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Empirical Approach to the Pandemic-Based Crisis

In: Insolvency Law Reforms in Asian Developing Countries

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  • Yuka Kaneko

    (Kobe University)

Abstract

Since the year 2020, COVID-19 has invited an opportunity to test the validity of donor-driven Asian insolvency laws in an emergency. Insolvency law, particularly in a crisis, is expected to guide the parties to a certain modification to the substantive law of normal times, as the means of social burden sharing. But under the COVID-19 pandemic, according to the results of the joint survey conducted by the author’s research group covering a total of 82 companies and 27 financial institutions in eight countries, the reality was not simple. For one thing, we detected a common tendency in this chapter that the formal insolvency procedures are seldom used under the COVID-19 pandemic. An implication from our survey is the failure of a debtor-centered model in the COVID-19 pandemic. Instead, an implication is the need for an insolvency law in emergency as a forum for reasonable negotiation to jointly explore better solutions, rather than a forcible mechanism for realizing a unilateral solution.

Suggested Citation

  • Yuka Kaneko, 2022. "Empirical Approach to the Pandemic-Based Crisis," SpringerBriefs in Economics, in: Insolvency Law Reforms in Asian Developing Countries, chapter 0, pages 63-71, Springer.
    • Handle: RePEc:spr:spbchp:978-981-16-8302-2_4
    DOI: 10.1007/978-981-16-8302-2_4
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