Search results for: cross-border insolvency provisions in the 2016 code

Authors: Astha Sinha, Anjali Kanagali

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India has been tackling with less than sophisticated legislations when it comes to recovery of debt and bankruptcy situations for a while now. There were multiple overlapping laws and adjudication forums dealing with financial failures and insolvency of companies/individuals in India without really aiding the timely recover of defaulted assets. It remained dicey for businesses to invest in India since there was a lack of legal and institutional machinery for dealing with debt defaults as per the global standards. After much deliberation, the Indian Draft Insolvency code received the presidential assent on May 28, 2016 bringing the Bankruptcy and Insolvency Code, 2016 into existence. The Code is expected to bring about great progress for the country and specifically has the two standout developments. The first is that it calls for resolution of corporate insolvency within a period of 180 days extendable by 90 days hence bringing about security in the minds of investors. Second is that it calls for the creation of a new class of insolvency professionals whose primary function shall be helping sick companies and banks with their takeovers, provides for setting up an Insolvency and Bankruptcy Board to regulate the same and provides for a two stage process of liquidation. The Code is estimated to help India move up its ranking on the World Bank’s ease of doing business index. It is currently ranked at the 130th position lower than some of the sub-saharan African countries. Besides this, however, there are various areas in which the Code falls short such as lack of provisions for aiding the issue of cross-border insolvency, impact on Medium and Small Enterprises in India etc. This paper aims to analyze the provisions of the new Bankruptcy and Insolvency Code, 2016 and its contribution in making India a more desirable location for doing business. It shall also emphasize on the cross-border insolvency issues, practices followed by other countries to resolve the same and the way forward for India to strengthen its Bankruptcy and Insolvency framework.

Keywords: bankruptcy and insolvency code 2016, cross-border insolvency provisions in the 2016 code, Ease of doing business and bankruptcy code, highlights of the new Indian bankruptcy code 2016

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Authors: Shumaila Zeb

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The proposed study aims to investigate insolvency risk of commercial banks of Pakistan. Furthermore, it empirically estimates the effect of already implemented financial regulations on the insolvency risk of banks. To carry out the empirical analysis, a balanced bank-level panel data covering the period 2008-2016 is used. The Z-score is used for calculating the insolvency risk of each bank. The panel regression is used to investigate the relationship between financial regulations and insolvency risk of banks. The empirics reveal that the financial regulations enforced by State Bank of Pakistan have significant impacts on the insolvency risk of banks. The results further indicate that loan ratio and reserve ratio are positively and significantly related to the insolvency risk of banks.

Keywords: insolvency risk, Z-score, financial regulations, banks

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Authors: Monira Nazmi Jahan

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Child rape or child abuse is a serious and fearsome crime against children, which is an epidemic almost in every state of today’s world. However, in the case of Bangladesh, the scenario is terrifying. The objective of this paper is to examine the laws relating to child rape in Bangladesh as according to a renowned Daily Newspaper 'Prothom Alo', nearly 346 children are being raped since January 2019. This paper discusses and draws the difference of child rape provisions of Bangladesh with other South-Asian countries, comprises of India, Maldives, Pakistan, Sri Lanka, Nepal, Bhutan, and Afghanistan. In Bangladesh, girls below 18 years are considered to be a child. ‘The Penal Code, 1860’ and a special law ‘Nari O Shishu Nirjatan Daman Ain, 2012’ provides that any person committing child rape will be punished with rigorous life imprisonment and fine. This piece of law also gives provisions for punishment in case of child’s death after the commission of rape and gang rape, and the punishment is the death penalty. In India there is ‘The Protection of Children from Sexual Offences Act, 2012’ (POSCO) which has separate provisions for sexual assault, penetrative sexual assault and aggravated penetrative sexual assault by different categories of person such as relatives, institutional officers and trustees and also for mentally and physically challenged child victims and provides punishment up to death penalty. In Pakistan, there is ‘Pakistan Penal Code Amended Act, 2016’ which has only two provisions for child rape. In case offence committed by one person, the punishment is 10 to 25 years of imprisonment and fine. In case of offence committed by two or more persons, each shall be liable to death or imprisonment for life. Unfortunately, Afghanistan has no laws for the protection of rape victims of women let alone children, whereas there are a lot of child rape cases, including both girls and boys who are used for sexual slavery. The Maldives has a special law named ‘Special Provisions Act to Deal with Child Sex Abuse Offenders.’ This has categorized the offenders like POSCO and has provided punishments accordingly. The punishments are: punishments range from 1 to 25 years accordingly, whereas Bangladesh has lesser provisions, but the gravity and duration of punishments are much higher. The Penal Code of Sri Lanka imposes a minimum sentence of 10 years for those convicted of raping a child under 18 years. In Bhutan, child rape provision is made according to the age of a child. ‘The Penal Code of Bhutan, 2004’, mentions provisions for the rape of a child in case of child rape below and above 12 years, gang rape of a child below and above 12 years and has graded the punishments as first, second and third degree. Though Bangladesh has better provisions for punishments, the ages are not categorized in the laws. In Nepal there is ‘Act relating to Children, 2018’ provisions are made for offenders who use or cause or engage child sexual exploitation, and the punishment is same for rape offenders according to prevailing laws in Nepal. No separate punishments for child offenders are made. The ultimate conclusion that can be drawn is Bangladesh has better punishments than all other South-Asian countries and same punishment as India however, Bangladesh can make or amend the laws and categorize offenders as like POSCO of India, Special provisions of Maldives and Bhutan.

Keywords: child rape, death penalty, sexual slavery, South Asia

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Authors: Nguyen Xuan Thuy

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The provisions on life imprisonment in the legal system enable to differentiate criminal liability and individualize the penalties for particularly serious crimes. This punishment acts as an intermediary between the determined imprisonment of a maximum of 20 years and the capital punishment, enabling the penalty system to maintain its internal unity. However, the practice of applying the punishment has been posing many problems that need to be studied in order to come up with solutions to improve the provisions related to the penalty and its effectiveness in the fight against crimes. The article summarizes the law on life imprisonment sentence in the current criminal law to highlight its characteristics and role in Vietnam's Penal Code. It also suggests some solutions to improve the law and its effectiveness in preventing and combating crimes.

Keywords: life imprisonment, Vietnam, law, penalty, provisions

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Authors: M. Hakan Arslan, I. Hakkı Erkan

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Overstrength factor is an important parameter of load reduction factor. In this research, the overstrength factor (Ω) of reinforced concrete (RC) buildings and the parameters of Ω in TEC-2016 draft version have been explored. For this aim, 48 RC buildings have been modeled according to the current seismic code TEC-2007 and Turkish Building Code-500-2000 criteria. After modelling step, nonlinear static pushover analyses have been applied to these buildings by using TEC-2007 Section 7. After the nonlinear pushover analyses, capacity curves (lateral load-lateral top displacement curves) have been plotted for 48 RC buildings. Using capacity curves, overstrength factors (Ω) have been derived for each building. The obtained overstrength factor (Ω) values have been compared with TEC-2016 values for related building types, and the results have been interpreted. According to the obtained values from the study, overstrength factor (Ω) given in TEC-2016 draft code is found quite suitable.

Keywords: reinforced concrete buildings, overstrength factor, earthquake, static pushover analysis

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Authors: Zuzana Fišerová, Marie Paseková

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Debt relief (also labelled personal bankruptcy) is a bankruptcy settlement method which was implemented into Czech legislation by the Insolvency Act (Act No. 182/2006 Coll. on Insolvency and its Resolution) on 1 January 2008. The need to implement the institute of personal bankruptcy arose from the excessive over-indebtedness of many inhabitants of the Czech Republic after the crisis that arose around 2008 and 2009. The contribution analyses the development in the manner in which households approach personal bankruptcy and assesses and surveys the differences between indebtedness among men and women. The first section analyses the development in numbers of filed personal bankruptcy petitions and the successfulness thereof; it likewise analyses the impact of other economic influences (regional differences, unemployment etc.). The differences between debtors in dependency to gender are also surveyed. A survey of insolvency proceedings for 664 persons whose insolvency proceedings were commenced in 2008 was conducted, whilst the data were acquired from the publicly accessible insolvency register. The hypothesis on the equality of the average debt level of men and women was tested when comparing indebtedness in dependency to debtor gender. At a significance level of 0.05, the test confirmed that the mean value of debt level for women is lower than the mean value of debt level for men. Through analysis of further results, it was found that the average level of debt among women was CZK 537 thousand, while the average level of creditor satisfaction reached 46.2%. Men in the monitored sample had an average level of reported receivables of CZK 652 thousand, satisfaction of their creditors reached 58.8%. The main changes in the institute of personal bankruptcy are then evaluated in the closing discussion, and the impacts of these changes for households are assessed. The development of legislation in the Czech Republic and practice are shifting towards broader usage of personal bankruptcy, especially insofar as it can now also be used by entrepreneurs. Furthermore, the amendment of the Insolvency Act has enabled married couples to apply for joint debt relief, which has improved the position of the marriage partner with lower income and who would not get permission for debt relief on his/her own (mostly women are at issue). In current practice, the condition of adequate income is also solved by the fact that another person (usually a family member) undertakes to donate a certain monthly sum throughout the duration of the debt relief. Personal bankruptcy can thus be completed also by individuals to whom it would previously have been denied by the court.

Keywords: debtor, households, insolvency act, over-indebtedness, personal bankruptcy

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Authors: Yu-Chun Lin

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This study examines whether the adoption of clawback provisions increases the demand for audit service. We use abnormal audit fees to proxy for the demand for audit service. Because firms’ voluntary adoption of the clawback provisions is endogenously determined, this study controls for this bias using the propensity-score matching technique. Based on 1,247 U.S. firms that voluntarily adopt clawback provisions during 2003-2013 and a matched sample, the empirical results show that clawback provisions adoption is associated with abnormal audit fees, especially by firms with higher likelihood of misstatements. When firm executives are overconfident, abnormal audit fees increase subsequent to clawback provisions adoption. Since regulators require listed firms to adopt recoupment policy after 2015 in U.S., the evidence about higher demand for audit service might provide political implications for mandatory clawback provisions.

Keywords: clawback provisions, audit service, audit fees, overconfidence

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Authors: Monira Nazmi Jahan, Nusrat Jahan Nishat

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'Child Pornography' is a sex crime that portrays illegal images and videos of a minor over the Internet and now has become a social concern with the increase of commission of this crime. The major objective of this paper is to identify and examine the laws relating to child pornography in Bangladesh and to compare this with other South Asian countries. In Bangladesh to prosecute under child pornography, provisions have been made in ‘Digital Security Act, 2018’ where it has been defined as involving child in areas of child sexuality or in sexuality and whoever commits the crime will be punished for 10 years imprisonment or 10 lac taka fine. In India, the crime is dealt with ‘The Protection of Children from Sexual Offences Act, 2012’ (POSCO) where the offenders for commission of this crime has been divided separately and has provision for punishments starting from three years to rigorous life imprisonment and shall also be liable to fine. In the Maldives, there is ‘Special Provisions Act to Deal with Child Sex Abuse Offenders, Act number 12/2009’. In this act it has been provided that a person is guilty of such an act if intentionally runs child prostitution, involves child in the creation of pornography or displays child’s sexual organ in pornography then shall be punished between 20 to 25 years of imprisonment. Nepal prosecutes this crime through ‘Act Relating to Children, 2018’ and the conviction of using child in prostitution or sexual services is imprisonment up to fifteen years and fine up to one hundred fifty thousand rupees. In Pakistan, child pornography is prosecuted with ‘Pakistan Penal Code Child Abuse Amendment Act, 2016’. This provides that one is guilty of this offence if he involves child with or without consent in such activities. It provides punishment for two to seven years of imprisonment or fine from two hundred thousand to seven hundred thousand rupees. In Bhutan child pornography is not explicitly addressed under the municipal laws. The Penal Code of Bhutan penalizes all kinds of pornography including child pornography under the provisions of computer pornography and the offence shall be a misdemeanor. Child Pornography is also prohibited under the ‘Child Care and Protection Act’. In Sri Lanka, ‘The Penal Code’ de facto criminalizes child prohibition and has a penalty of two to ten years and may also be liable to fine. The most shocking scenario exists in Afghanistan. There is no specific law for the protection of children from pornography, whereas this serious crime is present there. This paper will be conducted through a qualitative research method that is, the primary sources will be laws, and secondary sources will be journal articles and newspapers. The conclusion that can be drawn is except Afghanistan all other South Asian countries have laws for controlling this crime but still have loopholes. India has the most amended provisions. Nepal has no provision for fine, and Bhutan does not mention any specific punishment. Bangladesh compared to these countries, has a good piece of law; however, it also has space to broaden the laws for controlling child pornography.

Keywords: child abuse, child pornography, life imprisonment, penal code, South Asian countries

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Authors: Mohammad Befkin, Alireza Momtaz

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Structural design is the challenging aspect of every project due to limitations in dimensions, functionality of the structure, and more importantly, the allocated budget for construction. This research study aims to investigate the optimized design for three steel moment frame buildings with different number of stories using genetic algorithm code. The number and length of spans, and height of each floor were constant in all three buildings. The design of structures are carried out according to AISC code within the provisions of plastic design with allowable stress values. Genetic code for optimization is produced using MATLAB program, while buildings modeled in Opensees program and connected to the MATLAB code to perform iterations in optimization steps. In the end designs resulted from genetic algorithm code were compared with the analysis of buildings in ETABS program. The results demonstrated that suggested structural elements by the code utilize their full capacity, indicating the desirable efficiency of produced code.

Keywords: genetic algorithm, structural analysis, steel moment frame, structural design

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Authors: Ben-Fred Ohia

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Code-switching and code-mixing are linguistic behaviours that arise in a bilingual situation. They limit speakers in a conversation to decide which code they should use to utter particular phrases or words in the course of carrying out their utterance. Every human society is characterized by the existence of diverse linguistic varieties. The speakers of these varieties at some points have various degrees of contact with the non-speakers of their variety, which one of the outcomes of the linguistic contact is code-switching or code-mixing. The work discusses the nature of code-switching and code-mixing in Ogba-English bilinguals’ speeches. It provides a detailed explanation of the concept of code-switching and code-mixing and explains the typology of code-switching and code-mixing and their manifestation in Ogba-English bilingual speakers’ speeches. The findings reveal that code-switching and code-mixing are functionally motivated and being triggered by various conversational contexts.

Keywords: bilinguals, code-mixing, code-switching, Ogba

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Authors: Sankara Ganesh Dhoopam, Phaneendra Aduri

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Lattice towers are light weight structures which are primarily governed by the effects of wind loading. Ensuring a precise assessment of wind loads on the tower structure, antennas, and associated equipment is vital for the safety and efficiency of tower design. Earlier, the Indian standards are not available for design of telecom towers. Instead, the industry conventionally relied on the general building wind loading standard for calculating loads on tower components and the transmission line tower design standard for designing the angular members of the towers. Subsequently, the Bureau of Indian Standards (BIS) revised these standards and angular member design standard. While the transmission line towers are designed using the above standard, a full-scale model test will be done to prove the design. Telecom angular towers are also designed using the same with overload factor/factor of safety without full scale tower model testing. General construction in steel design code is available with limit state design approach and is applicable to the design of general structures involving angles and tubes but not used for angle member design of towers. Recently, in response to the evolving industry needs, the Bureau of Indian Standards (BIS) introduced a new standard titled “Isolated Towers, Masts, and Poles using structural steel -Code of practice” for the design of telecom towers. This study focuses on a 40m four legged angular tower to compare loading calculations and member designs between old and new standards. Additionally, a comparative analysis aligning with the new code provisions with international loading and design standards with a specific focus on American standards has been carried out. This paper elaborates code-based provisions used for load and member design calculations, including the influence of "ka" area averaging factor introduced in new wind load case.

Keywords: telecom, angular tower, PLS tower, GSM antenna, microwave antenna, IS 875(Part-3):2015, IS 802(Part-1/sec-2):2016, IS 800:2007, IS 17740:2022, ANSI/TIA-222G, ANSI/TIA-222H.

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Authors: Abdus-Samii Imam Arikewuyo

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The human rights phenomenon increasingly gains universal prominence in the contemporary age. This embraces the clamour for a just treatment of individuals in society. The human rights agitation is a global pursuit which virtually gave birth to many national and international human rights organizations. In particular, Nigeria accedes to a number of human rights covenants. Invariably, there are some provisions which are recognized as inalienable rights of man in his society by which his intrinsic worth and dignity are protected by law. Nonetheless, the constituents of human rights differ in various societies. Conversely, Islam, as a complete code of life, guarantees the rights of a man vis-à-vis the rights of others in his environment regardless of place and time. Human rights pressure in Nigeria in recent times prompted proactive steps to address the issue through various legal instruments. Amazingly, the struggle appears to be a rhetorical noise because the human rights violation subsists. This provokes the present research on a comparative study of the Nigerian legal provisions and the Islamic law perspectives on human rights. It is discovered that the first is simply theoretical, while the other contains both the theoretical framework and the practical measures for its enforcement. The study adopts analytical and descriptive methods. It concludes with the assertion that the Islamic law provisions are all-embracing, universal and more efficacious. Hence, it recommends the adoption of the Islamic law approach to human rights issues.

Keywords: human rights, Nigerian legal provisions, shariah law, comparative study, charter

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Authors: S. J. Ha, S. J. Baik, T. O. Kim, S. W. Han

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For computing the seismic responses of structures, current seismic design provisions permit response history analyses (RHA) that can be used without limitations in height, seismic design category, and building irregularity. In order to obtain accurate seismic responses using RHA, it is important to use adequate input ground motions. Current seismic design provisions provide criteria for selecting ground motions. In this study, the accurate and computationally efficient algorithm is proposed for accurately selecting ground motions that satisfy the requirements specified in current seismic design provisions. The accuracy of the proposed algorithm is verified using single-degree-of-freedom systems with various natural periods and yield strengths. This study shows that the mean seismic responses obtained from RHA with seven and ten ground motions selected using the proposed algorithm produce errors within 20% and 13%, respectively.

Keywords: algorithm, ground motion, response history analysis, selection

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Authors: Mizan Ahmed, Srikanth Venkatesan

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Geological and tectonic framework indicates that Bangladesh is one of the most seismically active regions in the world. The Bengal Basin is at the junction of three major interacting plates: the Indian, Eurasian, and Burma Plates. Besides there are many active faults within the region, e.g. the large Dauki fault in the north. The country has experienced a number of destructive earthquakes due to the movement of these active faults. Current seismic provisions of Bangladesh are mostly based on earthquake data prior to the 1990. Given the record of earthquakes post 1990, there is a need to revisit the design provisions of the code. This paper compares the base shear demand of three major cities in Bangladesh: Dhaka (the capital city), Sylhet, and Chittagong for earthquake scenarios of magnitudes 7.0MW, 7.5MW, 8.0MW and 8.5MW using a stochastic model. In particular, the stochastic model allows the flexibility to input region specific parameters such as shear wave velocity profile (that were developed from Global Crustal Model CRUST2.0) and include the effects of attenuation as individual components. Effects of soil amplification were analysed using the Extended Component Attenuation Model (ECAM). Results show that the estimated base shear demand is higher in comparison with code provisions leading to the suggestion of additional seismic design consideration in the study regions.

Keywords: attenuation, earthquake, ground motion, Stochastic, seismic hazard

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Authors: Doo Byong Bae, Jae Jun Yoo, Il Gyu Park, Choi Seowon, Oh Chang Kook

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There are several wind load provisions to evaluate the wind response on tank structures such as API, Euro-code, etc. the assessment of wind action applying these provisions is made by performing the finite element analysis using both linear bifurcation analysis and geometrically nonlinear analysis. By comparing the pressure patterns obtained from the analysis with the results of wind tunnel test, most appropriate wind load criteria will be recommended.

Keywords: wind load, finite element analysis, linear bifurcation analysis, geometrically nonlinear analysis

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Authors: Adelina Vrancianu

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The problem of artificial real accession will be analyzed in this study both in terms of old and current Civil Code provisions and in terms of comparative law, European legal and Canadian systems. The current Civil Code from 2009 has brought new changes about the application and solutions regarding artificial real accession. The hypothesis in which a person is making works with his own materials on the real estate belonging to another person is developed and analyzed in detail from national and international point of view in relation with the good faith. The scope of this analysis is to point out what are the changes issued from case-law and which ones are new, inspired from other law systems in regard to the good/bad faith. The new civil code has promoted a definition for this notion. Is this definition a new one inspired from the comparative law or is it inspired from the case-law? Is it explained for every case scenario of accession or is a general notion? The study tries to respond to these questions and to present the new aspects in the area. has reserved a special place for the situation of execution of works with own materials exceeding the border with violation of another’s right of property, where the variety of solutions brings into discussion the case of expropriation for private interest. The new Civil Code is greatly influenced by the Civil Code from Quebec in comparison with the old code of French influence. The civil reform was needed and has brought into attention new solutions inspired from the Canadian system which has mitigated the permanent conflict between the constructor and the immovable owner.

Keywords: accession, good faith, new civil code, comparative law

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Authors: Keunhong Chae, Seokho Yoon

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We propose a code acquisition scheme called improved multiple-shift (IMS) for optical code division multiple access systems, where the optical orthogonal code is used instead of the pseudo noise code. Although the IMS algorithm has a similar process to that of the conventional MS algorithm, it has a better code acquisition performance than the conventional MS algorithm. We analyze the code acquisition performance of the IMS algorithm and compare the code acquisition performances of the MS and the IMS algorithms in single-user and multi-user environments.

Keywords: code acquisition, optical CDMA, optical orthogonal code, serial algorithm

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Authors: Hersh Azeez

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Honour killing, also known as "honor killing," is a deeply rooted and complex social issue that persists in many parts of the world, including Iraq. This paper seeks to examine the legal framework surrounding honour killing in Iraqi statutory law. The paper begins with an introduction to honour killing as a phenomenon and its cultural and societal context in Iraq. It then delves into the methodology used in this research, including a comprehensive review of relevant legal texts, case studies, and scholarly articles. The paper analyzes the existing legal framework in Iraq, including relevant penal code provisions and other relevant legislation, as well as the challenges and shortcomings in addressing honour killing in the country. The research findings reveal that despite some legal provisions aimed at addressing honour killing, the practice continues to persist due to a lack of effective implementation, societal norms, and cultural attitudes. The paper concludes with recommendations for improving the legal framework to combat honour killing in Iraq, including legal reforms, education and awareness campaigns, and cultural change initiatives.

Keywords: honour killing, Iraq, statutory law, legal framework, penal code, cultural norms

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Authors: Mamiza Haq

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This paper examines the relevance of bank capital and charter value on bank insolvency and liquidity risks. Using an unbalanced panel of 2,111 unique local banks across 22 countries over 1998-2012, we find that both bank capital and charter value lower insolvency and liquidity risks, but this effect varies among conventional, Islamic, and Islamic-window banks. The risk constraining effect of bank capital becomes more prominent in the post 2007-2008 global financial crisis. Moreover, the relationships vary when conditioned upon other key bank-specific characteristics. For instance, the effect of capital on risk-reduction diminishes in the presence of high charter value for conventional-G7 and Islamic-window banks, during-GFC and pre-GFC period; respectively. Our findings have important policy implications related to bank safety. The results are robust to a range of robustness tests.

Keywords: bank capital, charter value, risk, financial crisis

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Authors: N. Pitcheswara Rao

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In the process of conveying the information there may be a chance of signal being corrupted which leads to the erroneous bits in the message. The message may consist of single, double and multiple bit errors. In high-reliability applications, memory can sustain multiple soft errors due to single or multiple event upsets caused by environmental factors. The traditional hamming code with SEC-DED capability cannot be address these types of errors. It is possible to use powerful non-binary BCH code such as Reed-Solomon code to address multiple errors. However, it could take at least a couple dozen cycles of latency to complete first correction and run at a relatively slow speed. In order to overcome this drawback i.e., to increase speed and latency we are using reed-Muller code.

Keywords: SEC-DED, BCH code, Reed-Solomon code, Reed-Muller code

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Authors: Pitcheswara Rao Nelapati

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In the process of conveying the information there may be a chance of signal being corrupted which leads to the erroneous bits in the message. The message may consist of single, double and multiple bit errors. In high-reliability applications, memory can sustain multiple soft errors due to single or multiple event upsets caused by environmental factors. The traditional hamming code with SEC-DED capability cannot be address these types of errors. It is possible to use powerful non-binary BCH code such as Reed-Solomon code to address multiple errors. However, it could take at least a couple dozen cycles of latency to complete first correction and run at a relatively slow speed. In order to overcome this drawback i.e., to increase speed and latency we are using reed-Muller code.

Keywords: SEC-DED, BCH code, Reed-Solomon code, Reed-Muller code

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Authors: Hermanus J. Moolman

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The COVID-19 pandemic had a severe impact on the society and companies in South Africa. This raises questions about the position of creditors of companies facing financial distress and the actions that directors should take to cater to the interests of creditors. The extent to which directors owe their duties and consideration to creditors has been the subject of debate. The directors of a solvent company owe their duties to the company in favour of its shareholders. When the company becomes insolvent, creditors are the beneficiaries of the directors’ duties. However, the intermittent phase between solvency and insolvency, otherwise referred to as the realm of insolvency, is not accounted for. The purpose of this paper is to determine whether South African company law appropriately addresses the duties that directors owe to creditors and the extent of consideration given to creditors’ interests when the company is in the realm of insolvency and has started business rescue proceedings. A comparative study on South Africa, the United States of America, the United Kingdom and international instruments was employed to achieve the purpose statement. In the United States of America and the United Kingdom, the focus shifts from shareholders to the best interests of creditors when business recue proceedings commence. Such an approach is not aligned with the purpose of the Companies Act of 2008 that calls for a balance of interests of all persons affected by a company’s financial distress and will not be suitable for the South African context. Business rescue in South Africa is relatively new when compared to the practices of the United States of America and the United Kingdom, and the entrepreneurial landscape in South Africa is still evolving. The interests of creditors are not the only interests at risk when a company is financially distressed. It is recommended that an enlightened creditor value approach is adopted for South Africa, where the interests of creditors, albeit paramount, are balanced with those of other stakeholders. This approach optimises a gradual shift in the duties of directors from shareholders to creditors, without disregarding the interests of shareholders.

Keywords: business rescue, shareholders, creditors, financial distress, balance of interests, alternative remedies, company law

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Authors: Seyed Sadegh Naseralavi, Najmeh Bemani

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The design in most counties should be inevitably carried out by their native code such as Iran. Since the Iranian concrete code does not exist in structural design software, most engineers in this country analyze the structures using commercial software but design the structural members manually. This point motivated us to make a communication between Iranian code and some other well-known ones to create facility for the engineers. Finally, this paper proposes the so-called interpretation charts which help specify the position of Iranian code in comparison of some worldwide ones.

Keywords: beam, concrete code, strength, interpretation charts

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Authors: Aaidha Hammad

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This study examines the phenomenon of code switching among teenagers in the Maldives while they carry out conversations through Facebook in the form of “Facebook Chatting”. The current study aims at evaluating the frequency of code-switching and it investigates between what languages code-switching occurs. Besides the study identifies the types of words that are often codeswitched and the triggers for code switching. The methodology used in this study is mixed method of qualitative and quantitative approach. In this regard, the chat log of a group conversation between 10 teenagers was collected and analyzed. A questionnaire was also administered through online to 24 different teenagers from different corners of the Maldives. The age of teenagers ranged between 16 and 19 years. The findings of the current study revealed that while Maldivian teenagers chat in Facebook they very often code switch and these switches are most commonly between Dhivehi and English, but some other languages are also used to some extent. It also identified the different types of words that are being often code switched among the teenagers. Most importantly it explored different reasons behind code switching among the Maldivian teenagers in Facebook chatting.

Keywords: code-switching, Facebook, Facebook chatting Maldivian teenagers

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Authors: Anas Alsuhaibani

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Observing debate and discussion over social media has been found to be a promising tool to investigate different types of opinion. On 23 June 2016, Brexit voters in the UK decided to depart from the EU, with 51.9% voting to leave. On Twitter, there had been a massive debate in this context, and the hashtag Brexit was allocated as number six of the most tweeted hashtags across the globe in 2016. The study aimed to investigate the sentiment and themes expressed in a sample of tweets during a political event (Brexit) in 2016. A sentiment and thematic analysis was conducted on 1304 randomly selected tweets tagged with the hashtag Brexit in Twitter for the period from 10 June 2016 to 7 July 2016. The data were coded manually into two code frames, sentiment and thematic, and the reliability of coding was assessed for both codes. The sentiment analysis of the selected sample found that 45.63% of tweets conveyed negative emotions while there were only 10.43% conveyed positive emotions. It also surprisingly resulted that 29.37% were factual tweets, where the tweeter expressed no sentiment and the tweet conveyed a fact. For the thematic analysis, the economic theme dominated by 23.41%, and almost half of its discussion was related to business within the UK and the UK and global stock markets. The study reported that the current UK government and relation to campaign themes were the most negative themes. Both sentiment and thematic analyses found that tweets with more than one opinion or theme were rare, 8.29% and 6.13%, respectively.

Keywords: Brexit, political opinion mining, social media, twitter

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Authors: Zhi Zhang, Liling Cao, Seyedbabak Momenzadeh, Lisa Davey

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Reinforced concrete (RC) flat slab-column systems are commonly used in residential or office buildings, as the flat slab provides efficient clearance resulting in more stories at a given height than regular reinforced concrete beam-slab system. Punching shear of slab-column joints is a critical component of two-way reinforced concrete flat slab design. The unbalanced moment at the joint is transferred via slab moment and shear forces. ACI 318 provides an equation to evaluate the punching shear under the design load. It is important to note that the design code considers gravity and environmental load when considering the design load combinations, while it does not consider the effect from differential foundation settlement, which may be a governing load condition for the slab design. This paper describes how prestressed reinforced concrete slab punching shear is evaluated based on ACI 318 provisions and finite element analysis. A prestressed reinforced concrete slab under differential settlements is studied using the finite element modeling methodology. The punching shear check equation is explained. The methodology to extract data for punching shear check from the finite element model is described and correlated with the corresponding code provisions. The study indicates that the finite element analysis results should be carefully reviewed and processed in order to perform accurate punching shear evaluation. Conclusions are made based on the case studies to help engineers understand the punching shear behavior in prestressed and non-prestressed reinforced concrete slabs.

Keywords: differential settlement, finite element model, prestressed reinforced concrete slab, punching shear

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Authors: S. Sunaina, Neha Saini

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Children are considered as future of a country. In order to have a better future, better laws are required in the present, especially for the children. Their development primarily revolves around physical, mental, psychological, emotional and financial facets. Hence the holistic development of a child in the contemporary society is a must in order to secure a better future. The present paper is an endeavour to analyse the development of children in India vis-a-vis The Child Development Bill 2016 and Child Labour (Abolition) Bill 2016 pending before the Indian Parliament. The findings of the study will attempt to highlight the flaws of the Bills and their probable repercussions, supporting the same with Constitutional provisions, judicial precedents, and the international perspective. Finally, the paper will conclude with concrete suggestions to overcome the flaws of the Bills so that the Bills, when passed, can be sincerely implemented.

Keywords: bill, children, development, repercussion

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Authors: Abiodun Odusote

Abstract:

This paper gives content to the Provisions of Chapter II of the Constitution of the Federal Republic of Nigeria, it offers new perspectives on the nature of fundamental objectives and directive principles of state policy and the duties of citizens. It makes inquiries into the justiciability of these rights and examines the reasoning of the Nigerian courts in the interpretation and enforcement of the rights. The paper examines the emerging jurisprudence in India and South Africa and lessons are drawn from their respective models of enforcement of similar rights. The paper concludes by proposing more creative and novel alternatives to the enforcement and enjoyments of these rights, including: enforcement through Acts of Parliament, enforcement through other Constitutional provisions, indirect enforcement, enforcement through regional and international courts, enforcement by constructive engagement, and enforcement through electoral process. Overall, it is shown that there are available a variety of practical and effective ways of improving the realization and enjoyment of the provisions of Chapter II of the CFRN.

Keywords: constructive-engagement, indirect enforcement, judicial activism, justiciability, social rights

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Authors: Ranjith Ihalanayake, Lalith Seelanatha, John Breen

Abstract:

In this study, we explored the current working capital management practices as applied in small businesses in Victoria, filling an existing theoretical and empirical gap in literature in general and in Australia in particular. Amidst the current global competitive and dynamic environment, the short term insolvency of small businesses is very critical for the long run survival. A firm’s short-term insolvency is dependent on the availability of sufficient working capital for feeding day to day operational activities. Therefore, given the reliance for short-term funding by small businesses, it has been recognized that the efficient management of working capital is crucial in respect of the prosperity and survival of such firms. Against this background, this research was an attempt to understand the current working capital management strategies and practices used by the small scale businesses. To this end, we conducted an internet survey among 220 small businesses operating in Victoria, Australia. The survey results suggest that the majority of respondents are owner-manager (73%) and male (68%). Respondents participated in this survey mostly have a degree (46%). About a half of respondents are more than 50 years old. Most of respondents (64%) have business management experience more than ten years. Similarly, majority of them (63%) had experience in the area of their current business. Types of business of the respondents are: Private limited company (41%), sole proprietorship (37%), and partnership (15%). In addition, majority of the firms are service companies (63%), followed by retailed companies (25%), and manufacturing (17%). Size of companies of this survey varies, 32% of them have annual sales $100,000 or under, while 22% of them have revenue more than $1,000,000 every year. In regards to the total assets, majority of respondents (43%) have total assets $100,000 or less while 20% of respondents have total assets more than $1,000,000. In regards to WCMPs, results indicate that almost 70% of respondents mentioned that they are responsible for managing their business working capital. The survey shows that majority of respondents (65.5%) use their business experience to identify the level of investment in working capital, compared to 22% of respondents who seek advice from professionals. The other 10% of respondents, however, follow industry practice to identify the level of working capital. The survey also shows that more than a half of respondents maintain good liquidity financial position for their business by having accounts payable less than accounts receivable. This study finds that majority of small business companies in western area of Victoria have a WCM policy but only about 8 % of them have a formal policy. Majority of the businesses (52.7%) have an informal policy while 39.5% have no policy. Of those who have a policy, 44% described their working capital management policies as a compromise policy while 35% described their policy as a conservative policy. Only 6% of respondents apply aggressive policy. Overall the results indicate that the small businesses pay less attention into the management of working capital of their business despite its significance in the successful operation of the business. This approach may be adopted during favourable economic times. However, during relatively turbulent economic conditions, such an approach could lead to greater financial difficulties i.e. short-term financial insolvency.

Keywords: small business, working capital management, Australia, sufficient, financial insolvency

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Authors: Muhammad Umar Kiani, Waseem Sakawat

Abstract:

This study presents the development of FEM code using Quadrilateral 4-Node (Q4) and Triangular 3-Node (T3) elements. Code is formulated using MATLAB language. Instead of using both elements in the same code, two separate codes are written. Quadrilateral element is difficult to handle directly, that is why natural coordinates (eta, ksi) are used. Due to this, Q4 code includes numerical integration (Gauss quadrature). In this case, complete numerical integration is performed using 2 points. On the other hand, T3 element can be modeled directly, by using direct stiffness approach. Axially loaded element, cantilever (special constraints) and Patch test cases were analyzed using both codes and the results were verified by using Ansys.

Keywords: FEM code, MATLAB, numerical integration, ANSYS

Procedia PDF Downloads 417