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.



Lessons learned: bankruptcy reform in Thailand

The objective of this paper is to explain how Thailand, after being hit by the economic crisis in 1997, reformed the bankruptcy system in order to deal with the subsequent growth of non-performing loans. This paper shows how the changes were made and the reasons behind the changes. It is now possible to see if they were beneficial and, most important, if they contributed to an appropriate and sustainable bankruptcy system. The paper also identifies the advantages and disadvantages of the system and suggests ways forward both for Thailand and other countries in the region. Finally, it illustrates the ongoing process of change in Thailand.


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