Pakistan - Strengthening the Insolvency Regime : Non-Lending Technical Assistance Final Report

The importance of a modern, binding and effective insolvency regime is undeniable. Nearly 90 countries around the world have reformed their bankruptcy codes since Second World War, and over half of them have done so during the last decade. One of the key aspects in the reform process is the delicate balance addressed by a modern insolvency system which encourages the organization of viable firms and liquidates unviable firms. The financial and macroeconomic crises, as recently experienced in Pakistan, provide an opportunity for bankruptcy reform, as the potential employment impact often places the issue of insolvent companies high on the policy agenda. The three fundamental goals of any insolvency law are: 1) transparency, including a system for publicizing and indexing judgments, an accessible method for registering securing interest and an effective notice of insolvency proceedings, 2) predictability - in terms of being fair, simple and clear, which if not achieved ends up costing more as financial institutions compensate the uncertainty with additional credit costs; and 3) efficiency, which conceptually is clear but empirically is difficult to measure.

Bibliographic Details

Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2011-06
Subjects:	ACCESS TO CREDIT, ACCESS TO FINANCE, ACCOUNTABILITY, ADMINISTRATIVE ACTION, ADMINISTRATIVE COSTS, AFFECTED CREDITORS, ARBITRATION, ASSET MANAGEMENT, ASSET MANAGEMENT COMPANY, ASSET MARKETS, ASSET VALUE, ASSETS, AUTOMATIC STAY, BALANCE OF PAYMENTS, BALANCE OF PAYMENTS CRISES, BALANCE SHEET, BALANCE SHEETS, BANK LOAN, BANKING LAWS, BANKING SYSTEM, BANKRUPTCY, BANKRUPTCY CODE, BANKRUPTCY CODES, BANKRUPTCY FILINGS, BANKRUPTCY PROCEEDING, BANKRUPTCY PROCEEDINGS, BANKRUPTCY REFORM, BID, BUSINESS ADVICE, BUSINESS ENTERPRISES, BUSINESS INSOLVENCY, CAPACITY BUILDING, CHECKS, CLAIM, CLASSES OF CLAIMANT, COLLATERAL, COMMODITY PRICES, COMPANIES LAW, COMPANY LAW, CONSOLIDATION, CORPORATE BORROWERS, CORPORATE DEBTORS, CORPORATE DISTRESS, CORPORATE ENTITIES, CORPORATE INSOLVENCY, CORPORATE LAW, CORPORATE LAW REFORM, CORPORATE LAWS, CORPORATE REORGANIZATION, CORPORATIONS, COURT APPROVAL, COURT ORDER, CREDIT COSTS, CREDIT RISK, CREDITOR, CREDITOR CLAIMS, CREDITOR CLASSES, CREDITOR CONSENT, CREDITOR PROTECTION, CREDITOR RIGHTS, CREDITOR RIGHTS REGIME, CREDITORS, CREDITS, CRIMINAL ACT, DEBT, DEBT FORGIVENESS, DEBTOR, DEBTOR COMPANY, DEBTORS, DEBTS, DECISION-MAKING POWERS, DEPENDENT, DISSOLUTION, DISTRESSED ASSET, DISTRESSED ASSETS, DISTRESSED COMPANIES, DISTRESSED COMPANY, DISTRESSED DEBT, DISTRESSED ENTERPRISES, DUE DILIGENCE, EFFECTIVE INSOLVENCY, EFFECTIVE INSOLVENCY SYSTEMS, EMERGING ECONOMIES, EMPLOYEE CLAIMS, EMPLOYMENT, EMPLOYMENT CONTRACTS, ENFORCEABILITY, ENTREPRENEURS, EQUITY STAKE, EXCHANGE COMMISSION, EXISTING CREDITORS, EXISTING LIABILITIES, EXIT MECHANISM, EXTERNAL SHOCKS, FEDERAL BUDGET, FINANCES, FINANCIAL DISCIPLINE, FINANCIAL DISTRESS, FINANCIAL INSTITUTIONS, FINANCIAL POSITION, FINANCIAL RESTRUCTURING, FINANCIAL STABILITY, FISCAL DISCIPLINE, FORCED SALE, FOREIGN COMPANIES, FREE MARKET, GOING CONCERN, GOING CONCERNS, GOVERNMENT OBLIGATIONS, GUARANTORS, IMPAIRED ASSETS, INCORPORATION, INFLATION, INSOLVENCY, INSOLVENCY LAW, INSOLVENCY MECHANISM, INSOLVENCY PRACTITIONERS, INSOLVENCY PROCEEDINGS, INSOLVENCY PROCESS, INSOLVENCY PROFESSIONALS, INSOLVENCY REFORM, INSOLVENCY REGIME, INSOLVENCY REGIMES, INSOLVENCY SYSTEM, INSOLVENCY SYSTEMS, INSOLVENT, INSOLVENT COMPANIES, INSOLVENT COMPANY, INSTITUTIONAL FRAMEWORKS, INTEREST RATES, INTERESTS OF CREDITORS, INTERNATIONAL TRADE, JUDGES, JUDGMENTS, JUDICIAL ADMINISTRATOR, JUDICIAL PROCEEDINGS, JUDICIARY, JURISDICTION, JURISDICTIONS, LARGE DEBTORS, LEGAL FRAMEWORK, LEGAL FRAMEWORK FOR BANKRUPTCY, LEGAL FRAMEWORKS, LEGAL SYSTEM, LEGISLATION, LEGITIMATE CLAIMS, LIMITED, LIMITED LIABILITY, LIQUIDATION, LIQUIDATION OF COMPANIES, LIQUIDATION PROCEEDINGS, LIQUIDATOR, LIQUIDITY, LOANS FROM BANKS, MACROECONOMIC CRISES, MAJORITY OF CREDITORS, MANAGERS, MARKET VALUE, MATURE MARKETS, MODERN REORGANIZATION PROCEEDINGS, MORAL HAZARD, NEGOTIATION, NET LOSS, NET LOSSES, NEW BANKRUPTCY, NEW BANKRUPTCY LAW, NON-PERFORMING LOANS, NONPERFORMING LOANS, NOTICE OF INSOLVENCY, NPL, ORDERLY LIQUIDATION, PAYMENT TO CREDITORS, PENDING LITIGATION, PERSONAL GUARANTEES, PLAN OF REORGANIZATION, POSSESSION, PRESENT VALUE, PRIVATE BANKS, PROCUREMENT, PRODUCTIVITY, PROTECTION OF CREDITOR, PROTECTION OF EMPLOYEE, PUBLIC FUNDS, RECOVERY OF LOANS, REHABILITATION PLAN, REORGANIZATION, REORGANIZATION PLAN, REORGANIZATION PROCESS, REORGANIZATION PROCESSES, REORGANIZATIONS, REPAYMENT, RESOLUTION OF INSOLVENCY, RESTRUCTURING PLAN, RESTRUCTURING PROCESS, RIGHTS OF CREDITORS, RISK TAKING, SALE OF ASSETS, SALES REVENUE, SECONDARY MARKET, SECURITIES, SHAREHOLDERS, SOCIAL WELFARE, SOCIETY, STAKEHOLDERS, STATE ASSET, STATE BANK, STATE BANK OF PAKISTAN, TECHNICAL ASSISTANCE, TRANSPARENCY, TRUST CORPORATION, TURNOVER, UNSECURED DEBT, UNSECURED LOANS, VALUATION, VALUATIONS, VOLUNTARY LIQUIDATION, WEALTH EFFECTS, WINDING UP, WINDING-UP,
Online Access:	http://documents.worldbank.org/curated/en/2011/06/16251104/pakistan-strengthening-insolvency-regime-non-lending-technical-assistance https://hdl.handle.net/10986/12374
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