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Law and Development at the Asian Development Bank 1999


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The 1999 edition of Law and Development at the Asian Development Bank is divided into two Sections. Section A describes major developments and programs highlights in the Bank's work in law and development in 1998. Of particular mention is the completion of the six-economy study under Regional Technical Assistance No. 5665 on The Role of Law and Legal Institutions in Asian Economic Development. The study was discussed at various international seminars and has been co-published by the Bank and the Oxford University Press. The Bank's law and development work continues to focus on human resource development in the legal and judicial sector and it is now also beginning to address the need for systemic law reform in some of the Bank's developing member countries. The ongoing work in Pakistan under TA No. 3015-PAK: Legal and Judicial Reform Project is an example of this.

Section B is a report on insolvency law reform in the Asian and Pacific region. The report is based on initial findings of an ongoing technical assistance for Insolvency Law Reform (TA No. 5795-REG) (RETA) which was one of the Bank's response to the Asian financial crisis. Insolvency law reform is a topical issue in the Asia-Pacific region. It is hoped that presentation of the report in Section B will contribute to informed debate and discussion on this important issue. The principal consultants for the RETA are Ron Harmer and John Lees. This Section was prepared by Ms. Clare Wee, Counsel, who is the Project Officer for the RETA, and on the basis of the report of the principal consultants.

The views presented in Section B do not necessarily represent the views or position of the Asian Development Bank or any of its member governments.

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Contents

Section A: BANK LAW AND DEVELOPMENT ACTIVITIES IN 1998

Responding to the Financial Crisis

Law and Economic Development

Supporting Systemic Reform

Disseminating Information and Encouraging Dialogue

Section B: INSOLVENCY LAW REFORM IN THE ASIAN AND PACIFIC REGION

  1. INTRODUCTION

  2. ASSUMPTIONS, STANDARDS AND JUDGMENTS

  3. SYMPOSIUM DISCUSSIONS
    1. Statistics, Knowledge and Information
    2. The Insolvency Laws
    3. Court System
    4. Systemic Problems and Special Insolvency Laws
    5. Informal Work-Outs
    6. Individual Creditor Rights and Collective Insolvency Processes
    7. Corporate Governance
    8. Cultural Influences
    9. Globalization
    10. Essential Reforms

  4. CORPORATE, BANKING AND LENDING PRACTICES

    1. The Private Corporate Sector in the RETA Economies
    2. The Banking Sector and Lending Practices

  5. FORMAL CORPORATE INSOLVENCY REGIMES IN THE RETA ECONOMIES

    1. The Liquidation Process in the RETA Economies
    2. The Rescue Process

  6. INFORMAL WORK-OUTS IN THE RETA ECONOMIES

    1. Basic Elements of Informal Corporate Insolvency Practices
    2. Recent Informal Work-Out Initiatives

  7. PRELIMINARY RECOMMENDATIONS

Appendix 1 - The Jakarta Initiative - Efforts to Settle Private Debts through Negotiations between Debtors and Creditors (Indonesia)

Appendix 2 - Framework for Corporate Debt Restructuring in Thailand

Appendix 3 - Financial Institution Agreement for Promotion of Company Restructuring (Korea)

Appendix 4 - Guidelines on Corporate Difficulties (Hong Kong, China)

First published 1999

Office of the General Counsel
Asian Development Bank
P.O. Box 789
0980 Manila, Philippines
Telephone: (632) 632-4444
Facsimile: (632) 636-2501