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The challenges of bankruptcy reform, Volume 1
Author:Cirmizi, Elena; Klapper, Leora; Uttamchandani, Mahesh; Country:World;
Date Stored:2010/10/18Document Date:2010/10/01
Document Type:Policy Research Working PaperSubTopics:Bankruptcy and Resolution of Financial Distress; Debt Markets; Access to Finance; Deposit Insurance; Banks & Banking Reform
Language:EnglishRegion:The World Region
Report Number:WPS5448Collection Title:Policy Research working paper ; no. WPS 5448
Volume No:1  

Summary: The 2008 financial crisis was followed by a global economic downturn, credit crunch, and reduction in cross-border lending, trade finance, remittances, and foreign direct investment, which adversely affected businesses around the world. The consequent increase in the number of firm insolvencies in the financial and corporate sectors highlights the importance of efficient bankruptcy laws. This paper summarizes the theoretical and empirical literature on bankruptcy design, discusses the challenges of introducing and implementing bankruptcy reforms, and presents examples of how policymakers are trying to use the current economic downturn as an opportunity to engage in meaningful reform of the bankruptcy process.

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