Purdue's Poison Pill: The Breakdown of Chapter 11's Checks and Balances

2021 ◽  
Author(s):  
Adam J. Levitin
Author(s):  
J. Anthony VanDuzer

SummaryRecently, there has been a proliferation of international agreements imposing minimum standards on states in respect of their treatment of foreign investors and allowing investors to initiate dispute settlement proceedings where a state violates these standards. Of greatest significance to Canada is Chapter 11 of the North American Free Trade Agreement, which provides both standards for state behaviour and the right to initiate binding arbitration. Since 1996, four cases have been brought under Chapter 11. This note describes the Chapter 11 process and suggests some of the issues that may arise as it is increasingly resorted to by investors.


2020 ◽  
Vol 28 (1) ◽  
pp. 66-84
Author(s):  
Sanford U. Mba

Recently, the Nigerian Senate passed the Bankruptcy and Insolvency (Repeal and Re-enactment) Bill. This is no doubt a welcome development following the continued demand by insolvency practitioners, academics and other stakeholders for such legislation. The call has not only been for the enactment of just about any legislation, but (consistent with the economic challenges faced by businesses in the country), one that is favourably disposed to the successful restructuring of financially distressed businesses, allowing them to weather the storm of (impending) insolvency, emerge from it and continue to operate within the economy. This article seeks to situate this draft legislative instrument within the present wave of preventive restructuring ably espoused in the European Union Recommendation on New Approaches to Business Rescue and to Give Entrepreneurs a Second Chance (2014), which itself draws largely from Chapter 11 of the US Bankruptcy Code. The article draws a parallel between the economic crisis that gave rise to the preventive restructuring approach of the Recommendation and the present economic situation in Nigeria; it then examines the chances of such restructuring under the Nigerian draft bankruptcy and insolvency legislation. It argues in the final analysis that the draft legislation does not provide for a prophylactic recourse regime for financially distressed businesses. Consequently, a case is made for such an approach.


Author(s):  
Christina L. Davis

The World Trade Organization (WTO) oversees the negotiation and enforcement of formal rules governing international trade. Why do countries choose to adjudicate their trade disputes in the WTO rather than settling their differences on their own? This book investigates the domestic politics behind the filing of WTO complaints and reveals why formal dispute settlement creates better outcomes for governments and their citizens. It demonstrates that industry lobbying, legislative demands, and international politics influence which countries and cases appear before the WTO. Democratic checks and balances bias the trade policy process toward public lawsuits and away from informal settlements. Trade officials use legal complaints to manage domestic politics and defend trade interests. WTO dispute settlement enables states and domestic groups to signal resolve more effectively, thereby enhancing the information available to policymakers and reducing the risk of a trade war. The book establishes this argument with data on trade disputes and landmark cases, including the Boeing-Airbus controversy over aircraft subsidies, disagreement over Chinese intellectual property rights, and Japan's repeated challenges of U.S. steel industry protection. The book explains why the United States gains better outcomes for cases taken to formal dispute settlement than for those negotiated. Case studies of Peru and Vietnam show that legal action can also benefit developing countries.


1984 ◽  
Vol 26 (5) ◽  
pp. 5-23
Author(s):  
M. N. Kolmakova

2016 ◽  
pp. 54-66
Author(s):  
Monika Poboży

The article poses a question about the existence of the rule of separation of powers in the EU institutional system, as it is suggested by the wording of the treaties. The analysis led to the conclusion, that in the EU institutional system there are three separated functions (powers) assigned to different institutions. The Council and the European Parliament are legislative powers, the Commission and the European Council create a “divided executive”. The Court of Justice is a judicial power. The above mentioned institutions gained strong position within their main functions (legislative, executive, judicial), but the proper mechanisms of checks and balances have not been developed, especially in the relations between legislative and executive power. These powers do not limit one another in the EU system. In the EU there are therefore three separated but arbitrary powers – because they do not limit and balance one another, and are not fully controlled by the member states.


Author(s):  
D.R. Zhantiev

Аннотация В статье рассматривается роль и место Сирии (включая Ливан и Палестину) в системе османских владений на протяжении нескольких веков от османского завоевания до периода правления султана Абдул-Хамида II. В течение четырех столетий османского владычества территория исторической Сирии (Билад аш-Шам) была одним из важнейших компонентов османской системы и играла роль связующего звена между Анатолией, Египтом, Ираком и Хиджазом. Необходимость ежегодной организации хаджа с символами султанской власти и покровительства над святынями Мекки и Медины определяла особую стратегическую важность сирийских провинций Османской империи. Несмотря на ряд серьезных угроз во время общего кризиса османской государственности (конец XVI начало XIX вв.), имперскому центру удалось сохранить контроль над Сирией путем создания сдержек и противовесов между местными элитами. В XIX в. и особенно в период правления Абдул- Хамида II (18761909 гг.), сохранение Сирии под османским контролем стало вопросом существования Османской империи, которая перед лицом растущего европейского давления и интервенции потеряла большую часть своих владений на Балканах и в Северной Африке. Задача укрепления связей между имперским центром и периферией в сирийских вилайетах в последней четверти XIX в. была в целом успешно решена. К началу XX в. Сирия была одним из наиболее политически спокойных и прочно связанных со Стамбулом регионов Османской империи. Этому в значительной степени способствовали довольно высокий уровень общественной безопасности, развитие внешней торговли, рост образования и постепенная интеграция местных элит (как мусульман, так и христиан) в османские государственные и социальные механизмы. Положение Сирии в системе османских владений показало, что процесс ослабления и территориальной дезинтеграции Османской империи в эпоху реформ не был линейным и наряду с потерей владений и влияния на Балканах, в азиатской части империи в течение XIX и начала XX вв. происходил параллельный процесс имперской консолидации.Abstract The article examines the role and place of Greater Syria (including Lebanon and Palestine) in the system of Ottoman possessions over several centuries from the Ottoman conquest to the period of the reign of Abdul Hamid II. For four centuries of Ottoman domination, the territory of historical Syria (Bilad al-Sham) was one of the most important components in the Ottoman system and played the role of a link between Anatolia, Egypt, Iraq and Hijaz. The need to ensure the Hajj with symbols of Sultan power and patronage over the shrines of Mecca and Medina each year determined the special strategic importance of the Syrian provinces of the Ottoman Empire. Despite a number of serious threats during the general crisis of the Ottoman state system (late 16th early 19th centuries), the imperial center managed to maintain control over Syria by creating checks and balances between local elites. In the 19th century. And especially during the reign of Abdul Hamid II (18761909), keeping Syria under Ottoman control became a matter of existence for the Ottoman Empire, which, in the face of increasing European pressure and intervention, lost most of its possessions in the Balkans and North Africa. The task of strengthening ties between the imperial center and the periphery in Syrian vilayets in the last quarter of the 19th century was generally successfully resolved. By the beginning of the 20th century, Syria was one of the most politically calm and firmly connected with Istanbul regions of the Ottoman Empire. This was greatly facilitated by a fairly high level of public safety, the development of foreign trade, the growth of education and the gradual integration of local elites (both Muslims and Christians) into Ottoman state and social mechanisms. Syrias position in the system of Ottoman possessions clearly showed that the process of weakening and territorial disintegration of the Ottoman Empire during the era of reform was not linear, and along with the loss of possessions and influence in the Balkans, in the Asian part of the empire during the 19th and early 20th centuries there was a parallel process of imperial consolidation.


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