Insolvency and Creditor/Debtor Regimes Task Force2014-04-022014-04-022014-01https://hdl.handle.net/10986/17606This report addresses the insolvency of natural persons following this structure: a first part introduces the objectives and nature of the report, deals with general issues, and describes the foundations of a system for the treatment of the insolvency of natural persons. The second part of the report analyzes the core legal attributes of system for the treatment of the insolvency of natural persons: within this system, the most relevant questions are analyzed in depth, namely the design of the system and the institutional framework, access to the system, the participation of creditors, the solutions to the insolvency process, and discharge. The main objective of this report is to provide guidance on the characteristics of an effective insolvency regime for natural persons and on the opportunities and challenges encountered in the development of such a regime. In this regard, the report raises awareness about the importance of a regime for the treatment of the insolvency of natural persons, and explores the advantages and disadvantages of the solutions to the numerous practical issues that have to be confronted in the design of an insolvency regime for natural persons.en-USCC BY 3.0 IGOACCIDENTSACCOUNT DEBTORACCOUNT DEBTORSACCOUNT RECEIVABLEACCOUNTS RECEIVABLEADMINISTRATIVE EXPENSESASSET SALESASSET VALUEASSETSAVAILABILITY OF CREDITBALANCE SHEETBALANCE SHEETSBANK INSOLVENCYBANKRUPTCYBANKRUPTCY PROFESSIONALSBLACK MARKETBORROWERBUSINESS DEBTORSBUSINESS INSOLVENCYCASE OF DEFAULTCASH FLOWCLAIMCOLLATERALCOLLECTION SYSTEMCOLLECTIVE ACTIONCOLLECTIVE ACTION PROBLEMCOMMERCIAL CREDITCONSUMER DEBTCONSUMER LAWCONSUMER PROTECTIONCORRUPTIONCOURT SYSTEMCREDIT CARDCREDIT EXTENSIONCREDIT INSTITUTIONSCREDIT REPORTINGCREDIT SOCIETIESCREDITORCREDITOR RIGHTSCREDITOR RIGHTS SYSTEMSCREDITORSDEBTDEBT ADJUSTMENTDEBT BURDENDEBT BURDENSDEBT COLLECTIONDEBT COLLECTIONSDEBT PROBLEMSDEBT RELIEFDEBT REPAYMENTDEBT SERVICEDEBT SERVICINGDEBTORDEBTOR FRAUDDEBTOR'S PROPERTYDEBTORSDEFAULT JUDGMENTDEFAULT JUDGMENTSDEFAULTSDEPOSITSDEVELOPING COUNTRIESDISCHARGE OF DEBTDISPOSABLE INCOMEDISTRESSED DEBTDIVORCEDOMESTIC LAWSECONOMIC CIRCUMSTANCESECONOMIC DEVELOPMENTECONOMIC REGULATIONEDUCATIONAL LOANSEFFECTIVE INSOLVENCYENFORCEMENT OF CLAIMSENFORCEMENT OF JUDGMENTSENFORCEMENT SYSTEMENFORCEMENT SYSTEMSENTRY REQUIREMENTSEQUIPMENTESTATEEXCESSIVE DEBTEXPROPRIATIONFEDERAL RESERVEFEDERAL RESERVE BANKFINANCIAL CRISISFINANCIAL DIFFICULTYFINANCIAL DISTRESSFINANCIAL FLOWSFINANCIAL INTERMEDIATIONFINANCIAL RESPONSIBILITYFINANCIAL SITUATIONFINANCIAL STABILITYFINANCIAL STRESSFINANCIAL SYSTEMFORGIVENESSFORMAL INSOLVENCYFRAUDGARNISHMENTGLOBALIZATIONGOVERNMENT DEBTSGOVERNMENT INTERVENTIONGOVERNMENT REGULATORSGOVERNMENT SUBSIDIESHOME MORTGAGESHOUSEHOLD DEBTINDEBTEDINDEBTEDNESSINDIRECT COSTSINDIVIDUAL CREDITORINDIVIDUAL CREDITORSINDIVIDUAL DEBTORINDIVIDUAL DEBTORSINDIVIDUAL LIABILITYINFORMAL DISPUTE RESOLUTIONINFORMAL WORKOUTINFORMAL WORKOUTSINFORMATION ASYMMETRYINSOLVENCIESINSOLVENCYINSOLVENCY AREAINSOLVENCY CASEINSOLVENCY LAWINSOLVENCY LAWSINSOLVENCY MECHANISMINSOLVENCY POLICYINSOLVENCY PRACTITIONERSINSOLVENCY PROCEDUREINSOLVENCY PROCEDURESINSOLVENCY PROCEEDINGINSOLVENCY PROCEEDINGSINSOLVENCY PROCESSINSOLVENCY REFORMINSOLVENCY REGIMEINSOLVENCY REGIMESINSOLVENCY RELIEFINSOLVENCY REPRESENTATIVEINSOLVENCY REPRESENTATIVESINSOLVENCY SYSTEMINSOLVENCY SYSTEMSINSOLVENTINSOLVENT DEBTORINSOLVENT DEBTORSINSOLVENT INDIVIDUALSINSTITUTIONAL CAPACITIESINSTITUTIONAL FRAMEWORKINSTITUTIONAL FRAMEWORKSINSURANCEINTERNATIONAL BANKINTERNATIONAL TRADEINTERNATIONAL TRADE LAWINVESTINGJUDGESJUDGMENTJUDICIAL SYSTEMJUDICIARYJURISDICTIONSLABOR MARKETLAND TENURELEGAL FRAMEWORKSLEGAL REFORMSLEGAL SYSTEMSLEGAL TRADITIONSLEGISLATIVE GUIDE ON INSOLVENCY LAWLENDERSLIMITED LIABILITYLIQUIDATIONLOANLOAN PORTFOLIOSLOSS OF VALUEMANDATEMODEL LAWMONETARY FUNDMORAL HAZARDMORTGAGEMORTGAGESNEGOTIATIONSPARTICIPATION OF CREDITORSPARTICULAR ASSETSPAYMENT FOR CREDITORSPAYMENT OF CLAIMSPAYMENT PLANPAYMENT PLANSPAYMENT TO CREDITORSPAYMENTS TO CREDITORSPENALTIESPENSIONPERSONAL BANKRUPTCYPERSONAL BANKRUPTCY LAWPERSONAL GUARANTEESPERSONAL LIABILITYPOOL OF ASSETSPOTENTIAL INSOLVENCYPREVENTION OF INSOLVENCYPROBLEM OF CONSUMER INSOLVENCYPROPERTY RIGHTSREAFFIRMATION AGREEMENTSRECEIVABLESRESERVE BANKRETURNRETURNSRISK OF DEFAULTROLE OF COURTSRULE OF LAWSAFETY NETSSALARYSETTLEMENTSHAREHOLDERSSLAVERYSOPHISTICATED CREDITORSSPECIFIC CREDITORSSTATE OF INSOLVENCYTAXTAX DEDUCTIONSTREATMENT OF INSOLVENCYTYPES OF INSOLVENCYUNSOPHISTICATED CREDITORSVALUATIONVALUE OF ASSETSWAGESWITHDRAWALWORKOUT AGREEMENT10.1596/17606