CEU Electronic Theses and Dissertations, 2011
| Author | Gikay, Asress Adimi |
|---|---|
| Title | The Role of Workouts under the US and the Ethiopian Bankruptcy Law: A Comparative Analysis |
| Summary | In this thesis, it is claimed that unlike in the US bankruptcy law where the court should decline jurisdiction over bankruptcy petition on the ground of the existence of effectively negotiated workouts, the Ethiopian Bankruptcy law lacks rules encouraging workouts. Moreover, due to the absence of practical cases showing the interplay between bankruptcy law and contract law coupled with detailed provisions in the Ethiopian commercial code on composition, courts would be skeptic to enforce workouts through ordinary contracts. This is mainly because the rules on composition, the closest terminological equivalent workouts in the US law, highly regulates payment proposal of the distressed debtor and gives the court wide discretion to confirm or reject the proposal for composition. Hence, any agreement akin to composition is likely to be seen in light of rules of composition that may render workouts unenforceable on account of failure to meet the requirements of composition. Hence, the revised provisions of the Ethiopian commercial code pertinent to bankruptcy should encourage workouts through explicit reference and inclusion of detailed rules regulating workouts specific problems since unlike the US law where courts can give solution to specific problems through cases, there is no chance of setting precedents through court decisions to fill the legal Lacunae. |
| Supervisor | Tajti Tibor |
| Department | Legal Studies LLM |
| Full text | https://www.etd.ceu.edu/2011/gikay_asress.pdf |
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