difficult for people to be engaged consumers and
advocate for themselves, particularly when they are in debt
A Skepticâs Case for Sovereign Bankruptcy
This essay describes fundamental flaws in the sovereign debt restructuring regime, but questions the prevailing arguments for sovereign bankruptcy. The author concludes that efficient debt outcomes may well come about without bankruptcy, but that a statutory regime is necessary to achieve sovereign autonomy and political legitimacy
Restructuring of the chaebols and financial sector in Korea
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¸í¸ : The views expressed in this publication are those of the author(s) and do not necessarily reflect those of the Institute. No part of this book may be used reproduced in any manner whatsoever without written permission except in the case of brief quotations embodied in articles and reviews. For information, please write to the Centr
Co-ordination failure, moral hazard and sovereign bankruptcy procedures
We study a model of sovereign debt crisis that combines problems of creditor co-ordination and debtor moral hazard. Solving the sovereign debtorâs incentives leads to excessive ârollover failureâ by creditors when sovereign default occurs. We discuss how the incidence of crises might be reduced by international sovereign bankruptcy procedures, involving âcontractibilityâ of sovereign debtorâs payoffs, suspension of convertibility in a âdiscoveryâ phase and penalties in case of malfeasance. In relation to the current debate, this is more akin to the IMFâs Sovereign Debt Restructuring Mechanism than the Collective Action Clauses promoted by others
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