The Challenges of Bankruptcy Reform
The 2008 financial crisis was followed by a global economic downturn, a credit crunch, and a reduction in cross-border lending, trade finance, and foreign direct investment, which adversely affected businesses around the world. The consequent increase in the number of firm insolvencies in the corpor...
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| Format: | Journal Article |
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Published by Oxford University Press on behalf of the World Bank
2014
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| Online Access: | http://hdl.handle.net/10986/17113 |
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okr-10986-171132021-04-23T14:03:34Z The Challenges of Bankruptcy Reform Cirmizi, Elena Klapper, Leora Uttamchandani, Mahesh bankruptcy bankruptcy laws bankruptcy procedures bankruptcy process bankruptcy reform bankruptcy reforms commercial bankruptcy creditors current bankruptcy laws efficient insolvency efficient insolvency laws external finance financial crises financial crisis financial distress firm insolvencies foreign direct investment literature on bankruptcy reorganization risk of insolvency The 2008 financial crisis was followed by a global economic downturn, a credit crunch, and a reduction in cross-border lending, trade finance, and foreign direct investment, which adversely affected businesses around the world. The consequent increase in the number of firm insolvencies in the corporate sector highlights the need for commercial bankruptcy laws to liquidate efficiently unviable firms and reorganize viable ones, so as to maximize the total value of proceeds received by creditors, shareholders, employees, and other stakeholders. The authors summarize the theoretical and empirical literature on bankruptcy design, discuss the challenges of introducing and implementing bankruptcy reforms, and present examples of how policymakers are trying to take advantage of the current economic downturn as an opportunity to engage in meaningful reform of the bankruptcy process. They also review the main principles of efficient insolvency laws and bankruptcy procedures. 2014-02-19T18:17:50Z 2014-02-19T18:17:50Z 2012-08 Journal Article World Bank Research Observer 1564-6971 http://hdl.handle.net/10986/17113 en_US CC BY-NC-ND 3.0 IGO http://creativecommons.org/licenses/by-nc-nd/3.0/igo/ World Bank Published by Oxford University Press on behalf of the World Bank Publications & Research :: Journal Article Publications & Research East Asia and Pacific Europe and Central Asia Latin America & Caribbean |
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Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
en_US |
| topic |
bankruptcy bankruptcy laws bankruptcy procedures bankruptcy process bankruptcy reform bankruptcy reforms commercial bankruptcy creditors current bankruptcy laws efficient insolvency efficient insolvency laws external finance financial crises financial crisis financial distress firm insolvencies foreign direct investment literature on bankruptcy reorganization risk of insolvency |
| spellingShingle |
bankruptcy bankruptcy laws bankruptcy procedures bankruptcy process bankruptcy reform bankruptcy reforms commercial bankruptcy creditors current bankruptcy laws efficient insolvency efficient insolvency laws external finance financial crises financial crisis financial distress firm insolvencies foreign direct investment literature on bankruptcy reorganization risk of insolvency Cirmizi, Elena Klapper, Leora Uttamchandani, Mahesh The Challenges of Bankruptcy Reform |
| geographic_facet |
East Asia and Pacific Europe and Central Asia Latin America & Caribbean |
| description |
The 2008 financial crisis was followed by a global economic downturn, a credit crunch, and a reduction in cross-border lending, trade finance, and foreign direct investment, which adversely affected businesses around the world. The consequent increase in the number of firm insolvencies in the corporate sector highlights the need for commercial bankruptcy laws to liquidate efficiently unviable firms and reorganize viable ones, so as to maximize the total value of proceeds received by creditors, shareholders, employees, and other stakeholders. The authors summarize the theoretical and empirical literature on bankruptcy design, discuss the challenges of introducing and implementing bankruptcy reforms, and present examples of how policymakers are trying to take advantage of the current economic downturn as an opportunity to engage in meaningful reform of the bankruptcy process. They also review the main principles of efficient insolvency laws and bankruptcy procedures. |
| format |
Journal Article |
| author |
Cirmizi, Elena Klapper, Leora Uttamchandani, Mahesh |
| author_facet |
Cirmizi, Elena Klapper, Leora Uttamchandani, Mahesh |
| author_sort |
Cirmizi, Elena |
| title |
The Challenges of Bankruptcy Reform |
| title_short |
The Challenges of Bankruptcy Reform |
| title_full |
The Challenges of Bankruptcy Reform |
| title_fullStr |
The Challenges of Bankruptcy Reform |
| title_full_unstemmed |
The Challenges of Bankruptcy Reform |
| title_sort |
challenges of bankruptcy reform |
| publisher |
Published by Oxford University Press on behalf of the World Bank |
| publishDate |
2014 |
| url |
http://hdl.handle.net/10986/17113 |
| _version_ |
1764435588020174848 |