The Challenges of Bankruptcy Reform

doi:10.1093/wbro/lkr012

Publication:
The Challenges of Bankruptcy Reform

dc.contributor.author	Cirmizi, Elena
dc.contributor.author	Klapper, Leora
dc.contributor.author	Uttamchandani, Mahesh
dc.date.accessioned	2014-02-19T18:17:50Z
dc.date.available	2014-02-19T18:17:50Z
dc.date.issued	2012-08
dc.description.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.	en
dc.identifier.citation	World Bank Research Observer
dc.identifier.doi	10.1596/17113
dc.identifier.issn	1564-6971
dc.identifier.uri	https://hdl.handle.net/10986/17113
dc.language.iso	en_US
dc.publisher	Published by Oxford University Press on behalf of the World Bank
dc.relation.ispartofseries	World Bank Research Observer
dc.rights	CC BY-NC-ND 3.0 IGO
dc.rights.holder	World Bank
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/3.0/igo/
dc.subject	bankruptcy
dc.subject	bankruptcy laws
dc.subject	bankruptcy procedures
dc.subject	bankruptcy process
dc.subject	bankruptcy reform
dc.subject	bankruptcy reforms
dc.subject	commercial bankruptcy
dc.subject	creditors
dc.subject	current bankruptcy laws
dc.subject	efficient insolvency
dc.subject	efficient insolvency laws
dc.subject	external finance
dc.subject	financial crises
dc.subject	financial crisis
dc.subject	financial distress
dc.subject	firm insolvencies
dc.subject	foreign direct investment
dc.subject	literature on bankruptcy
dc.subject	reorganization
dc.subject	risk of insolvency
dc.title	The Challenges of Bankruptcy Reform	en
dc.type	Journal Article	en
dc.type	Article de journal	fr
dc.type	Artículo de revista	es
dspace.entity.type	Publication
okr.date.disclosure	2014-02-01
okr.date.doiregistration	2025-05-06T11:22:16.100371Z
okr.doctype	Publications & Research::Journal Article
okr.doctype	Publications & Research
okr.identifier.doi	10.1093/wbro/lkr012
okr.journal.nbpages	185-203
okr.language.supported	en
okr.peerreview	Academic Peer Review
okr.region.administrative	East Asia and Pacific
okr.region.administrative	Europe and Central Asia
okr.region.administrative	Latin America & Caribbean
okr.sector	Finance
okr.topic	Finance and Financial Sector Development::Access to Finance
okr.topic	Finance and Financial Sector Development::Bankruptcy and Resolution of Financial Distress
okr.topic	Finance and Financial Sector Development::Banks & Banking Reform
okr.topic	Finance and Financial Sector Development::Debt Markets
okr.topic	Finance and Financial Sector Development::Deposit Insurance
okr.unit	Development Research Group
okr.volume	27(2)
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