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
