Efficient bankruptcy arrangements reduce disruptions to economic activity that often arise when losses have to be imposed on creditors. Many developing countries do not have good work-out arrangements for troubled debtors, and, as a result, governments in these countries often feel compelled to bail them out rather than accept the consequences of defaults.
The CEO will deliver a short speech beforehand to give us all some information. This is not something that can be seen every day. Memo from Department Head to Floor Manager: The CEO will today deliver a short speech to make the sun disappear for two minutes in the form of an eclipse.