Asian Insolvency Systems: Closing the Implementation Gap

image of Asian Insolvency Systems: Closing the Implementation Gap

As Asian markets are now increasingly integrated in the world economy their domestic insolvency systems need to meet the expectations of international investors and lenders. Many Asian jurisdictions are responding by reforming  insolvency laws, introducing new procedures and strengthening institutions, but others are much less active. This conference proceedings includes papers showing how far various Asian countries have come in building effective and predictable insolvency systems and shows to what extent their systems provide confidence to investors and lenders.


Future developments in cross-border insolvency law

For centuries, jurisdictions followed the so called territoriality principle; i.e. they closed their doors to foreign administrators (and creditors as well) and did not allow their law to reach out beyond the borders of their respective jurisdictions. In the nineties, the UNCITRAL model law on trans-border insolvency was proposed. At present, it has been adopted by ten jurisdictions. A number of other jurisdictions plan to do adopt it in the future, or draft their own cross-border law based on the model. These jurisdictions represent both common law and civil law countries. Thus, it is a proper starting point for any jurisdiction to have its own cross-border insolvency law be identical to or modelled after the UNCITRAL proposal.


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