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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.

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Weaving the safety net for an aging world: lessons learned from the pension and insolvency systems of the US, the UK, and Germany

A Chinese proverb says “respect for one’s parents is the highest duty of civil life.” These words carry particular significance today. As life expectancies increase and birth rates fall around the world, the global population is aging rapidly. This phenomenon already has reached a critical point in many developed nations. In 1995, there were 1.3, 2.3, 2.6, 2.7, 3.6, and 4.2 workers per retiree in Italy, Germany, Japan, the United Kingdom, Canada and the United States respectively. By the year 2050, it is predicted that there will only be 0.7, 1.2, 1.5, 2.1, 1.6 and 2.3 workers respectively per retiree in these countries. Meanwhile, developing nations are also in the midst of a major demographic shift. Indeed, while nearly 60 percent of the elderly currently live in developing countries, that percentage is projected to increase to 80 percent by 2050. In developing economies such as China, Indonesia, and Korea the percentage of these countries’ populations over 60 is expected to be over 30 percent by 2050. In a trend similar to that in developed countries, the ratio of workers to the elderly in China is expected to drop from 9:1 to 2.6:1 over the next 40 years.

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