Law

Debt collection practices in Japan

By Seiichi Yoshikawa, Koga & Partners

In Japan, the debt collection process is normally started by an attorney sending an official letter of demand for payment to the debtor. If this letter turns out to be unsuccessful, the creditor commences legal action.

Continue Reading

Law

A new institution in Hungarian bankruptcy law

Fotolia 40685557 S 635x250p

By Dr. AttilaKovács, Kovács Réti Szegheõ Attorneys at Law

A new institution has been introduced by the Hungarian legislator for bankruptcy law, with the aim of contributing to enterprises' reorganisation and debt settlement. It is known as the 'Major Economic Operator of Preferential Status (MEOPS)'. In cases defined within the Act, an economic operator may be classified as a MEOPS if it is engaged in the pursuit of activities that are deemed to be of strategic importance for Hungary's national economic purposes, including the implementation of projects that have been given priority for national economic consideration.

Continue Reading

Law

Debt collection by banks/financial institutions in India

By Sreeraj Ghosh, L.B. Jha & Co. Chartered Accountants

Banks and financial institutions have been experiencing difficulties in recovery of dues from their Non-Performing Assets (NPAs) and enforcement of securities charged with them because of protracted legal hassles. For this reason, "The Recovery of Debt Dues to Banks and Financial Institutions Act, 1993" was enacted to facilitate faster recovery from NPAs. Subsequently, Debt Recovery Tribunals (DRTs) were established for dealing exclusively with debt recovery applications of banks and financial institutions. Debt Recovery Appellate Tribunals (DRATs) were also established and have now been functioning for more than a decade.

Continue Reading

Law

Recent changes in German insolvency law – position of creditors in preliminary proceedings strengthened

Fotolia 13561213 S 635 250p

By Dr. Karl Friedrich Dumoulin, FPS Rechtsanwälte & Notare

With effect from 1 March 2012, new provisions were implemented in German insolvency law. They strengthen the position of creditors in preliminary proceedings prior to the appointment of an insolvency administrator and the commencement of insolvency proceedings. Creditors of the debtor in insolvency now have the following options to influence the appointment of the insolvency administrator.

Continue Reading

Law

Unemployment and nickel-and-dime jobs may slow the recovery

Fotolia 25992432 S a 1For the member states of the Organisation for Economic Cooperation and Development (OECD), the recession years of 2008 and 2009 also constituted a social protection system stress test. This is indicated by an analysis of employment and unemployment presented in September 2011 (OECD Employment Outlook 2011). It appeals to the governments of the G-20 states to solve the structural problems of the employment market.

Continue Reading

GGI Logo 70x50px

GGI Geneva Group
International AG

Schaffhauserstrasse 550
P.O. Box 286
8052 Zurich
Switzerland

Contact

T: +41 44 2561818
F: +41 44 2561811
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.ggi.com