Mexico was one of the many Latin American countries that amended their bankruptcy laws pursuant to the recommendations of the UNCITRAL Model law.
By Melina Karaolia, M. Eliades & Partners LLC
In a euro-crisis reality, when clients don't pay their dues, it means business and cash flow shrinks even further. Debt collection in Cyprus is definitely a challenging task. The process is usually initiated with a notice to the debtor. If there is no response, a claim is filed to the District Court that has jurisdiction. The claim is served upon the debtor who then has ten days in which to file an appearance before the Court.
By Christian Seidl, Tramposch & Partner
One of the consequences of the current financial crisis is that an increasing number of invoices that remain unpaid. The reasons for this are manifold. Banks are tightening their lending criteria, loans become due, people lose their jobs, margins are lower and there is greater competition from abroad. The financial crisis leaves deep traces.
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.
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.
Recent changes in German insolvency law – position of creditors in preliminary proceedings strengthened
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.
For 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.