The development of insolvency law in Ghana

Insolvency is a phenomenon of increasing importance yet Ghanaian lawmakers and scholars shun the subject. The increasing access to finance across the country, however, raises significant concern regarding the treatment of over-indebtedness. This article explores the development of insolvency law in Ghana setting out the various stages of the life of the first through to the current laws enacted in the country. The research finds that while the current law dealing with personal insolvency is a relatively new legislation embracing key insolvency choices, the law dealing with corporate insolvency is dated depriving ailing companies the benefit of modern rescue efforts.     

The aftermath of enforcement episodes for the children of immigrants

For 30 years, U.S. immigration policy has increasingly focused on enforcement. This article goes beyond cataloging the harms of such policies to document the processes by which they become more or less salient in the lives of children of immigrants over time. In-depth interviews with 86 young adults raised in New York show that enforcement policies shape children's lives either through lived experiences of enforcement episodes or through diffuse fears arising from indirect threats. Qualitative analysis of narratives of (a) deportations post-incarceration, (b) removals, (c) arrests and detentions (d) direct threats, and (e) diffuse fears identifies characteristics related to each that may affect children even after they age into adulthood.     

Avoiding HMO liability for utilization review

In this article, the author describes the potential liability of Health Maintenance Organizations for utilization review programs. Utilization review is used to determine whether certain medical treatment is necessary according to the standards of the HMO, and the HMO may decline to pay for treatments it deems unnecessary. If a doctor abstains from treatment because of this decision and the patient is harmed, the HMO may become the target of litigation. The author analyzes several recent cases and offers practical ideas for preventing and defending suits brought against HMO's for utilization review decisions.     

Criminal prosecution for HMO treatment denial

A child is seriously ill. She will not live much longer if steps are not promptly taken. However, her parents' HMO has denied approval for the treatment that she needs. According to her doctor, the treatment has a good chance of helping. It could extend her life by months or even years. The treatment is, however, expensive, more than her parents can pay. Also, the initial cost is just the beginning. As long as the child lives she will need expensive care. It is a burden that the HMO does not want to take. So, a few days from now--maybe less--she will lapse into unconsciousness and, soon after, she will pass away. Her parents ponder this and think: "We've paid premiums to that HMO for years. If she dies now, because of this denial, somebody ought to pay; the law should make somebody pay for letting our daughter die."     

Voting rules in insolvency law: a simple-game theoretic approach

A chief characteristic of modern insolvency law in Canada, Germany, the UK, and the US is the provision for ‘workouts’ or ‘schemes of arrangement’ by which insolvent companies can attempt to rehabilitate the business. If reorganization is chosen, the debtor has to devise a plan of action which will be voted upon by claimants. The voting rules, however, differ in each jurisdiction to a greater or lesser extent and as yet have not been analyzed in any rigorous manner. This paper provides an approach based upon the theory of simple games to analyze the rules in terms of the ease which each of these regimes can pass (or hinder) plans and how these rules distribute value among claimants. We pay particular attention to the role of classification and the effect of coalition formation.     

The fiduciary duties of healthcare directors in the "zone of insolvency"

Directors of healthcare organizations normally owe fiduciary duties to their shareholders or, in the case of nonprofits, to the charitable mission of the organization. As an organization descends to bankruptcy, however, the board's duties may shift. At some point, the board may be imposed with different and often conflicting obligations to the corporate enterprise as a whole, with a primary criterion being the interests of creditors. In this article, the authors analyze the murky areas of the Zone and give guidance as to when the board's duty may shift-and as to how directors should proceed both in determining their duties and in working to fulfill them.     

The aftermath of child sexual abuse of African American and white American women: The victim's experience

Several aspects of the victim's personal experience in the aftermath of child sexual abuse are described. Subject recruitment involved a multi-stage stratified probability sample of 126 African American and 122 White women, ages 18 to 36 years in Los Angeles County, matched on education, marital status, and the presence of children. Few ethnic differences were related to the initial response and short-term effects of the victim's experiences. Lasting effects of sexual abuse included sexual problems for women of both ethnic groups, but avoidance of men resembling the perpetrator was identified among African American women. Ethnicity may be a contributing factor to other adjustment related problems that African American women encounter in addition to their child sexual victimization. The implications of these findings and issues in the assessment of the aftermath are discussed.     

Forced to make mistakes: Reasons for complaining about Bebchuk's scheme and other market-oriented insolvency procedures

Bebchuk's proposal for bankruptcy reform is analysed, in particular his claim that using options is fair and prevents justified complains. However, the proposal has a systematic bias against junior creditors and former shareholders because they have to pay for unavoidable mistakes in estimating the company's value, may lack the financial resources to exercise their options and lose by a day of reckoning. A market solution will be specified that is simpler and at least as fair as Bebchuk's scheme according to his own standards. However, a complete solution to these problems may have to be a non-market one. JEL Classification G33 · K39 · K22     

Serving the creditors after insolvency filings: from value creation to value distribution

This paper provides original empirical evidence on the financial outcome of insolvency filings in Europe. We adopt a cross-country analysis of the determinants of recovery rates isolating three types of creditors (junior, senior, and new money claims). We investigate the structure of recoveries on a unique hand-collected sample of bankrupt firms in France, Germany, and the UK. We initially question value maximization, and study to which extent the legal provisions prevailing after insolvency filing can influence creditors’ overall recoveries. Three procedures differ significantly from our benchmark (UK liquidations). French continuation and UK receivership exert a positive influence onto total repayments, while such influence becomes negative under French liquidation. We relate this finding to the ability of the two former procedures to improve coordination among the creditors, monitoring of the debtor, and/or incentives to file early. We then analyze value distribution by examining competition between the categories of creditors. We show that the insolvency systems do not converge. Junior and senior creditors are better served under the German and the French continuation procedures than in any other bankruptcy path. At the opposite, the UK liquidation procedures fail to satisfactorily serve the junior/senior creditors. Still, nearly all the insolvency procedures support fresh financing by protecting quite well new money claims. Overall, we do not confirm any superiority of one family of insolvency system over another, but rather stress the importance of an appropriate design of the procedures, especially regarding the incentives they create before and after insolvency filing.     

Medicare program: updated HMO qualification determinations--HCFA. Notice

This notice sets forth the names, addresses, dates of qualification, and service areas or expanded service areas of entities determined to be Federally qualified health maintenance organizations during the period November 1988 through December 1989.     

破产或债务重整下的止诉禁令

分析出具止诉禁令的原因,探讨破产法院做出止诉禁令的权力与做法。在分析破产或债务重整所带来的争议的基础上,肯定联合国针对跨国境破产的示范法的重要意义,并剖析跨国境破产对国际仲裁的影响。