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Out-of-Court Debt Restructuring

Author

Listed:
  • Jose M. Garrido

Abstract

This study provides a conceptual framework for the analysis of the questions of out-of-court debt restructuring from a policy-oriented perspective. The starting point of the analysis is given by the World Bank principles for effective insolvency and creditor rights systems. The study offers an overview of out-of-court restructuring, which is not seen as fundamentally opposed to formal insolvency procedures. Actually, the study contemplates different restructuring techniques as forming a continuum to the treatment of financial difficulties. The study discusses the advantages and disadvantages of all the debt restructuring techniques, and concludes, in this regard, that a legal system may contain a number of options a menu that can cover different sets of circumstances. In the end, the law may offer a toolbox with very different instruments that the parties may use depending on the specific facts of the case. The study also provides a checklist that can be used to examine the features of a legal system that bear a direct influence on debt restructuring activities.

Suggested Citation

  • Jose M. Garrido, 2012. "Out-of-Court Debt Restructuring," World Bank Publications - Books, The World Bank Group, number 2230.
    • Handle: RePEc:wbk:wbpubs:2230
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    File URL: https://openknowledge.worldbank.org/bitstream/handle/10986/2230/662320PUB0EPI00turing09780821389836.pdf?sequence=1
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    Citations

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    Cited by:

    1. Valiante, Diego, 2016. "Harmonising Insolvency Laws in the Euro Area: Rationale, stocktaking and challenges," CEPS Papers 12024, Centre for European Policy Studies.
    2. Consolo, Agostino & Malfa, Federica & Pierluigi, Beatrice, 2018. "Insolvency frameworks and private debt: an empirical investigation," Working Paper Series 2189, European Central Bank.
    3. Srhoj, Stjepan & Kovač, Dejan & Shapiro, Jacob N. & Filer, Randall K., 2023. "The impact of delay: Evidence from formal out-of-court restructuring," Journal of Corporate Finance, Elsevier, vol. 78(C).
    4. Jose M Garrido & Emanuel Kopp & Miss Anke Weber, 2016. "Cleaning-up Bank Balance Sheets: Economic, Legal, and Supervisory Measures for Italy," IMF Working Papers 2016/135, International Monetary Fund.
    5. Yaroslav Hrynchyshyn, 2021. "Preventive Restructuring as a New Trend of Insolvency Legislation," Oblik i finansi, Institute of Accounting and Finance, issue 2, pages 51-60, June.
    6. Alessandro Danovi & Iacopo Donati & Ilaria Forestieri & Tommaso Orlando & Andrea Zorzi, 2020. "Business continuity in times of distress: debt restructuring agreements and compositions with creditors in Italy," Questioni di Economia e Finanza (Occasional Papers) 574, Bank of Italy, Economic Research and International Relations Area.
    7. International Monetary Fund, 2015. "Italy: Selected Issues," IMF Staff Country Reports 2015/167, International Monetary Fund.
    8. Elisa Brodi, 2018. "Dealing with corporate crises in a timely way. Notes on the optimal design of an �Early warning and composition system�," Questioni di Economia e Finanza (Occasional Papers) 440, Bank of Italy, Economic Research and International Relations Area.
    9. Ionela-Gabriela Matei, 2018. "Restructuring Of Loans – Necessity And Effects In Romanian Banking Activity," Oradea Journal of Business and Economics, University of Oradea, Faculty of Economics, vol. 3(special), pages 36-45, May.
    10. Jose M Garrido, 2016. "Insolvency and Enforcement Reforms in Italy," IMF Working Papers 2016/134, International Monetary Fund.

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