All modern legal systems within advanced economies must address the question of how to respond to the needs of insolvent consumers whose burden of debt greatly exceeds their capacity to repay within a reasonable time frame. This study surveys comparatively the insolvency regimes currently in place or likely to be adopted in the foreseeable future in Canada, the United States, Australia, England and Wales, Scotland, Scandinavia and a representative group of Western countries on the continent of Europe. Modern legal systems have two basic alternatives in providing relief for over-committed consumers. The first, which involves restricting the enforcement of individual creditor remedies is a method with which this study is not concerned. Where the consumer is seriously insolvent and owes money to many creditors, a different approach is required - a collective solution to debtor's problems - and this, the solution provided by modern insolvency systems, is the focus of this study.
Author(s): Jacob S. Ziegel
Year: 2003
Language: English
Pages: 183
Half Title Page......Page 1
Title Page......Page 3
Title verso......Page 4
Preface......Page 7
Contents......Page 11
Abbreviations......Page 15
Table of Cases......Page 17
Table of Legislation......Page 19
Part A: Introduction......Page 29
1. RESPONDING TO CONSUMER OVER-INDEBTEDNESS......Page 31
2. INDUSTRY AND LEGISLATIVE REACTIONS......Page 34
3. DESIGN OF STUDY......Page 36
4. CONCEPTUAL STRUCTURE OF COUNTRY ANALYSES......Page 37
Part B: Country Surveys......Page 39
2. Canada......Page 41
2. 1992 AND 1997 AMENDMENTS......Page 43
3. PITF RECOMMENDATIONS......Page 44
4. ADMINISTRATIVE AND JUDICIAL STRUCTURES......Page 45
5. INITIATING A CONSUMER BANKRUPTCY PROCEEDING......Page 47
6. SCOPE OF THE BANKRUPTCY ESTATE......Page 49
7. SURPLUS INCOME PAYMENT REQUIREMENTS......Page 55
8. THE CANADIAN DISCHARGE SYSTEM......Page 66
9. OPPOSED APPLICATIONS......Page 67
10. NON-DISCHARGEABLE DEBTS......Page 68
11. CANADIAN ALTERNATIVES TO STRAIGHT BANKRUPTCY......Page 73
12. OPERATIONAL ASPECTS OF CONSUMER PROPOSALS AND COMPARISON WITH SUMMARY ADMINISTRATION RESULTS......Page 75
13. REAFFIRMATION AGREEMENTS......Page 76
14. CREDIT COUNSELLING AS PART OF THE BANKRUPTCY PROCESS......Page 78
1. INTRODUCTION......Page 81
2. CONSTITUTIONAL STRUCTURE AND HISTORICAL EVOLUTION......Page 82
3. JUDICIAL AND ADMINISTRATIVE STRUCTURES......Page 88
4. EXEMPTIONS AND TREATMENT OF SECURED CREDITORS......Page 91
5. MEANS TESTING AND US DISCHARGE POLICY: CURRENT REGIME AND FUTURE PROSPECTS......Page 95
6. NON-DISCHARGEABLE DEBTS......Page 108
7. ALTERNATIVES TO STRAIGHT BANKRUPTCY: CHAPTER 13 PLANS......Page 110
8. REAFFIRMATION AGREEMENTS......Page 116
9. CREDIT COUNSELLING AS PART OF THE BANKRUPTCY PROCESS......Page 118
1. RAPID GROWTH IN CONSUMER BANKRUPTCIES......Page 121
3. INITIATION OF STRAIGHT BANKRUPTCY PROCEEDINGS......Page 124
4. SCOPE OF ESTATE AND EXEMPTIONS......Page 127
5. INCOME CONTRIBUTION REQUIREMENTS......Page 128
6. DISCHARGE PROVISIONS AND NON-DISCHARGEABLE LIABILITIES......Page 130
7. ALTERNATIVES TO STRAIGHT BANKRUPTCY......Page 132
8. CREDIT COUNSELLING AS PART OF THE BANKRUPTCY PROCESS......Page 134
1. INTRODUCTION......Page 137
2. PROFILE OF ENGLISH INSOLVENTS......Page 142
3. OTHER FEATURES OF CURRENT ENGLISH INSOLVENCY REGIME......Page 143
4. ALTERNATIVES TO STRAIGHT BANKRUPTCY......Page 148
5. CREDIT COUNSELLING AS PART OF THE BANKRUPTCY PROCESS......Page 152
6. ENTERPRISE ACT 2002......Page 154
1. RELEVANCE OF SCOTTISH EXPERIENCE......Page 157
2. UNANSWERED QUESTIONS AND CONSULTATION PAPER......Page 160
3. DEBT ARRANGEMENT AND ATTACHMENT (SCOTLAND) ACT, 2002......Page 161
1. TRADITIONAL CONTINENTAL PHILOSOPHY......Page 163
2. RECENT CONSUMER INSOLVENCY LEGISLATION......Page 165
3. REPRESENTATIVE LEGISLATIVE REGIMES......Page 167
Part C: Assessing the Various Insolvency Regimes and Suggestions for Changes......Page 173
1. INTRODUCTION......Page 175
2. THE BASIC QUESTIONS......Page 176
3. SPECIFIC ASPECTS OF CANADA’S INSOLVENCY SYSTEM AND SUGGESTIONS FOR CHANGES......Page 180
4. CONCLUSION......Page 196
1. BOOKS AND THESES......Page 197
2. REPORTS AND MONOGRAPHS......Page 198
3. ARTICLES AND UNPUBLISHED PAPERS......Page 202
Index......Page 209
