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.
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Lawmaking and institution building in Asian insolvency reforms: between global norms and national circumstances
It is now a truism to affirm that in all lawmaking a gap opens up between law on the books and law in action. This gap is a central focus of research for empirical socio-legal scholars of law worldwide.2 It is also increasingly recognised by law and finance scholars who assert that law inherently is “incomplete,” that its effectiveness relies heavily on the institutions of implementation.3 It is precisely this gap that has led the EBRD, in its surveys of Central and Eastern Europe, to measure separately the enactment and implementation (or effectiveness) of insolvency.4 Effectiveness in implementation becomes the ultimate criterion for appraisal of legal change and law reform.
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