Historical Development of the Rehabilitation Process
DOI:
https://doi.org/10.48614/jlaw.1.2022.4945Keywords:
rehabilitation practitioner, restructuring, bankruptcy, rehabilitation plan, absolute and comparative priority rule (“APR”, “RPR”), preventive restructuring and more.Abstract
On April 1, 2021, Law of Georgia “Rehabilitation and the collective satisfaction of creditors claims” came into force, which made the rehabilitation process a priority. In the history of independent Georgia, the process of insolvency has had many legislative barriers, and for a developing country, flexible legislation is of great importance. The aim of the paper is to study the origin of insolvency law, to see it as an institutional development in international and local context. The paper also analyzes the 2019 directive 2019/1023, which offers flexible mechanisms for debt restructuring to member states.
References
An Act Against Such Persons As Do Make Bankrupt, Preamble. 1542:34 & 35 Henry VIII c.4: Statute of Bankrupts.
An Act to Amend the Law Relating to Bankruptcy and Insolvency in England (1861) 24 & 25 Vic, c 134.
Companies Act (1862) 25 & 26 Vic, c 89, ss 79, 81 and 205.
Joint Stock Companies Act (1844) 7 & 8 Vic, c 110 (1844 Act).
An Act to establish a Court in Bankruptcy (1 & 2 Will IV c 56), s 1; Sir William Holdsworth, A History of English Law, 7th edn. (Methuen & Co, 1956), Vol.l, 470-473; V Markham Lester, Victorian Insolvency (Clarendon Press, 1995), 45.
Council Regulation 1346/2000, 2000 O.J. (L 160) 1, 13.
Law of Georgia on Bankruptcy Proceedings date of promulgation: 25/06/1996; Source of promulgation, date: Parliament Herald, 19-20, 30/07/1996.
UNCINTRAL Legislative Guide on Insolvency Law, United Nations, 2005.
Law of Georgia on Insolvency Proceedings date of promulgation: 28/03/2007; Source of promulgation, date, MMS 9, 31/03/2007.
DIRECTIVE (EU) 2019/1023 of the European Parliament and of The Council of 20 June 2019 on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt, and amending Directive (EU) 2017/1132 (Directive on restructuring and insolvency).
5 Reform Proposal, Article 28(a), amending Article 18(1) of the Insolvency Regulation, 2015.
Block-Lieb S., Halliday T., Harmonization and Modernization in UNCITRAL’s Legislative Guide on Insolvency Law, Texas Int’l LJ, Vol. 42, Texas Int’l LJ, 2007, 475.
Demarco R., History of Bankruptcy - 2013, part 6, https://www.abi.org/feed-item/history-of-bankruptcy-%E2%80%93-part-6 [14/06/2021].
Edelman J., Meehant H., Cheung G., The Evolution of Bankruptcy and Insolvency Laws and the Case of the Deed of Company Arrangement, Lloyd's Maritime and Commercial Law Quarterly, Nº. 4, 2019, 574.
Eidenmüller H., The Rise and Fall of Regulatory Competition in Corporate Insolvency Law in the European Union, European Business Organization Law Review, Vol. 20, 2019.
Eyal Z., Implementing the Wuropean Insolvency Regulation, A UK Perspective, European Business Organization Law Review, Vol. 8, 2007, 606.
Explanatory card on the Draft Law of Georgia on Rehabilitation and Collective Satisfaction of Creditors Claim, (in Georgian) https://info.parliament.ge/file/1/BillReviewContent/245931 [14.06.2022].
Garrido J., No Two Snowflakes the Same: The Distributional Question in International Bankruptcis, Texas International Law Journal, Vol. 46, 2011, 470.
Gil-Robles J., Sánchez-Navajas P., Directive 2019/1023 of 20 June 2019 on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt, and amending Directive (EU) 2017/1132, 2/07/2019, p. 6.
Gleeson J.T., Watson J A., Higgins Ruth C. A. (eds.), Historical Foundations of Australian Law – Vol. II, Commercial Common Law, The Federation Press, 2013, 424, 444.
Goncharov N., Priority Rules Under the Directive (EU) 2019/1023 and the Shareholder-Creditor Agency Problem - A Comparative Legal Research, 2019, 4, 6.
Hayek M., Principles of Bankruptcy in Australia, University of Queensland Press, 1962, 5.
Jordan Ch., The Historical Evolution of the Bankruptcy Discharge, Am. Bankr. L. J., Vol. 65, 1991, 331-332.
Levinthal L.E., The Early History of English Bankruptcy, University of Pennsylvania Law Review, Vol. 67, Number I, 1919, 2.
Manganelli P., The Evolution of the Italian and U.S. Bankruptcy Systems - A Comparative Analysis, J. Bus. & Tech. L., Vol. 5, 2010, 238-239.
McCormack G., Jurisdictional Competition and Forum Shopping in Insolvency Proceedings, Cambridge Law Journal, Vol. 68, 2009, 174-175.
Migrauli R., A Brief History of the Development of Bankruptcy Law, Introduction to Bankruptcy Law, Tbilisi, 2006, 165-166 (in Georgian).
Migrauli R., Introduction to Bankruptcy and Insolvency Law, Tbilisi, 2017, 276 (in Georgian).
Moss G., Group Insolvency – Choice of Forum and Law: The European Experience Under the Influence of English Pragmatism, Brooklyn Journal of International Law, Vol. 32, 2008, 1017-1018.
Mucciarelli F., Insolvency Law in the EU and Its Political Dimension, European Business Organization Law Review, Vol. 14, 2013, 175, 178.
Quilter G., The Quality of Mercy-The Merchant of Venice in the Context of the Contemporary Debt and Bankruptcy Law of England, Insolvency Law Journal, Vol. 6, 1998, 49.
Rukhadze A., A Historical Review of the Development of Bankruptcy Law, Review of Georgian law 7/2004-4, 784 (in Georgian).
Shaiman S. L., The History of Imprisonment for Debt and Insolvency Laws in Pennsylvania as They Evolved from the Common Law The American Journal of Legal History, Vol. 4, No. 3, Jul., Oxford University Press, 1960, 205.
Susan B., Halliday T., Harmonization and Modernization in UNCITRAL’s Legislative Guide on Insolvency Law, Texas Int’l LJ, Vol. 42, 2007, 475.
Taylor G., Boardroom Scandal: The Criminalization of Company Fraud in Nineteenth – Century Britain, Oxford University Press, Oxford, 2013, 94.
United Nations Commission on International Trade Law, Legislative Guide on Insolvency, United Nations Publication, 2005, Sales No. E.05.V.10.
Virgos M., Garcimartin F., The European Insolvency Regulation: Law and Practice, Hague: Kluwer Law International, 2004, 157.
Ruling of Kutaisi City court of July 25, 2018 on extending the term of preparation of the draft rehabilitation plan of “Black Sea invest” Ltd, Case #2/61.
Tbilisi city court ruling on January 13, 2017 in the case: Amendments to the Rehabilitation Plan of “Causasus digital network” Ltd, case № 2/5795-13.
Ruling of Tbilisi City court of October 26, 2012 on the Approval of the Rehabilitation Plan of “Orion” Ltd, 2/12584-11.
Ruling of Kutaisi city court of September 28, 2011 on the appointment of Vladimer Saladze as the rehabilitation practitioner of “Black Sea invest” Ltd and the approval of the creditors’ decision on the deadline for preparation of the rehabilitation plan, 2/647-11.
Downloads
Published
How to Cite
Issue
Section
License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
