Argentina : Insolvency and Creditor Rights Systems

In 1995, Argentina enacted a new modern insolvency law that substantially improved corporate liquidations and rehabilitations. After almost seven years of experience, some legal and institutional weaknesses persist: (1) corporate workouts are diffi...

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Main Author:	World Bank
Format:	Insolvency Assessment (ROSC)
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACTIONS ARBITRATION ASSETS AUCTION BALANCE SHEETS BANKRUPTCY BANKRUPTCY COURTS BANKRUPTCY LAW BANKRUPTCY PETITIONS BIDDING BURDEN OF PROOF CIVIL LAW CIVIL LAW SYSTEMS CLAUSES CODES CONFLICTS OF INTEREST CONSUMER CONSUMERS CONTRACT LAW CORPORATE BANKRUPTCY CORRUPTION COURT CREDIT MANAGEMENT CREDIT RISK CREDITOR CREDITORS DEBT DEBT RECOVERY DEBT RESOLUTION DEBTOR DEBTORS DEBTS DEED DEFAULT RISK ENFORCEMENT ACTION ENFORCEMENT ACTIONS FAMILY LAW FINAL JUDGMENT FORECLOSURE FRAUD INSOLVENCY INSOLVENCY LAW INSOLVENCY REGIME INSURANCE INTANGIBLE ASSETS INTELLECTUAL PROPERTY JURISPRUDENCE LAW LAWS LAWYERS LEASE LEGAL FRAMEWORK LEGAL INFORMATION LEGISLATION LIQUIDATION MARKET LIQUIDITY MORTGAGE MORTGAGES MOVABLE PROPERTY NEGOTIATION OBLIGATIONS LAW PERSONAL LIABILITIES PETITION PLEDGES PRECEDENTS PROVISIONS REGULATORY FRAMEWORK REPAYMENT SECURED CREDITORS SHAREHOLDING SWAPS TAX INCENTIVES THIRD PARTIES TIME TRUSTS UNANIMOUS CONSENT UNDER CONTRACT UNDER CONTRACT LAW UNSECURED CREDIT UNSECURED DEBT VOTING
Online Access:	http://documents.worldbank.org/curated/en/2002/06/7083112/argentina-report-observance-standards-codes-rosc-insolvency-creditor-rights-systems http://hdl.handle.net/10986/14997

id	okr-10986-14997
recordtype	oai_dc
spelling	okr-10986-149972021-04-23T14:03:16Z Argentina : Insolvency and Creditor Rights Systems World Bank ACTIONS ARBITRATION ASSETS AUCTION BALANCE SHEETS BANKRUPTCY BANKRUPTCY COURTS BANKRUPTCY LAW BANKRUPTCY PETITIONS BIDDING BURDEN OF PROOF CIVIL LAW CIVIL LAW SYSTEMS CLAUSES CODES CONFLICTS OF INTEREST CONSUMER CONSUMERS CONTRACT LAW CORPORATE BANKRUPTCY CORRUPTION COURT CREDIT MANAGEMENT CREDIT RISK CREDITOR CREDITORS DEBT DEBT RECOVERY DEBT RESOLUTION DEBTOR DEBTORS DEBTS DEED DEFAULT RISK ENFORCEMENT ACTION ENFORCEMENT ACTIONS FAMILY LAW FINAL JUDGMENT FORECLOSURE FRAUD INSOLVENCY INSOLVENCY LAW INSOLVENCY REGIME INSURANCE INTANGIBLE ASSETS INTELLECTUAL PROPERTY JURISPRUDENCE LAW LAWS LAWYERS LEASE LEGAL FRAMEWORK LEGAL INFORMATION LEGISLATION LIQUIDATION MARKET LIQUIDITY MORTGAGE MORTGAGES MOVABLE PROPERTY NEGOTIATION OBLIGATIONS LAW PERSONAL LIABILITIES PETITION PLEDGES PRECEDENTS PROVISIONS REGULATORY FRAMEWORK REPAYMENT SECURED CREDITORS SHAREHOLDING SWAPS TAX INCENTIVES THIRD PARTIES TIME TRUSTS UNANIMOUS CONSENT UNDER CONTRACT UNDER CONTRACT LAW UNSECURED CREDIT UNSECURED DEBT VOTING In 1995, Argentina enacted a new modern insolvency law that substantially improved corporate liquidations and rehabilitations. After almost seven years of experience, some legal and institutional weaknesses persist: (1) corporate workouts are difficult in practice; (2) the unified insolvency regime causes severe problems in judicial interpretation of many legal provisions, causing court congestion with insolvency cases; (3) an uneven playing field discourages rehabilitation; (4) a lack of insolvency specialization among judges impedes efficiency and uniformity in large commercial centers; and (5) sindicos are perceived as lacking objectivity and sufficient expertise to manage complex restructurings. Liquidation proceedings take 1-5 years (depending on complexity), while reorganizations average 1½-2 years in jurisdictions with specialized judges (Mendoza, Cordoba) and 2-3 years in the others. To immediately improve the system, a new workout mechanism should be introduced to deal with systemic levels of corporate distress. In the medium term, other aspects of the legal and institutional framework should be improved. 2013-08-12T15:26:39Z 2013-08-12T15:26:39Z 2002-06-01 http://documents.worldbank.org/curated/en/2002/06/7083112/argentina-report-observance-standards-codes-rosc-insolvency-creditor-rights-systems http://hdl.handle.net/10986/14997 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Insolvency Assessment (ROSC) Economic & Sector Work Latin America & Caribbean
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	ACTIONS ARBITRATION ASSETS AUCTION BALANCE SHEETS BANKRUPTCY BANKRUPTCY COURTS BANKRUPTCY LAW BANKRUPTCY PETITIONS BIDDING BURDEN OF PROOF CIVIL LAW CIVIL LAW SYSTEMS CLAUSES CODES CONFLICTS OF INTEREST CONSUMER CONSUMERS CONTRACT LAW CORPORATE BANKRUPTCY CORRUPTION COURT CREDIT MANAGEMENT CREDIT RISK CREDITOR CREDITORS DEBT DEBT RECOVERY DEBT RESOLUTION DEBTOR DEBTORS DEBTS DEED DEFAULT RISK ENFORCEMENT ACTION ENFORCEMENT ACTIONS FAMILY LAW FINAL JUDGMENT FORECLOSURE FRAUD INSOLVENCY INSOLVENCY LAW INSOLVENCY REGIME INSURANCE INTANGIBLE ASSETS INTELLECTUAL PROPERTY JURISPRUDENCE LAW LAWS LAWYERS LEASE LEGAL FRAMEWORK LEGAL INFORMATION LEGISLATION LIQUIDATION MARKET LIQUIDITY MORTGAGE MORTGAGES MOVABLE PROPERTY NEGOTIATION OBLIGATIONS LAW PERSONAL LIABILITIES PETITION PLEDGES PRECEDENTS PROVISIONS REGULATORY FRAMEWORK REPAYMENT SECURED CREDITORS SHAREHOLDING SWAPS TAX INCENTIVES THIRD PARTIES TIME TRUSTS UNANIMOUS CONSENT UNDER CONTRACT UNDER CONTRACT LAW UNSECURED CREDIT UNSECURED DEBT VOTING
spellingShingle	ACTIONS ARBITRATION ASSETS AUCTION BALANCE SHEETS BANKRUPTCY BANKRUPTCY COURTS BANKRUPTCY LAW BANKRUPTCY PETITIONS BIDDING BURDEN OF PROOF CIVIL LAW CIVIL LAW SYSTEMS CLAUSES CODES CONFLICTS OF INTEREST CONSUMER CONSUMERS CONTRACT LAW CORPORATE BANKRUPTCY CORRUPTION COURT CREDIT MANAGEMENT CREDIT RISK CREDITOR CREDITORS DEBT DEBT RECOVERY DEBT RESOLUTION DEBTOR DEBTORS DEBTS DEED DEFAULT RISK ENFORCEMENT ACTION ENFORCEMENT ACTIONS FAMILY LAW FINAL JUDGMENT FORECLOSURE FRAUD INSOLVENCY INSOLVENCY LAW INSOLVENCY REGIME INSURANCE INTANGIBLE ASSETS INTELLECTUAL PROPERTY JURISPRUDENCE LAW LAWS LAWYERS LEASE LEGAL FRAMEWORK LEGAL INFORMATION LEGISLATION LIQUIDATION MARKET LIQUIDITY MORTGAGE MORTGAGES MOVABLE PROPERTY NEGOTIATION OBLIGATIONS LAW PERSONAL LIABILITIES PETITION PLEDGES PRECEDENTS PROVISIONS REGULATORY FRAMEWORK REPAYMENT SECURED CREDITORS SHAREHOLDING SWAPS TAX INCENTIVES THIRD PARTIES TIME TRUSTS UNANIMOUS CONSENT UNDER CONTRACT UNDER CONTRACT LAW UNSECURED CREDIT UNSECURED DEBT VOTING World Bank Argentina : Insolvency and Creditor Rights Systems
geographic_facet	Latin America & Caribbean
description	In 1995, Argentina enacted a new modern insolvency law that substantially improved corporate liquidations and rehabilitations. After almost seven years of experience, some legal and institutional weaknesses persist: (1) corporate workouts are difficult in practice; (2) the unified insolvency regime causes severe problems in judicial interpretation of many legal provisions, causing court congestion with insolvency cases; (3) an uneven playing field discourages rehabilitation; (4) a lack of insolvency specialization among judges impedes efficiency and uniformity in large commercial centers; and (5) sindicos are perceived as lacking objectivity and sufficient expertise to manage complex restructurings. Liquidation proceedings take 1-5 years (depending on complexity), while reorganizations average 1½-2 years in jurisdictions with specialized judges (Mendoza, Cordoba) and 2-3 years in the others. To immediately improve the system, a new workout mechanism should be introduced to deal with systemic levels of corporate distress. In the medium term, other aspects of the legal and institutional framework should be improved.
format	Economic & Sector Work :: Insolvency Assessment (ROSC)
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Argentina : Insolvency and Creditor Rights Systems
title_short	Argentina : Insolvency and Creditor Rights Systems
title_full	Argentina : Insolvency and Creditor Rights Systems
title_fullStr	Argentina : Insolvency and Creditor Rights Systems
title_full_unstemmed	Argentina : Insolvency and Creditor Rights Systems
title_sort	argentina : insolvency and creditor rights systems
publisher	Washington, DC
publishDate	2013
url	http://documents.worldbank.org/curated/en/2002/06/7083112/argentina-report-observance-standards-codes-rosc-insolvency-creditor-rights-systems http://hdl.handle.net/10986/14997
_version_	1764427823796191232

Argentina : Insolvency and Creditor Rights Systems

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