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The Low Usage Of Bankruptcy Procedures: A Cultural Problem? Lessons From Spain, Aurelio Gurrea-Martinez
The Low Usage Of Bankruptcy Procedures: A Cultural Problem? Lessons From Spain, Aurelio Gurrea-Martinez
Research Collection Yong Pung How School Of Law
While filing for bankruptcy does not seem appealing for any debtor regardless of the jurisdiction, the reluctance to use the bankruptcy system varies across countries. This article explores the underlying reasons and economic effects of the low usage of bankruptcy procedures in Spain, where the rate of business bankruptcies is one of the lowest in the world. Some authors have argued that the low usage of bankruptcy procedures in Spain is due to a “cultural” problem faced by Spanish entrepreneurs. According to this hypothesis, the lack of a “bankruptcy culture” makes Spanish entrepreneurs afraid to use the bankruptcy system. In …
Insolvency Law In Times Of Covid-19, Aurelio Gurrea-Martinez
Insolvency Law In Times Of Covid-19, Aurelio Gurrea-Martinez
Research Collection Yong Pung How School Of Law
The international spread of the coronavirus is not only generating dramatic consequences from a social perspective but it is also heavily affecting the global economy. For this reason, governments, financial regulators and international organizations are responding to the coronavirus with a package of legal, economic and financial measures. Among the legal responses included in these packages, many countries, such as Australia, Belgium, Colombia, Czech Republic, France, Germany, Luxembourg, India, Italy, New Zealand, Peru, Poland, Portugal, Russia, Singapore, Spain, the United Kingdom, and the United States, have proposed or implemented temporary changes to their insolvency frameworks. This paper starts by discussing …
Global Guide: Measures Adopted To Support Businesses Through The Covid-19 Crisis: Singapore, Aurelio Gurrea-Martinez
Global Guide: Measures Adopted To Support Businesses Through The Covid-19 Crisis: Singapore, Aurelio Gurrea-Martinez
Research Collection Yong Pung How School Of Law
After the outbreak of the coronavirus (COVID-19), the Singapore Government responded with a quick and comprehensive package of legal, economic and financial measures that sought to put the economy into hibernation and avoid the destruction of jobs and viable businesses, at least while companies were unable to generate revenues and cash-flows due to a variety of factors, including travel restrictions and lockdowns imposed in many countries around the world. To that end, the Government spent SGD$97.3 billion (that is, around 20% of the country’s GDP) to support businesses, households and employees. Most of this financial support was given in the …