Description: Bankruptcy Reform-Breaking the Court Logjam in Colombia

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Bankruptcy Reform-Breaking the Court Logjam in Colombia

Many developing countries suffer from logjam in the courts, a condition that tends to reduce the effectiveness of bankruptcy law in relieving financial distress. Colombia's bankruptcy reform provides some useful lessons for these countries. In...

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Bibliographic Details
Main Author:	Atiyas, Izak
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	AUTHORITY BANKING SYSTEM BANKRUPTCY BANKRUPTCY LAW BANKRUPTCY PROCEDURES BANKRUPTCY REFORM BANKRUPTCY REORGANIZATIONS COURTS CREDITOR CREDITORS DEBTORS DEBTS FRAUD INSOLVENCY JUDGES JUDICIAL POWERS JUDICIAL SYSTEM LAWYERS LEGAL AUTHORITY LEGISLATION LIQUIDATION MEDIATORS PROFESSIONALS PUBLIC AGENCIES REORGANIZATION BANKRUPTCY JUDICIAL PROCESS FINANCIAL PLANNING DEBT RESCHEDULING COURT RULES
Online Access:	http://documents.worldbank.org/curated/en/1995/09/441468/bankruptcy-reform-breaking-court-logjam-colombia http://hdl.handle.net/10986/11655

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Summary:	Many developing countries suffer from logjam in the courts, a condition that tends to reduce the effectiveness of bankruptcy law in relieving financial distress. Colombia's bankruptcy reform provides some useful lessons for these countries. In particular, it shows that when traditional court procedures are hard to change, an alternative is to legally empower another entity to handle the entire process. The author explains how it was done in Colombia.