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2 results

  • 8 - Favoring the Choice of Insolvency Forum

  • from Part III - Towards a New Insolvency Framework in Emerging Economies
  • Aurelio Gurrea-Martínez, Singapore Management University
  • Book:
    Reinventing Insolvency Law in Emerging Economies
    Published online:
    06 June 2024
    Print publication:
    13 June 2024, pp 248-272

  • Summary

    This chapter argues that countries, and especially emerging economies, should facilitate the choice of insolvency forum. Ideally, this choice of insolvency forum should be allowed ex ante. Thus, in addition to providing debtors and creditors with the possibility of having access to more attractive insolvency systems in the hypothetical event of financial distress, the ex ante choice of insolvency forum can promote predictability, access to finance and economic growth. Alternatively, if the insolvency forum cannot be chosen ex ante, at least it should be facilitated ex post. Regardless of the solution eventually adopted, this chapter explains that various safeguards need to be adopted to prevent the opportunistic choice or change of insolvency forum. It also argues that this new approach for the choice of insolvency forum requires certain changes to the rules governing cross-border insolvency and particularly those established in the UNCITRAL Model Law on Cross-Border Insolvency.

Reinventing Insolvency Law in Emerging Economies
  • Aurelio Gurrea-Martínez
  • Published online:
    06 June 2024
    Print publication:
    13 June 2024
  • This book explains how and why insolvency law in emerging economies needs to be reinvented. It starts by examining the importance of insolvency law for the promotion of economic growth as well as the similarities and divergences in the design of insolvency law around the world. The central thesis of the book is that insolvency law in emerging economies fails to serve as a catalyst for growth. It is argued that this failure is mainly due to the design of an insolvency legislation that is not tailored to the market and institutional environment generally existing in emerging economies. The book also provides a critical analysis of the design of insolvency law in many advanced economies where the insolvency system has proven to be unattractive for debtors, creditors or both. Therefore, in addition to suggesting a new insolvency framework for emerging economies, this book ultimately invites readers to rethink insolvency law.