This article considers Hugo Grotius’s ideas on a specific topic of commercial law, analysing his position and potential contributions to early modern Dutch insolvency legislation. It might be questioned how ‘Hollandic’ Grotius’s interpretations of legal solutions for insolvency as presented in the Inleidinge tot de Hollandsche Rechts-Geleerdheid actually were. Grotius’s treatment of cessie van goede is relatively strict, whereas compositions are hardly mentioned. A rather different image rises from his later work. Here, Grotius displays a more radical view, (...) in specific cases allowing the sovereign to interfere in private property rights and to restructure debts for the common good. It is an intriguing question if and to what extent these ideas can be related to contemporary Dutch insolvency practices. (shrink)

The purpose of the symposium is to address global and domestic insolvency law issues.

Arbitration and insolvency proceedings are legal instruments governed by different objectives and different legal principles. While in arbitration the autonomy of the parties plays a major role, all insolvency proceedings are collective proceedings where autonomy of the parties is strictly limited, the majority of issues are regulated by binding legal provisions and strong controlling powers are vested into insolvency court. Therefore, in this article the authors analyse the issues of compatibility between insolvency proceedings and arbitration. The (...) Lithuanian legal framework which was in force until 30 June 2012 was ambiguous. According to the wording of Article 11 of the previous Law on Commercial Arbitration, disputes connected with bankruptcy shall not be submitted to arbitration. It was not entirely clear whether this provision was restricted to ‘core’ insolvency issues such as opening and conduct of the proceedings, appointment of the office holder, administration of the estate, liquidation etc. or it also included all other questions related with insolvency. The jurisprudence of the Lithuanian courts gave a broad meaning to the restriction expressed in the Law on Commercial Arbitration. Accordingly, such questions as verification of claims and disputes with the creditors were also excluded from arbitration after announcement of bankruptcy of the debtor. The authors argue that distinction should be drawn between cases in which an insolvent enterprise is a claimant and where it is a defendant. It is also important to draw a line between arbitration agreements entered into before announcement of bankruptcy and arbitration agreements concluded by the bankruptcy trustee with the consent of the majority of creditors. In this article, the new Law on Commercial Arbitration which has entered into force on 30 June 2012 is analysed and according to which an insolvent enterprise remains bound by arbitration agreement in both cases where it is a claimant and where it is a defendant. Several contentious issues of the new law are identified and analysed in the article, such as the position of other creditors in the proceedings, relation between arbitration and restructuring procedure, enforceability of arbitration agreement in cases where an insolvent enterprise lacks funding to pay arbitration costs etc. (shrink)

Biobanks hold out the prospect of significant public and private benefit, as genetic information contained in tissue samples is mined for information. However, the storing of human tissue samples and genetic information for research and/or therapeutic purposes raises a number of serious privacy and autonomy concerns. These concerns are compounded when one considers the possibility that a biobank or its owner might go bankrupt. Insolvency impairs the ability of enforcement regimes, and liability-based regimes in particular, to enforce legal norms. (...) The goal of this essay is to develop guideposts for thinking about private and public enforcement of privacy imposed by donors on tissue samples and/or genetic information when a biobank becomes insolvent. (shrink)

Biobanks hold out the prospect of significant public and private benefit, as genetic information contained in tissue samples is mined for information. However, the storing of human tissue samples and genetic information for research and/or therapeutic purposes raises a number of serious privacy and autonomy concerns. These concerns are compounded when one considers the possibility that a biobank or its owner might go bankrupt. Insolvency impairs the ability of enforcement regimes, and liability-based regimes in particular, to enforce legal norms. (...) The goal of this essay is to develop guideposts for thinking about private and public enforcement of privacy imposed by donors on tissue samples and/or genetic information when a biobank becomes insolvent. (shrink)

This article assesses the state of empirical legal research and chronicles the field's history focusing on bankruptcy. This article begins with a discussion of what might have attracted bankruptcy scholars to extract an empirical vein in their scholarly work. It offers a short chronicle of the development of empirical bankruptcy scholarship from Justice Douglas to the current generation. Because of the relative paucity of such scholarship outside the U.S., this chronicle inevitably focuses on that country. It is divided into separate (...) discussions of individual and corporate bankruptcy. It elaborates the substantial amount of empirical scholarship in bankruptcy as compared with other fields, the grounds on which academic debates play out offer significant explanatory factors. This article concludes with some discussion regarding empirical questions on which bankruptcy scholars might probably focus future attention. (shrink)

The objection from the insolvability of principle-based modal disagreements appears to support the claim that there are no objective modal facts, or at the very least modal facts cannot be accounted for by modal rationalist theories. An idea that resurfaced fairly recently in the literature is that the use of ordinary empirical statements presupposes some prior grasp of modal notions. If this is correct, then the idea that we may have a total agreement concerning empirical facts and disagree on modal (...) facts, which is the starting point of the objection from the insolvability of modal disagreement, is undercut. This paper examines the no-separation thesis and shows that some of the arguments against the classical (empiricist) distinction between empirical and modal statements fail to be conclusive if they are taken to defend a strong notion of metaphysical possibility. The no-separation thesis appears to work only in theoretical frameworks where metaphysical modalities are considered (broadly) conceptual. For these reasons, the no-separation thesis cannot save modal rationalism from the insolvability of modal disagreement. (shrink)

Over ten years have elapsed since Virginia passed the nation's first criminal DNA banking law, which authorized law enforcement authorities to collect DNA samples from certain categories of offenders for the purposes of performing profile analysis. Within nine years, Rhode Island became the fiftieth state to enact a similar statute. The passage of a decade since the first enactment provides a convenient opportunity to assess the strengths and weaknesses of ethical safeguards under present law as well as predict the likely (...) direction of future developments.DNA forensics are merely the latest in a long line of biologically based identifying law enforcement technologies that include fingerprints and serotyping. Nevertheless, DNA has properties that make it significantly different than its predecessors with respect to the ethical and social concerns it raises. (shrink)

Over ten years have elapsed since Virginia passed the nation's first criminal DNA banking law, which authorized law enforcement authorities to collect DNA samples from certain categories of offenders for the purposes of performing profile analysis. Within nine years, Rhode Island became the fiftieth state to enact a similar statute. The passage of a decade since the first enactment provides a convenient opportunity to assess the strengths and weaknesses of ethical safeguards under present law as well as predict the likely (...) direction of future developments.DNA forensics are merely the latest in a long line of biologically based identifying law enforcement technologies that include fingerprints and serotyping. Nevertheless, DNA has properties that make it significantly different than its predecessors with respect to the ethical and social concerns it raises. (shrink)

The adoption of the Collateral Directive 2002/47/EC represents an important progress towards the implementation of a truly harmonized single financial market. The Lithuanian Financial Collateral Arrangements Act (the Law) has implemented the Directive 2002/47/EC in time. The Law establishes special regulation for financial securities given in transactions between „professional market participants“, between market participants and other companies, inclusive small and medium-sized enterprises. The Law applies to certain transactions on the financial markets and aims at stabilizing the financial markets. Essentially, the (...) Directive and the national implementing law ensure the enforceability of financial collateral arrangements and provide for rapid and non-formalistic enforcement of financial collateral procedures in insolvency cases. The realization of financial collaterals is made easier and cheaper. (shrink)

The paper deals with the problem of translating selected insolvency terminology from Polish into English and from English into Polish. The re- search corpora encompassed the Insolvency Act 1986 as amended and Ustawa z dnia 28 lutego 2003. Prawo upadłościowe i naprawcze [the Act on Polish Insolvency and Rehabilitation Law of 28th February 2003 as amended]. The research methods included: the comparison of parallel texts, the method of axiomatisation of the legal linguistic reality, the termino- logical analysis (...) of the corpus material, the concept of adjusting the target text to the communicative needs and requirements of the community of recipients and the techniques of providing equivalents for non-equivalent terminology. The research hypothesis has been so formulated that the parametrisation of legal reality may assist in finding more adequate equivalents and determine differences in meaning of compared source and target language terms, which in turn facilitates the choice of a more adequate technique of providing equivalents for non-equivalent or partially equivalent legal terminology meeting the com- municative needs of translation recipients. The research results revealed that insolvency terminology is highly system-bound and available equivalents may often be misleading for the community of target text recipients. (shrink)

Traditionally, civil law jurisdictions in Scandinavia and the continent of Europe have not been willing to acknowledge the appropriateness of extending bankruptcy relief to consumer debtors and discharging any part of their debts. The opposition was based on the importance of upholding the sanctity of contractual obligations: pacta sunt servanda. This attitude stood in contrast to the fresh start philosophy of US bankruptcy law, which embraced a more forgiving attitude, focusing on the reintegration of the insolvent debtor into society, substantially (...) free of debt, after he has filed for bankruptcy and surrendered his non-exempt property for distribution among his creditors. The relaxation of credit controls and the rapid increase in the number of insolvent debtors in the late 1980s and early 1990s has forced many continental jurisdictions to reconsider their traditional opposition. They have since adopted debt adjustment plans providing various forms of debt relief to overcommitted debtors but only a substantial number of years after the initial proceedings. The American reaction has gone in the opposite direction. With the adoption of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, the United States has reversed its century old liberal fresh start tradition. The 2005 Act imposes a formidable means test as well as other preconditions to determine whether a debtor has sufficient discretionary income to pay off twenty percent of his or her unsecured debts under a Chapter 13 plan. If the answer is yes, the debtor is denied the right to file a bankruptcy petition under Chapter 7 of the Bankruptcy Code. This paper asks whether these developments on opposite sides of the Atlantic suggest that facts on the ground are more important than dogma and deeply entrenched beliefs. The author’s answer is that while there is certainly a trend towards convergence between continental European and US approaches to consumer insolvency, it is much too soon to speak of a common culture and a common approach. He notes, however, that Commonwealth jurisdictions have long adopted a means test to determine a debtor’s eligibility for discharge from debt and suggests that continental scholars would have done better to study the Commonwealth experience as embodying a suitable compromise than to flirt with the US fresh start philosophy, only to reject it as too alien to the continental moral sense. (shrink)

Economists and legal scholars routinely posit an implicit contract between Japanese firms and their principal lender. Under this arrangement, the bank implicitly agrees to rescue the firm when times turn bad. Out of court, it rescues the firm from insolvency. Not only does it save the investments specific to the troubled firm, it lowers the use of costly bankruptcy proceedings and cuts the costs of those bankruptcy procedures firms do occasionally invoke. Given the creditor-shareholder conflicts of interest that arise (...) as firms approach insolvency, such arrangements would seem unstable. Yet according to a long sociological tradition, conflicts of interest matter less in Japan than in the West. According to the emerging economic and legal tradition, Japanese economic actors do face those conflicts, but keep them in check through reputational concerns, close-knit ties, and government supervision. Using two datasets of troubled firms from the 1970s and 1980s, we ask whether Japanese main banks in fact rescue distressed borrowers. We find no evidence that they do: large Japanese firms fail; when large firms approach insolvency, main banks do not increase the share of the firm’s debt they bear; stronger ties between distressed firms and their main bank do not facilitate loans; and troubled firms do not try to preserve their main bank relationship. All told, the claim that Japanese banks ever implicitly agreed to rescue firms is sheer myth. That Japanese banks let troubled firms fail is no recent development; it has been thus for decades. Conflicts of interest do indeed matter in Japan and long have. They matter enough to prevent precisely the incentive-incompatible rescue deals that scholars in the field so routinely posit. (shrink)

This Article is made up of two parts. The first part reflects on the dominant functionalist approach to comparative consumer bankruptcy and suggests that this might be supplemented by a political economy analysis that addresses the role of national and international interest groups, including professionals, and ideology in understanding different national responses to overindebtedness in North America and Europe. The second part examines current reforms to consumer bankruptcy and responses to overindebtedness in the UK through this political economy lens and (...) concludes that competition among professional groups, the role and interests of the Insolvency Service, and the ideology of the Third Way in consumer policy will influence the ultimate structure adopted for addressing consumer insolvency. A study of the English experience suggests that there is also an element of national path dependency to consumer insolvency reform that may resist pressures towards convergence of approaches between countries in addressing issues of consumer insolvency. (shrink)

Israeli enforcement law uses both direct and indirect enforcement — the former via attachment of assets, and the latter via imprisonment of the debtor. The use of indirect enforcement via imprisonment is problematic, as it violates the basic rights of the debtor. I will argue that in response to this problem, the law created a framework for the "debtor of limited means." I will demonstrate that not only does this create an improper definition of the task of the Chief Enforcement (...) Officer, but that it is also an inefficient way of dealing with an insolvent debtor. I will propose that the system differentiate between debtors who cannot pay their debts and those who do not want to pay their debts. I believe that encouraging the insolvent debtor to file for of bankruptcy will avoid the problem of imprisonment and enable the Chief Enforcement Officer to return to his natural role as judge of enforcement. Additionally, I suggest creating a separate track of "consumer enforcement," which would avoid the whole system of installments, imprisonment, and debtors of limited means, at least regarding consumer credit. (shrink)

The project of the comprehensive reform of Japanese insolvency law started in October 1996. After many enactments and amendments, there are now two types of judicial proceedings for personal insolvencies in Japanese insolvency law. The first category is straight bankruptcy proceedings in which the debtor can be discharged; the other is special Civil Rehabilitation proceedings for individual debtors. In this Article, I will first give a brief overview of the special Civil Rehabilitation proceedings for individual debtors, including a (...) short description of two types of proceedings, and legislative issues. Then I will give a brief overview of major amendments of the Bankruptcy Law concerning individual bankruptcies, including amendments relating to the scope of exemption and discharge proceedings. (shrink)

In the mid-1990s the recession is turning to a recovery. Around the world corporate bodies which fell victim to structural changes and high interest rates finally get buried. However, many feel that corporate funerals are not enough to clear away the litter of the past, crucifying people is required too.In the common law countries, where the treatment of bankrupts is tougher than in the U.S., and in continental Europe, where discharge of debts has been virtually unheard of until recently, the (...) failed entrepreneurs' heads are wanted on the platter. A high level of debt and an extravagant lifestyle combine to provoke most demands for reprisals. (shrink)

Das Insolvenzrecht gehört zu dem Kernbestand der Regelwerke, die das Vertrauen der Rechtsgenossen in eine Rechtsordnung sichern. Es regelt die Bedingungen allseitiger Haftung eines Schuldners und steckt damit zugleich den Rahmen ab, innerhalb dessen die Gläubiger erwarten können, dass ihre Rechte in einer und durch eine Reorganisation und Sanierung des schuldnerischen Unternehmens gewahrt werden. Die faktische Wirkung des Insolvenzrechts endet nicht an nationalstaatlichen Grenzen. Das Insolvenzverfahren ist nach seinem Anspruch auf universelle Geltung angelegt. In fast allen Mitgliedstaaten der Europäischen Union (...) gilt heute als innerstaatliches Recht ein gemeinsames Recht grenzüberschreitender Insolvenzverfahren. Dieses gemeinsame europäische Recht strahlt auf die innerstaatlichen Reformbemühungen aus - es hat Einfluss auf die Insolvenzgesetzgebung. Die innerstaatlichen Gesetzgebungen werden zudem von UNCITRAL-Modellgesetzgebungen beeinflusst. Die wissenschaftliche Diskussion geht zusehends auf die damit ausgelösten Konvergenzbewegungen ein; die Praxis bedarf rechtsdogmatischer Aufklärung über die komplexer werdenden Regelungen des Insolvenzrechts und der Unterrichtung über die Strukturen und Problemstellungen ausländischer europäischer und außereuropäischer Insolvenzrechte, auch und gerade in ihrer Wechselwirkung mit dem deutschen Recht. Die Schriftenreihe der DZWIR ist ein Forum dieser Diskussionen. Sie wird in loser Folge monographische Untersuchungen zu Grundsatzfragen des deutschen, europäischen und internationalen Insolvenzrechts veröffentlichen. Damit leistet diese Schriftenreihe einen Beitrag ebenso zur rechtsdogmatischen Klärung von Streitfragen wie nicht minder zur Unterstützung der europäischen Integration der nationalstaatlichen Insolvenzrechte. (shrink)

The article is devoted to historico-philosophical investigation of the grounds of universalism of special type. This universalism, inherent in transcendental thinking, was radicalized in quasi-transcendental discourse of Jacques Derrida. It is established that explicit critique of universalism in deconstructive philosophy is aimed at “logo-centric” paradigm of universality which is questioned by (quasi)transcendental philosophy. Constitutive function of difference and otherness in establishment of transcendental and especially quasi-transcendental universality was brought to light. It was shown that in (quasi)transcendental discourse singularity is involved (...) into the sphere of universal, whereas “dogmatic” universalism brought singularity and/or particularity outside, thus questioning its own claims. Tracing transcendentalist tendency to balance status and significance of universal and particular (singular), the author concludes that relation between them makes possible constituting hyper-universality of special type. Universal implications of the Derrida’s notion “quasi-transcendental” are defined. It was determined that one of the main factors constituting universalism of quasi-transcendental type is the deconstruction of binary thinking, accomplished first of all with the help of principles: differance, insolvability (aporia) and trace. Among them insolvability implies universality revealing the overlap and mutual conditioning of alternative (at a glance) elements. Instead, the trace conditions superiority of logo-centric alternatives “primary-secondary” and “presence-absence”. (shrink)

The modern doctrine of the “fresh start” reflects the differences between the past paradigm of punishment of the insolvent person and the current focus on the economic effectiveness and activeness. Global practice in the field of insolvency shows that the “limited liability rule” is eminently effective in the economic and social perspective. The appending threat of abuse and misapplication of the system might be neutralized through the legal regulation of prevention and rehabilitation means, which are analyzed in this article. (...) The aim of this research is to: 1) present a summary of the paradigm of bankruptcy of natural persons; 2) evaluate the categories of prevention and rehabilitation means set in the Lithuanian concept of the bankruptcy of natural persons; 3) identify the physical factors affecting the bankruptcy of natural persons; 4) provide a conceptual model of rehabilitation after bankruptcy and insolvency prevention measures have been implemented in the field of bankruptcy of natural persons. (shrink)

This paper explores the American bankruptcy system -- especially the Chapter 11 code -- which since 1978 has allowed insolvent companies the opportunity to restructure and reorganise with the benefit of court protection from creditors. Particular attention is focused on asbestos companies, such as Johns--Manville, which have been among the most consistent and controversial filers for bankruptcy under Chapter 11. The history of asbestos and Chapter 11 is explored, against the backdrop of the burgeoning asbestos crisis, caused by increasing mortality (...) and litigation. Some of the business and ethical issues involved are highlighted by examining in detail a recent bankruptcy (Federal Mogul/T&N in 2001) that has implications in both Britain and America. Chapter 11 bankruptcy is evaluated, particularly in the light of the trend towards similar mechanisms of insolvency in the UK, Europe and the rest of the world. It is concluded that, certainly as regards the experience with asbestos, Chapter 11 offers an inefficient and inequitable method of rehabilitating or rescuing failing businesses. (shrink)

The tripartite account of propositional, fallibilist knowledge that p as justified true belief can become adequate only if it can solve the Gettier Problem. However, the latter can be solved only if the problem of a successful coordination of the resources (at least truth and justification) necessary and sufficient to deliver propositional, fallibilist knowledge that p can be solved. In this paper, the coordination problem is proved to be insolvable by showing that it is equivalent to the ''''coordinated attack'''' problem, (...) which is demonstrably insolvable in epistemic logic. It follows that the tripartite account is not merely inadequate as it stands, as proved by Gettier-type counterexamples, but demonstrably irreparable in principle, so that efforts to improve it can never succeed. (shrink)

ABSTRACT Why did the popping of the housing bubble bring the financial system—rather than just the housing sector of the economy—to its knees? The answer lies in two methods by which banks had evaded regulatory capital requirements. First, they had temporarily placed assets—such as securitized mortgages—in off‐balance‐sheet entities, so that they did not have to hold significant capital buffers against them. Second, the capital regulations also allowed banks to reduce the amount of capital they held against assets that remained on (...) their balance sheets—if those assets took the form of AAA‐rated tranches of securitized mortgages. Thus, by repackaging mortgages into mortgage‐backed securities, whether held on or off their balance sheets, banks reduced the amount of capital required against their loans, increasing their ability to make loans many‐fold. The principal effect of this regulatory arbitrage, however, was to concentrate the risk of mortgage defaults in the banks and render them insolvent when the housing bubble popped. (shrink)

Excerpt from The Various Theories of the Relation of Mind and Brain Reviewed The following short treatise was originally delivered in the form of two lectures to the "Glasgow Psychological Society." It is a work, therefore, more suggestive than exhaustive - its principal aim being to show the insufficiency of any physiological theory to explain the co-relation of mind and brain. This is a subject of vast importance, and ought to be studied calmly, earnestly, and perseveringly, unhampered by any preconceptions. (...) I need scarcely add that the subject is as difficult as it is vast - is even mysterious at every step - and has puzzled the greatest minds in all ages; yet let us hope that it is not insolvable, but that erelong we shall be able to explain in a satisfactory manner the various phases of mental phenomena, and their material correlate, if such relation there is. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works. (shrink)

Sustainability is an important topic for understanding and developing our society. For scholars who want their academic contributions to have an impact, sustainability is important for our conceptual systems. Because our conceptual systems share similarities with our social systems, we may investigate their characteristics to gain insight into how both may be achieved or at least understood. Theories of the humanities as well as the social/behavioral sciences are changing very rapidly. They are fragile and few seem to have any longevity. (...) At the same time, the theoretical base does not seem to be “advancing.” They are not supporting highly effective results in the real world, so we continue to have seemingly insolvable problems such as crime, war, and poverty. This may be because academia has become inward-focused or, in Luhmann’s terminology, autonomous from the outside world. In seeking to understand how to develop more sustainable theories we found that the concept of sustainability is contested. And, in the process of comparing the sustainability of social systems to the sustainability of theories, we came to realize that neither perspective is viable. Drawing on Luhmann’s insights on the interdependence of theories and society, we came to realize that the two exist in a coevolutionary relationship. Importantly, we present an approach for measuring that evolution and suggest directions for accelerating the coevolutionary advance of society and science. (shrink)

This paper explores cosmopsychism’s explanatory aspirations from a programmatic perspective. The bulk of the text consists of an argument in favor of the conclusion that cosmopsychism suffers from no insurmountable individuation problem. I argue that the widespread tendency to view IND as a mirror-image of micropsychism’s combination problem is mistaken. In particular, what renders CP insolvable, namely, the commitment to the coupling of phenomenal constitution with phenomenal inclusion, is, from the standpoint of cosmopsychism, an entirely nonmandatory assumption. I proceed to (...) show that severing this unhappy coupling is the key for defending cosmopsychism against the charge of theoretical incoherence. Moreover, I argue that successful defense against such accusation could be mounted regardless of whether or not we assume cosmic consciousness to be perspectival in nature. In addition, the paper touches upon another foundational issue: cautioning against the popular tendency to identify cosmopsychism’s monism with a mereological unity-in-diversity, and motivating an alternative conception which I call generative monism. Finally, as befitting this volume, I pause to reflect upon the question of which schools of Hindu philosophy might tally best, and connect most fruitfully, with cosmopsychism as I understand it. (shrink)

As the only nation in the western world without a national health insurance program, the United States faces ongoing issues of access and fairness in health care coverage. The Clinton administration tried and failed to address the problem of universal coverage. Since then we have focused on the narrower, but nonetheless real, issues of fairness and equity in the benefits package provided in insurance plans. The LORAN Commission spent two years trying to devise agreed-upon principles to govern such issues. The (...) lesson learned was the same as that of the Ethics Force study: there was no possibility of getting agreement, let alone consensus, among the participants on how to decide what should be a covered benefit. There were, however, two generally agreed upon principles that emerged regarding health care: “Every individual should be treated alike,” and “When it comes to health, cost cannot be a consideration.” That formula translated into providing everyone with everything. The only certain outcome from such a policy would be fiscal insolvency and ultimately bankruptcy. (shrink)

In the past decade, the use of the Chapter XI has soared to the detriment of many creditors, workers, and consumers. A good number of cases were not based on imminent insolvency, but on firms attempts to avoid litigation claims against them, to terminate labor or other contractual obligations, or to gain new financing.These filings for Chapter XI highlight the use of bank-ruptcy as a strategic option used by management in running a viable organization. This usage is even advised (...) by some academics and management consultants. (shrink)

It is a popular perception that administrative receivers and their appointors hold «too much» power in relation to troubled companies. Many who hold this view have called for the reform of insolvency law in order to redress the balance of power. This issue is timely, because insolvency law is currently under review. This article argues that although the law's formal structure is imbalanced, it can nevertheless generate savings for parties, by allowing a concentrated creditor who has invested in (...) information-gathering about the debtor to conduct a private insolvency procedure. It is suggested that this procedure is likely to be more efficient than one conducted by a state official, and that it is likely to reduce the costs of debt finance, a matter of particular importance for small and medium-sized businesses. Empirical data are presented from 26 interviews with practitioners, which shed further light on the operation of receivership. Finally, the current law is compared with possible alternatives. It is argued that the case for wide-ranging reform is not made out. (shrink)

The art, craft, and science of policing -- Crime and criminals -- Criminal process and prosecution -- The crime-preventive impact of penal sanctions -- Contracts and corporations -- Financial markets -- Consumer protection -- Bankruptcy and insolvency -- Regulating the professions -- Personal injury litigation -- Claiming behavior as legal mobilization -- Families -- Labor and employment laws -- Housing and property -- Human rights instruments -- Constitutions -- Social security and social welfare -- Occupational safety and health -- (...) Environmental regulation -- Administrative justice -- Access to civil justice -- Judicial recruitment, training, and careers -- Trial courts and adjudication -- Appellate courts -- Dispute resolution -- Lay decision-makers in the legal process -- Evidence law -- Civil procedure and courts -- Collective actions -- Law and courts on development and democratization -- How does international law work? -- Lawyers and other legal service providers -- Legal pluralism -- Public images and understandings of courts -- Legal education and the legal academy -- The (nearly) forgotten early empirical legal research -- Quantitative approaches to empirical legal research -- Qualitative approaches to empirical legal research -- The need for multi-method approaches in empirical legal research -- Legal theory and empirical research -- Empirical legal research and policy-making -- The place of empirical legal research in the law school curriculum -- Empirical legal training in the US academy. (shrink)

Investment in financially distressed companies has taken place since the end of the depression. But a new breed of predatory activist investors called "vultures" has emerged in recent years. They take sizable debt positions in insolvent companies with the intention of significantly increasing the value of their investment through aggressive negotiation either in bankruptcy or in pre-bankruptcy restructurings. Predators thrive on adversarial conflict. Vulture investment is legal, but is it morally acceptable? This paper argues that the strategies and tactics of (...) vultures may be very unpleasant, but in themselves these are insufficient grounds for moral censure. (shrink)

Diogenes Laërtius and Plinius report that Anaximander made a globe, meaning a celestial globe. These statements must be due to an anachronistic misunderstanding, as a celestial globe presupposes a conception of a spherical universe in which the stars make up the outermost sphere. According to Anaximander, however, the stars are nearest to the earth, as is confi rmed by Aëtius and Hippolytus. Generally speaking, Anaximander’s universe of a column-drum-like earth at the center of the concentric wheels of the celestial bodies (...) can hardly be called spherical. Nevertheless we may assume that Anaximander, who drew a map of the earth, offered some representation of his cosmological ideas as well. Although a three-dimensional representation like a celestial globe is not likely, one may readily imagine that he drew a two-dimensional picture, a kind of ground-plan or map of his conception of the cosmos. The doxographers will erroneously have taken an account about this map as standing for a celestial globe such as they knew from their own experience. In this article I will deal with the problems that arise when we try to draw a map of Anaximander’s universe, and suggest ways to solve them. In discussing several authors who have studied the subject I will point out some bothersome inconsistencies and mistakes in their renditions. One problem, however, which has not been noticed before, will prove to be insolvable within the context of the doxographical evidence. I will argue that the only way to meet this problem is to look upon it as circumstantial evidence for the supposition that Anaximander never made a three-dimensional model whatsoever of his conception of the universe. (shrink)

In this remark to the article by L.V. Shipovalova, doubts are expressed about the thesis about the insolvency of consensus in the conditions of distributed cognition. According to the author, distributed cognition does not imply rejection of consensus, but complements it. Using the example of the problems of technology management and their assessment, as well as the risk situations accompanying them, a more generalized interpretation of consensus is proposed that goes beyond communication in science. In this interpretation, consensus is (...) a dialogue between science and non-science and involves a large number of participants in the absence of a predetermined order or degree of significance of evaluating their arguments. The need to appeal to consensus is justified by the fact that the assessment of consequences and risks is carried out in a situation of epistemological uncertainty. Technology management is lagging, i.e. it is reactive, not projective. It is noted that following the principles of consensus allows you to include a significant amount of available knowledge in the discussion field and prevent undesirable consequences when making decisions. The author emphasizes the normative nature of consensus, which is a requirement for collective decision-making when assessing the consequences of technologies. (shrink)

_The Uprising_ is an Autonomist manifesto for today's precarious times, and a rallying cry in the face of the catastrophic and irreversible crisis that neoliberalism and the financial sphere have established over the globe. In his newest book, Franco "Bifo" Berardi argues that the notion of economic recovery is complete mythology. The coming years will inevitably see new surges of protest and violence, but the old models of resistance no longer apply. Society can either stick with the prescriptions and "rescues" (...) that the economic and financial sectors have demanded at the expense of social happiness, culture, and the public good; or it can formulate an alternative. For Berardi, this alternative lies in understanding the current crisis as something more fundamental than an economic crisis: it is a crisis of the social imagination, and demands a new language by which to address it. This is a manifesto against the idea of growth, and against the concept of debt, the financial sector's two primary linguistic means of manipulating society. It is a call for exhaustion, and for resistance to the cult of energy on which today's economic free-floating market depends. To this end, Berardi introduces an unexpected linguistic political weapon--poetry: poetry as the insolvency of language, as the sensuous birth of meaning and desire, as that which cannot be reduced to information and exchanged like currency. If the protests now stirring about the world are to take shape and direction, then the revolution will be neither peaceful nor violent--it will be linguistic, or will not be at all. (shrink)

A practical viewpoint links reality, representation, and language to calculation by the concept of Turing (1936) machine being the mathematical model of our computers. After the Gödel incompleteness theorems (1931) or the insolvability of the so-called halting problem (Turing 1936; Church 1936) as to a classical machine of Turing, one of the simplest hypotheses is completeness to be suggested for two ones. That is consistent with the provability of completeness by means of two independent Peano arithmetics discussed in Section I. (...) Many modifications of Turing machines cum quantum ones are researched in Section II for the Halting problem and completeness, and the model of two independent Turing machines seems to generalize them. Then, that pair can be postulated as the formal definition of reality therefore being complete unlike any of them standalone, remaining incomplete without its complementary counterpart. Representation is formal defined as a one-to-one mapping between the two Turing machines, and the set of all those mappings can be considered as “language” therefore including metaphors as mappings different than representation. Section III investigates that formal relation of “reality”, “representation”, and “language” modeled by (at least two) Turing machines. The independence of (two) Turing machines is interpreted by means of game theory and especially of the Nash equilibrium in Section IV. Choice and information as the quantity of choices are involved. That approach seems to be equivalent to that based on set theory and the concept of actual infinity in mathematics and allowing of practical implementations. (shrink)

BackgroundCurrently a variety of novel scenarios have appeared within nursing practice such as confidentiality of a patient victim of abuse, justice in insolvent patients, poorly informed consent delivery, non-satisfactory medicine outputs, or the possibility to reject a recommended treatment. These scenarios presuppose skills that are not usually acquired during the degree. Thus, the implementation of teaching approaches that promote the acquisition of these skills in the nursing curriculum is increasingly relevant.ObjectiveThe article analyzes an academic model which integrates in the curriculum (...) a series of specific theoretical concepts together with practical skills to acquire the basic ethic assessment competency.Research designThe project includes designing two subjects, General Anthropology and Ethics-Bioethics, with an applied approach in the nursing curriculum. The sequential structure of the curriculum in both subjects is constituted by three learning domains (theoretical, practical, and communicative) with different educational strategies.Ethical considerationsNo significant ethical considerations as this is a discussion paper.FindingsThe model was structured from the anthropology’s concepts and decision-making process, applied to real situations. The structure of the three domains theoretical–practical–communicative is present in each session.DiscussionIt is observed that theoretical domain fosters the capacity for critical analysis and subsequent ability to judge diverse situations. The practical domain reflected two significant difficulties: students’ resistance to internalizing moral problems and the tendency to superficial criticism. The communicative domain has frequently shown that the conflicting points are in the principles to be applied.ConclusionWe conclude that this design achieves its objectives and may provide future nursing professionals with ethical competences especially useful in healthcare practice. The three domains of the presented scheme are associated with the same process used in decision making at individual levels, where the exercise of clinical prudence acquires particular relevance. (shrink)

ABSTRACT Asset‐market bubbles occur dependably in laboratory experiments and almost as reliably throughout economic history—yet they do not usually bring the global economy to its knees. The Crash of 2008 was caused by the bursting of a housing bubble of unusual size that was fed by a massive expansion of mortgage credit—facilitated, in turn, by the longest sustained expansionary monetary policy of the past half century. Much of this mortgage credit was extended to people with little net wealth who made (...) slender down payments, so that when the bubble burst and housing prices declined, their losses quickly exceeded their equity. These losses were transmitted to the financial system—including banks, investment banks, insurance companies, and the institutional and private investors who provided liquidity to the mortgage market through structured securities. It seems that many of these institutions became insolvent; it is certain that they became illiquid. Liquidity loss and solvency fears created a feedback cycle of diminished financing, reduced housing demand, falling housing prices, more borrower losses, and further damage to the financial system and eventually the stock market and the real economy. There are important parallels with the housing and financial‐market booms that led up to the Crash of 1929 and the Great Depression. (shrink)

According to Proudhon, before Kant, the believer and the philosopher moved “by an irresistible impulse,” asked themselves, “What is God!” They then asked themselves “Which, of all religions, is the best!” “In fact, if there does exist a Being superior to Humanity, there must also exist a system of the relations between this Being and Humanity. What then is this system! The search for the best religion is the second step that the human mind takes in reason and in faith. (...) Kant gave up these insolvable questions. He no longer asked himself what is God, and which is the best religion; he set about explaining the origin and development of the Idea of God; he undertook to work out the biography of this idea.” And the results he attained were as great as they were unexpected. “What we seek, what we see, in God, as Malebranche said ... is our own Ideal, the pure essence of Humanity ... The human soul does not become conscious of its Ego through premeditated contemplation, as the psychologists put it; the soul perceives something outside itself, as if it were a different Being face to face with itself, and it is this inverted image which it calls God. Thus morality, justice, order, law, are no longer things revealed from above, imposed upon our free will by a socalled Creator, unknown and ununderstandable; they are things that are proper and essential to us as our faculties and our organs, as our flesh and our blood. In two words religion and society are synonymous terms, man is as sacred to himself as if he were God.”. (shrink)

In the postwar history of the Dutch-language daily press in Belgium, the late fifties, marked by a trend!towards concentration, and the latter part of the seventies, notorious by the bankrupties of several newspapers, stand out as eras of turbulence. It is two particularly significant events occurring during the latter period, i.c. the 1976 insolvency of the prestigeous «Standaard» papers and that of «Volksgazet» two years later, which this article focuses upon. In his analysis of causes and suggested/chosen solutions, the (...) author highlights the political rather than the economic dimension of the events and their aftermaths, given that each of the failing newspapers - and -hence their survival - mattered politically, i.c. to the Christian Democrats and the Socialist party respectively. Central to this is the question of the measures considered/taken by the Belgian c.q. Flemish political authorities for having the newspapers. The course of events in each case is examined and the differences in terms of causal factors and measures taken/ omitted are noted. In the final analysis, the question arises as -to the relationship between certain political figures or groups on the one hand, and government agencies, which both «Volksgazet» and particularly the «Standaard» titles were heavily indebted to, on the other hand. (shrink)