Paper Crisis Rescue

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Many rescue centres, sanctuaries and zoos in Europe are key to ensuring the welfare of these animals. However, given the increase in rescue requests and the limited number of certified facilities, providing proper housing for these animals has become more and more challenging.

Newspaper headlines: Korean crisis and Melania 'to the rescue' - BBC News

According to a survey conducted by AAP and EARS, the main reason why rescue facilities are unable to accept new animals is the lack of space to host them. This shortage is caused by a combination of factors, among others the growing illegal trade in wildlife and the exploding trend to keep exotic pets, which often end up abandoned, or the implementation of new but necessary legislation such as bans of wild animals in circuses.

However, any regime which involves rescue requires a degree of support from the commercial environment. The rescue regimes may therefore be severely tested in situations where there is a general economic downturn such as the world has experienced in the last two years.

This article evaluates empirically the perceived impact of the Global Financial Crisis on the opportunities for rescue on the basis of a survey we set out among insolvency professionals worldwide. Most of the respondents to the survey from 56 jurisdictions agree that the credit crisis of stifled the access of distressed business to financial facilities so needed for successful restructuring. It retrenched the access to financial facilities and thus impacted negatively the prospects for preventing or even ending the bankruptcy procedure with reorganization instead of winding up of the estate assets.

Several reasons that have been pointed out by the insolvency professionals in our survey are discussed in this article. We conclude that somewhat paradoxically just when rescue is needed the most, the practical reality may be that businesses will not be saved if there is insufficient support available either by way of additional credit or because other funding creditors are so financially stressed themselves that they are unable or unwilling to support any potential rescue.

Volume 19 , Issue 3. The full text of this article hosted at iucr. If you do not receive an email within 10 minutes, your email address may not be registered, and you may need to create a new Wiley Online Library account. If the address matches an existing account you will receive an email with instructions to retrieve your username.

International Insolvency Review. Research Article. Reinout D.

  • The Euro crisis and its impact on national and European social policies.
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Libya: Amid Political Limbo, Time to Rescue the Economy

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