[Download] "Going for Broke: Bankruptcies of Multinational Corporations." by Harvard International Review * eBook PDF Kindle ePub Free
eBook details
- Title: Going for Broke: Bankruptcies of Multinational Corporations.
- Author : Harvard International Review
- Release Date : January 22, 1996
- Genre: Business & Personal Finance,Books,
- Pages : * pages
- Size : 253 KB
Description
RECENT MOVEMENTS TOWARD bankruptcy law reform in the United States, Germany, France, and many other countries were intensified by the poor economic conditions of the late 1980s and early 1990s, including the 1987 crash of numerous stock markets around the globe and the subsequent worldwide economic slump. In Australia, the insolvency rate doubled between 1989 and 1990; in the United States, nearly 850,000 corporate and personal bankruptcies were filed in 1994, more than double the 340,000 filed in 1984. In this age of multinational conglomerates and with world trade expanding in the wake of numerous monumental trade agreements, countries need to consider how they will deal with cross-border insolvencies. Without international agreements in place, great tension will inevitably arise when dealing with cross-border bankruptcies, especially because courts, which have considerable latitude in these issues, often have the interests of their nationals foremost. Current procedures for dealing with international bankruptcies are drastically inadequate and in need of reform. World leaders must recognize the central role that multinational corporations play in the global economy; they need to embrace universalism, the concept that a court's rulings could extend beyond its boundaries. Thus, the socially optimal approach to dealing with bankruptcies can be entitled "the enterprise and forum philosophy,"--tempering faith in markets with an evaluation of policy effects on many interests. Many of the current difficulties that arise between nations in the midst of a cross-border insolvency case stem from distinct differences between the way countries handle bankruptcies internally. Most nations' bankruptcy laws were developed simply by modifying previous laws to fit current needs, resulting in a complicated and disjointed system of procedures difficult for all parties involved.
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