"The authors study the effect of reorganization costs on the efficiency of bankruptcy laws. They develop a simple model … businesses and reorganizing viable ones. The authors test the model using the Colombian bankruptcy reform of 1999. Using data … from 1,924 firms filing for bankruptcy between 1996 and 2003, they find that the pre-reform reorganization proceeding was …

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 legal environment in Lithuania to support creditor rights and debt enforcement is reasonably effective, and …. The insolvency process in Lithuania has been almost exclusively one of liquidation, plagued by delay and procedural … obstacles. A new insolvency law was adopted in July 2001, bringing to three the number of insolvency laws currently in effect …

infrastructure, and its implementation supporting debtor-creditor relationships, corporate insolvency and credit risk management, and … resolution practices, including among others, members of the Inter-Agency Commission for the preparation of a new insolvency law … interviews, a review of applicable legislation, data and information, various reports prepared by the Bank between 1999-2001, and …

In 1995, Argentina enacted a new modern insolvency law that substantially improved corporate liquidations and … difficult in practice; (2) the unified insolvency regime causes severe problems in judicial interpretation of many legal … provisions, causing court congestion with insolvency cases; (3) an uneven playing field discourages rehabilitation; (4) a lack of …

The legal and institutional framework governing creditor rights and insolvency proceedings in Chile reasonably complies … enjoying such instruments use ordinary proceedings whose duration is even longer (3 to 5 years). Insolvency legislation is … developed because legislation on secured interests over movable assets is fragmented and the publicity and registration …

The Bank assessed the Mauritius insolvency and creditor rights systems pursuant to a joint IMF-World Bank initiative to … Insolvency and Creditor Rights Systems during 2002. The assessment team interviewed a cross section of country stakeholders … regarding the effectiveness of the legal infrastructure, and its implementation supporting debtor-creditor relationships …