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Principles for Effective Insolvency and Creditor/Debtor Regimes, 2021 Edition(World Bank, Washington, DC, 2021-04-22) World BankEffective creditor and debtor rights and insolvency systems are an important element of financial system stability. The World Bank Group accordingly has been working with partner organizations to develop principles for insolvency and creditor and debtor rights systems. The principles for effective insolvency and creditor and debtor regimes are a distillation of international best practice on design aspects of these systems, emphasizing contextual, integrated solutions and the policy choices involved in developing those solutions. The principles have been designed as a broad-spectrum assessment tool to assist countries in their efforts to evaluate and improve core aspects of their commercial law systems that are fundamental to a sound investment climate, and to promote commerce and economic growth. Efficient, reliable, and transparent creditor and debtor regimes and insolvency systems are of key importance for the reallocation of productive resources in the corporate sector, for investor confidence, and for forward-looking corporate restructuring.
Bulgaria Report on the Observance of Standards and Codes: Insolvency and Creditor-Debtor Regimes(World Bank, Washington, DC, 2016-06) World Bank GroupThe 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.
Principles for Effective Insolvency and Creditor/Debtor Regimes, Revised 2015(World Bank, Washington, DC, 2015-05-01) World BankEffective creditor/debtor rights and insolvency systems are an important element of financial system stability. The World Bank Group accordingly has been working with partner organizations to develop principles for insolvency and creditor/debtor rights systems. The Principles for Effective Insolvency and Creditor/Debtor Rights Systems (the Principles) are a distillation of international best practice on design aspects of these systems, emphasizing contextual, integrated solutions and the policy choices involved in developing those solutions.Based on the experience gained from the use of the Principles, and following extensive consultations, the publication has been thoroughly reviewed and updated in 2005, 2011 and 2015. The revised Principles contained in this document have benefited from wide consultation and, more importantly, from the practical experience of using them in the context of the Bank’s assessment and operational work.