Insolvency Assessment

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    A Toolkit for Out-of-Court Workouts
    (World Bank, Washington, DC, 2017-11) World Bank Group
    A Toolkit for Out-of-Court Workouts was created to achieve two objectives: (1) to provide policy makers with tools to develop a corporate restructuring framework and culture in their country; and (2) to help stakeholders implement informal corporate restructuring principles to try to rescue failing enterprises. It is accordingly aimed primarily at policy makers, financial institutions, and insolvency representatives, as well as enterprises. The Toolkit generally examines different models for restructuring, in the understanding that there is no such thing as a "one size fits all" approach, and countries have the ability to develop flexible and varied solutions to meet their specific financial sector needs. Specifically, the focus of the Toolkit is on workouts, which for the purposes of this publication is taken to mean two types of restructuring models: (1) those that involve no judicial involvement (i.e., that are purely out-of-court mechanisms [OCWs]); and (2) those that involve some institutional or judicial involvement (hybrid procedures). Focusing on these models is designed to provide stakeholders with a broader understanding of restructuring and the varied models that different countries are implementing. Included in the Toolkit are sample documents typically used in a workout. These are included only to illustrate certain practicalities and considerations in conducting a workout, and should not be used without legal advice in the jurisdiction of their intended use.
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    Bulgaria Report on the Observance of Standards and Codes: Insolvency and Creditor-Debtor Regimes
    (World Bank, Washington, DC, 2016-06) World Bank Group
    The World Bank Group assessed the insolvency and creditor/debtor regimes (‘ICR’) of Bulgaria pursuant to the joint IMF/World Bank initiative on the observance of standards and codes (‘ROSC’). The assessment has been undertaken on the basis of the ICR Standard. The conclusions in this assessment are based on a review of the legislation, and other regulations and procedures relevant to bankruptcy, restructuring, the creation and enforcement of pledges and other security interests over immovable and movable property, and debt enforcement. The Bulgarian legal framework governing creditor/debtor relationships provides several means for protecting credit and minimizing the risks of non-performance and default. However, the laws and institutions governing security rights over both immovable and movable assets need improvement. The bankruptcy legislation is rather comprehensive but in practice insolvency proceedings are not working effectively. This report tries to contribute to the authorities’ efforts aimed at continuing and further improving the laws and institutions related to credit relationships.