2.3 Article.
RIA News reported. Russian bankruptcy law does not allow to save the company that could survive, the chairman of the Supreme Arbitration Court (IAC), Anton Ivanov, the Russian Federation. "The chief defect of our bankruptcy law is that there is practically no improvement companies. That is, the impact of the legislation in terms that are stored on the market of companies that are able to survive very low. And, of course, in this sense should change the law , "- said Ivanov reporters in Yekaterinburg. According to him, in general, bankruptcy law is in a very difficult condition. "We recently surveyed our courts and these cases are limited in time. We have so far things are going on the bankruptcy law as amended in 1992. And while things are going in several editions of bankruptcy law with different rules, different from each other. This, of course very uncomfortable. " The Russian government approved amendments to the bankruptcy of strategic enterprises. As stated by the head of the Ministry of Economic Development Elvira Nabiullina, these amendments will provide greater protection for these companies13.
2.4 Falsification of financial statements. Former Olympus president arrested over financial scandal 14
Tsuyoshi Kikukawa was arrested on suspicion of violating laws banning falsification of financial statements.
Japanese prosecutors have confirmed the former president of camera-maker Olympus has been arrested in one of the country's biggest ever financial scandals. Tsuyoshi Kikukawa was arrested on suspicion of violating laws banning falsification of financial statements. The Tokyo District Public Prosecutors Office also said it had arrested former vice president Hisashi Mori, former auditor Hideo Yamada, and former brokerage house executive Akio Nakagawa. Three other officials of an investment fund were also arrested. Prosecutors say all seven conspired to falsify Olympus's balance sheet
Olympus admitted in early November it had hidden up to $1.7 billion in losses, after allegations by former chief executive and president Michael Woodford.
Firms-failures.
DeLorean Motor Company.
A man, his cocaine, and his car.
As is often the case in the automobile industry, it’s hard to separate the man from the vehicle. John DeLorean was a hero amongst the very rich for creating the kind of car the future promised. With a stainless steel-skinned body, sleek lines and doors that opened vertically (gull wings), his DMC-12 hit the streets in 1980. Over the next three years, only 8,900 cars would be made. The car played a feature role in “Back to the Future” and become a potent status symbol. Then, in 1983, a sting revealed John on tape saying “this cocaine is as good as gold,” referring to a suitcase full of drugs valued at $24 million. Later acquitted on entrapment grounds and cleared of defrauding his partners, he would never gain the investor’s trust again. 15
2.5 How to prevent bankruptcy.
So many people want to have a lifestyle that is beyond their means, or an unexpected job loss causes them to be unable to recover financially. Nobody starts off wanting to go into bankruptcy, and the easiest time to prevent bankruptcy is as soon as you realize you are having financial problems. Despite your circumstances, you can work to prevent bankruptcy in the early on or even when your financial situation is dire.
Firstly, live within your means. The thing that you can do when you are doing well financially or at any point in your life is to live within your means. The sooner you do it, the better off you'll be. One practical example is not buying a house unless you can easily afford it while you are working. Also consider your ability to pay your mortgage if you are out of work for 3 to 6 months. Make sure that you can pay your mortgage comfortably even if you had a job paying 25% less. In addition, you might be able to afford the payments on a new car, but instead you could buy a reliable used car outright that you won't have to make payments on. These kinds of decisions will help prevent bankruptcy when times are tough.
Sell the stuff you don't need or can't afford. If you find yourself getting into trouble, start by selling off the higher-priced items that will allow you to bring down your expenses and put more money in your pocket. If you have a car that gets bad gas mileage, get rid of it and find one that costs the same or less and has better gas mileage. If you have to, have a yard sale or auction things on eBay. Don't hold onto a luxury possession that eats money, such as a boat.
Make a financial plan. Figure out where you can cut back and what you can afford. Even if you see that you can't afford the plan, it helps to have a plan to show your creditors the trouble you are in. Include in this plan your basic costs of living plus bills owed. If you can work within this plan, figure out how you can start to get caught up, even if it is slowly.
Work with your creditors. Talk to your creditors and show them your plan. Ask them to work with you. Ask them if they can reduce the rates, fees or payments you make so that you can make progress toward paying back all of your creditors.
Stay in contact with all of your creditors. Even if it seems like they are not interested, give them regular updates on your financial situation and keep track of how much you are paying them. Stick to your agreements (it is important to make agreements you can follow). Pay your creditors something regularly.
Talk to a consumer credit counseling agency. Often these credit agencies will be able to help you reduce your payments or rates with creditors. Be aware that these groups have limitations and may not be able to help, so be prepared to do the work on your own.
Close your credit card accounts. This may negatively affect your credit score, but if you can't stay in control if the credit is there, you will be better off closing the accounts.
Start saving. Put away a small amount from each paycheck' even if it's only $5 or $10, it will add up. Don't touch this money unless it's an emergency. Having an emergency fund will help you to not rely on credit cards. When you have at least 3 months of salary saved you may want to start another savings account just for spending on big ticket items that you want but can't afford right away.16
Conclusion.
At the end of the course work must be noted that the restructuring of the Russian economy, on the one hand, and the opening of the internal domestic market to foreign producers, on the other hand, put in a difficult financial situation of most of the enterprises of various organizational and legal forms.
Inability to meet its obligations to the budgets of all levels of the and suppliers, the enormity of non-payment consumers, and sight to the deterioration of the financial position of even such newly prosperous companies-monopolists as OAO"Gazprom" and RAO "UES of Russia". Neplatezhespo-sobnost and subsequent bankruptcy of enterprises are increasingly becoming the subject (review in courts of arbitration. Managers must learn to avoid crises and ensure financial sustainability of their enterprises.
The problem of crisis management due to the nature of the insolvent company held in the Russian economic reforms. Using the institution of bankruptcy can not only restructure the work of the enterprise itself, but also to improve the financial and economic climate of other economic entities, decrease the amount of non-payment. Bankruptcy poorly performing and financially weak companies as a tool for rehabilitation of the economy as a whole is an essential element of the restructuring of the Russian economy. In connection with this problem of the formation mechanism of bankruptcy, the inevitable costs of the process are mandatory attributes of a transition economy and abroad (Germany, Japan, in the late 40's and 50's) and in Russia. If the goal of establishing a mechanism of bankruptcy - the transition to the new economic structure, the criterion is the minimization of costs during the transition. Such a formulation of the problem focuses on the creation of management structures to ensure effective functioning of the Russian economy on market principles. Inefficiency due to the institution of bankruptcy, on the one hand, the lack of methodological support for the use of insolvency proceedings, on the other - the lack of court-appointed trustees. In general, management, ensuring efficient operation in a crisis mode, is a complex of measures aimed at a translation company in operation. A key feature of this regime - strong financial position.
The Russian legislation the term "insolvency" and "bankruptcy" are used interchangeably. This provision reflects the Russian specifics and does not fully meet international practice, since the legislation of a number of other countries, the term "bankruptcy" has a narrower meaning, implying the debtor committed a criminal offense, prejudicial to creditors. The term is "insolvency" has a broader meaning and refers to the decision certifying the appropriate judicial authority of a person unable to repay its debt obligations. Thus, in the United States person with respect to which the bankruptcy proceedings, during production is considered to be insolvent, and after a judgment may be declared bankrupt.
Should pay attention to the fact that the bankruptcy law in 2002 holds only cash nature of obligations, failure of which may be used as the basis for the subject of bankruptcy announcements. In this non-monetary obligations, on a plan of the legislator, not taken into account. In practice, the question arises: how to be a sufficiently broad range of obligations relating to the supply of goods, the transfer of things, works and services? As a consequence, there is the issue of transformation of non-monetary obligation in cash. It should be noted that the bankruptcy law in 2002 relates to the failure of the inability to meet creditors in full. The purpose of the Institute of insolvency (bankruptcy) and the legal means to achieve it are the least-studied issue of competition law.
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2 The bankruptcy business organizations. Textbook. Yezhov.
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4 Recording and analysis of of bankruptcy. Baykina SG
5 Doncova L.V., Nikiforova NA Analysis of the business enterprise.
6 Karelin S. Legal regulation of insolvency (bankruptcy). M., 2007.
7 Semina NA Bankruptcy, MA, 2003
8 Russian law X - XX centuries. / Ed. O. Chistyakov. M., 1984. S. 68.
9 "Legal Regulation of Insolvency (Bankruptcy): EDUCATIONAL AND PRACTICALHANDBOOK" (S. Karelin) (Wolters Kluwer, 2006)
10 Paharukov AA The legal regulation of bankruptcy proceedings of legal entities:(Theory and Practice): Dis ... Candidate. Juridical. Sciences. Irkutsk, 2003. S. 89.
11 http://www.bankrotstvovrf.ru
12 Makarov, Mizikovsky E. Evaluation of balance and the insolvency of the enterprise / / Accounting. - 2003. - № 3.
13 Ria Novosti, the economy
14 cnn.news.com
15 Columbia University of New York
16 http://www.ehow.com