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Articles 1 - 5 of 5
Full-Text Articles in Finance and Financial Management
The Company Dividend Restriction: Does It Promote Good Corporate Governance?, James Routledge, Peter Slade
The Company Dividend Restriction: Does It Promote Good Corporate Governance?, James Routledge, Peter Slade
James Routledge
This article considers aspects of the development of the law associated with the dividend payment restriction. The motivation for the article is to assess whether the existing substantive law is effective in promoting sound decision-making by corporate officers who are required to determine the timing and quantum of dividend payments. Our analysis suggests that the existing provision in s 254T of the Corporations Act 2001 is unlikely to have a significant positive effect on dividend decisions. This is due to its failure to provide meaningful guidance to decision-makers; its divergence from contemporary accounting practice; and its imposition of unnecessary complexity …
Assessing Solvency For Financially Distressed Companies, James Routledge, Ray Mcnamara
Assessing Solvency For Financially Distressed Companies, James Routledge, Ray Mcnamara
James Routledge
This article reviews past and recent authorities that have addressed the definition and application of the solvency test in s 95A of the Corporations Act 2001 (Cth). The discussion highlights that, when faced with financial distress, company directors need to carefully consider the solvency implications of their decisions. To generate cash to pay debts as they become due, directors may attempt to realise company assets, obtain additional secured or unsecured debt finance or reorganise the timing of payments with creditors. The discussion of relevant cases shows that the solvency implications associated with realisation of assets, use of assets as security …
The Effect Of Changing Firm Characteristics On Capacity To Restructure, James Routledge, David Gadenne
The Effect Of Changing Firm Characteristics On Capacity To Restructure, James Routledge, David Gadenne
James Routledge
This paper examines whether changes in financial characteristics over the time prior to a firm entering insolvency administration will affect its reorganisation prospects. Prior research shows that an insolvent firm’s ability to rectify the mismatch between currently available liquid assets and current financial obligations is critical to the reorganisation outcome. Accordingly, a multivariate analysis of financial characteristics which reflect the firm’s ability to address this mismatch is presented. The results show that changes in operating performance and liquidity prior to a firm entering insolvency administration have a bearing on administration outcomes.
The Decision To Enter Voluntary Administration: Timely Strategy Or Last Resort?, James Routledge
The Decision To Enter Voluntary Administration: Timely Strategy Or Last Resort?, James Routledge
James Routledge
One of the options available to directors of financially distressed companies is to place their company into voluntary administration (VA). The decision to enter VA should enhance corporate governance because it allows for informed decision-making about a company's future, and ensures that administration of a company's affairs proceeds in an orderly manner. Once in VA, a company has a short 'breathing space' during which it can develop a strategy to address its insolvency. The strategic options available will be significantly affected by past performance and current financial position. If the company's position has deteriorated significantly, the VA process will merely …
Análisis De La Sostenibilidad Del Proyecto De Producción Y Venta De Huevos De La Granja Nueva Vida, Guatemala, Maria R. Ibanez
Análisis De La Sostenibilidad Del Proyecto De Producción Y Venta De Huevos De La Granja Nueva Vida, Guatemala, Maria R. Ibanez
Maria Ibanez
El presente documento analiza la sostenibilidad del proyecto de producción y venta de huevos de la Casa Nueva Vida, localizada en las cercanías de Santa Cruz de Quiché, Guatemala. En el primer apartado, se presentan los resultados del análisis financiero, en el segundo, el estudio de mercado, y en el tercero, las recomendaciones. Finalmente, se recogen las conclusiones del informe.