The Impact of Financial Statements in Predicting Onset of Bankruptcy in UAE Companies: (A case between 2006 to 2014)

The Impact of Financial Statements in Predicting Onset of Bankruptcy in UAE Companies: (A case between 2006 to 2014)


Background Abstract of the Topic

Corporate bankruptcy is an issue that has become common in the 21st century. Of late, this has noted a multiplier effect in the global financial market; companies are running out of funds for the cost of operation and debt financing. This study will examine various financial ratios using financial reports of companies and firms of UAE bankrupt and active companies from 2006 to 2014. This denotes whether the ratios can or are reliable in predicting bankruptcy. The use of cross-sectional analysis will be employed in the study to compare financial ratios from two companies to explain the relationship between business failure and explanatory variables that comes with bankruptcy. A statistical model will also be employed to determine the predictive power of financial ratios. It is hypothesized that the empirical results should indicate that the ratios of total sales less total assets and credit sales less total sales are unrelated to bankruptcy. The four ratios that will be tested against bankruptcy are long-term debt-total equity, operating profit turnover, net profit assets, and quick ratios.

The Impact of Financial Statements in Predicting Onset of Bankruptcy in UAE Companies: (A case between 2006 to 2014)


The research project will be divided into five main parts or sections/chapters. The first section of the paper will compose the introduction of the subject matter; here, all the explanations about the purpose of the study, the significance of the study, the study objective, the limitation of the study, the delimitation of the study, and the hypothesis will be noted. The second section or chapter will be the literature review of the subject matter. Previous related studies based on nonfinancial ratio analysis and bankruptcy will be used in the study’s great understanding to test the research questions and hypothesis. In addition, the literature review will also compare the incidences of using financial ratios in the prediction and its reliability in other nations. The third chapter will be about the research methodology; the choice of the methodology will be evaluated. In the fourth chapter, the empirical data and information will be analyzed; hence the section will be the results and analysis section. The last chapter will summarize the findings, and some calculations will be drawn to indicate the validity of the data offered in the paper’s results section. The fifth chapter will also offer suggestions for future research. Recommendations will also be offered in the last chapter.


Beaver, W. H., McNichols, M. F., & Rhie, J. W. (2005). Have financial statements become less informative? Evidence from the ability of financial ratios to predict bankruptcy. Review of           Accounting Studies10(1), 93-122.

Lee, T. S. (2004, August). Incorporating Financial Ratios and Intellectual Capital in Bankruptcy   Predictions. In Proceedings of the National Taiwan University International Conference in Finance, Taiwan, December (pp. 20-21).

Martin, A., Gayathri, V., Saranya, G., Gayathri, P., & Venkatesan, P. (2011). A hybrid model for bankruptcy prediction using genetic algorithm, fuzzy c-means, and MARS. arXiv preprint         arXiv:1103.2110.

VenkataRamana, N., Azash, S. M., & Ramakrishnaiah, K. (2011). Financial Performance and      Predicting the Risk of Bankruptcy: A Case of Selected Cement Companies in India.

Wang, Y., & Campbell, M. (2010). Financial ratios and the bankruptcy prediction: the Ohlson model applied to Chinese publicly traded companies.the Journal of organizational leadership & business, 1-15.

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What specific actions (or lack of) led to Enron’s bankruptcy?

Unit V Article Review

This assignment provides you with an opportunity to explore the critical practices of accounting and finance within business, and you are asked to do so in the form of an article review. The title of one article has been provided below, and this article will be the basis for your article review. Locate it within the online library by following the steps below:

1. Click here to open the online library.

2. Locate and click on the database titled ABI/Inform Complete.

3. Then, search for the article by typing the following title into the search field (you must include the quotation marks): “Andersen implosion over Enron: an analysis of the contagion effect on Fortune 500 firms”.

4. Finally, locate and click on the link labeled Full text.

After reading the article, draft a two-page paper by explaining what you learned about accounting and finance. You can include any reflections related to the article; however, address in paragraph form at least the following in your two-page paper:

 What specific actions (or lack of) led to Enron’s bankruptcy?

 What types of fundamental accounting and auditing practices eventually contributed to the fraud performed by Enron?

 Briefly describe the ethical environment that led to the fraud.

 How did Enron’s bankruptcy impact the financial markets for Enron’s competitors?

 Briefly describe what you learned about the importance of the auditing process.

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How did Enrons bankruptcy impact the financial markets for Enrons competitors?

How did Enrons bankruptcy impact the financial markets for Enrons competitors?.

Unit V Article Review

This assignment provides you with an opportunity to explore the critical practices of accounting and finance within business, and you are asked to do so in the form of an article review. The title of one article has been provided below, and this article will be the basis for your article review.

Search for this article by typing the following title into the search field (you must include the quotation marks): “Andersen implosion over Enron: an analysis of the contagion effect on Fortune 500 firms”.

After reading the article, draft a 2 page paper by explaining what you learned about accounting and finance. You can include any reflections related to the article; however, address in paragraph form at least the following in your 2 page paper:  What specific actions (or lack of) led to Enron’s bankruptcy?  What types of fundamental accounting and auditing practices eventually contributed to the fraud performed by Enron?  Briefly describe the ethical environment that led to the fraud.  How did Enron’s bankruptcy impact the financial markets for Enron’s competitors?  Briefly describe what you learned about the importance of the auditing process.

In APA Style, include intext citations, a title page and reference page.

How did Enrons bankruptcy impact the financial markets for Enrons competitors?

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What specific actions (or lack of) led to Enrons bankruptcy?

What specific actions (or lack of) led to Enrons bankruptcy?.

Unit V Article Review

This assignment provides you with an opportunity to explore the critical practices of accounting and finance within business, and you are asked to do so in the form of an article review. The title of one article has been provided below, and this article will be the basis for your article review.

Search for this article by typing the following title into the search field (you must include the quotation marks): “Andersen implosion over Enron: an analysis of the contagion effect on Fortune 500 firms”.

After reading the article, draft a 2 page paper by explaining what you learned about accounting and finance. You can include any reflections related to the article; however, address in paragraph form at least the following in your 2 page paper:  What specific actions (or lack of) led to Enron’s bankruptcy?  What types of fundamental accounting and auditing practices eventually contributed to the fraud performed by Enron?  Briefly describe the ethical environment that led to the fraud.  How did Enron’s bankruptcy impact the financial markets for Enron’s competitors?  Briefly describe what you learned about the importance of the auditing process.

In APA Style, include intext citations, a title page and reference page.

What specific actions (or lack of) led to Enrons bankruptcy?

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Corporate Governance Affects And Bankruptcy

Corporate Governance Affects And Bankruptcy.


Discuss about the Corporate Governance Affects Corporate Bankruptcy Risk.



Corporate governance and corporate bankruptcy risk are interrelated to each other and in recent years, considerable attention has been given on corporate governance. Some of the previous studies have reasoned that there is noteworthy distinction between bankruptcy profitability as well as corporate governance. For bankruptcy, no distinguished word has been established and it is described as decrease in profitability power of company to make repayment of main debt and interest rate. The literature review on the topic concerned is provided by thesis with empirical results and theoretical foundations. Many issues surrounding the bankruptcy and corporate governance are still not resolved and this provides abundant of opportunities for conducting further research. One of the factors that are of increasing importance to corporate governance is prediction of bankruptcy.

Main objective of report:

The main purpose of preparing report is to ascertain the significant relation between bankruptcy profitability and corporate governance. Analysis of relationship is done by viewing journal articles for supporting the arguments that are presented.

Findings summary from literature review:

The findings concerning association between bankruptcy risk and corporate governance depicts that occurrence of fiscal crisis probability is decreased by the influence of managing director. However, the features of corporate governance do not considerably influence the occurrence of bankruptcy and financial crisis. It has been concluded that internal control of company is influenced by managing director that help in preventing the bankruptcy and financial occurrence (Dittmar and Duchin 2015). Moreover, it has also been proved that financial conditions of organization and independence of boards of directors are significantly related to each other. It is concluded by such findings that there were less unbound members in the board of directors of the companies who had faced financial risks (Akbar et al. 2016). Furthermore, it has been analyzed in an article, the relationship between risk of bankruptcy and corporate governance is explained by firms need for specialty knowledge and degree of complexities of firms. It has been suggested by the findings from research that risk of firm’s bankruptcy is inversely related with inside director proportion on board. An organization having better operating performance with strong governance implies that firms are less likely to fail if they have strong shareholder governance (Biddle et al. 2016).

Focused discussion on topic with logical arguments and Comparing and contrasting views of different authors:

In this particular section, various arguments concerning the topic are supported by reviewing the journal articles.

An article on “corporate governance indicators and financial ratios in bankruptcy predictions” highlights the examination of financial ratios and corporate governance indicators. Most important feature in the study involves ownership and board structures, profitability, and solvency in financial ratios. The most important features in the bankruptcy prediction are corporate governance indicators categories of ownership and board structures (Dixon et al. 2015). However, the findings are not applicable in some markets when there are no obvious corporate governance indicators characteristics.

Another article post bankruptcy reorganization performance and corporate governance is based on agency theory. Study is conducted for ascertaining the function of mechanism of corporate governance in determining the post bankruptcy firm performance. It is indicated by the findings from the research conducted that significant determinants of post bankruptcy performance of firm are monitoring and incentive mechanisms. Ownership concentration is the key monitoring mechanisms that are measured by shares held by largest shareholder of organization ( 2018). It is indicated by results that such mechanisms and help in increasing performance post bankruptcy can mitigate agency problems in insolvent companies.

In an article named does good corporate governance reduces credit risk, the objective of the study is to have a deeper understanding on debt holder and shareholder relationships and expanding the role of corporate governance in organizations. It has been found from the analysis that companies having or providing shareholders with the strongest rights tends to have higher debt financing costs. On other hand, shareholders having weaker rights have considerably lower risks to lower cost of debts and debt holders.

An article from Mohamed Saleh Darweesh about correlations between market value, financial performance and corporate governance depicts that common cause of failure among firms are poor corporate governance and weak internal control. Various cases of corporate mismanagement and financial scandals have brought increasing attention on rules and regulation of corporate governance in association with issues of business ethics. Financial crisis and financial scandals in the organizations results in enhancing and strengthening regulation and rules of corporate governance. For contemporary business environment, system of corporate governance is considered important because conflict of interest between stakeholders and firms manager cannot be mitigated by legislations, economic theories and accounting standard (Cao et al. 2017). Findings generated from study depicts that a corporate governance model can be build by corporate governance that would help in protecting the rights of stakeholders and maximization of value of companies (Gherghina et al. 2014).

A journal article extracted from deals with the investigation on empirical relationship between firm value and ratings of corporate governance. It was found from the development of hypothesis in the article that empirical relationship between firm value and developed corporate governance ratings was not statistically validated (Haan and Vlahu 2016).

An article extracted from is determining how the financial risk of firms is associated with corporate social responsibility. Research purpose was intended to examine whether firms who are socially responsible are different in terms of financial risks. It was found from the analysis that firms who are socially responsible have better performance in relation to credit ratings and in terms of distance to default. The findings of article demonstrate the significance of considering both negative and positive company performance ( 2018).

Journal article published and extracted from journal of finance, accounting and management by Aly Salama, Lijuan Xiao and Robert Dixon intend to analyze the relationship between earning management and corporate governance. Two aspects of the article that was focused on this article were on supervisory directors in constraining the earning manipulation and supervisory directors (Revilla et al. 2016). It was found that introduction of board of directors in the organization as an imperative corporate governance element for aligning the interest of managers and shareholders that helps in reducing agency cost that stems from control and ownership separation. Some authors that outside directors as against inside directors could more effectively manage the management claimed it. The reason is attributable to the fact that outside directors have greater incentive for maintaining their reputation capital (Gherghina et al. 2014). On other hand, it was identified by establishing the relationship between bankruptcy and corporate governance that managing director influences decrease in financial crisis. While the occurrence of probability of financial crisis have not been considerably impacted by other features of corporate governance. It has been concluded that internal control system of company is impacted by influence of managing directors that would help in preventing the occurrence of bankruptcy and financial disorder.

In an article extracted from on the corporate governance impacts on financial distress and financial performance by Tamer Mohamed Shahwan. The purpose of article is to empirically observe the quality of practices of corporate governance on the companies listed in Egypt and impact of practices of corporate governance on financial suffering and overall financial performance of organization. It has been ascertained from the analysis that corporate governance practice within such organizations are relatively low and no positive association was found between likelihood of financial distress and practices of corporate governance.

One of the articles extracted from that involves conducting more research on performance of firms and corporate governance. It was found in the study that organizations complying with regulations of corporate governance are not a determinant for influencing corporate performance. Earlier research on positive relationship between performance of firms and corporate governance may be prejudiced and the potential endogeneity might not be controlled by them ( 2018).

Criticizing aspects of methodologies used:

In an article where the purpose of author was to investigate the systematic correlation of the likelihood of corporate default with governance provisions that helps in determining the balance between managers and shareholders. Empirical analysis in this particular article has been performed by examination of governance rules that are used as proxy for power of management in relation to shareholders and are associated with financial distress risk measurement that is Ohlson’s O score and Altman Z score ( 2018). Moreover, author used a general logistic regression model for examining the impact of corporate governance rules on corporate default probability. Such model represents default of firms as operating performances, governance functions, characteristic of assets and financial state. Risk factor that is used for the analysis purpose involves the proxy for sharing relationship managers and shareholders. Important predictors for corporate default are accounting a ratio that helps in measurement of financial structure and operating performances. 

The measurement used in an article intending to examine the relationship between bankruptcy profitability and corporate governance indexes make use of several variable and measurement method. Logit model is used for measuring the bankruptcy risks and the possession for the size of board of directors is measured by using Herfindal-Herishman index (Oikonomou et al. 2014). Findings generated from study depicts that there is a noteworthy and direct relationship between bankruptcy and directors at board.

The methodology used by authors in determining the association of corporate social responsibility with the firm’s financial hazard is KLD social performance rating scores. Such scores are used for measuring the performance of corporate social responsibility (Drover et al. 2017). Monthly consensus earnings forecast for obtained by authors from data stream database.

The methodology used by author in assessing the relationship between financial performance and corporate governance, a corporate governance index is constructed in the current study. Such index comprise of four elements such as rights of shareholders and relations of investors, transparency and disclosure, composition of directors at board, control and structure of ownership. Sample taken on non-financial firms forms the basis of assessing the practices of corporate governance on the financial performance (Shahwan 2015). Moreover, Tobin’s q is used for assessing the corporate performance. At the same time, the indicator used for measuring financial distress is Altman Z score. It is deduced that if the z score is bigger, then risk of financial hazard would be smaller (Christensen et al. 2017).

Methodology used in examination of relationship between performance of firms and corporate governance compliance is implementation of robust technology that is generalized method of moment’s estimation. Governance index was developed for the purpose of investigation of impact on corporate performance (Ararat et al. 2017). Findings of research are based on generalized method of moment’s estimation that helps in controlling the effects of dynamic endogeneity and unobservable heterogeneity.

Identification of gaps in literature review:

While analyzing the articles for assessing the relationship between corporate performance and corporate bankruptcy risk, gaps in research was identified in terms of unavailability of data on the variables for considerable period. In addition to this, there was no clear disclosure of the distinction between independent non-executive and executive directors made by listed companies. This made it very difficult for researcher to determine the proportion of independent directors among executive directors.

Research gap was also identified in terms of extraction of data from one or two sources. The gaps identified in the analysis had to be filled from estimated or other sources using several ratios. It is therefore indicative of the fact that data has not been sourced uniformly and hence there have been issues of uniformity. Some of accounting non-compliance had also contributed to creation of accounting biases. Results ascertained by conducting research might be skewed due to searching of data from more than one source because intentions and data integrity forms the basis of data using data sources (Berger et al. 2016).


Analysis of several research paper on identification of relationship between corporate governance and corporate bankruptcy risk have provided with mixed results. Some papers have concluded that there is positive interrelationship between corporate finance and corporate governance. While some other research paper concluded that, there exist somewhat negative relationship between practices of corporate governance and corporate performance. Nevertheless, analysis of research work has contributed to new knowledge in several ways. Firstly, researcher will be provided a comprehensive platform for conducting comprehensive investigations on the relationship between leverage, ownership concentration and value of firms. Furthermore, findings generated from articles might helps in suggesting variables that would be given priority in making policy for corporate decision-making. The potential interaction that might exist between leverage and ownership concentration can also be investigated with the help of study. Some of the research area requires empirical work and string conceptualization that would leave many opportunities for conducting future studies. Lastly, credit risk of banks is not explained by factors of corporate governance. Therefore, many researchers have added the factor of corporate governance in test and risk equation for determining whether the corporate governance factors influences risk level of banks and relationship between risk and bank’s capital.


Akbar, S., Poletti-Hughes, J., El-Faitouri, R. and Shah, S.Z.A., 2016. More on the relationship between corporate governance and firm performance in the UK: Evidence from the application of generalized method of moments estimation. Research in International Business and Finance, 38, pp.417-429.

Ararat, M., Black, B.S. and Yurtoglu, B.B., 2017. The effect of corporate governance on firm value and profitability: Time-series evidence from Turkey. Emerging Markets Review, 30, pp.113-132.

Berger, A.N., Imbierowicz, B. and Rauch, C., 2016. The roles of corporate governance in bank failures during the recent financial crisis. Journal of Money, Credit and Banking, 48(4), pp.729-770.

Biddle, G.C., Ma, M.L. and Song, F.M., 2016. Accounting conservatism and bankruptcy risk.

Cao, Z., Leng, F., Feroz, E.H. and Davalos, S.V., 2015. Corporate governance and default risk of firms cited in the SEC’s Accounting and Auditing Enforcement Releases. Review of Quantitative Finance and Accounting, 44(1), pp.113-138.

Christensen, J., Kent, P., Routledge, J. and Stewart, J., 2015. Do corporate governance recommendations improve the performance and accountability of small listed companies?. Accounting & Finance, 55(1), pp.133-164. (2018). [online] Available at: [Accessed 19 Mar. 2018].

Dittmar, A. and Duchin, R., 2015. Looking in the rearview mirror: The effect of managers’ professional experience on corporate financial policy. The Review of Financial Studies, 29(3), pp.565-602.

Dixon, R., Guariglia, A. and Vijayakumaran, R., 2015. Managerial ownership, corporate governance and firms’ exporting decisions: evidence from Chinese listed companies. The European Journal of Finance, pp.1-39.

Drover, W., Busenitz, L., Matusik, S., Townsend, D., Anglin, A. and Dushnitsky, G., 2017. A review and road map of entrepreneurial equity financing research: venture capital, corporate venture capital, angel investment, crowdfunding, and accelerators. Journal of Management, 43(6), pp.1820-1853.

Gherghina, S.C., Vintila, G. and Tibulca, I.L., 2014. A study on the relationship between corporate governance ratings and company value: Empirical Evidence for S&P 100 Companies. International Journal of Economics and Finance, 6(7), p.242. (2018). [online] Available at: /JFAM%20V5%20N1%20P07%20Murya%20Hbbash%20-%20Constraining%20Earnings%20Management.pdf [Accessed 18 Mar. 2018].

Haan, J. and Vlahu, R., 2016. Corporate governance of banks: A survey. Journal of Economic Surveys, 30(2), pp.228-277. (2018). [online] Available at: [Accessed 19 Mar. 2018].

Oikonomou, I., Brooks, C. and Pavelin, S., 2014. The effects of corporate social performance on the cost of corporate debt and credit ratings. Financial Review, 49(1), pp.49-75.

Revilla, A.J., Pérez-Luño, A. and Nieto, M.J., 2016. Does family involvement in management reduce the risk of business failure? The moderating role of entrepreneurial orientation. Family Business Review, 29(4), pp.365-379.

Shahwan, T.M., 2015. The effects of corporate governance on financial performance and financial distress: evidence from Egypt. Corporate Governance, 15(5), pp.641-662.

Corporate Governance Affects And Bankruptcy

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Forecast Of Business Bankruptcy

Forecast Of Business Bankruptcy.


Discuss about the Forecast Of Business Bankruptcy.



Ever since the bookkeeping introduction during the initial 21st century, the issues of corporate governance and ethics have largely engrossed the attentions of investigators, experts and rule makers. WorldCom inflated the proceeds by $3.8 billion by incorrectly categorizing the expenditure as the investments. Enron on the other hand was regarded as the portrait of business scam and fraud that moved the debt off from its records of accounts and offered a deceptive financial position (Wang and Lin 2010, pp.1-27). The current essay is based on the study of association among the corporate governance and bankruptcy risk.


Corporate governance is referred as a means of supervision and process of control to guarantee that the directors of company work in accordance with the benefits of shareholders (Saad 2010, pp.105-114). The structures, procedures, culture or systems offer successful organizations operations.

The major causes of company going bankruptcy is the insufficient internal control that originates from the corporate governance. Due to the separation of organization from the control and supervision conversation, the shareholders are unable to deal with the administration conversation and the board of directors are under obligation of securing the benefits of shareholders (Zare et al. 2013, pp.786-792). Therefore, the formation of board of directors and structure of direction are regarded as the vital mechanism in supervising the financial functions of firms as they act as guide for directors to implement control internally in the process of corporate governance.

On assessing the relation among the corporate governance indexes and its bankruptcy a number of experimental lessons have been issued relating to board of directors and organizations operations (Nakano and Nguyen 2012, pp.369-387). Taking into the account the separation of possession from the internal control, the shareholders are unable to make interference in the affairs of management and the board of directors are under obligation of protecting the benefits of shareholders (Zheng and Das 2018, pp.6-54). However, there are no major cause of believing that the directors act in best manner to secure the benefits of shareholders. If the directors increase their benefits in company’s profitability costs the benefits of shareholders might face hazard. According to the agency theory stated by Eling and Marek (2014, pp.653-682) the directors are not considered trustworthy hence, monitoring the mechanism of supervision it is necessary to overcome probable differences among them.

In the literature of finance there is no ordinary term for bankruptcy. Bankruptcy represents financial situations, failure of organization, incapable of paying debts. As stated by Fracassi (2015, pp.231-245) bankrupt firms represents those firms that have ceased their business operations because of transferring bankruptcy or have ceased present business operations because of loss suffered by creditors. In the words of Li, Jahera and Yost (2013, pp.204-227) bankruptcy refers to a situation when an organization is unable to meet its debt obligations. In majority of the cases bankruptcy occurs due to state financial and economic problems.  

By virtue of Admati (2017, pp.131-50) examined the relationship amongst features of corporate governance and bankruptcy. The findings have demonstrated that the managing director’s influence decreases the occurrence of financial crisis probability in the next five years however the features of corporate governance does not have significant impact on the occurrence of financial crisis and bankruptcy. Conclusive evidences have suggested that the influence of managing directors have the impact on the organizations system of internal control to avoid financial maladies and the occurrence of bankruptcy. The conclusion provides a strong indication that manager decreases the probability of crisis and financial disorders are in accordance with the earlier theory and empirical evidences.

According to Nakano and Nguyen (2012, pp.369-387) it is noticed that if there is a significant amount of association between the director’s independence and board financial risk situations. Evidences suggest that organizations that faces bankruptcy risks had less number of unbounded members in their director’s board. Evidences suggest that organizations rescue from risk of bankruptcy depending upon the stability and individuality rate of the members of directors. Studies conducted by Darrat et al. (2016, pp.163-202) provides an evidence that the relation of an organizations control and possession structures is associated with the financial risk.

The findings have suggested that companies that faces financial crisis had less amount of possession concentration. Studies have suggested that there is a considerable negative relation among the influence of managing director and bankruptcy risk conditions reflecting the managing director as the major influencing factor (Manzaneque, Priego and Merino (2016, pp.111-121). Additionally, the findings have showcased that the corporate governance variables comprise of unbounded directors, possession of management, internal auditing, internal control and internal proficiency in auditing does not possess any noteworthy relation with the organizations bankruptcy risk situations.

There is a reverse and noteworthy association among the managing director’s influence and financial risk situations. The bankruptcy risk occurrence probability is lower in organizations that are having high influence of managing director. Tricker and Tricker (2015, 135-156) have invested the effect of other corporate governance features on the size and director’s independence in company board. The findings have represented a noteworthy and negative association between the size and ratio of unbound members in possession concentration and board independence. Furthermore, there is also a noteworthy and positive relationship amongst the magnitude of director’s panel and organization size. The findings have suggested that there is an important and negative relationship amid the ratio of unbound directors and risk of bankruptcy.

Evidences obtained suggest that structure of directions in some of the companies are in such a manner that the influence of managing directors was greater in bankruptcy firms than the non-solvent companies. Therefore, there is a noteworthy and positive association between the influence of managing director and bankruptcy risk. A momentous and adverse relationship between the board proportions of directors and bankruptcy risk with no significant relation among the outer possession and bankruptcy risk. As mentioned by Elshandidy and Neri (2015, pp.331-356) a weak system of corporate governance might increase the probability of bankruptcy even in organizations that have better financial operations. Their findings have investigated the role and features of board of directors along with their composition way in respect to organizations success and ability to pay off debts. Empirical studies have reflected that both the procedure and features of director’s board drives an organization towards bankruptcy.  

As opinion by Mandzila and Zéghal (2016, p.637) the most stated and referred reasons, relating to organization bankruptcy is the lack of internal control that arises from the organizations weak dominance. There are yet some organizations that possess frail financial operations due to financial crisis and organizations weak dominance. Empirical findings have suggested that business firms that have experienced financial crisis are largely because of weak management.

On general circumstances organizations with concentrated possessions are less likely to be discharged from the list of stock exchange due to bankruptcy. Study conducted by Liang et al. (2016, pp.561-572) proposed a vital negative association between the possessions concentration and occurrence of bankruptcy situations. When the disorder and financial crisis takes place the mechanism of supervision is very essential as the increase in control need influences the possession way of investors.

When the financial crisis increases, there is more expectation of possession concentration (Skeel 2014, p.1015). In contrast studies have suggested that possession concentration accompanies several costs but it is necessary to understand that possession concentration does not create any strong motive to increase the value of company. The possession concentration enforces more costs because of excessive concentration and potential powers to discharge the minority shareholders from the possession on organizations. The low possession concentration will result in positive motivating impact on the economic functions of the organizations.

Findings by Skeel (2014, p.1015) in respect of relation among the possession structure and company operations represents that possession structure creates a vital impact on the effects of joint stock organizations in a manner that there is a strong and constructive link among the profitability and possession concentration. The existence of concentration in the organization possession results in absolute control on the day to day affairs of the companies. Additionally, the shareholders may reduce the problems of companies by controlling the administration functions by virtue of sufficient information.

As stated by Du Plessis, Hargovan and Harris (2018, pp. 657-678) businesses that are rescued from the financial crisis are reliant on the role of independent directors in the director’s board. There is a considerable amount of association between the independent director’s board arrangement and situations of financial crisis. The businesses that have faced financial crisis possessed less directors board members. Empirical evidences have suggested that companies with additional number of independent directors and extra internal possessors are less likely to be discharged from the list of stock exchange. This is because if the number of outer directors are more then there is a less likely chances of fraud and bankruptcy. Businesses that have more number of independent directors are less likely to breakdown with less probability of crisis.

As per Agrawal and Cooper (2017, pp.165) provides that a director’s board with less number of members have considerable amount of correlation with the bankruptcy. A comparative study shows that companies with bankruptcy and those that are successful have the tendency of having more number of members in their board. A board with more number of members might contain high management power with higher company functions. Alternatively, the fall in the size of board of directors possess direct relation with the bankruptcy occurrence in the organizations facing crisis.

The head of director’s board must supervise the managing directors, regulate the agendas and direct the board session of directors. On noticing that the managing director benefits differing from shareholders then the influence of managing director is problematic. As indicated by Larcker and Tayan (2015, pp.176-209) businesses that have unbound head of director’s board has the better functions than the companies that are under the influence of managing directors. The influence of managing director does not weaken the operations but might create an influence on the market understanding relating to the control rate that is excited on the financial reporting procedure. On finding that the influence of managing director decreases the supervision on the management results in probable increase in bankruptcy risks. In other words, there is a significant amount of association among the managing directors influence and risk of bankruptcy.

Berger, Imbierowicz and Rauch (2016, pp.729-770) defines the impact of corporate governance does not remain even through all the organizations and there are one size that fits the entire practice of corporate governance. Evidences obtained from the non-banking strong businesses recognized in the preceding study might not provide an explanation relating to the efficiency of the convinced features of governance for circumstances in which businesses are about to become financially troubled or insolvent.

At least there are two reasons behind such differences. At first governance arrangements that are operative and valuable for some business may be unproductive and counterproductive for other business (Berger, Imbierowicz and Rauch 2016, pp.729-770). Secondly, organizations performance cannot be considered as the sole factor that causes bankruptcy and poor performance might not necessarily result in immediate bankrupt position. Bankruptcy is associated with the numerous conditions such as firms fixed costs operating and leverage, percentage of illiquid assets and sales sensitivity.

Evidences from the preceding paragraph suggest that a bigger board structure is more probable to lessen the likelihood of bankruptcy, varying from the proposal laid down in readings that bigger board can be less operational than smaller boards (Saad 2010, pp.105-114). The results obtained from the study suggest that fall in the likelihood of bankruptcy happens on conditions when the multifaceted organizations engage bigger board. Conclusively, the improved advisory volume of the bigger size of board seems to be comparatively advantageous to the highly multifaceted companies when facing severe financial burden.


The literature significantly contributes by offering an inclusive examination of the impact that the organization features, mainly the amount of firm complication and business requirement for special understanding have on the association among the corporate governance and bankruptcy risk. It is noticed that having a larger board lowers down the risk of bankruptcy.

The study provides suggestion that devising a bigger percentage of internal directors lowers the hazard of insolvency and bankruptcy in businesses. The evidence from the principle mechanisms investigation reflects that organizations that eventually file for bankruptcy suffer from the bad structure of corporate governance well before the bankruptcy occurrence.    


Admati, A.R., 2017. A skeptical view of financialized corporate governance. Journal of Economic Perspectives, 31(3), pp.131-50.

Agrawal, A. and Cooper, T., 2017. Corporate governance consequences of accounting scandals: Evidence from top management, CFO and auditor turnover. Quarterly Journal of Finance, 7(01), pp.165.

Berger, A.N., Imbierowicz, B. and Rauch, C., 2016. The roles of corporate governance in bank failures during the recent financial crisis. Journal of Money, Credit and Banking, 48(4), pp.729-770.

Darrat, A.F., Gray, S., Park, J.C. and Wu, Y., 2016. Corporate governance and bankruptcy risk. Journal of Accounting, Auditing & Finance, 31(2), pp.163-202.

Du Plessis, J.J., Hargovan, A. and Harris, J., 2018. Principles of contemporary corporate governance pp. 657-678. Cambridge University Press.

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Forecast Of Business Bankruptcy

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Bankruptcy And Adjudiction

Bankruptcy And Adjudiction.


1.Bankruptcy definition of process Enforcement of process Restriction measures discharge of Bankruptcy.

2.Adjudication adjudication procedures adjudication appointment &determination determanation order & Review Adjudication Enforcement.





This paper intends to research into and subsequently presents a comprehensive discussion of the bankruptcy process in respects of an individual insolvency in Singapore. The discussions entail the origin of the insolvency, enforcement, restrictions for the individual bankrupt including the range of options of discharging as well as annulling bankruptcy order. The chosen firm to help expand this discussion is Ezra Holdings.

Bankruptcy Processes in Singapore:


Bankruptcy denotes a legal status of an individual firm or person who is unable to make repayment of debts over $15, 000 and is already declared by the High Court as a bankrupt. The Official Assignee is appointed by the High Court to particularly administer the affairs of the bankrupt in the bankruptcy (Agarwal, He, Sing and Zhang 2016). The Official Assignee administers such affairs as selling off the assets of the bankrupt to pay its creditors, registering claims of the creditors and distribute dividends to the creditors of the bankrupt (Peng, Yamakawa and Lee 2010).   


The bankruptcy follows the prolonged offshore downturn, marine, and oil and gas industry. This has caused Singapore-based Ezra Holdings to sought Chapter 11 protection with the US bankruptcy courts. At the time, it stood unclear whether Ezra Holdings would “go under”. Ezra Holdings filed for the Chapter 11 protection nearly three weeks later following EMAS application on 27th February 2017 for the same. This is because Ezra Holdings owns a forty percent share of EMAS. The twenty largest creditors of Ezra were owed nearly US$600 million. Ezra announced to the Singapore Stock Exchange (SGX) on 19/03/2017 that the Chapter 11 filing was meant to “optimize both scope and extent of options available restructuring and the protection of the company stakeholders’ interest.  Ezra Holding was concerned as besides restructuring, EMAS was seeking to terminate 5 charterparties. These included the LEWEK CHAMPION, the 25,000 GT pipe-layer. This was then under arrest in China and LEWEK EXPRESS. Such contracts were reportedly valued over 300 million USD in the remaining charter hire payment. Thus, keeping such charters alive would be of little gains to the estate (Chua and Bedford 2016).  

The offshore supply vessels oversupply and newly built vessels influx culminating in low competitive rates of charter worsened the financial challenges of the business division of Ezra Holdings. This made the Ezra debts to surge including unsecured loans amounting to $272 million from DBS Bank Ltd, $184 million from Oversea-Chinese Banking Corp Ltd alongside $108 million owed to a Singapore affiliate of HSBC Plc. Moreover, Ezra Holdings stock lost 20% of its value following a disclosure in March 2017 that it provided almost 900 million guarantees in loans and liabilities of EMAS CHIYODA SUBSEA Ltd. Ezra Holding thus faced a “going concern issue” despite attempts to restructure (Azmi, Razak and Ahmad 2017).    


In Singapore, the Bankruptcy proceedings start by means of filing of a Bankruptcy Application to High Court. In this case, it was filed by Ezra Holdings (debtor) and not a creditor (owed $15,000 or more by a debtor). Ezra Holding (debtor) filed the application to be the company bankrupt. A statement of affairs was filed alongside Bankruptcy Application. For example, Ezra Holdings indicated in its statement of affairs that it had $1B in assets and up to $500 million in liabilities.

To enforce the application, Singapore sets the hearing of a Bankruptcy Application around four to six weeks from date of filing of the Application. Once a Bankruptcy Order is made against Ezra Holdings, notification shall be published in Singapore Government Gazette. Subsequently, the Court-appointed Official Assignee/private trustee in bankruptcy administers the affairs of the Ezra Holdings in bankruptcy (Chan 2016). The Official Assignee then contacts Ezra Holdings to go for briefing in his office. At this point, Ezra Holdings will be subjected to a number of disabilities and disqualifications. The case then undergoes commencement of an action, pre-trial matters, trial, post-trial matters and the appeal process, if required (Alexander 2016).       

Restrictions for Bankrupt:

Once a firm has been declared bankrupt by the High Court, it was unable to begin or continue legal actions in the court in absence of the permission of the trustee. The firm cannot act as a trustee or even personal representative in absence of the permission of the court. The firm can no longer deal in property (Saba and Rahman 2016). The officials involved are unable to travel or even live/stay in foreign countries unless permitted by the trustees. Further, the firm cannot obtain any credit unless it discloses its bankruptcy status. The business will be unable to neither act as director of a company nor engaged in the management of any business unless permitted. 

Options for: Discharging and Annulling Bankruptcy Order

Under the novel framework for bankruptcy schemes in Singapore, established in 2016 August, there is assistance for navigation of first-time bankrupts out of the debt. A first-timer might be discharged within 3 to 5 years, in case the firm has been able to make repayment of the full target contributions, without threshold of creditors refuting the discharge. However, the discharge could take a slightly extended period of 5 to 7 years, in case the bankrupt only pays the target contribution in full, but still, the court rejects the objections of the creditors to discharge. In both scenarios, the name of the bankrupt would be detached from the public records after 5 years from the time of discharge. However, where the bankrupt remains unable to repay debts after 7 years, the name will stay permanently in the public records (Cheah, Ho and Lim 2016). There are 4 different methods of discharging bankruptcy solely available for bankruptcy applications filed in or beyond 2016, August 1. These include paying off all outstanding debts; making a proposal to creditors for the debt repayment; application to the court for discharge order and discharging by Official Assignee’s certificate. 

Paying off all the outstanding debts remains the swiftest method of discharge. When the bankrupt does this the Official Assignee or the Court is able to issue a certificate which annuls the bankruptcy order. Subsequently, the bankrupt’s name is removed promptly from the bankruptcy register on the annulment date.

A bankrupt can also make a proposal to creditors to repay the debts. This is done at the Ministry of Law Website under the “Application for Discharge from Bankruptcy”.  The proposal has to be accepted at the general meeting by at least half in a number of the creditors of the bankrupt, who hold a minimum of seventy-five percent in debt value. In case the bankrupt meet such a threshold, the Certificate of Discharge is then issued by the Official Assignee to discharge the bankrupt from the bankruptcy. Nevertheless, the bankrupt’s name shall only be detached from the register of bankruptcy after five years from the discharge date and only once the debts have been repaid in full (Azmi, Abd Razak and Ahmad 2017).

Nonetheless, where all the creditors approve the proposal in unison, the Official Assignee shall subsequently issue the Certificate of Annulment. This permits the bankrupt’s name to be instantly detached from the bankruptcy register at the annulment date. However, obtaining either the certificate is never the end of story. The bankrupt must repay the debts in accordance with the proposal subsequently. Otherwise, any creditor or Official Assignee is able to make application to revoke the annulment or discharge from bankruptcy.

The third method of discharge is to apply to the Court for the Discharge Order accompanied by the affidavit. The affidavit must state whether the bankrupt has filed its statement of affairs; the creditors’ number alongside whether creditors have proven respective debts. The affidavit must further state whether the bankrupt has disclosed all its assets to the Official Assignee or trustee that is managing its affairs and whether such assets are already realized. The affidavit must further state whether the bankrupt’s dividends have already been declared and if yes, the dividend’s amounts; and the reason for applying for the Discharge Order. The bankrupt must then serve its application together with the affidavit copy by the trustee or Official Assignee managing its affairs (Golden 2017). The Court will then evaluate the application taking into consideration; amount of debt, cause of bankruptcy and the much the bankrupt was at fault for debt incurrence, bankrupt’s domestic, financial and social conditions, bankrupt’s conduct, bankrupt’s interest in being discharged, and creditors interest in getting repaid; and whether creditors have objected to discharge applications. Where the order for discharge is granted by the Court, the bankrupt gets discharged from bankruptcy (Eckbo, Thorburn and Wang 2016). The bankrupt’s name will then get detached from the register of bankruptcy after five years following the discharge and only when the debts have been repaid in full. However, things become complicated in case of “special facts” in the application/case. For example, where a bankrupt has committed Bankruptcy Act Offences/offenses linked to fraudulent property distribution under the Penal Code, there will be “special facts”. Other “special facts” are highlighted in s. 125 (5) of Bankruptcy Act which makes it unlikely for the Court to grant the bankrupt a discharge order when proven. Even in the absence of such order, still, the bankrupt’s order will be subjected to conditions like bankrupt being needed to make a partial repayment to its creditors.

The Discharge by Certificate of Official Assignee method can also be used where the Official Assignee issues the bankrupt with a Certificate of Discharge. Nevertheless, a bankrupt can never apply for Official Assignee Certificate. Such a certificate shall solely be granted where the Official Assignee deems it fit, when these two conditions are met: (i) The bankrupt must have either paid the target contribution in full or are proven incapable of paying as a result of some extenuating conditions and (ii): A certain validity duration must have gone following the bankruptcy administration date.



As a Consultant Project Manager engaged by subcontractor, Bui Gong Pte Ltd with a claim dispute with major contractor about final payment settlement of a Main Upgrading HDB project in Singapore, I seek to undertake study in the Security of Payment Act 2004 (SOPA) and subsequently present a comprehensive advise to the subcontractor on procedure for adjudication according to SOPA 2004.

Adjudication Procedure:

Adjudication is a kind of ADR (Alternative Dispute Resolution) broadly used in the construction sector. It permits disputes to be resolved by adjudicators relatively faster whereas work progress (Mewomo and Maritz 2017). The decision of the adjudicator remains to bind, unless and till the dispute is eventually determined by arbitration, legal proceeding or parties’ agreements. However, parties could accept the decision of the adjudicator as eventually determining the dispute. Under the Singapore Security of Payment Act, claimants always lodge their claims with recipients.

However, a limited number of days exist for the recipient to undertake the assessment and formally give their replies to a written claim. Failure to respond formally to a claim under stipulated schedule indicates a “sudden death” nuance to adjudication system and may lead to full amount judgment. Where a matter is challenged, the adjudicator will have the matter referred to him. Again, he (adjudicator) must operate under stringent schedule with to formulate the adjudicated determination (Raji, Mohamed and Mohammed 2017). The major patrons of adjudication system include construction sector sub-contractor lodging claims against respective builders and to a lower degree builders lodging claims against corresponding principals. 


Bui Gong Pte Ltd can loge the claim with adjudicator to determine the dispute with the major contractor about final payment settlement of a Main Upgrading HDB project in Singapore. Under SOPA, my client is able to benefit from the statutory right provided by SOPA where an individual who had performed construction work is entitled to make a progress or payment claim (Ali 2016). My client is hence entitled to serve a “payment claim for the month of work under the duration which is outlined in the construction contract. In this case, my client is the claimant and he is entitled to make such based on SOPA prescribed details for all works and costs emerging out of, under as well as in accordance with a construction contract.

Once the claimant has served a valid payment claim on the party “liable to make a progress payment”, as provided for in section 2 of SOPA, the adjudication process is set in motion in Singapore under SOPA. The respondent must then serve a valid payment response upon my client, according to the specified date in the construct (max 21 days). Where there is no date specified, payment response has to be done within seven days from point of payment claim receipt. The respondent has to give in full his reasons for payment withholding specified in the claim alongside his calculation to buttress his reasons.

If the respondent fails to respond leads to draconian aftermaths for him. These include being deemed to have automatically conceded to the adjudication order on payment claim; will be unable to depend on any extra ground before an adjudicator and; adjudicator doesn’t lack “jurisdiction” and is hence excluded from taking into account, any particular reason entailed in payment respond (Todd and Ezeani 2016). The service of payment response provokes a statutory dispute settlement duration of 7 days when my client is able to seek clarification from respondent arising from his response and negotiate the settlement of payment claim dispute. The respondent is permitted to serve a response upon claimant; where he hadn’t done so earlier, as dictated by s.11 (1) of SOPA (Ibrahim 2016).

The service also provokes entitlement of my client to begin the adjudication application as provided for in s. 13 (1) of SOPA where my client doesn’t ‘receive’ “payment” by scheduled date of response amount that my client already accepted, or if my client disputes response given, or where the respondent doesn’t provide a response within statutory stipulated duration (Abraham and Sivanesan 2014). Upon the end of statutory dispute settlement duration of 7 days, or upon failure by the respondent to make payment of accepted payment response, under a scheduled timeframe, my client remains entitled to “make the adjudication application” with “authorized nominating agency” adhering to all conditions as under s. 18.10 (1-4).

After receiving adjudication application alongside “adjudication fees”, nominating body undertakes its role as given in s.18.11. My client is entitled under s. 18.12 to withdraw his adjudication application anytime, via service of a notice of withdrawal upon adjudicator, respondent and authorized nominating body. Under s. 18.13, the respondent must file adjudication response to adjudication application of my client with nominating body under 7 days from its receipt from nominating body. Under s. 18.14, statutory adjudication then commences instantly following expiry of timeline for adjudication response filing by respondent.  Section 18.25 through 18.28 set in to guide adjudication determination process (Jayasinghe and Ramachandra 2015).

In conclusion, s. 18.29 details the adjudication determination. Here, a valid adjudication determination has to comply with such conditions as made within as well as according to the stringent schedule outlined in s. 17 (1) (a) and (b); made in writing; entail each reason for determination; and be an ultimate determination, unamendable by the adjudicator, except for minor mistakes (clerical), omissions/accidental slip or form defect.


Abraham, W. and Sivanesan, S., 2014. Construction Industry Payment and Adjudication Act 2012-Will the Act Improve Cash Flow in Malaysia. Const. L. Int’l, 9, p.9.

Agarwal, S., He, J., Sing, T.F. and Zhang, J., 2016. Gender Gap in Personal Bankruptcy Risks: Empirical Evidence from Singapore. Review of Finance, p.rfw063.

Alexander, K.H., 2016. Guidelines to New Chapter 15 Forms. Insolvency & Restructuring Int’l, 10, p.22.

Ali, N.A.N.A., 2016. Statutory Construction Adjudication: Analysis of the New Zealand and Malaysian Legislations(Doctoral dissertation, University of Auckland).

Azmi, R., Abd Razak, A. and Ahmad, S.N.S., 2017. Discharge in bankruptcy: a comparative analysis of law and practice between Malaysia, Singapore and the United Kingdom (UK)–What can we learn?. Commonwealth Law Bulletin, pp.1-31.

Azmi, R., Razak, A.A. and Ahmad, S.N.S., 2017, November. Debts Repayment Scheme and Debts Repayment Plan in Singapore and Malaysia: A Legal Overview. In International Research Symposium Series (IRSS) (p. 61).

Chan, A., 2016. Global and Regional Practices in Financial Restructuring and Bankruptcy Laws: Lessons to Be Learned from Singapore. In Global Insolvency and Bankruptcy Practice for Sustainable Economic Development (pp. 219-264). Palgrave Macmillan, London.

Cheah, S., Ho, Y.P. and Lim, P., 2016. Role of public science in fostering the innovation and startup ecosystem in Singapore. Asian Research Policy, 7(1), pp.78-93.

Chua, H.S. and Bedford, O., 2016. A qualitative exploration of fear of failure and entrepreneurial intent in Singapore. Journal of Career Development, 43(4), pp.319-334.

Eckbo, B.E., Thorburn, K.S. and Wang, W., 2016. How costly is corporate bankruptcy for the CEO?. Journal of Financial Economics, 121(1), pp.210-229.

Golden, S.W., 2017. The Delaware of Asia. American Bankruptcy Institute Journal, 36(8), p.24.

Ibrahim, W.A.B., 2016. Regulatory framework for adjudicators in the Malaysian construction industry (Doctoral dissertation, University of Strathclyde).

Jayasinghe, H.M. and Ramachandra, T., 2015. Adjudication practice and its enforceability in the Sri Lankan construction industry. Journal of Legal Affairs and Dispute Resolution in Engineering and Construction, 8(1), p.C4515005.

Mewomo, M. and Maritz, M., 2017. The experts’ views on factors influencing the effective implementation of statutory adjudication. Journal of Construction Project Management and Innovation, 7(Supplement 1), pp.1877-1892.

Peng, M.W., Yamakawa, Y. and Lee, S.H., 2010. Bankruptcy Laws and Entrepreneur?Friendliness. Entrepreneurship Theory and Practice, 34(3), pp.517-530.

Raji, B.A., Mohamed, A.A.B.A. and Mohammed, N.S., 2017. STATUTORY ADJUDICATION: A GLOBAL TREND FOR RESOLUTION OF PAYMENT PROBLEMS IN CONSTRUCTION INDUSTRY. Copyright@ 2017 Ahmad Ibrahim Kulliyyah of Laws International Islamic University Malaysia Kuala Lumpur, p.419.

Saba, H. and Rahman, S., 2016. A Comparative Analysis of Cross-Border Insolvency Proceedings between United Kingdom and Singapore. Bocconi Legal Papers, 8, p.131.

Todd, N. and Ezeani, E.C., 2016. Adjudication costs under the Housing Grants, Construction and Regeneration Act 1996: the attractions of Singapore’s Building and Construction Industry Security of Payment Act 2004

Bankruptcy And Adjudiction

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