Out-of-Court Debt Restructuring

This study provides a conceptual framework for the analysis of the questions of out-of-court debt restructuring from a policy-oriented perspective. The starting point of the analysis is given by the World Bank principles for effective insolvency an...

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Main Author:	Garrido, Jose M.
Format:	Publication
Language:	English
Published:	World Bank 2012
Subjects:	ABSOLUTE PRIORITY RULES ACCURATE FINANCIAL INFORMATION ADMINISTRATION CONTRACTS AMOUNT OF DEBT ANTI-MONEY LAUNDERING ASSET SALES ASSETS AUTOMATIC STAY BANK DEBT BANK INSOLVENCY BANK INSOLVENCY INITIATIVE BANKRUPTCY BANKRUPTCY LAWS BANKRUPTCY PROCEEDINGS BANKRUPTCY SYSTEMS BONDHOLDER BUSINESS PLAN CAPITAL INJECTIONS CODE OF CONDUCT COLLATERAL COLLECTION EFFORTS COLLECTIVE ACTION COLLECTIVE ACTION PROBLEMS COMMERCIAL LAW COMPANY LAW COMPOSITION AGREEMENT CONCESSION CONFLICTS OF INTEREST CONTRACTUAL ARRANGEMENTS CONTRACTUAL PROVISIONS CONTRACTUAL RELATIONSHIPS CONVERSION OF DEBT CONVERSION OF DEBT INTO EQUITY CORPORATE DEBT CORPORATE DISTRESS CORPORATE FINANCIAL DIFFICULTY CORPORATE FINANCIAL DISTRESS CORPORATE GOVERNANCE CORPORATE LAW CORPORATE WORKOUTS COURT DEBT COURT INTERVENTION COURT RESTRUCTURING CREDITOR CREDITOR ACTIONS CREDITOR RIGHTS CREDITOR RIGHTS SYSTEMS CREDITORS CREDITS DEBT CONVERSIONS DEBT INSTRUMENTS DEBT PROBLEMS DEBT RESCHEDULING DEBT RESTRUCTURING DEBT RESTRUCTURING MECHANISMS DEBT SALES DEBT SECURITIES DEBTOR DEBTOR COMPANY DEBTOR ENTERPRISES DEBTOR'S COMPANY DEBTORS DEBTS DISTRESSED ASSETS DISTRESSED COMPANIES DISTRESSED COMPANY DISTRESSED ENTERPRISE DUE DILIGENCE ECONOMIC SITUATION EFFECTIVE INSOLVENCY EFFECTIVE INSOLVENCY SYSTEM EFFICIENT INSOLVENCY ENFORCEMENT MECHANISMS ENTERPRISE REORGANIZATIONS ENTERPRISE RESTRUCTURING EQUITY CONVERSIONS EQUITY EXCHANGES EXECUTORY CONTRACTS EXISTING CREDITORS EXISTING DEBT FINANCIAL CREDITOR FINANCIAL CREDITORS FINANCIAL CRISIS FINANCIAL DIFFICULTIES FINANCIAL DIFFICULTY FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL POSITION FINANCIAL PROBLEM FINANCIAL PROBLEMS FINANCIAL SITUATION FINANCIAL STABILITY FINANCIALLY DISTRESSED ENTERPRISES FOREIGN COURTS FOREIGN PROCEEDINGS FORMAL BANKRUPTCY FORMAL INSOLVENCY FORMAL INSOLVENCY PROCEEDING FORMAL INSOLVENCY PROCEEDINGS FORMAL LIQUIDATION FORMAL REORGANIZATION FRAUD FRAUDULENT BEHAVIOR GENERAL COUNSEL GOOD FAITH GROUP OF CREDITORS ILLIQUIDITY IMMEDIATE INSOLVENCY INDEBTEDNESS INFORMAL ARRANGEMENTS INFORMAL PROCEDURES INFORMAL WORKOUT INFORMAL WORKOUT PROCEDURE INFORMAL WORKOUTS INSOLVENCY ASSESSMENTS INSOLVENCY LAW INSOLVENCY LAW REFORM INSOLVENCY LAWS INSOLVENCY LEGISLATION INSOLVENCY POLICIES INSOLVENCY POLICY INSOLVENCY PROCEDURE INSOLVENCY PROCEDURES INSOLVENCY PROCESS INSOLVENCY PROCESSES INSOLVENCY SET INSOLVENCY SYSTEMS INSURANCE INTEREST PAYMENTS INTERNATIONAL ACCOUNTING JUDGES JUDGMENT JUDICIAL MECHANISMS JUDICIAL SYSTEM JUDICIARY JURISDICTION JURISDICTIONS LARGE NUMBER OF CREDITORS LEGAL FRAMEWORK LEGAL SYSTEM LEGAL SYSTEMS LEGISLATIVE FRAMEWORK LENDER LIABILITY LIQUIDATION LIQUIDATION PROCEDURES LIQUIDATION PROCEEDINGS LIQUIDITY CRISIS MAJORITY OF CREDITORS MARKET VALUE MINORITY CREDITORS MORATORIUM ON CREDITOR MULTIPLE CLAIMANTS NEGOTIATION NEGOTIATIONS NONVIABLE COMPANIES NUMBER OF BANKS NUMBER OF CREDITORS PAYMENT TERMS PAYMENTS TO CREDITORS POTENTIAL LIABILITIES PROCEDURAL ISSUES PROCUREMENT PUBLIC ADMINISTRATION PUBLIC DEBT PUBLIC INFORMATION RECAPITALIZATION REGULATORY FRAMEWORK REGULATORY SYSTEM REMEDIES REORGANIZATION PLAN REORGANIZATION PROCEDURE REORGANIZATION PROCEEDINGS REORGANIZATION PROCESS REPAYMENT RESTRUCTURING PLAN RESTRUCTURING PROCESSES RESTRUCTURING TECHNIQUES RIGHTS OF CREDITORS SINGLE CREDITOR STATUTORY PROVISIONS STAY OF CREDITOR ACTIONS STAY ON CREDITOR STAY ON CREDITORS SUBJECT TO INSOLVENCY SYSTEMIC CRISES SYSTEMIC CRISIS TRADE CREDITORS TRADE DEBT TRADE DEBTS TRUSTEE TRUSTEE INDENTURE VALUATION OF ASSETS VIABLE BUSINESS VIABLE BUSINESSES WAGES WORKOUT AGREEMENT WORKOUTS
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000356161_20120109022525 http://hdl.handle.net/10986/2230

id	okr-10986-2230
recordtype	oai_dc
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ABSOLUTE PRIORITY RULES ACCURATE FINANCIAL INFORMATION ADMINISTRATION CONTRACTS AMOUNT OF DEBT ANTI-MONEY LAUNDERING ASSET SALES ASSETS AUTOMATIC STAY BANK DEBT BANK INSOLVENCY BANK INSOLVENCY INITIATIVE BANKRUPTCY BANKRUPTCY LAWS BANKRUPTCY PROCEEDINGS BANKRUPTCY SYSTEMS BONDHOLDER BUSINESS PLAN CAPITAL INJECTIONS CODE OF CONDUCT COLLATERAL COLLECTION EFFORTS COLLECTIVE ACTION COLLECTIVE ACTION PROBLEMS COMMERCIAL LAW COMPANY LAW COMPOSITION AGREEMENT CONCESSION CONFLICTS OF INTEREST CONTRACTUAL ARRANGEMENTS CONTRACTUAL PROVISIONS CONTRACTUAL RELATIONSHIPS CONVERSION OF DEBT CONVERSION OF DEBT INTO EQUITY CORPORATE DEBT CORPORATE DISTRESS CORPORATE FINANCIAL DIFFICULTY CORPORATE FINANCIAL DISTRESS CORPORATE GOVERNANCE CORPORATE LAW CORPORATE WORKOUTS COURT DEBT COURT INTERVENTION COURT RESTRUCTURING CREDITOR CREDITOR ACTIONS CREDITOR RIGHTS CREDITOR RIGHTS SYSTEMS CREDITORS CREDITS DEBT CONVERSIONS DEBT INSTRUMENTS DEBT PROBLEMS DEBT RESCHEDULING DEBT RESTRUCTURING DEBT RESTRUCTURING MECHANISMS DEBT SALES DEBT SECURITIES DEBTOR DEBTOR COMPANY DEBTOR ENTERPRISES DEBTOR'S COMPANY DEBTORS DEBTS DISTRESSED ASSETS DISTRESSED COMPANIES DISTRESSED COMPANY DISTRESSED ENTERPRISE DUE DILIGENCE ECONOMIC SITUATION EFFECTIVE INSOLVENCY EFFECTIVE INSOLVENCY SYSTEM EFFICIENT INSOLVENCY ENFORCEMENT MECHANISMS ENTERPRISE REORGANIZATIONS ENTERPRISE RESTRUCTURING EQUITY CONVERSIONS EQUITY EXCHANGES EXECUTORY CONTRACTS EXISTING CREDITORS EXISTING DEBT FINANCIAL CREDITOR FINANCIAL CREDITORS FINANCIAL CRISIS FINANCIAL DIFFICULTIES FINANCIAL DIFFICULTY FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL POSITION FINANCIAL PROBLEM FINANCIAL PROBLEMS FINANCIAL SITUATION FINANCIAL STABILITY FINANCIALLY DISTRESSED ENTERPRISES FOREIGN COURTS FOREIGN PROCEEDINGS FORMAL BANKRUPTCY FORMAL INSOLVENCY FORMAL INSOLVENCY PROCEEDING FORMAL INSOLVENCY PROCEEDINGS FORMAL LIQUIDATION FORMAL REORGANIZATION FRAUD FRAUDULENT BEHAVIOR GENERAL COUNSEL GOOD FAITH GROUP OF CREDITORS ILLIQUIDITY IMMEDIATE INSOLVENCY INDEBTEDNESS INFORMAL ARRANGEMENTS INFORMAL PROCEDURES INFORMAL WORKOUT INFORMAL WORKOUT PROCEDURE INFORMAL WORKOUTS INSOLVENCY ASSESSMENTS INSOLVENCY LAW INSOLVENCY LAW REFORM INSOLVENCY LAWS INSOLVENCY LEGISLATION INSOLVENCY POLICIES INSOLVENCY POLICY INSOLVENCY PROCEDURE INSOLVENCY PROCEDURES INSOLVENCY PROCESS INSOLVENCY PROCESSES INSOLVENCY SET INSOLVENCY SYSTEMS INSURANCE INTEREST PAYMENTS INTERNATIONAL ACCOUNTING JUDGES JUDGMENT JUDICIAL MECHANISMS JUDICIAL SYSTEM JUDICIARY JURISDICTION JURISDICTIONS LARGE NUMBER OF CREDITORS LEGAL FRAMEWORK LEGAL SYSTEM LEGAL SYSTEMS LEGISLATIVE FRAMEWORK LENDER LIABILITY LIQUIDATION LIQUIDATION PROCEDURES LIQUIDATION PROCEEDINGS LIQUIDITY CRISIS MAJORITY OF CREDITORS MARKET VALUE MINORITY CREDITORS MORATORIUM ON CREDITOR MULTIPLE CLAIMANTS NEGOTIATION NEGOTIATIONS NONVIABLE COMPANIES NUMBER OF BANKS NUMBER OF CREDITORS PAYMENT TERMS PAYMENTS TO CREDITORS POTENTIAL LIABILITIES PROCEDURAL ISSUES PROCUREMENT PUBLIC ADMINISTRATION PUBLIC DEBT PUBLIC INFORMATION RECAPITALIZATION REGULATORY FRAMEWORK REGULATORY SYSTEM REMEDIES REORGANIZATION PLAN REORGANIZATION PROCEDURE REORGANIZATION PROCEEDINGS REORGANIZATION PROCESS REPAYMENT RESTRUCTURING PLAN RESTRUCTURING PROCESSES RESTRUCTURING TECHNIQUES RIGHTS OF CREDITORS SINGLE CREDITOR STATUTORY PROVISIONS STAY OF CREDITOR ACTIONS STAY ON CREDITOR STAY ON CREDITORS SUBJECT TO INSOLVENCY SYSTEMIC CRISES SYSTEMIC CRISIS TRADE CREDITORS TRADE DEBT TRADE DEBTS TRUSTEE TRUSTEE INDENTURE VALUATION OF ASSETS VIABLE BUSINESS VIABLE BUSINESSES WAGES WORKOUT AGREEMENT WORKOUTS
spellingShingle	ABSOLUTE PRIORITY RULES ACCURATE FINANCIAL INFORMATION ADMINISTRATION CONTRACTS AMOUNT OF DEBT ANTI-MONEY LAUNDERING ASSET SALES ASSETS AUTOMATIC STAY BANK DEBT BANK INSOLVENCY BANK INSOLVENCY INITIATIVE BANKRUPTCY BANKRUPTCY LAWS BANKRUPTCY PROCEEDINGS BANKRUPTCY SYSTEMS BONDHOLDER BUSINESS PLAN CAPITAL INJECTIONS CODE OF CONDUCT COLLATERAL COLLECTION EFFORTS COLLECTIVE ACTION COLLECTIVE ACTION PROBLEMS COMMERCIAL LAW COMPANY LAW COMPOSITION AGREEMENT CONCESSION CONFLICTS OF INTEREST CONTRACTUAL ARRANGEMENTS CONTRACTUAL PROVISIONS CONTRACTUAL RELATIONSHIPS CONVERSION OF DEBT CONVERSION OF DEBT INTO EQUITY CORPORATE DEBT CORPORATE DISTRESS CORPORATE FINANCIAL DIFFICULTY CORPORATE FINANCIAL DISTRESS CORPORATE GOVERNANCE CORPORATE LAW CORPORATE WORKOUTS COURT DEBT COURT INTERVENTION COURT RESTRUCTURING CREDITOR CREDITOR ACTIONS CREDITOR RIGHTS CREDITOR RIGHTS SYSTEMS CREDITORS CREDITS DEBT CONVERSIONS DEBT INSTRUMENTS DEBT PROBLEMS DEBT RESCHEDULING DEBT RESTRUCTURING DEBT RESTRUCTURING MECHANISMS DEBT SALES DEBT SECURITIES DEBTOR DEBTOR COMPANY DEBTOR ENTERPRISES DEBTOR'S COMPANY DEBTORS DEBTS DISTRESSED ASSETS DISTRESSED COMPANIES DISTRESSED COMPANY DISTRESSED ENTERPRISE DUE DILIGENCE ECONOMIC SITUATION EFFECTIVE INSOLVENCY EFFECTIVE INSOLVENCY SYSTEM EFFICIENT INSOLVENCY ENFORCEMENT MECHANISMS ENTERPRISE REORGANIZATIONS ENTERPRISE RESTRUCTURING EQUITY CONVERSIONS EQUITY EXCHANGES EXECUTORY CONTRACTS EXISTING CREDITORS EXISTING DEBT FINANCIAL CREDITOR FINANCIAL CREDITORS FINANCIAL CRISIS FINANCIAL DIFFICULTIES FINANCIAL DIFFICULTY FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL POSITION FINANCIAL PROBLEM FINANCIAL PROBLEMS FINANCIAL SITUATION FINANCIAL STABILITY FINANCIALLY DISTRESSED ENTERPRISES FOREIGN COURTS FOREIGN PROCEEDINGS FORMAL BANKRUPTCY FORMAL INSOLVENCY FORMAL INSOLVENCY PROCEEDING FORMAL INSOLVENCY PROCEEDINGS FORMAL LIQUIDATION FORMAL REORGANIZATION FRAUD FRAUDULENT BEHAVIOR GENERAL COUNSEL GOOD FAITH GROUP OF CREDITORS ILLIQUIDITY IMMEDIATE INSOLVENCY INDEBTEDNESS INFORMAL ARRANGEMENTS INFORMAL PROCEDURES INFORMAL WORKOUT INFORMAL WORKOUT PROCEDURE INFORMAL WORKOUTS INSOLVENCY ASSESSMENTS INSOLVENCY LAW INSOLVENCY LAW REFORM INSOLVENCY LAWS INSOLVENCY LEGISLATION INSOLVENCY POLICIES INSOLVENCY POLICY INSOLVENCY PROCEDURE INSOLVENCY PROCEDURES INSOLVENCY PROCESS INSOLVENCY PROCESSES INSOLVENCY SET INSOLVENCY SYSTEMS INSURANCE INTEREST PAYMENTS INTERNATIONAL ACCOUNTING JUDGES JUDGMENT JUDICIAL MECHANISMS JUDICIAL SYSTEM JUDICIARY JURISDICTION JURISDICTIONS LARGE NUMBER OF CREDITORS LEGAL FRAMEWORK LEGAL SYSTEM LEGAL SYSTEMS LEGISLATIVE FRAMEWORK LENDER LIABILITY LIQUIDATION LIQUIDATION PROCEDURES LIQUIDATION PROCEEDINGS LIQUIDITY CRISIS MAJORITY OF CREDITORS MARKET VALUE MINORITY CREDITORS MORATORIUM ON CREDITOR MULTIPLE CLAIMANTS NEGOTIATION NEGOTIATIONS NONVIABLE COMPANIES NUMBER OF BANKS NUMBER OF CREDITORS PAYMENT TERMS PAYMENTS TO CREDITORS POTENTIAL LIABILITIES PROCEDURAL ISSUES PROCUREMENT PUBLIC ADMINISTRATION PUBLIC DEBT PUBLIC INFORMATION RECAPITALIZATION REGULATORY FRAMEWORK REGULATORY SYSTEM REMEDIES REORGANIZATION PLAN REORGANIZATION PROCEDURE REORGANIZATION PROCEEDINGS REORGANIZATION PROCESS REPAYMENT RESTRUCTURING PLAN RESTRUCTURING PROCESSES RESTRUCTURING TECHNIQUES RIGHTS OF CREDITORS SINGLE CREDITOR STATUTORY PROVISIONS STAY OF CREDITOR ACTIONS STAY ON CREDITOR STAY ON CREDITORS SUBJECT TO INSOLVENCY SYSTEMIC CRISES SYSTEMIC CRISIS TRADE CREDITORS TRADE DEBT TRADE DEBTS TRUSTEE TRUSTEE INDENTURE VALUATION OF ASSETS VIABLE BUSINESS VIABLE BUSINESSES WAGES WORKOUT AGREEMENT WORKOUTS Garrido, Jose M. Out-of-Court Debt Restructuring
relation	World Bank Study
description	This study provides a conceptual framework for the analysis of the questions of out-of-court debt restructuring from a policy-oriented perspective. The starting point of the analysis is given by the World Bank principles for effective insolvency and creditor rights systems. The study offers an overview of out-of-court restructuring, which is not seen as fundamentally opposed to formal insolvency procedures. Actually, the study contemplates different restructuring techniques as forming a continuum to the treatment of financial difficulties. The study discusses the advantages and disadvantages of all the debt restructuring techniques, and concludes, in this regard, that a legal system may contain a number of options a menu that can cover different sets of circumstances. In the end, the law may offer a toolbox with very different instruments that the parties may use depending on the specific facts of the case. The study also provides a checklist that can be used to examine the features of a legal system that bear a direct influence on debt restructuring activities.
format	Publications & Research :: Publication
author	Garrido, Jose M.
author_facet	Garrido, Jose M.
author_sort	Garrido, Jose M.
title	Out-of-Court Debt Restructuring
title_short	Out-of-Court Debt Restructuring
title_full	Out-of-Court Debt Restructuring
title_fullStr	Out-of-Court Debt Restructuring
title_full_unstemmed	Out-of-Court Debt Restructuring
title_sort	out-of-court debt restructuring
publisher	World Bank
publishDate	2012
url	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000356161_20120109022525 http://hdl.handle.net/10986/2230
_version_	1764385059154952192
spelling	okr-10986-22302021-04-23T14:02:00Z Out-of-Court Debt Restructuring Garrido, Jose M. ABSOLUTE PRIORITY RULES ACCURATE FINANCIAL INFORMATION ADMINISTRATION CONTRACTS AMOUNT OF DEBT ANTI-MONEY LAUNDERING ASSET SALES ASSETS AUTOMATIC STAY BANK DEBT BANK INSOLVENCY BANK INSOLVENCY INITIATIVE BANKRUPTCY BANKRUPTCY LAWS BANKRUPTCY PROCEEDINGS BANKRUPTCY SYSTEMS BONDHOLDER BUSINESS PLAN CAPITAL INJECTIONS CODE OF CONDUCT COLLATERAL COLLECTION EFFORTS COLLECTIVE ACTION COLLECTIVE ACTION PROBLEMS COMMERCIAL LAW COMPANY LAW COMPOSITION AGREEMENT CONCESSION CONFLICTS OF INTEREST CONTRACTUAL ARRANGEMENTS CONTRACTUAL PROVISIONS CONTRACTUAL RELATIONSHIPS CONVERSION OF DEBT CONVERSION OF DEBT INTO EQUITY CORPORATE DEBT CORPORATE DISTRESS CORPORATE FINANCIAL DIFFICULTY CORPORATE FINANCIAL DISTRESS CORPORATE GOVERNANCE CORPORATE LAW CORPORATE WORKOUTS COURT DEBT COURT INTERVENTION COURT RESTRUCTURING CREDITOR CREDITOR ACTIONS CREDITOR RIGHTS CREDITOR RIGHTS SYSTEMS CREDITORS CREDITS DEBT CONVERSIONS DEBT INSTRUMENTS DEBT PROBLEMS DEBT RESCHEDULING DEBT RESTRUCTURING DEBT RESTRUCTURING MECHANISMS DEBT SALES DEBT SECURITIES DEBTOR DEBTOR COMPANY DEBTOR ENTERPRISES DEBTOR'S COMPANY DEBTORS DEBTS DISTRESSED ASSETS DISTRESSED COMPANIES DISTRESSED COMPANY DISTRESSED ENTERPRISE DUE DILIGENCE ECONOMIC SITUATION EFFECTIVE INSOLVENCY EFFECTIVE INSOLVENCY SYSTEM EFFICIENT INSOLVENCY ENFORCEMENT MECHANISMS ENTERPRISE REORGANIZATIONS ENTERPRISE RESTRUCTURING EQUITY CONVERSIONS EQUITY EXCHANGES EXECUTORY CONTRACTS EXISTING CREDITORS EXISTING DEBT FINANCIAL CREDITOR FINANCIAL CREDITORS FINANCIAL CRISIS FINANCIAL DIFFICULTIES FINANCIAL DIFFICULTY FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL POSITION FINANCIAL PROBLEM FINANCIAL PROBLEMS FINANCIAL SITUATION FINANCIAL STABILITY FINANCIALLY DISTRESSED ENTERPRISES FOREIGN COURTS FOREIGN PROCEEDINGS FORMAL BANKRUPTCY FORMAL INSOLVENCY FORMAL INSOLVENCY PROCEEDING FORMAL INSOLVENCY PROCEEDINGS FORMAL LIQUIDATION FORMAL REORGANIZATION FRAUD FRAUDULENT BEHAVIOR GENERAL COUNSEL GOOD FAITH GROUP OF CREDITORS ILLIQUIDITY IMMEDIATE INSOLVENCY INDEBTEDNESS INFORMAL ARRANGEMENTS INFORMAL PROCEDURES INFORMAL WORKOUT INFORMAL WORKOUT PROCEDURE INFORMAL WORKOUTS INSOLVENCY ASSESSMENTS INSOLVENCY LAW INSOLVENCY LAW REFORM INSOLVENCY LAWS INSOLVENCY LEGISLATION INSOLVENCY POLICIES INSOLVENCY POLICY INSOLVENCY PROCEDURE INSOLVENCY PROCEDURES INSOLVENCY PROCESS INSOLVENCY PROCESSES INSOLVENCY SET INSOLVENCY SYSTEMS INSURANCE INTEREST PAYMENTS INTERNATIONAL ACCOUNTING JUDGES JUDGMENT JUDICIAL MECHANISMS JUDICIAL SYSTEM JUDICIARY JURISDICTION JURISDICTIONS LARGE NUMBER OF CREDITORS LEGAL FRAMEWORK LEGAL SYSTEM LEGAL SYSTEMS LEGISLATIVE FRAMEWORK LENDER LIABILITY LIQUIDATION LIQUIDATION PROCEDURES LIQUIDATION PROCEEDINGS LIQUIDITY CRISIS MAJORITY OF CREDITORS MARKET VALUE MINORITY CREDITORS MORATORIUM ON CREDITOR MULTIPLE CLAIMANTS NEGOTIATION NEGOTIATIONS NONVIABLE COMPANIES NUMBER OF BANKS NUMBER OF CREDITORS PAYMENT TERMS PAYMENTS TO CREDITORS POTENTIAL LIABILITIES PROCEDURAL ISSUES PROCUREMENT PUBLIC ADMINISTRATION PUBLIC DEBT PUBLIC INFORMATION RECAPITALIZATION REGULATORY FRAMEWORK REGULATORY SYSTEM REMEDIES REORGANIZATION PLAN REORGANIZATION PROCEDURE REORGANIZATION PROCEEDINGS REORGANIZATION PROCESS REPAYMENT RESTRUCTURING PLAN RESTRUCTURING PROCESSES RESTRUCTURING TECHNIQUES RIGHTS OF CREDITORS SINGLE CREDITOR STATUTORY PROVISIONS STAY OF CREDITOR ACTIONS STAY ON CREDITOR STAY ON CREDITORS SUBJECT TO INSOLVENCY SYSTEMIC CRISES SYSTEMIC CRISIS TRADE CREDITORS TRADE DEBT TRADE DEBTS TRUSTEE TRUSTEE INDENTURE VALUATION OF ASSETS VIABLE BUSINESS VIABLE BUSINESSES WAGES WORKOUT AGREEMENT WORKOUTS This study provides a conceptual framework for the analysis of the questions of out-of-court debt restructuring from a policy-oriented perspective. The starting point of the analysis is given by the World Bank principles for effective insolvency and creditor rights systems. The study offers an overview of out-of-court restructuring, which is not seen as fundamentally opposed to formal insolvency procedures. Actually, the study contemplates different restructuring techniques as forming a continuum to the treatment of financial difficulties. The study discusses the advantages and disadvantages of all the debt restructuring techniques, and concludes, in this regard, that a legal system may contain a number of options a menu that can cover different sets of circumstances. In the end, the law may offer a toolbox with very different instruments that the parties may use depending on the specific facts of the case. The study also provides a checklist that can be used to examine the features of a legal system that bear a direct influence on debt restructuring activities. 2012-03-19T08:44:06Z 2012-03-19T08:44:06Z 2012-01-12 http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000356161_20120109022525 978-0-8213-8983-6 http://hdl.handle.net/10986/2230 English World Bank Study CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank Publications & Research :: Publication Publications & Research :: Publication

Out-of-Court Debt Restructuring

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