The Practitioner’s Assessment of an Emerging Markets Insolvency Framework

Richard Marney () and Timothy Stubbs ()

Chapter Chapter 11 in Emerging Markets Debt Restructuring, 2024, pp 473-508 from Springer

Abstract: Abstract The chapter analyzes some of the main elements of emerging markets insolvency frameworks (EMIFs) (practitioner benchmarks, as it were) which will be relevant to the practicing restructurer’s assessment of the EMIF’s effectiveness when charting the course for a particular case—that is, determining the ability of the EMIF to provide a safe, reliable, efficient, predictable, and fair restructuring outcome. An EMIF comprises not only the “law on the books” but more importantly how the law operates in actual practice. Various of the Ten Observations impact on this analysis. The authors also cite relevant input on EMIFs from their in-depth survey of the EM restructuring practitioners identified in Annex 1 to the chapter.

Keywords: Emerging markets; Restructuring; INSOL II; Borrower; Lender; Debtor; Insolvency; Bankruptcy; Hybrid restructuring solution; International insolvency hub; US Chapter 11; Automatic stay (Moratorium); Management continuity; Usurpation of control; Clawback; Vicarious liability; Liquidity measures; Post-petition finance; Abuse/disconnect; Speed/agility; Specialization of udiciary; Insolvency office holders (IOHs); Continued counterparty support; Tools against unsupportive creditors; Cram down; Executory contracts; Ipso facto clauses; Collective bargaining contracts/labor; Enforceability of inter-creditor arrangements; Sales of assets; Digital technology (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/978-3-031-66838-8_11

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