Insolvency Law Reform
Updated: 5 May 2008
Since the Asian financial crisis in 1997-98, ADB has been extensively involved in insolvency and related law and policy reform in the Asian region. The Asian financial crisis created an environment where insolvency and related laws became an important part of various governments' reform agendas. Specifically, the crisis highlighted various weaknesses-outmoded bankruptcy laws, inadequate court systems and weak enforcement and implementation of bankruptcy laws in developing member countries (DMCs).
About the Projects
Two regional technical assistance (RETA) projects, RETA 5795 for Insolvency Law Reform and RETA 5975 for Promoting Regional Cooperation in the Development of Insolvency Law Reforms, have contributed immensely to the development of insolvency law regimes and practices in the region.
| OVERVIEW |
| RETA 5795 |
RETA 5975 |
Objectives:
- to provide a regional forum to discuss common problems in insolvency law reform
- to explore regional and international best practice
The RETA was divided into two phases. The first phase involved the conduct of individual studies in relation to corporate insolvency laws and practices in eleven Asian countries. The second phase involved a more detailed examination of particular issues in five countries comprising Indonesia, Korea, Malaysia, Philippines, and Thailand.
Comparative Reports were prepared and updated based on the studies conducted and symposiums held.
Reports on the results of the RETA were published. |
Objectives:
- to facilitate the development of sound insolvency frameworks for handling cross-border insolvencies
- to facilitate regional cooperation, especially the exchange of ideas and experiences between courts and other competent authorities
- to review informal insolvency frameworks on a comparative basis
- to develop case studies and model frameworks
The RETA involved four countries - Indonesia, Korea, Philippines, and Thailand.
Country Reports were prepared on three principal areas - Cross-Border Insolvency , Intersection of Secured Transactions and Insolvency Regimes , and Informal Work-outs .
Conferences were held in Manila and Singapore to review and discuss the draft Country Reports.
A Final Report was published summarizing the results of the RETA. |
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