As part of the wider effort to improve the stability of the international financial system in the aftermath of the East Asia Crisis, The World Bank is leading an initiative to identify principles and guidelines for sound insolvency systems and for the strengthening of related debtor-creditor rights in emerging markets. Insolvency systems provide a pre-determined set of rules and institutions concerned with the recognition of insolvency, the resultant liquidation or rehabilitation of the insolvent firm, and the allocation of the financial consequences between the stakeholders. They also permit lenders to more accurately price risk and encourage cash flow lending rather than relationship or politically-directed lending, and discipline managers to allocate scarce resources efficiently.
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ANNOUNCEMENTS |
FOR REVIEW AND COMMENT:
Proposed ROSC Standard for Insolvency and Creditor Rights Systems
In the context of the joint World Bank (Bank) and International Monetary Fund (Fund) Initiative on Standards and Codes, insolvency and creditor rights (“ICR”) constitutes one of the twelve areas for which assessments are to be undertaken. more...
The ICR ROSC Standard is being posted for public review and comment. All interested persons are invited and encouraged to review and comment on the attached document.
Comments should be submitted by email to gild@worldbank.org no later than March 4, 2006. All comments received by that date will be carefully reviewed and considered in finalizing the ICR ROSC Standard. |
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