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- Publisher
- Oxford University Press
- Copyright
- © The Author 2011. Published by Oxford University Press on behalf of the International Bank for Reconstruction and Development / the world bank. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com
- Subject
- Articles
- ISSN
- 0257-3032
- eISSN
- 1564-6971
- DOI
- 10.1093/wbro/lkr012
- Publisher site
- See Article on Publisher Site
Abstract
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.
Journal
The World Bank Research Observer – Oxford University Press
Published: Aug 26, 2012
Keywords: JEL codes G33 G38 G38 K40 O16