Why Bankruptcy Reform

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Bankruptcy, as a system, provides a legal mechanism for creditors to recover their debts through seizing and selling the assets of the debtor; and thus, it has gained high importance as a main pillar of commercial law. asics gel stratus uomo nike dynamo free NIKE AIR MAX 2017 HOMME Nike Air Jordan 11
Nike Air Max Italia Most related global approaches fall within two main trends: the first is the Roman collective liquidation system which ensures equality among all creditors in recovering their debts by means of attachment of debtor’s property and distributing the outcome on the creditors based on the amount of each one’s debt. adidas gazelle damskie baskets new balance pas cher nike air max 2015 uomo bianche Nike Scarpe Donna Memphis Tigers nike air max bambini The second approach is the Germanic system, where the creditor attaches in advance part of the debtor’s property, as a guarantee to recover his debt, in case of nonfulfillment, prior to all other creditors. New Balance 009 damskie nike free 4.0 donna nike air max 1 Air Foamposite Pro Fjallraven Kanken Sverige It should be noted that the legislations that govern the bankruptcy systems are different in terms of their extent of comprehensiveness when applied. O.J. Howard Alabama Jersey Nike Roshe femme adidas original pas cher fille ray ban pas cher adidas ACE homme AIR MAX THEA

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  • Therefore, in several Middle Eastern and African countries, including Egypt and Jordan, bankruptcy is exclusively applicable to traders; whereas in some other countries like Germany, the United States of America, and Switzerland, bankruptcy is applied on citizens, both traders and non-traders alike, without exceptions. buy ffxiv gil Nike Air Huarache Enfants Ereck Flowers nike air max 2017 femme noir Bankruptcy, which is a highly correlated concept with the credit system, serves not only as a cornerstone to an effective commercial system, but also as the pushing force which encourages all sorts of commercial relations and transactions. Nike Femme Peyton Manning Jerseys Prince Amukamara Canada Goose Trillium Parka Nike Air Max 2017 Homme Such transactions would be no doubt enhanced through an effective and solid lending process that in turn requires trust in the legal system that governs them in such a way that protects debts and the ability to collect them; specifically in terms of recovering the amount of money that has been loaned. nike air jordan 7 homme Maglia Blake Griffin Canotte Denver Nuggets Nike Air Huarache Femme Iowa Hawkeyes Jerseys Parajumpers Masterpiece Passport Any business (whether owned by an individual or a company) may go through financial crises. nike roshe run uomo Adidas Zx Flux Femme Bleu California Golden Bears Jerseys NIKE AIR JORDAN 1 RETRO Under Armour Curry 2 These crises may start to happen before the trader reaches the state of cessation of payment, either because of bad or unreasonable project management or because of external objective economic conditions, like (war, corruption…, or other several reasons…). Asics Gel Lyte 3 Femme Bleu asics gel lyte 5 mujer blancas Canada Goose Freestyle Gilet Parajumpers Vest In all of these cases, the cessation of payment is either because of a temporary shortage in liquidity- though not necessarily in solvency (the enterprise might own assets that largely exceed its liabilities), or because of a permanent shortage in liquidity which manifests weakness in solvency. FREE 5.0 Mujer Air Jordan 5 lunette de soleil ray ban pas cher Recently, The system of bankruptcy has witnessed several developments, especially in view of the current globalization, the expansion of trade outside the region limits, and the intensification of the economic competition, whether within the country or abroad; the positive balance accounts of the trader accounts are no longer based on his keenness and intelligence only, but it is also based on external factors that are inevitable1, which leads to a disturbance in the business of the trader and thus the cessation of payment. Canada Goose Whistler Parka ADIDAS 350 BOOST Goedkoop Adidas Y-3 This problem led many international organizations, including the International Trade Organization, UNCITRAL, the World Bank, and others to work on the protection of creditors and investors, as well as on enhancing the process of lending and commercial trust through setting out a set of international principles and guidelines (World Bank Principles for Effective Insolvency and Creditor’s Rights System and UNCITRAL Legislative Guide on Insolvency Law) which help and motivate the countries to reform their legal system. Air Max 90 Dames nike air jordan 13 femme Air Jordan 10 Retro Parajumpers Femme Bankruptcy is no longer an internal concern only, but an external one as well. Nike Air Max 1 gs femme Nike Air Max 1 femme Nike Air Max 2017 Heren wit Yet, and in spite of what was mentioned previously, the bankruptcy laws of most Arab countries, including Egypt and Jordan, which are inspired from the old French legal system, have not witnessed any radical modifications. Nike Air Max 2017 Heren groen Adidas Zx Flux Homme Bleu Air Jordan 6 bambini TEAM COURT Jordan Hydro Retro Nike SB Air Zoom A few other Arab countries, however, like the Gulf countries and some northwest African Arab countries have modernized their commercial legislation in conformity with the recent endeavor of developed countries to find new ways to avoid bankruptcy through reorganization. asics gel nimbus uomo New Balance France Air Jordan 3 Armani Survetement Nike Free Running Lightweight Daniela 6 Gilet adidas sandały dziecięce In this regard, there are two approaches. spgssecurite.fr new balance 1500 outlet Donne Scarpe Air Jordan 3 The Anglo-Saxon approach: it paved the way to save the business before it actually defaults; thus, whenever there is any indication that the business is going to suffer from defaulting, either because of personal or external circumstances (disturbance in the financial markets, shortage in the primary resources, sudden and high increase in the prices of raw materials, etc…). ADIDAS TEAM COURT Nike Air Max Air Jordan 5 Nike Air Mag This rescue operation manifests the importance of the business enterprise as a strong keystone to the national economy, since it aims to end its defaults and reorganize it either by merging it with another project, or by increasing its capital or any other solution. New Balance 1600 homme Doudoune Parajumpers Harraseeket

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  • Asics Gel Lyte 5 Femme Kaki Moncler Doudounes As for the French approach, its whole strategy is based on the idea that no attempts to rescue shall be made unless the business enterprise has already entered into the phase of defaulting (a significant decrease in liquidity, and a significant decrease in solvency) which precedes the phase of cessation of payment. Air Jordan 7 (VII) Adidas Zx Flux Femme Fleur Nike Air Max 2016 Homme Nike Mercurial homme Thus, rescuing attempts can be proposed either by reorganizing the capital of the business or by rescheduling the debts (same solutions of reorganization that was mentioned previously), or any other rescue solutions that are different in nature and mechanism from what is proposed by the bankruptcy prevention settlement system (composition), which remains valid as one of the settlements to rescue the defaulted business. Nike Air Max 90 Femme Noir Et Blanc Nike Free 5.0 Homme Houston Rockets adidas superstar donna Canotte Basket In Egypt and Jordan, bankruptcy plays a very important role in improving the business environment and making it more enabling for credit and investment. Nike Air Max 2018 Femme Nike Air Max 2016 femme adidas gazelle homme noir Chicago Bulls NIKE Air VAPORMAX CORTEZ Thus, the modification, addition, and abrogation of some bankruptcy provisions is highly necessary and should be a priority for the Egyptian and Jordanian legislators, especially in view that the bankruptcy systems there are quite old and have not been modified in a very long time.

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