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Le traitement juridique de l’insolvabilité à l’échelle internationale : vers des procédures internationales de faillite des entreprises dans les pays émergents

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  • Idir Cherief
  • Camille Cornand

Abstract

[eng] The judicial treatment of international insolvency : towards international bankruptcy procedures for firms in emerging countries . One of the results of the financial globalisation has been a growing involvement of foreign investors in the financing of emerging markets' firms. The absence of a modern and transparent framework on governance risks, however, to slowdown, or even compromise, this development. The non-existence of a common bankruptcy regime generates strong inefficiencies. On the one hand, firms might experience an early liquidation, on the other hand, creditors are not sure to recover their claims. The ongoing evolutions, aiming at harmonizing judicial systems in emerging market economies so as to draw an international bankruptcy framework, notably contribute to this end. Just as the Model Law of the UNCITRAL, the establishment of such a framework would enable the putting into practise of a global governance system which extends the protection, provided to creditors, to shareholders. This would represent a crucial step towards an harmonization of the international financial governance. . JEL classifications : G33, F34 [fre] À la faveur de la globalisation financière, on assiste à une implication croissante des investisseurs étrangers dans le financement des firmes des pays émergents. L'absence d'un cadre moderne et transparent de gouvernance risque toutefois de ralentir, voire compromettre, ce développement. L'inexistence d'un régime de faillite commun engendre de fortes inefficiences. D'une part, les entreprises de ces pays risquent en permanence une liquidation prématurée, d'autre part, les créanciers ne sont pas assurés de recouvrer leurs créances. Les évolutions en cours, visant à harmoniser les systèmes juridiques des pays émergents, en vue d'aboutir à un cadre de faillite transfrontalier commun, constituent une avancée notable. À l'instar de la Loi Type de la CNUDCI, l'établissement de ce cadre serait à même de permettre la mise en place d'un système de gouvernance globale qui étende les protections offertes aux créanciers au reste des investisseurs, à savoir les actionnaires. . Classification JEL : G33, F34

Suggested Citation

  • Idir Cherief & Camille Cornand, 2003. "Le traitement juridique de l’insolvabilité à l’échelle internationale : vers des procédures internationales de faillite des entreprises dans les pays émergents," Revue d'Économie Financière, Programme National Persée, vol. 72(3), pages 337-358.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2003_num_72_3_4887
    DOI: 10.3406/ecofi.2003.4887
    Note: DOI:10.3406/ecofi.2003.4887
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    References listed on IDEAS

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    1. Klapper, Leora F. & Love, Inessa, 2004. "Corporate governance, investor protection, and performance in emerging markets," Journal of Corporate Finance, Elsevier, vol. 10(5), pages 703-728, November.
    2. Stijn Claessens & Leora F. Klapper, 2005. "Bankruptcy around the World: Explanations of Its Relative Use," American Law and Economics Review, American Law and Economics Association, vol. 7(1), pages 253-283.
    3. Hubert, Franz & Schäfer, Dorothea, 2002. "Coordination Failure with Multiple-Source Lending: The Cost of Protection against a Powerful Lender," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 158(2), pages 256-275.
    4. Camille Cornand, 2002. "Quel cadre d'implication du secteur prive proposer pour gerer les crises de liquidite dans les economies de marche emergentes ?," Economie Internationale, CEPII research center, issue 91, pages 5-33.
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    More about this item

    JEL classification:

    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems

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