Bankruptcy and the difficulty of firing

Stef, Nicolae

doi:10.1016/j.irle.2017.11.002

Cited by 18 publications

(6 citation statements)

References 35 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Second, we provide a different approach of assessing bankruptcy use by making a distinction between procedures. In this sense, we expand previous studies that addressed the impact of legal variables, such as creditors' protection (Claessens & Klapper, 2005) and firing restrictions (Stef, 2018), on the global use of bankruptcies. Third, our paper aims to shed new light on the financial consequences of bankruptcy voting process that can be relevant for creditors' recovery rate (Stef, 2017) and foreign bank's presence (Stef & Dimelis, 2020).…”

Section: Introductionmentioning

confidence: 66%

Bankruptcy voting process and corporate reorganization

Stef

2022

Bulletin of Econ Res

Self Cite

View full text Add to dashboard Cite

This study investigates the main legal determinants of corporate reorganization use. Three legal aspects of bankruptcy voting process were examined, such as the voting right of secured creditors (1), bankruptcy voting rule (2), and court's legal right to overrule creditors' decision (3). Using a sample of 20 countries, our estimations confirm that granting a voting right to secured lenders tends to be associated with more corporate reorganizations. Secured creditors' voting right may send a signal about firm's capacity to recover from financial distress. Such signal can encourage unsecured creditors to support the reorganization plan.

show abstract

Section: Introductionmentioning

confidence: 66%

Bankruptcy voting process and corporate reorganization

Stef

2022

Bulletin of Econ Res

Self Cite

View full text Add to dashboard Cite

show abstract

“…Second, the bankruptcy court coordinates creditors by imposing an absolute priority order that defines the payment order of claims. In general, a firm's employees that act as creditors have a payment priority over the other classes of creditors (Stef, 2018). Therefore, managers may have strong incentives to drive a firm's exit in court whenever their due compensation is important.…”

Section: Management Staff Size and The Choice Of A Firm's Exit Pathmentioning

confidence: 99%

Management-to-staff ratio and a firm's exit

Stef

Zenou

2021

Journal of Business Research

Self Cite

View full text Add to dashboard Cite

“…One of the legal consequences of bankruptcy is that, from then on, the debtor loses his right or authority to administer (daden van behoreen) and to take ownership (daden van beschkking) of the assets included in bankruptcy (Lestari, 2020) (Stef, 2018). This is stated in Article 24 paragraph (1) UUK and PKPU that the Debtor by law loses his right to control and manage his assets which are included in the bankruptcy estate as from the date the decision on the bankruptcy declaration was pronounced.…”

Section: Introductionmentioning

confidence: 99%

“…With this authority, notarial deeds may serve as perfect evidence so as to guarantee certainty, order and legal protection for the sake of justice for the parties concerned (Stef, 2018). Notary's authority is determined based on the laws and regulations established by the State Institution (Government together with the House of Representatives) or State Officials who are authorized and legally binding (Ranggawidjaya, 1998).…”

Section: Introductionmentioning

confidence: 99%

The ambiguity of dismissal of notary over bankruptcy in Indonesia

Hartini

2021

LJIH

View full text Add to dashboard Cite

A notary is a public official who has the authority to make authentic deeds and other authorities regulated in-laws and regulations. Notaries are also private legal subjects (natuurlijk persons), which have free will to carry out legal actions. According to the Law on Notarial Positions, a Notary is dishonorably dismissed when (s)he is declared bankrupt. On the other hand, the UUK and PKPU recognize the rehabilitation of bankrupt debtors if they have fulfilled their obligations. This is where there is ambiguity or a fuzzy norm (vegen norm). Legal research aims to find out how bankruptcy is regulated in the notary position, and what are the legal consequences for the position of a notary both as a person and in relation to his/her position as a notary public? This legal research is normative juridical using a statutory approach and a conceptual approach. The legal materials obtained are analyzed using content analysis. The results of the discussion: 1). Notary bankruptcy has been regulated in UUK and PKPU as well as in the Law on Notary Position. 2). The legal consequences for a Notary who is declared bankrupt by the Commercial Court have an impact on the notary's personality, as well as on his position. According to the Law on the Position of Notary Public, if violating Article 84 which results in losses to the parties, the notary is obliged to pay compensation. According to the UUK and PKPU, this could result in the debtor losing the right to act freely on his assets, but not losing the right to perform his/her tasks and hold a position. As a recommendation, in the Law on the Position of Notary Public, it is necessary to clearly define the separation of Notary as a person from her/his position as his profession.

show abstract

Bankruptcy and the difficulty of firing

Cited by 18 publications

References 35 publications

Bankruptcy voting process and corporate reorganization

Bankruptcy voting process and corporate reorganization

Management-to-staff ratio and a firm's exit

The ambiguity of dismissal of notary over bankruptcy in Indonesia

Contact Info

Product

Resources

About