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The Czech Republic strengthened its insolvency process through a new insolvency law introducing reorganization as the preferred method for resolving insolvency, mandating stricter deadlines, establishing an electronic insolvency register and setting new qualification standards for trustees.Djibouti made resolving insolvency easier through its new commercial code, which allows an insolvent debtor to file for preventive settlement, legal redress or liquidation and sets out clear rules on the steps and procedures for each of the alternatives available.Cyprus made resolving insolvency easier by introducing a reorganization procedure as well as provisions to facilitate the continuation of the debtor’s business during insolvency proceedings and allow creditors greater participation in important decisions during the proceedings.
Brunei Darussalam made resolving insolvency easier by adopting a new insolvency law that introduced a reorganization procedure and facilitated continuation of the debtor’s business during insolvency proceedings.
Colombia improved its insolvency process by introducing 2 new proceedings—a reorganization procedure to restructure insolvent companies and a mandatory liquidation procedure—and tightening the time limits for negotiating reorganization agreements.
The Democratic Republic of Congo made resolving insolvency easier by introducing a new conciliation procedure for companies in financial difficulties and a simplified preventive settlement procedure for small companies.
The law also allows the debtor to obtain new financing after the commencement of insolvency proceedings to facilitate continued operations, regulates the treatment of contracts and establishes a cross-border insolvency regime.
Upper-middle-income and high-income economies mainly focused their efforts on strengthening the rights of creditors in insolvency proceedings in 2016/17. For more on how insolvency frameworks support the efficient reallocation of resources across the economy, see Djankov 2009, Funchal 2008, Klapper 2011 and Visaria 2009.
Azerbaijan, the Dominican Republic, Grenada, and Panama made important amendments to their legal frameworks to provide creditors with additional safeguards and enable their participation in important decisions that affect their interests. Resolving insolvency reforms by economy DB2008-DB2018Albania improved its insolvency process through a new insolvency law introducing statutory time limits during the insolvency procedure, specifying professional qualifications for insolvency administrators, establishing an agency to regulate the profession of administrators and introducing a simplified insolvency procedure for small businesses Argentina made resolving insolvency more difficult through an amendment to its bankruptcy legislation aimed at providing greater protection to labor claims and freeing commercial courts from labor actions.