Corporate Bankruptcy Requirements & Impacts “Under the Egyptian Law

The term “Merchant” does not only make reference to a natural person, but can also mean a moral person and, more precisely, corporations. As firms acquire commercial capacity, they become subject to the same legal regulations governing individual merchants. They can then be declared bankrupt just at the moment that they stop paying their commercial debts. While much emphasis has been placed on the provisions of bankruptcy generally in jurisprudence and legislation, the bankruptcy provisions of corporations are somehow overlooked, although such provisions are those which should have been given due attention, for two reasons: First, the role of a trading corporation is far more significant than that performed by individual merchants in the business field. Trading corporations bring together all efforts and savings of individuals into one whole. They undertake large-scale economic projects that individuals alone can not complete, irrespective of their abilities and potentials, making them the perfect tool for economic advancement. And so, with the growth of such significance, these corporations, and particularly joint venture companies, gained power that only the power of the state prevails over. They are recognized as a social and economic power, which are held in great respect by their country that feels like it is its duty to watch over them so that they continue on the right path, in order not to become a tool for social exploitation or political control[1]. Second, corporation bankruptcy has the most dangerous effect on national economy and the greatest influence on trade credit. The capital of these firms is, in most cases, quite as huge as their debts. What is more, not only does the bankruptcy of a corporation influence the life of such corporation, but also affects the creditors, partners, administrative structure, and even the employees whose number could reach thousands in some cases. And this will unquestionably culminate in affecting the national economy system in general. In light of the ancient commercial codification, texts only contained very few provisions concerning partnerships. These include: Article 198, which provides for the determination of the names of joint partners as well as their domicile in the “cessation of payment” report submitted by the company, and Article 241, which requires affixation of seals upon bankruptcy of partnerships or commandite companies on the “headquarters of the company and the other separate branches of each of the joint partners, as well as Article 341 that authorizes conciliation, upon bankruptcy of a partnership, with one or more joint partners, and Article 408 detailing the conditions for a joint partner to regain capacity (to be discharged of bankruptcy) upon bankruptcy. With respect to non partnerships, such as joint venture companies, texts made no mention of such companies[2]. The fifth and last chapters of the new commercial law are devoted to bankruptcy. The law also deals with corporate bankruptcy in the seventh section of this chapter. Article 698 of chapter 7 stipulated that the provisions set forth in this chapter and the following rules shall apply to corporate bankruptcy. That is to say, the rules provided for in section 7 of chapter 5 shall first apply when it comes to corporate bankruptcy. Where such rules make no mention of corporate bankruptcy, the rules set out in the fifth chapter concerning bankruptcy generally shall apply, in consistency with the nature and confidentiality of the company, factors that distinguish it from individual merchants. [1] Dr. Mohsen Shafiq, Intermediate in Commercial Law, Chapter I, 3rd Edition, 1957, page 329, Dr. Aktham Al Khawli, Comparative Lebanese Commercial Law, Chapter II, Commercial Companies, 1968, page 2, Clause 1, Dr. Mohamed Fareed Al Areeni, Commercial Companies, Collective Commercial Project Between Unity of Legal Framework and Plurality of Forms, Dar El Gamaa El Gadida, 2011, page 7. [2]. Dr. Mohsen Shafiq, Egyptian Commercial Law, Chapter II, Dar Al Thaqafa, 1949, page 1058

Liability of the Maritime Carrier towards Passengers

Transport is undoubtedly of great importance in passenger’s lives. Not only because it is a legal phenomenon, but also a socio-economic phenomenon across all societies. This search deals with this topic; it is divided into two sections, the first deals with Cases of the Passengers Carrier’s Liability and its Basis, while the second deals with Area of Responsibility of the Maritime Carrier of Passengers under both of the Egyptian Law and Athens Convention relating to the Carriage of Passengers and their Luggage by Sea

The Significance Of Work Ethics İn Human Resource Management For Upgrading The Performance Of Employees: An Applied Study

This study was aimed at learning about the reality of work ethics practices in human resource management. This work was performed in conjunction with organizations that are affiliated with public services, such as Greater Irbid Municipality. It measured their effectiveness in raising the standard of performance. Additionally, the aim of the study is to identify the most important fields of application of work ethics in human resource management (attracting human resources, training and development, remuneration and rewards, and evaluating employees). The study begins with addressing the problem through the aforementioned main premise. However, there was no statistically significant impact at a=0.05 level of significance for work ethics practices in human resource management to improve the performance of the workers of Greater Irbid Municipality. Following up the descriptive analytical method, the study has shown that there is a statistically significant relationship between the dimensions of work ethics practices in human resource management in improving the performance of Greater Irbid Municipality. The sample of the study was made up of a population of 350 employees of Greater Irbid Municipality, who were selected by random method. The study analyzes the aforementioned items under two hypothetical theories using the well-known six statistical methods. The methods showed that the samples fell in a range greater than 0.05 ≥ α which were proven to be within a normal distribution. Additionally, the linear correlation test showed that the inflation coefficient of variation (VIF) is ranged between 2.22 and 4.30, while the Tolerance value for all independent variables greater than 0.05 ranged between 0.23 and 0.45. Therefore, it can be said that there is no high correlation problem between independent variables. This enhances the possibility of finding out which of the independent variables have a statistically significant impact on development variables, as well as to know the percentage of that impact factor. Furthermore, the methods showed the correlation between dependent and independent variable, giving a value greater than 0.77 and an R-square value of 0.58. This is statistically significant, which reveals the effectiveness of work ethics of human resource management in influencing the performance level

A Critical Hermeneutic Approach to Understanding Experiences of Selected Afghan-Muslim-American Leaders Post-9/11 in the Diverse Bay Area

unavailabl

A Common Market Measure for Libor and Pricing Caps, Floors and Swaps in a Field Theory of Forward Interest Rates

The main result of this paper that a martingale evolution can be chosen for Libor such that all the Libor interest rates have a common market measure; the drift is fixed such that each Libor has the martingale property. Libor is described using a field theory model, and a common measure is seen to be emerge naturally for such models. To elaborate how the martingale for the Libor belongs to the general class of numeraire for the forward interest rates, two other numeraire's are considered, namely the money market measure that makes the evolution of the zero coupon bonds a martingale, and the forward measure for which the forward bond price is a martingale. The price of an interest rate cap is computed for all three numeraires, and is shown to be numeraire invariant. Put-call parity is discussed in some detail and shown to emerge due to some non-trivial properties of the numeraires. Some properties of swaps, and their relation to caps and floors, are briefly discussed.Comment: 28 pages, 4 figure

Comparison of Field Theory Models of Interest Rates with Market Data

We calibrate and test various variants of field theory models of the interest rate with data from eurodollars futures. A model based on a simple psychological factor are seen to provide the best fit to the market. We make a model independent determination of the volatility function of the forward rates from market data.Comment: 9 figure

The Impact of Organizational Cynicism on Organizational Commitment: An Applied Study on Teaching Hospitals in Egypt

This research examines the effects of organizational cynicism on organizational commitment.  Drawing on the literature review, there are some studies regarding organizational cynicism. In Egypt, limited research has been conducted, but the present study attempts to find out whether there is a relationship between organizational cynicism and organizational commitment. This study was conducted at Teaching Hospitals in Egypt from 2012/9 through 2013/2. It is the first empirical work so far in the field of organizational cynicism and its effect on organizational commitment at Teaching Hospitals in Egypt. This survey-type research is descriptive in terms of the data collection. The authors investigate the attitudes of employees in regards to organizational cynicism and organizational commitment. Ultimately, it elucidates the effect of organizational cynicism on organizational commitment. Three groups of employees at Teaching Hospitals in Egypt were examined. Three hundred and fifty seven questionnaires were distributed and 297 usable questionnaires were returned, a response rate of 83%. The findings revealed differences among the three groups of employees based upon their evaluative attitudes towards organizational cynicism and organizational commitment. The present study provides a number of recommendations for managers and practitioners to consider. Finally, the implications of this study are discussed. Keywords: Organizational cynicism, organizational commitment, Egypt, hospitals, management

Managing Diversity: Afghan-Americans And The Aftermath Of The Twin Towers Tragedy

Ethnic and religious diversity is part of each society in the modern world and being an Afghan is another dimension of these differences in the United States. The research question for this study was to see if Afghan-Americans are experiencing more discriminatory practices as a result of the 9/11 events. The results of 502 Afghan-Americans demonstrated that they do report more discrimination in the post-9/11 era. Specifically, Afghan men have experienced more discrimination in the workplace and Afghan women have experienced more discrimination in public. Implications and recommendations are offered for effective diversity management