Expedited Debt Restructuring Sample Clauses

Expedited Debt Restructuring. 4.01 A. Absence of a special regulation of the expedited debt restructuring procedure in Bulgaria 4.01
Sample 1
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Expedited Debt Restructuring. A. Absence of a special regulation of the expedited debt restructuring procedure in Bulgaria In contrast to other EU jurisdictions, Bulgarian law does not provide for any par- ticular legal procedure for expedited debt restructuring except the one provided for within the standard insolvency proceedings.1 In case of debt restructuring, it is only a matter of private negotiations and private agreements between the parties. In the negotiation process the parties enjoy their right of contractual autonomy. Accordingly, a potential debt restructuring agreement with one or some of the credi- tors is not binding with the rest of them as long as they have not entered into it. The agreements between the debtor and one or more of its creditors are subject to the general legal requirements for validity provided for by the respective civil legis- lation, namely the Law on Obligations and Contracts2 (LOC). Copyrighted material - not for distribution Since entering into an individual settlement agreement with the debtor is entirely made on a voluntary basis, it does not have any of the typical effects of insolvency proceedings (either the ordinary ones or the so-called pre-packaged procedures). For instance, unless it is specifically agreed between the parties, entering into such agree- ment does not have an automatic suspension effect over pending litigation or forci- ble execution proceedings against the debtor. Such agreement does not also imply assuming or rejecting executory contracts and does not preclude other creditors from pursuing the debtor, including by way of initiating insolvency proceedings, filing claims, or pursuing their rights in any other legitimate way. Moreover, there is no legal means for the debtor to unilaterally apply for protection and obtain a morato- rium when insolvency or over-indebtedness is imminent but has not yet occurred. 1 Historically, Bulgarian law used to recognize the institute of expedited debt restructuring under the term ‘protective concordat’, regulated by the Protective Concordat Act (Act) and promul- gated in 1932. Through the use of such instrument the government has tried to provide additional protection to the indebted traders by attempting to reduce the negative consequences of the World Economic Crisis raging at that time. The measures provided by the ‘protective concordat’ procedure included reduction of up to 50 per cent of the debtor’s obligations, establishing new securities to the creditors, moratorium over pending...
Sample 1

Related to Expedited Debt Restructuring

  • Restructuring 24.1 In the event that all or part of the work undertaken by the employee will be affected by the employer entering into an arrangement whereby a new employer will undertake the work currently undertaken by the employee, the employer will meet with the employee, providing information about the proposed arrangement and an opportunity for the employee to comment on the proposal, and will consider and respond to their comments. The employee has the right to seek the advice of their union or to have the union act on their behalf.

  • Amendment of Bidding Documents 10.1 Before the deadline for submission of bids, the Employer may modify the bidding documents by issuing addenda.

  • Clarification of Bidding Documents 10.1 The prospective bidder requiring any clarification of the bidding documents may notify the Employer in writing or by cable (hereinafter the term cable is deemed to include telex, email and facsimile) at the Employer’s mailing address indicated in the Bidding Data.

  • Bidding Documents The Construction Documents, the Invitation to Bid, the Instructions to Bidders, the Bid Form, and all Addenda, upon which the Bidder submits a Bid.

  • Information Acquisition Connecting Transmission Owner and Developer shall each submit specific information regarding the electrical characteristics of their respective facilities to the other, and to NYISO, as described below and in accordance with Applicable Reliability Standards.

  • Complete Agreement; Amendments This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements with respect to such subject matter. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan Documents.

  • Complete Agreement; Amendment This Agreement constitutes the entire understanding between the parties with respect to the subject matter hereof and supersedes all prior or contemporaneous agreements in regard thereto. This Agreement cannot be modified except by an agreement in writing signed by both parties and specifically referring to this Agreement.

  • FISCAL IMPACT/FINANCING There will be no impact to the County General Fund.

  • Notice to Proceed - Land Acquisition The acquisition of the Land shall not occur until the Director has issued a written Notice to Proceed for land acquisition to the Recipient (the "Notice to Proceed"). Such Notice to Proceed will not be issued until the Director has received a Request to Proceed acceptable to the Director and is assured that the Recipient has complied with all requirements for the approval of a grant under Revised Code Sections 164.20 through 164.27 and any requirements for land acquisition set forth in this Agreement, including without limitation the OPWC's approval of the proposed Deed Restrictions and Title Agent. The Notice to Proceed also shall specify the time frame for the Closing.

  • Off-Exchange Transactions In some jurisdictions, and only then in restricted circumstances, firms are permitted to effect off-exchange transactions. The firm with which you deal may be acting as your counterparty to the transaction. It may be difficult or impossible to liquidate an existing position, to assess the value, to determine a fair price or to assess the exposure to risk. For these reasons, these transactions may involve increased risks. Off-exchange transactions may be less regulated or subject to a separate regulatory regime. Before you undertake such transactions, you should familiarize yourself with applicable rules and attendant risks.

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