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Corporate Restructuring Laws Under Stress: Policy-Making in Uncertain Times
The economic crisis triggered by the coronavirus pandemic is the most significant global crisis of its kind outside of wartime and the full impacts are still largely unknown. The path to economic recovery is impaired by the war on Ukraine. Many countries have either entered or are about to enter an...
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Formato: | Online Artículo Texto |
Lenguaje: | English |
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Springer International Publishing
2023
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Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9942616/ http://dx.doi.org/10.1007/s40804-023-00274-6 |
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author | Bridge Zoller, Catherine |
author_facet | Bridge Zoller, Catherine |
author_sort | Bridge Zoller, Catherine |
collection | PubMed |
description | The economic crisis triggered by the coronavirus pandemic is the most significant global crisis of its kind outside of wartime and the full impacts are still largely unknown. The path to economic recovery is impaired by the war on Ukraine. Many countries have either entered or are about to enter an economic recession. Now that many government support measures have expired or have been exhausted, it is unlikely that they will return at the same level. Many businesses are facing both a liquidity and a solvency crisis. This article considers the impact of these times of crisis and uncertainty on insolvency law-making across over 30 economies where the European Bank for Reconstruction and Development invests. It reflects on arguments raised by Menezes and Lawless in this volume and argues that national legislators should look to insolvency reforms (including in relation to digitalisation) to help their economies recover from recession and the economic shocks of the pandemic and the war on Ukraine, and work to improve the availability of insolvency data. Many international commentators have analysed the global crisis insolvency response from a developed economy perspective. This article focuses on the position in emerging economies, finding that, for a variety of reasons, insolvency was not at the forefront of the national emergency response for many emerging economies during the pandemic. It highlights some of the main deficiencies in insolvency frameworks and makes some suggestions for future policy-making for countries that want to strengthen the overall resilience of their insolvency systems, and financial restructuring processes in particular, to navigate future crises. |
format | Online Article Text |
id | pubmed-9942616 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2023 |
publisher | Springer International Publishing |
record_format | MEDLINE/PubMed |
spelling | pubmed-99426162023-02-22 Corporate Restructuring Laws Under Stress: Policy-Making in Uncertain Times Bridge Zoller, Catherine Eur Bus Org Law Rev Article The economic crisis triggered by the coronavirus pandemic is the most significant global crisis of its kind outside of wartime and the full impacts are still largely unknown. The path to economic recovery is impaired by the war on Ukraine. Many countries have either entered or are about to enter an economic recession. Now that many government support measures have expired or have been exhausted, it is unlikely that they will return at the same level. Many businesses are facing both a liquidity and a solvency crisis. This article considers the impact of these times of crisis and uncertainty on insolvency law-making across over 30 economies where the European Bank for Reconstruction and Development invests. It reflects on arguments raised by Menezes and Lawless in this volume and argues that national legislators should look to insolvency reforms (including in relation to digitalisation) to help their economies recover from recession and the economic shocks of the pandemic and the war on Ukraine, and work to improve the availability of insolvency data. Many international commentators have analysed the global crisis insolvency response from a developed economy perspective. This article focuses on the position in emerging economies, finding that, for a variety of reasons, insolvency was not at the forefront of the national emergency response for many emerging economies during the pandemic. It highlights some of the main deficiencies in insolvency frameworks and makes some suggestions for future policy-making for countries that want to strengthen the overall resilience of their insolvency systems, and financial restructuring processes in particular, to navigate future crises. Springer International Publishing 2023-02-21 2023 /pmc/articles/PMC9942616/ http://dx.doi.org/10.1007/s40804-023-00274-6 Text en © T.M.C. Asser Press 2023, Springer Nature or its licensor (e.g. a society or other partner) holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law. This article is made available via the PMC Open Access Subset for unrestricted research re-use and secondary analysis in any form or by any means with acknowledgement of the original source. These permissions are granted for the duration of the World Health Organization (WHO) declaration of COVID-19 as a global pandemic. |
spellingShingle | Article Bridge Zoller, Catherine Corporate Restructuring Laws Under Stress: Policy-Making in Uncertain Times |
title | Corporate Restructuring Laws Under Stress: Policy-Making in Uncertain Times |
title_full | Corporate Restructuring Laws Under Stress: Policy-Making in Uncertain Times |
title_fullStr | Corporate Restructuring Laws Under Stress: Policy-Making in Uncertain Times |
title_full_unstemmed | Corporate Restructuring Laws Under Stress: Policy-Making in Uncertain Times |
title_short | Corporate Restructuring Laws Under Stress: Policy-Making in Uncertain Times |
title_sort | corporate restructuring laws under stress: policy-making in uncertain times |
topic | Article |
url | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9942616/ http://dx.doi.org/10.1007/s40804-023-00274-6 |
work_keys_str_mv | AT bridgezollercatherine corporaterestructuringlawsunderstresspolicymakinginuncertaintimes |