Full Description
This book explains how and why insolvency law in emerging economies needs to be reinvented. It starts by examining the importance of insolvency law for the promotion of economic growth as well as the similarities and divergences in the design of insolvency law around the world. The central thesis of the book is that insolvency law in emerging economies fails to serve as a catalyst for growth. It is argued that this failure is mainly due to the design of an insolvency legislation that is not tailored to the market and institutional environment generally existing in emerging economies. The book also provides a critical analysis of the design of insolvency law in many advanced economies where the insolvency system has proven to be unattractive for debtors, creditors or both. Therefore, in addition to suggesting a new insolvency framework for emerging economies, this book ultimately invites readers to rethink insolvency law.
Contents
Part I. Foundations: 1. Insolvency Law as a catalyst for growth; Part II. Features and Challenges of Insolvency Law in Emerging Economies: 2. Market and institutional environment in emerging economies; 3. Insolvency systems around the world; Part III. Towards a New Insolvency Framework in Emerging Economies: 4. Promotion of workouts and hybrid procedures; 5. Rethinking directors' duties in the zone of insolvency in emerging economies; 6. Implementation of a simplified insolvency framework for micro and small enterprises; 7. Tweaking ordinary insolvency proceedings; 8. Favoring the choice of insolvency forum; Part IV. The Future of Insolvency Law: 9. Reinventing insolvency law beyond emerging economies; Glossary of terms; Index.
