| Description |
1 online resource (x, 60 pages) : illustrations |
| Series |
World Bank studies |
|
World Bank studies
|
| Contents |
Background to out-of-court debt restructuring -- Enabling legislative framework -- Informal workout procedures -- Conclusion : a policy agenda for out-of-court debt restructurings |
| Summary |
This study provides a conceptual framework for the analysis of the questions of out-of-court debt restructuring from a policy-oriented perspective. The starting point of the analysis is given by the World Bank Principles for Effective Insolvency and Creditor Rights Systems. The study offers an overview of out-of-court restructuring, which is not seen as fundamentally opposed to formal insolvency procedures. Actually, the study contemplates different restructuring techniques as forming a continuum to the treatment of financial difficulties. Thus, from the purely contractual - or informal - arrangements for debt rescheduling between the debtor and its creditors, to the fully formal reorganization or liquidation procedures, there are numerous intermediate solutions. In the study, these solutions are identified by the terms of enhanced procedures - where the contractual arrangements are supported by norms or principles for workouts; and hybrid procedures - where the contractual arrangements are supported by the intervention of the courts or an administrative authority. The study discusses the advantages and disadvantages of all the debt restructuring techniques, and concludes, in this regard, that a legal system may contain a number of options - a menu - that can cover different sets of circumstances. In the end, the law may offer a toolbox with very different instruments that the parties may use depending on the specific facts of the case. A substantial part of the study is devoted to the analysis of the enabling regulatory environment for out-of-court restructuring. It is evident that debt restructuring does not operate in a vacuum: in fact, the general legal system influences and to a certain extent determines the possibilities for debt restructuring in any given jurisdiction |
| Analysis |
World Bank Principles for Effective Insolvency and Creditor Rights Systems |
| Notes |
"A World Bank study." |
|
"This study is based on the World Bank's Insolvency and Creditor/Debtor Regimes Initiative over the last decade. The current version of the study was prepared and updated by Dr. Jose Maria Garrido ... This study was presented at a roundtable within the World Bank ICR Task Force meeting in Washington DC, in January 2011"--Preface |
| Bibliography |
Includes bibliographical references |
| Notes |
Print version record |
| Subject |
Bankruptcy -- Congresses
|
|
Loan workouts -- Congresses
|
|
Debtor and creditor -- Congresses
|
|
LAW -- Bankruptcy & Insolvency.
|
|
Debtor and creditor
|
|
Bankruptcy
|
|
Loan workouts
|
| Genre/Form |
Conference papers and proceedings
|
| Form |
Electronic book
|
| Author |
World Bank
|
| LC no. |
2011048300 |
| ISBN |
0821389564 |
|
9780821389560 |
|
