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Criticising the Quest for Global Insolvency Standards

Part Name
Criticising the Quest for Global Insolvency Standards
Gerard McCormack
Publication Year
Vol. 8 Issue. 2, 2018
Insolvency; International; Harmonization; Model Law; standards; Legitimacy; Norm-making
In recent decades, various organisations have been busy in formulating
international insolvency standards – norms to guide the opening and conduct of
insolvency and restructuring proceedings affecting business enterprises. The
objectives are to promote trade and development; to improve economic
efficiency and the transition from a centrally planned economy to a more free
market oriented economy; to assist in the raising of living standards by putting
assets to their most effective use; and generally to ensure macro-economic
stability. The international insolvency standards are intended as a tool or guide
enabling nation states to upgrade and improve their relevant laws but have also
been used more explicitly as an evaluation tool enabling national laws to be
judged and ranked.
This paper examines critically these standard-setting endeavours. It suggests
that some of the standards are crude and unsophisticated advancing a
questionable set of legal assumptions and failing to take adequate account of
local conditions. The paper argues for a more nuanced approach that provides
policy options for reform and draws attention to the likely consequences of
particular reform efforts – an approach that is more cognisant of political and
cultural sensitivities.
Table Of Contents
Ⅰ. Introduction
Ⅱ. Why have International Insolvency Standards?
A. Facilitating international development and trade
B. Improving economic efficiency and assisting in the transition
from a centrally planned to a more free market oriented economy
C. Putting assets to their most effective use and raising living
D. Improving Macro-Economic Stability
Ⅲ. Conclusion
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