Protection of secured creditors

Treatment of foreign creditors

(j) Treatment of secured creditors

Article 23. Rate of payment of creditors

However, the Working Group was urged to consider such protective measures in a manner that ensured the equality of creditors, rather than establishing a preferential treatment of local creditors to the detriment of foreign creditors.

Creditors in insolvency proceedings

The interests of local creditors and of the creditors as a whole were not necessarily fostered by promoting the opening of parallel proceedings.

(d) Ensure equitable treatment of similarly situated creditors

The super priority ranks ahead of administrative creditors.

Article 19. Protection of creditors and the debtor

The Working Group considered the importance of elaborating provisions that ensured adequate protection of the interests of all creditors, including creditors in the enacting State.

quot (3) An assignee has priority over an insolvency administrator and creditors of the assignor, including creditors attaching the assigned receivables, if

quot (4) An assignee has priority over an insolvency administrator and creditors of the assignor, including creditors attaching the assigned receivables, if

(v) Notification of foreign creditors Model Law article 14

Notification to foreign creditors of a proceeding under identify

Article 19. Protection of creditors and other interested persons

Besides, an express reference to local creditors in paragraph (1) would require a definition of local creditors, which would be difficult to formulate.

Article 23. Rate of payment of creditors 96 98 21

Sovereign debt restructurings with private creditors

His creditors. I ain't got it.

Article 17 19 . Rate of payment of creditors 182 183 40

Creditors of a corporation cannot recover debts from a shareholder.

Article 11. Access of foreign creditors to a proceeding under

Article 12. Notification to foreign creditors of a proceeding under

Because healthy competition among all potential creditors is an effective way of reducing the cost of credit, the Guide recommends that the secured transactions regime apply equally to various creditors, including banks and other financial institutions, as well as domestic and non domestic creditors.

IMF took the lead with bilateral creditors.

Access of foreign creditors to insolvency proceedings in the enacting State

Protection of creditors and the debtor 72 78 17 Article 20.

One approach to this issue is to consider whether the savings to creditors collectively would outweigh the incidental detriment to individual creditors.

The underlying idea was that notice to foreign creditors was required when such notice would have to be given to local creditors.

However, it was observed that foreign creditors, by not having direct access to local publications of limited circulation, found themselves in a less advantageous situation than local creditors.

However, to the extent secured creditors or creditors with rights in rem were paid in full regardless of the ranking of their claims (a matter that depended on the insolvency law of the State where the proceedings were conducted), those creditors should be excluded from the scope of application of draft article 23.

(c) Ensure equitable burden sharing with private creditors

Toto's a refugee from his creditors, I think.

In part, this is because creditors would otherwise stop extending credit and demand repayment at the first sign of trouble. This is because the first creditors to be paid would receive the full amount owed to them, leaving less for later creditors and thus creating an incentive for all creditors to rush for the exits even before debt servicing had become impossible.

The recent experiences of debt restructurings with private creditors are very diverse.

In such a case, creditors of a group company with a significant asset base would have their assets diminished by the claims of creditors of another group company with a low asset base.

Article 14. Notification to foreign creditors of a proceeding under identify laws of the

Article 24 . Competing rights of assignee and insolvency administrator or creditors of the assignor

The right to commence actions to reverse or render unenforceable legal acts detrimental to all creditors was essential to protect the integrity of the assets of the debtor, in the interest of all creditors.

The purpose of article 12 was to give certain powers to the foreign representative as the representative of the collectivity of creditors and did not deal with the rights of creditors to obtain provisional relief.

Priority between the assignee and the insolvency administrator or creditors of the assignor

(a) By control has priority over the rights of all other secured creditors

CHAPTER II. ACCESS OF FOREIGN REPRESENTATIVES AND CREDITORS TO COURTS 50 98 13

CHAPTER II. ACCESS OF FOREIGN REPRESENTATIVES AND CREDITORS TO COURTS IN THIS STATE