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Out-of-Court Debt Restructuring : World Bank Study - World Bank

Out-of-Court Debt Restructuring

World Bank Study

Paperback Published: 12th January 2012
ISBN: 9780821389836
Number Of Pages: 60

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This study provides a conceptual framework for the analysis of the questions of out-of-court debt restructuring from a policy-oriented perspective. The starting point of the analysis is given by the World Bank Principles for Effective Insolvency and Creditor Rights Systems. The study offers an overview of out-of-court restructuring, which is not seen as fundamentally opposed to formal insolvency procedures. Actually, the study contemplates different restructuring techniques as forming a continuum to the treatment of financial difficulties. Thus, from the purely contractual - or informal - arrangements for debt rescheduling between the debtor and its creditors, to the fully formal reorganization or liquidation procedures, there are numerous intermediate solutions. In the study, these solutions are identified by the terms of enhanced procedures -where the contractual arrangements are supported by norms or principles for workouts; and hybrid procedures -where the contractual arrangements are supported by the intervention of the courts or an administrative authority. The study discusses the advantages and disadvantages of all the debt restructuring techniques, and concludes, in this regard, that a legal system may contain a number of options - a menu - that can cover different sets of circumstances. In the end, the law may offer a toolbox with very different instruments that the parties may use depending on the specific facts of the case. A substantial part of the study is devoted to the analysis of the enabling regulatory environment for out-of-court restructuring. It is evident that debt restructuring does not operate in a vacuum: in fact, the general legal system influences and to a certain extent determines the possibilities for debt restructuring in any given jurisdiction. The study provides a checklist that can be used to examine the features of a legal system that bear a direct influence on debt restructuring activities. The different characteristics of informal restructurings, and of enhanced and hybrid debt restructurings are covered by the study. The different approaches to debt restructuring aim at combining the advantages of an informal approach with the advantages of formal procedures: especially, the existence of a moratorium on creditor actions and the binding effects of creditor agreements concluded within the insolvency process.

Forewordp. v
Acknowledgmentsp. vii
Abstractp. ix
About The Authorp. x
Background to Out-of-Court Debt Restructuringp. 1
Introductionp. 1
Relations Between Informal and Formal Insolvency Proceduresp. 2
Pre-Conditions for Debt Restructuringsp. 6
Advantages and Disadvantages of Informal Proceduresp. 8
Enabling Legislative Frameworkp. 15
General Conditions of an Enabling Frameworkp. 15
Other Legislative Provisions For an Enabling Frameworkp. 18
Informal Workout Procedurep. 27
Introductionp. 27
Contractual Workoutsp. 28
Enhanced Restructuringsp. 39
Hybrid Proceduresp. 47
Relationships Between Out-of-Court Procedures and Formal Insolvency Proceduresp. 51
Systemic Crises and Debt Restructuring: Decentralized and Centralized Approachesp. 52
Conclusion: A Policy Agenda for Out-of-Court Debt Restructuringsp. 56
Figures
The continuum of procedures for the treatment of financial difficultiesp. 3
Overlapping relations between out-of- court restructurings and formal insolvency proceedingsp. 4
Tables
Checklist for tax regulation issues in corporate restructuringsp. 23
List of elements of a legal system to be assessed to verify the existence of obstacles and incentives for out-of-court restructuringsp. 26
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780821389836
ISBN-10: 0821389831
Series: World Bank Study
Audience: Professional
Format: Paperback
Language: English
Number Of Pages: 60
Published: 12th January 2012
Country of Publication: US
Dimensions (cm): 25.4 x 17.81  x 0.38
Weight (kg): 0.14

Earn 125 Qantas Points
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