Now we have this orderly liquidation procedure to allow a company like Lehman to perish, but not to do so as quickly or with such a terrible mess.
Executives at Bertelsmann said that if the judge rejected their proposal, they would abandon the deal and carve up Napster's assets, along with other creditors, in a liquidation procedure.
It gives us what's called an "orderly liquidation procedure," which of course has not been tried yet and Lord knows we hope it doesn't have to be tried anytime soon.
NEW YORK TIMES Foreign Banks Appeal to Be Left Out of Liquidation Rules | Foreign lenders with only a small presence on American soil are appealing to United States regulators to be exempted from obligations, expected to be finalized by the Federal Deposit Insurance Corporation on Tuesday, to detail their liquidation procedures should they fail.
In a U.K. insolvency case, for instance, you have proper administrators or liquidation procedures.
Ideally, bankruptcy law should provide a good balance between liquidation and reorganization procedures.
Recent insolvency laws, such as those enacted in Argentina and France, provide for a unified procedure in which liquidation is decreed only after the possibility of reorganization has been found not to exist or an attempted reorganization has failed.
The French law of 1985, however, subordinates all types of security interests to the rights of creditors originating during the period between the order instituting the procedure for economic rehabilitation or liquidation and the order of liquidation, and there is a general complaint against the consumption of the assets by secured creditors.
The tussling in Washington over financial regulation has focused on the merits and dangers of derivatives, establishing a procedure for the orderly liquidation of failed banks and setting up a new consumer protection agency.
Motivated by the discussion of the German insolvency code, we assume that the insolvency administrator's payoff is proportional to the value realized in the insolvency procedure.3 The shares can depend on liquidation and continuation and are denoted as (beta _0) (liquidation) and (beta _1) (continuation).
Modern French legislation, for example, totally suppresses the traditional term faillite as the name of liquidation proceedings and restricts it to special procedures entailing the imposition of disqualifications on insolvents guilty of commercial misconduct.
