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Worldwide the concept of the law on bankruptcy is formulated in such way as to give to the companies the opportunity to restructure at the moment they face with problems such as insolvency, problems with creditors, disputes with shareholders, problems on ownership division, and others. It is exactly this law that foresees the right that the non-efficient parts of the enterprises might be restructured, creating at the same time opportunities for the bankrupted company to systemize, in cooperation with the creditors, liquidation of the liabilities. The best example of the law on bankruptcy is the so called Chapter 11 system, which offers to the companies an excellent opportunity to come out of the process in a stronger position. One of the factors that contribute in the success of Chapter 11 in USA is a large team of legal cases that advices the parties. When a company applies for the implementation of Chapter 11 in USA, it has an effect that might urge all parties to moderate their requests toward the company. Furthermore, it is emphasized that the American economy has more power to regenerate itself compared to the European economies due to the superior environment in USD in term of corporate restructuring, in particular versus Central Europe, and this is related with the bankruptcy process. This legal instrument is widely applied by the federal authorities to facilitate the restructuring process of the companies in difficulties during the latest period of global crisis. |
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Mr Sandler, who was parachuted in to head up Northern Rock after its nationalisation, is one of four who have been shortlisted to take over as chairman, according to The Sunday Telegraph. Other candidates are understood to include Sir Win Bischoff, the former chairman of Citigroup, and Chris Gibson-Smith, the chairman of the London Stock Exchange. But Mr Gibson-Smith has reportedly withdrawn from the race for the job, which is considered to be one of the toughest roles in the banking industry. Sir Victor - seen as having orchestrated Lloyds' fateful rescue takeover of Halifax Bank of Scotland last year - was forced to announce his resignation in May amid mounting investor concerns over the HBOS deal. He will leave before the bank's annual meeting in 2010. It is thought that Mr Sandler would have to give up his role at Northern Rock if he secured the Lloyds chairmanship. |
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Thousands of people have been stranded as the heaviest snowfall to hit the UK in 18 years swept across the country, causing travel chaos and closing thousands of schools. Air, rail and road services were all severely disrupted as Prime Minister Gordon Brown said the authorities were doing "everything in our power" to ensure the resumption of key transport links. An army of snow ploughs and gritters were working round-the-clock to clear roads as much of the UK was blanketed in snow. Major airports closed runways and hundreds of flights from Heathrow Airport were cancelled until as were all bus services in London and dozens of trains during the morning rush hour. On the London Underground, 10 of the 11 lines were either completely or partly suspended as the "quantity of snowfall" disrupted services, a Transport for London spokesman said |
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WASHINGTON (AP) -- Struggling to contain the worst financial crisis in seven decades, the Obama administration wants to buy billions of dollars of toxic assets from banks to ease borrowing for consumers and businesses. Some industry officials familiar with the details said Saturday they expected the approach would try to remove as much as $1 trillion from banks' books. An announcement from Treasury Secretary Timothy Geithner could come as early as Monday. |
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LOS ANGELES (AP) -- A union that represents more than 35,000 film and television workers has approved a three-year contract with Hollywood producers. Officials from the International Alliance of Theatrical Stage Employees said Friday the contract was unanimously endorsed by all 15 Hollywood local groups. The contract, which goes into effect Aug. 1, includes some modest pay hikes but also cuts in health and pension benefits. An opposition campaign by some union members accused their leaders of selling them short at the bargaining table. But a majority of members were swayed by leaders' argument that the contract was the best that could be expected given the industry's recent struggles. Word of a potential deal with the Alliance of Motion Picture and Television Producers was first announced in November. |
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