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Latin American Insolvency Systems. A Comparative Assessment

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  • Rowat, M.
  • Astigarraga, J.
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    Abstract

    Modern society has eliminated the inhumane debtors' prisons for handling the insolvent debtor and in their stead have enacted benign modern laws in the area of bankruptcy. Unscrupulous merchants now use these benign laws for fraudulent purposes." Based on case studies in Argentina, Brazil, Mexico, and Venezuela, this is the first publication to provide recommendations about the important legal and institutional issues that are involved in bankruptcy reform in a critical region of the global economy. The authors note that effective bankruptcy policy balances several requirements for the conduct of a stable, successful economy. For example, it might be in the greatest interests to all parties if a company is given an opportunity to restructure and make use of the scarce resources remaining in its possession. On the other hand, inefficient firms, especially those that have long survived only on state subsidies, may need to fail in order to free space in the market for more efficient, better-managed companies. Finally, there are the needs to enforce loan contracts and provide an equitable system of debt collection.

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    Bibliographic Info

    Paper provided by World Bank - Technical Papers in its series Papers with number 433.

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    Length: 87 pages
    Date of creation: 1999
    Date of revision:
    Handle: RePEc:fth:wobate:433

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    Postal: THE WORLD BANK; 1818 H STREET, N.W. WASHINGTON, D.C. 20433, U.S.A.
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    Related research

    Keywords: BANKRUPTCY ; LAW;

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    Cited by:
    1. Oliver Hart, 2006. "Different approaches to bankruptcy," CESifo DICE Report, Ifo Institute for Economic Research at the University of Munich, vol. 4(1), pages 3-8, 04.
    2. Aloisio Araujo, 2002. "As Leis de Falência: uma Abordagem Econômica," Working Papers Series 57, Central Bank of Brazil, Research Department.
    3. Patrick Bolton, 2003. "Toward a Statutory Approach to Sovereign Debt Restructuring: Lessons from Corporate Bankruptcy Practice around the World," IMF Working Papers 03/13, International Monetary Fund.

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