When Liquidation is NOT an Option - LPEs in Distress

Press/Media: Expert Comment

Description

This global project investigated the treatment of local public entities facing financial difficulties in 20 jurisdictions around the world.

Project Overview

The treatment of local public entities (LPEs) in distress is a significantly under-researched area of insolvency and public law, particularly outside the US. However, the financial collapse of these entities frequently has a domino effect on the private sector, as well as on local, regional and national communities. Insolvency practitioners tend to know little about how LPEs in financial distress are managed. Globally, insolvency laws pertaining to LPEs are heavily influenced by local traditions, cultures and historic developments.

This project offered for the first time a global overview of the treatment of ongoing, executory contracts and obligations should LPEs file for formal insolvency or turnaround procedures. 

This project was the first to examine the treatment of distressed LPEs on a global scale and the first to articulate unifying principles and standards for the laws and regulations governing the financial distress of LPEs. This project included participants from countries with varied economic and governmental structures.

This project is highly topical. In periods of financial distress, governments are keen on reducing transfers of funds to local, regional and national communities, thus directly or indirectly causing situations of financial distress to many LPEs.

The project concluded in mid-2022. 

For more details about the project, please email: eugenio.vaccari@rhul.ac.uk.

Subject

The three principal investigators (PIs) are:

The contributors in this project are:

  • Argentina: Prof Héctor José Miguens; Prof Sergio Díaz Ricci; Prof María Gabriela Ávalos
  • Australia: Dr Elizabeth Streten
  • Bangladesh: Prof Borhan Uddin Khan; Dr Morshed Mannan
  • Belgium: Prof Steven Van Garsse
  • Brazil: Ms Caterina De Barros Lima Ferraz
  • Canada: Prof Stephanie Ben-Ishai
  • Croatia: Dr Lidija Šimunović
  • France: Dr Emilie Ghio
  • Ghana: Mr Kenneth Ghartey
  • Italy: Prof Rolandino Guidotti
  • Japan: Prof Keisuke Imamoto
  • Netherlands: Mr Gert-Jan Boon; Dr Jelle Nijland
  • Nigeria: Dr Iyare Otabor-Olubor
  • People's Republic of China: Dr Casey Watters
  • Russian Federation: Mr ilya Kokorin; Mr Bilal Kurbanov
  • South Africa: Prof Geo Quinot
  • Uganda: Dr Hamiisi Junior Nsub
Period20 Oct 2024

Media coverage

1

Media coverage

  • TitleWhen Liquidation is NOT an Option - LPEs in Distress
    Country/TerritoryUnited Kingdom
    Date20/10/24
    DescriptionThe treatment of local public entities (LPEs) in distress is a significantly under-researched area of insolvency and public law, particularly outside the US. However, the financial collapse of these entities frequently has a domino effect on the private sector, as well as on local, regional and national communities. Insolvency practitioners tend to know little about how LPEs in financial distress are managed. Globally, insolvency laws pertaining to LPEs are heavily influenced by local traditions, cultures and historic developments.

    This project offered for the first time a global overview of the treatment of ongoing, executory contracts and obligations should LPEs file for formal insolvency or turnaround procedures.

    This project was the first to examine the treatment of distressed LPEs on a global scale and the first to articulate unifying principles and standards for the laws and regulations governing the financial distress of LPEs. This project included participants from countries with varied economic and governmental structures.

    This project is highly topical. In periods of financial distress, governments are keen on reducing transfers of funds to local, regional and national communities, thus directly or indirectly causing situations of financial distress to many LPEs.
    PersonsCasey Watters