The purpose of this book is to provide a coherent overview of the insolvency systems found around the world. Its intended audience includes academics, judges, lawyers, and policymakers.
... See More + Its focus is on businesses rather than natural persons. The authors hope to give the reader a sense of some of the principal approaches to managing the general default of a business debtor. The authors will discuss the nature of the costs and benefits arising from the various policy choices legislators have made. In the process, they will emphasize the close interrelationship among various elements of an insolvency regime so that these elements can be viewed as part of an overall system and not just as a series of policy decisions about particular rules, such as the method of initiation of an insolvency case or the balance struck in setting the boundaries of an avoidance power. The organization of the book reflects our view of insolvency laws as complete systems, including not only the 'insolvency' or 'bankruptcy' code of a jurisdiction but also closely related laws and the institutional framework in which those laws are applied. The book takes a systematic approach to a variety of topics related to credit and insolvency regulation. The functional analysis starts with the study of debt enforcement, continues with an examination of general corporate insolvency legislation, corporate rehabilitation proceedings, informal workouts, employee rights, judicial and administrative institutions, and the considerations key to cross-border insolvency proceedings.
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Publication 68423 MAR 04, 2019
Westbrook, Jay Lawrence; Booth,Charles D.; Paulus, G. Christoph; Rajak,Harry H.Disclosed
Micro and small enterprise (MSME) insolvency is particularly likely to impact not only the business, but also the personal and family life of the owner-operator(s) of such businesses, raising particular concerns that apply much less frequently in the context of corporate insolvency.
... See More + This report refines and expands on the earlier deliberations of the Insolvency and Creditor or Debtor Regimes Task Force (ICR Task Force) regarding the optimal approaches for treating MSME insolvency. As a matter of terminology, it should be stressed that the term MSME in this report is intended to cover both individual natural persons and juridical business entities, unless specifically stated.This means that the size of an MSME differs from country to country and even industry to industry, making comparisons between jurisdictions and global standard-setting difficult. The scope of this report is designed to be nonprescriptive and dynamic across countries and contexts. Accordingly, this report aims to consider rescue and restructuring for all viable MSMEs, with the objective of preserving individual entrepreneurial initiative, including in the context of liquidation, and of preserving businesses that can continue to operate and add value in an economy. The final section of the report starts the process of examining the ICR Principles in light of the proposals made in this report.
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The objective of the Strengthening The Regulatory And Institutional Framework For Ms will be to enhance financial services and products and to strengthen financial protection mechanism for MSMEs, while enhancing governance.
... See More + There is a need to extend the closing date of the Project from its current closing date of August 31, 2018 to December 30, 2019. The objectives have been nearly fully met, the extension will provide the PMU adequate time to achieve the final objective of women's inclusion, and provide further support to strengthen implementation through additional institutional development and TA to deepen reforms initiated since the project’s inception especially following the decision to move Insurance under CBJ’s supervision. The project will provide TA to develop and implement a robust insurance supervisory through establishing insurance supervision department at CBJ, developing new Insurance law and regulations and establishing and transferring and upgrading IT systems related to the Insurance Supervision Department.
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As an European Union (EU) Member State, Romania is subject and aligned to the EU common regulatory framework for banking supervision. The EU regulatory framework for banking supervision has been subject to significant changes since the 2008 global financial crisis and the subsequent sovereign debt crisis.
... See More + The adoption of the Capital Requirements Regulation and the Capital Requirements Directive IV (CRR/CRD IV) which forms the Single Rule Book was an important step towards stronger prudential regulation. Given that a large part of Romania's banking system is owned by Eurozone banks, the Single Supervisory Mechanism (SSM), as the home supervisor for Eurozone banks, is a key partner of the National Bank of Romania (NBR). Prudential regulations of the NBR are broadly aligned to the requirements of the Basel Core Principles (BCP). As of 2017, the NBR has identified 11 banks as systematically important, of which 8 are supervised at group level by the SSM.
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Financial Sector Assessment Program (FSAP) 128958 MAY 01, 2018
The Chinese insurance sector is experiencing rapid growth, posing particular challenges to effective supervision. The sector has been growing by over 20 percent a year and there are ambitious government targets for further development.
... See More + Many individual, often newer, companies are growing at rates far in excess of the average. New entrants, products and distribution channels, combined with the liberalization of pricing, have increased competition. At the same time, slower economic growth and reduced investment returns are exposing many established life insurers to the risk of loss due to the rising value of their liabilities. Many non-life companies are moving into new lines of business as margins in established lines erode. While their customers continue to benefit from a dynamic market, there are risks to insurance companies’ business models, performance and to solvency as well as risks of misconduct in the treatment of insurance customers. There are particular challenges for insurance supervisors to remain abreast of developing risks, while continuing to strengthen the regulatory and supervisory system for the longer term. The China Insurance Regulatory Commission (CIRC) has been undertaking far-reaching reforms and modernization since the 2011 FSAP. It has focused its work on improving corporate governance, enforcing sound market conduct and reshaping the solvency standards into a modern, risk-based approach. The China-Risk Oriented Solvency Standards (C-ROSS) draw on international practices and experience in the Chinese market to define solvency requirements that generally reflect risk as well as rewarding sound risk management. By linking the framework to an in-depth assessment of risk management, C-ROSS has also equipped CIRC with a strengthened overall supervisory framework for solvency risk. As a result, CIRC has felt confident to relax or remove less risk-based requirements such as new product (and reinsurance contract) approval as well as detailed limits on insurers’ investments. In parallel with regulatory changes, it has been working to reform and develop the insurance market, liberalizing pricing controls and accommodating the development of new products, although restrictions remain on the access of foreign insurers, especially in life insurance.
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This FOCUS 2 publication provides an in-depth examination of a major corporate governance policy, initiative, or issue through a combination of research, case studies, and expert opinion.
... See More + Unlike a traditional academic research paper, FOCUS aims to provide practical insight or guidance for CG practitioners. This manual, for present and prospective directors of noncomplex banks, is intended to provide a guide to emerging international best practice. It is designed to help boards of directors in a practical way attain, and maintain a high standard of internal governance. A directorship of a complex bank, especially a large one, implies a further dimension; even so, the basic considerations set out in this manual still apply. The paper supplements a country's laws, rules and other local guidance; together, their aim is to set banks and financial institutions on the path towards enduring prosperity. Directors in all countries are advised to familiarize themselves with the scope of the relevant legislation, noting that they may be personally liable for breaches of certain provisions. The intention of the manual is to ensure that the underlying principles are not swamped by the detail, and to give directors a fundamental understanding of their tasks and the context. This document brings home the point that membership of a board of directors of a financial institution is not a matter of personal prestige; it carries a significant burden of personal responsibilities.
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Working Paper (Numbered Series) 34668 JAN 01, 2018
The Executive Directors are hereby notified that the Board record noted in paragraph 2 of this consultation memorandum is responsive to a public request for access to certain records (Access to Information Case No.
... See More + AI5324). The record has been identified by the Corporate Secretariat to be eligible for immediate declassification and disclosure under the Bank’s Policy on Access to Information (“AI Policy”).This public request is for Chairman’s Summing-up of Board meeting of November 26, 1991 – Policy on Tobacco, dated December 10, 1991 (SecM91-1565). Under the AI Policy, information restricted under the “Deliberative Information” exception is eligible for immediate declassification and disclosure in accordance with the AI Policy’s declassification schedule, if the documents concerned do not also contain or refer to restricted information not eligible for declassification. The declassification schedule for Chairman’s Summings-up of Board meetings prepared before January 1, 2002 is five years. Because the requested Board record is restricted only under the “Deliberative Information” exception and satisfies its corresponding declassification schedule age requirements, it is eligible for immediate declassification and disclosure. The requested Board record can be accessed through the link provided in the second paragraph and through the EDs’ Portal under “Access to Information Requests”. Assistance can also be arranged through the Corporate Secretariat’s Board Resource Center.
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A Toolkit for Out-of-Court Workouts was created to achieve two objectives: (1) to provide policy makers with tools to develop a corporate restructuring framework and culture in their country; and (2) to help stakeholders implement informal corporate restructuring principles to try to rescue failing enterprises.
... See More + It is accordingly aimed primarily at policy makers, financial institutions, and insolvency representatives, as well as enterprises. The Toolkit generally examines different models for restructuring, in the understanding that there is no such thing as a "one size fits all" approach, and countries have the ability to develop flexible and varied solutions to meet their specific financial sector needs. Specifically, the focus of the Toolkit is on workouts, which for the purposes of this publication is taken to mean two types of restructuring models: (1) those that involve no judicial involvement (i.e., that are purely out-of-court mechanisms [OCWs]); and (2) those that involve some institutional or judicial involvement (hybrid procedures). Focusing on these models is designed to provide stakeholders with a broader understanding of restructuring and the varied models that different countries are implementing. Included in the Toolkit are sample documents typically used in a workout. These are included only to illustrate certain practicalities and considerations in conducting a workout, and should not be used without legal advice in the jurisdiction of their intended use.
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