Pakistan - Strengthening the Insolvency Regime : Non-Lending Technical Assistance Final Report
The importance of a modern, binding and effective insolvency regime is undeniable. Nearly 90 countries around the world have reformed their bankruptcy codes since Second World War, and over half of them have done so during the last decade. One of t...
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| Format: | Insolvency Assessment (ROSC) |
| Language: | English en_US |
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Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2011/06/16251104/pakistan-strengthening-insolvency-regime-non-lending-technical-assistance http://hdl.handle.net/10986/12374 |
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okr-10986-12374 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCESS TO CREDIT ACCESS TO FINANCE ACCOUNTABILITY ADMINISTRATIVE ACTION ADMINISTRATIVE COSTS AFFECTED CREDITORS ARBITRATION ASSET MANAGEMENT ASSET MANAGEMENT COMPANY ASSET MARKETS ASSET VALUE ASSETS AUTOMATIC STAY BALANCE OF PAYMENTS BALANCE OF PAYMENTS CRISES BALANCE SHEET BALANCE SHEETS BANK LOAN BANKING LAWS BANKING SYSTEM BANKRUPTCY BANKRUPTCY CODE BANKRUPTCY CODES BANKRUPTCY FILINGS BANKRUPTCY PROCEEDING BANKRUPTCY PROCEEDINGS BANKRUPTCY REFORM BID BUSINESS ADVICE BUSINESS ENTERPRISES BUSINESS INSOLVENCY CAPACITY BUILDING CHECKS CLAIM CLASSES OF CLAIMANT COLLATERAL COMMODITY PRICES COMPANIES LAW COMPANY LAW CONSOLIDATION CORPORATE BORROWERS CORPORATE DEBTORS CORPORATE DISTRESS CORPORATE ENTITIES CORPORATE INSOLVENCY CORPORATE LAW CORPORATE LAW REFORM CORPORATE LAWS CORPORATE REORGANIZATION CORPORATIONS COURT APPROVAL COURT ORDER CREDIT COSTS CREDIT RISK CREDITOR CREDITOR CLAIMS CREDITOR CLASSES CREDITOR CONSENT CREDITOR PROTECTION CREDITOR RIGHTS CREDITOR RIGHTS REGIME CREDITORS CREDITS CRIMINAL ACT DEBT DEBT FORGIVENESS DEBTOR DEBTOR COMPANY DEBTORS DEBTS DECISION-MAKING POWERS DEPENDENT DISSOLUTION DISTRESSED ASSET DISTRESSED ASSETS DISTRESSED COMPANIES DISTRESSED COMPANY DISTRESSED DEBT DISTRESSED ENTERPRISES DUE DILIGENCE EFFECTIVE INSOLVENCY EFFECTIVE INSOLVENCY SYSTEMS EMERGING ECONOMIES EMPLOYEE CLAIMS EMPLOYMENT EMPLOYMENT CONTRACTS ENFORCEABILITY ENTREPRENEURS EQUITY STAKE EXCHANGE COMMISSION EXISTING CREDITORS EXISTING LIABILITIES EXIT MECHANISM EXTERNAL SHOCKS FEDERAL BUDGET FINANCES FINANCIAL DISCIPLINE FINANCIAL DISTRESS FINANCIAL INSTITUTIONS FINANCIAL POSITION FINANCIAL RESTRUCTURING FINANCIAL STABILITY FISCAL DISCIPLINE FORCED SALE FOREIGN COMPANIES FREE MARKET GOING CONCERN GOING CONCERNS GOVERNMENT OBLIGATIONS GUARANTORS IMPAIRED ASSETS INCORPORATION INFLATION INSOLVENCY INSOLVENCY LAW INSOLVENCY MECHANISM INSOLVENCY PRACTITIONERS INSOLVENCY PROCEEDINGS INSOLVENCY PROCESS INSOLVENCY PROFESSIONALS INSOLVENCY REFORM INSOLVENCY REGIME INSOLVENCY REGIMES INSOLVENCY SYSTEM INSOLVENCY SYSTEMS INSOLVENT INSOLVENT COMPANIES INSOLVENT COMPANY INSTITUTIONAL FRAMEWORKS INTEREST RATES INTERESTS OF CREDITORS INTERNATIONAL TRADE JUDGES JUDGMENTS JUDICIAL ADMINISTRATOR JUDICIAL PROCEEDINGS JUDICIARY JURISDICTION JURISDICTIONS LARGE DEBTORS LEGAL FRAMEWORK LEGAL FRAMEWORK FOR BANKRUPTCY LEGAL FRAMEWORKS LEGAL SYSTEM LEGISLATION LEGITIMATE CLAIMS LIMITED LIMITED LIABILITY LIQUIDATION LIQUIDATION OF COMPANIES LIQUIDATION PROCEEDINGS LIQUIDATOR LIQUIDITY LOANS FROM BANKS MACROECONOMIC CRISES MAJORITY OF CREDITORS MANAGERS MARKET VALUE MATURE MARKETS MODERN REORGANIZATION PROCEEDINGS MORAL HAZARD NEGOTIATION NET LOSS NET LOSSES NEW BANKRUPTCY NEW BANKRUPTCY LAW NON-PERFORMING LOANS NONPERFORMING LOANS NOTICE OF INSOLVENCY NPL ORDERLY LIQUIDATION PAYMENT TO CREDITORS PENDING LITIGATION PERSONAL GUARANTEES PLAN OF REORGANIZATION POSSESSION PRESENT VALUE PRIVATE BANKS PROCUREMENT PRODUCTIVITY PROTECTION OF CREDITOR PROTECTION OF EMPLOYEE PUBLIC FUNDS RECOVERY OF LOANS REHABILITATION PLAN REORGANIZATION REORGANIZATION PLAN REORGANIZATION PROCESS REORGANIZATION PROCESSES REORGANIZATIONS REPAYMENT RESOLUTION OF INSOLVENCY RESTRUCTURING PLAN RESTRUCTURING PROCESS RIGHTS OF CREDITORS RISK TAKING SALE OF ASSETS SALES REVENUE SECONDARY MARKET SECURITIES SHAREHOLDERS SOCIAL WELFARE SOCIETY STAKEHOLDERS STATE ASSET STATE BANK STATE BANK OF PAKISTAN TECHNICAL ASSISTANCE TRANSPARENCY TRUST CORPORATION TURNOVER UNSECURED DEBT UNSECURED LOANS VALUATION VALUATIONS VOLUNTARY LIQUIDATION WEALTH EFFECTS WINDING UP WINDING-UP |
| spellingShingle |
ACCESS TO CREDIT ACCESS TO FINANCE ACCOUNTABILITY ADMINISTRATIVE ACTION ADMINISTRATIVE COSTS AFFECTED CREDITORS ARBITRATION ASSET MANAGEMENT ASSET MANAGEMENT COMPANY ASSET MARKETS ASSET VALUE ASSETS AUTOMATIC STAY BALANCE OF PAYMENTS BALANCE OF PAYMENTS CRISES BALANCE SHEET BALANCE SHEETS BANK LOAN BANKING LAWS BANKING SYSTEM BANKRUPTCY BANKRUPTCY CODE BANKRUPTCY CODES BANKRUPTCY FILINGS BANKRUPTCY PROCEEDING BANKRUPTCY PROCEEDINGS BANKRUPTCY REFORM BID BUSINESS ADVICE BUSINESS ENTERPRISES BUSINESS INSOLVENCY CAPACITY BUILDING CHECKS CLAIM CLASSES OF CLAIMANT COLLATERAL COMMODITY PRICES COMPANIES LAW COMPANY LAW CONSOLIDATION CORPORATE BORROWERS CORPORATE DEBTORS CORPORATE DISTRESS CORPORATE ENTITIES CORPORATE INSOLVENCY CORPORATE LAW CORPORATE LAW REFORM CORPORATE LAWS CORPORATE REORGANIZATION CORPORATIONS COURT APPROVAL COURT ORDER CREDIT COSTS CREDIT RISK CREDITOR CREDITOR CLAIMS CREDITOR CLASSES CREDITOR CONSENT CREDITOR PROTECTION CREDITOR RIGHTS CREDITOR RIGHTS REGIME CREDITORS CREDITS CRIMINAL ACT DEBT DEBT FORGIVENESS DEBTOR DEBTOR COMPANY DEBTORS DEBTS DECISION-MAKING POWERS DEPENDENT DISSOLUTION DISTRESSED ASSET DISTRESSED ASSETS DISTRESSED COMPANIES DISTRESSED COMPANY DISTRESSED DEBT DISTRESSED ENTERPRISES DUE DILIGENCE EFFECTIVE INSOLVENCY EFFECTIVE INSOLVENCY SYSTEMS EMERGING ECONOMIES EMPLOYEE CLAIMS EMPLOYMENT EMPLOYMENT CONTRACTS ENFORCEABILITY ENTREPRENEURS EQUITY STAKE EXCHANGE COMMISSION EXISTING CREDITORS EXISTING LIABILITIES EXIT MECHANISM EXTERNAL SHOCKS FEDERAL BUDGET FINANCES FINANCIAL DISCIPLINE FINANCIAL DISTRESS FINANCIAL INSTITUTIONS FINANCIAL POSITION FINANCIAL RESTRUCTURING FINANCIAL STABILITY FISCAL DISCIPLINE FORCED SALE FOREIGN COMPANIES FREE MARKET GOING CONCERN GOING CONCERNS GOVERNMENT OBLIGATIONS GUARANTORS IMPAIRED ASSETS INCORPORATION INFLATION INSOLVENCY INSOLVENCY LAW INSOLVENCY MECHANISM INSOLVENCY PRACTITIONERS INSOLVENCY PROCEEDINGS INSOLVENCY PROCESS INSOLVENCY PROFESSIONALS INSOLVENCY REFORM INSOLVENCY REGIME INSOLVENCY REGIMES INSOLVENCY SYSTEM INSOLVENCY SYSTEMS INSOLVENT INSOLVENT COMPANIES INSOLVENT COMPANY INSTITUTIONAL FRAMEWORKS INTEREST RATES INTERESTS OF CREDITORS INTERNATIONAL TRADE JUDGES JUDGMENTS JUDICIAL ADMINISTRATOR JUDICIAL PROCEEDINGS JUDICIARY JURISDICTION JURISDICTIONS LARGE DEBTORS LEGAL FRAMEWORK LEGAL FRAMEWORK FOR BANKRUPTCY LEGAL FRAMEWORKS LEGAL SYSTEM LEGISLATION LEGITIMATE CLAIMS LIMITED LIMITED LIABILITY LIQUIDATION LIQUIDATION OF COMPANIES LIQUIDATION PROCEEDINGS LIQUIDATOR LIQUIDITY LOANS FROM BANKS MACROECONOMIC CRISES MAJORITY OF CREDITORS MANAGERS MARKET VALUE MATURE MARKETS MODERN REORGANIZATION PROCEEDINGS MORAL HAZARD NEGOTIATION NET LOSS NET LOSSES NEW BANKRUPTCY NEW BANKRUPTCY LAW NON-PERFORMING LOANS NONPERFORMING LOANS NOTICE OF INSOLVENCY NPL ORDERLY LIQUIDATION PAYMENT TO CREDITORS PENDING LITIGATION PERSONAL GUARANTEES PLAN OF REORGANIZATION POSSESSION PRESENT VALUE PRIVATE BANKS PROCUREMENT PRODUCTIVITY PROTECTION OF CREDITOR PROTECTION OF EMPLOYEE PUBLIC FUNDS RECOVERY OF LOANS REHABILITATION PLAN REORGANIZATION REORGANIZATION PLAN REORGANIZATION PROCESS REORGANIZATION PROCESSES REORGANIZATIONS REPAYMENT RESOLUTION OF INSOLVENCY RESTRUCTURING PLAN RESTRUCTURING PROCESS RIGHTS OF CREDITORS RISK TAKING SALE OF ASSETS SALES REVENUE SECONDARY MARKET SECURITIES SHAREHOLDERS SOCIAL WELFARE SOCIETY STAKEHOLDERS STATE ASSET STATE BANK STATE BANK OF PAKISTAN TECHNICAL ASSISTANCE TRANSPARENCY TRUST CORPORATION TURNOVER UNSECURED DEBT UNSECURED LOANS VALUATION VALUATIONS VOLUNTARY LIQUIDATION WEALTH EFFECTS WINDING UP WINDING-UP World Bank Pakistan - Strengthening the Insolvency Regime : Non-Lending Technical Assistance Final Report |
| geographic_facet |
South Asia Pakistan |
| description |
The importance of a modern, binding and
effective insolvency regime is undeniable. Nearly 90
countries around the world have reformed their bankruptcy
codes since Second World War, and over half of them have
done so during the last decade. One of the key aspects in
the reform process is the delicate balance addressed by a
modern insolvency system which encourages the organization
of viable firms and liquidates unviable firms. The financial
and macroeconomic crises, as recently experienced in
Pakistan, provide an opportunity for bankruptcy reform, as
the potential employment impact often places the issue of
insolvent companies high on the policy agenda. The three
fundamental goals of any insolvency law are: 1)
transparency, including a system for publicizing and
indexing judgments, an accessible method for registering
securing interest and an effective notice of insolvency
proceedings, 2) predictability - in terms of being fair,
simple and clear, which if not achieved ends up costing more
as financial institutions compensate the uncertainty with
additional credit costs; and 3) efficiency, which
conceptually is clear but empirically is difficult to measure. |
| format |
Economic & Sector Work :: Insolvency Assessment (ROSC) |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Pakistan - Strengthening the Insolvency Regime : Non-Lending Technical Assistance Final Report |
| title_short |
Pakistan - Strengthening the Insolvency Regime : Non-Lending Technical Assistance Final Report |
| title_full |
Pakistan - Strengthening the Insolvency Regime : Non-Lending Technical Assistance Final Report |
| title_fullStr |
Pakistan - Strengthening the Insolvency Regime : Non-Lending Technical Assistance Final Report |
| title_full_unstemmed |
Pakistan - Strengthening the Insolvency Regime : Non-Lending Technical Assistance Final Report |
| title_sort |
pakistan - strengthening the insolvency regime : non-lending technical assistance final report |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2011/06/16251104/pakistan-strengthening-insolvency-regime-non-lending-technical-assistance http://hdl.handle.net/10986/12374 |
| _version_ |
1764419683784589312 |
| spelling |
okr-10986-123742021-04-23T14:03:00Z Pakistan - Strengthening the Insolvency Regime : Non-Lending Technical Assistance Final Report World Bank ACCESS TO CREDIT ACCESS TO FINANCE ACCOUNTABILITY ADMINISTRATIVE ACTION ADMINISTRATIVE COSTS AFFECTED CREDITORS ARBITRATION ASSET MANAGEMENT ASSET MANAGEMENT COMPANY ASSET MARKETS ASSET VALUE ASSETS AUTOMATIC STAY BALANCE OF PAYMENTS BALANCE OF PAYMENTS CRISES BALANCE SHEET BALANCE SHEETS BANK LOAN BANKING LAWS BANKING SYSTEM BANKRUPTCY BANKRUPTCY CODE BANKRUPTCY CODES BANKRUPTCY FILINGS BANKRUPTCY PROCEEDING BANKRUPTCY PROCEEDINGS BANKRUPTCY REFORM BID BUSINESS ADVICE BUSINESS ENTERPRISES BUSINESS INSOLVENCY CAPACITY BUILDING CHECKS CLAIM CLASSES OF CLAIMANT COLLATERAL COMMODITY PRICES COMPANIES LAW COMPANY LAW CONSOLIDATION CORPORATE BORROWERS CORPORATE DEBTORS CORPORATE DISTRESS CORPORATE ENTITIES CORPORATE INSOLVENCY CORPORATE LAW CORPORATE LAW REFORM CORPORATE LAWS CORPORATE REORGANIZATION CORPORATIONS COURT APPROVAL COURT ORDER CREDIT COSTS CREDIT RISK CREDITOR CREDITOR CLAIMS CREDITOR CLASSES CREDITOR CONSENT CREDITOR PROTECTION CREDITOR RIGHTS CREDITOR RIGHTS REGIME CREDITORS CREDITS CRIMINAL ACT DEBT DEBT FORGIVENESS DEBTOR DEBTOR COMPANY DEBTORS DEBTS DECISION-MAKING POWERS DEPENDENT DISSOLUTION DISTRESSED ASSET DISTRESSED ASSETS DISTRESSED COMPANIES DISTRESSED COMPANY DISTRESSED DEBT DISTRESSED ENTERPRISES DUE DILIGENCE EFFECTIVE INSOLVENCY EFFECTIVE INSOLVENCY SYSTEMS EMERGING ECONOMIES EMPLOYEE CLAIMS EMPLOYMENT EMPLOYMENT CONTRACTS ENFORCEABILITY ENTREPRENEURS EQUITY STAKE EXCHANGE COMMISSION EXISTING CREDITORS EXISTING LIABILITIES EXIT MECHANISM EXTERNAL SHOCKS FEDERAL BUDGET FINANCES FINANCIAL DISCIPLINE FINANCIAL DISTRESS FINANCIAL INSTITUTIONS FINANCIAL POSITION FINANCIAL RESTRUCTURING FINANCIAL STABILITY FISCAL DISCIPLINE FORCED SALE FOREIGN COMPANIES FREE MARKET GOING CONCERN GOING CONCERNS GOVERNMENT OBLIGATIONS GUARANTORS IMPAIRED ASSETS INCORPORATION INFLATION INSOLVENCY INSOLVENCY LAW INSOLVENCY MECHANISM INSOLVENCY PRACTITIONERS INSOLVENCY PROCEEDINGS INSOLVENCY PROCESS INSOLVENCY PROFESSIONALS INSOLVENCY REFORM INSOLVENCY REGIME INSOLVENCY REGIMES INSOLVENCY SYSTEM INSOLVENCY SYSTEMS INSOLVENT INSOLVENT COMPANIES INSOLVENT COMPANY INSTITUTIONAL FRAMEWORKS INTEREST RATES INTERESTS OF CREDITORS INTERNATIONAL TRADE JUDGES JUDGMENTS JUDICIAL ADMINISTRATOR JUDICIAL PROCEEDINGS JUDICIARY JURISDICTION JURISDICTIONS LARGE DEBTORS LEGAL FRAMEWORK LEGAL FRAMEWORK FOR BANKRUPTCY LEGAL FRAMEWORKS LEGAL SYSTEM LEGISLATION LEGITIMATE CLAIMS LIMITED LIMITED LIABILITY LIQUIDATION LIQUIDATION OF COMPANIES LIQUIDATION PROCEEDINGS LIQUIDATOR LIQUIDITY LOANS FROM BANKS MACROECONOMIC CRISES MAJORITY OF CREDITORS MANAGERS MARKET VALUE MATURE MARKETS MODERN REORGANIZATION PROCEEDINGS MORAL HAZARD NEGOTIATION NET LOSS NET LOSSES NEW BANKRUPTCY NEW BANKRUPTCY LAW NON-PERFORMING LOANS NONPERFORMING LOANS NOTICE OF INSOLVENCY NPL ORDERLY LIQUIDATION PAYMENT TO CREDITORS PENDING LITIGATION PERSONAL GUARANTEES PLAN OF REORGANIZATION POSSESSION PRESENT VALUE PRIVATE BANKS PROCUREMENT PRODUCTIVITY PROTECTION OF CREDITOR PROTECTION OF EMPLOYEE PUBLIC FUNDS RECOVERY OF LOANS REHABILITATION PLAN REORGANIZATION REORGANIZATION PLAN REORGANIZATION PROCESS REORGANIZATION PROCESSES REORGANIZATIONS REPAYMENT RESOLUTION OF INSOLVENCY RESTRUCTURING PLAN RESTRUCTURING PROCESS RIGHTS OF CREDITORS RISK TAKING SALE OF ASSETS SALES REVENUE SECONDARY MARKET SECURITIES SHAREHOLDERS SOCIAL WELFARE SOCIETY STAKEHOLDERS STATE ASSET STATE BANK STATE BANK OF PAKISTAN TECHNICAL ASSISTANCE TRANSPARENCY TRUST CORPORATION TURNOVER UNSECURED DEBT UNSECURED LOANS VALUATION VALUATIONS VOLUNTARY LIQUIDATION WEALTH EFFECTS WINDING UP WINDING-UP The importance of a modern, binding and effective insolvency regime is undeniable. Nearly 90 countries around the world have reformed their bankruptcy codes since Second World War, and over half of them have done so during the last decade. One of the key aspects in the reform process is the delicate balance addressed by a modern insolvency system which encourages the organization of viable firms and liquidates unviable firms. The financial and macroeconomic crises, as recently experienced in Pakistan, provide an opportunity for bankruptcy reform, as the potential employment impact often places the issue of insolvent companies high on the policy agenda. The three fundamental goals of any insolvency law are: 1) transparency, including a system for publicizing and indexing judgments, an accessible method for registering securing interest and an effective notice of insolvency proceedings, 2) predictability - in terms of being fair, simple and clear, which if not achieved ends up costing more as financial institutions compensate the uncertainty with additional credit costs; and 3) efficiency, which conceptually is clear but empirically is difficult to measure. 2013-02-15T19:38:56Z 2013-02-15T19:38:56Z 2011-06 http://documents.worldbank.org/curated/en/2011/06/16251104/pakistan-strengthening-insolvency-regime-non-lending-technical-assistance http://hdl.handle.net/10986/12374 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Insolvency Assessment (ROSC) Economic & Sector Work South Asia Pakistan |