Law and Policy Reform

FOREWORD

AN OVERVIEW OF ADB'S LAW AND POLICY REFORM ACTIVITIES IN 1999

Supporting ADB's Overarching Goal of Poverty Reduction
Promoting Good Governance
Tackling Systemic Issues in Legal and Judicial Reform
Legal Information System
Promoting Private Sector Development
Developing Human Resources for the Legal System
Supporting Legal Frameworks for the Environment

INSOLVENCY LAW REFORMS IN THE ASIAN AND PACIFIC REGION

1. INTRODUCTION

   1. The Global and Regional Economic Backdrop
   2. Recent Insolvency Law Developments in the Asian Region
   3. The RETA Design

2. THE CORPORATE INSOLVENCY LAW IN THE RETA ECONOMIES

   1. Basic Elements of a Formal Corporate Insolvency Law Regime
   2. Evaluation and Comparison of the Corporate Insolvency Laws of the RETA Economies

3. ESTABLISHING GOOD PRACTICE STANDARDS

4. APPLICATION OF THE GOOD PRACTICE STANDARDS

   1. Distinguishing between Individual and Corporate Insolvency
   2. Coverage of All Corporations
   3. Separate/Dual Process
   4. Access to the Process
   5. Immediate/Interim Effects of Commencement
   6. Administration: Efficient Initial and Continuing Processes
   7. Liquidation Processing
   8. Rescue: Provision of Information
   9. The Position and Role of Creditors
   10. Formulation of a Reorganization Plan
   11. Control/Supervision of Process
   12. Implementation of Plan
   13. Creditor Priorities
   14. Avoidance of Transactions
   15. Civil Sanctions
   16. Cross-Border Insolvency Recognition and Assistance

5. INFORMAL PROCESSES

   1. Origins and Development
   2. Conditions and Processes
   3. Development and Operation of Informal Work-Outs in the RETA Economies
   4. Consideration of Work-Out Model in the RETA Economies and Their Recent Operations
   5. Possible Barriers to Informal Work-Outs
   6. Recommendations and Proposals

6. OTHER INFLUENCES AND CONSIDERATIONS IN THE OPERATION OF INSOLVENCY LAW REGIMES

   1. Corporate Management
   2. Corruption and Fraud

7. ASSESSMENT OF THE APPLICATION AND ADMINISTRATIVE OPERATION OF THE INSOLVENCY LAW REGIMES

   1. Statistics and Level of Insolvency Activity
   2. Legal Systems and Institutions
   3. Application of Insolvency Court Processes
   4. Attitudes to Legal Processes and Problems with the Insolvency Law
   5. Case Management of Corporate Insolvencies

8. VII. CONCLUSIONS AND RECOMMENDATIONS

   1. The Liquidation Process in the RETA Economies
   2. The Reorganization Process in the RETA Economies
   3. Other Aspects

Appendix 1 - Insolvency Law Influences

Appendix 2 - Insolvency Law Regime Outline

Appendix 3 - Informal Work-Out Process

THE NEED FOR AN INTEGRATED APPROACH TO SECURED TRANSACTIONS AND INSOLVENCY LAW REFORMS

1. INTRODUCTION

2. AN EXAMINATION OF THE ISSUES ARISING FROM THE INTERSECTION BETWEEN SECURED TRANSCTIONS AND INSOLVENCY

   1. Pre-Insolvency Commencement
   2. Commencement of Formal Insolvency Proceedings
   3. Post-Insolvency

3. CONCLUSION AND RECOMMENDATIONS