A Toolkit for Out-of-Court Workouts
A Toolkit for Out-of-Court Workouts was created to achieve two objectives: (1) to provide policy makers with tools to develop a corporate restructuring framework and culture in their country; and (2) to help stakeholders implement informal corporat...
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| Language: | English |
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World Bank, Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/851561511964075432/A-toolkit-for-out-of-court-workouts http://hdl.handle.net/10986/28953 |
| Summary: | A Toolkit for Out-of-Court Workouts was
created to achieve two objectives: (1) to provide policy
makers with tools to develop a corporate restructuring
framework and culture in their country; and (2) to help
stakeholders implement informal corporate restructuring
principles to try to rescue failing enterprises. It is
accordingly aimed primarily at policy makers, financial
institutions, and insolvency representatives, as well as
enterprises. The Toolkit generally examines different models
for restructuring, in the understanding that there is no
such thing as a "one size fits all" approach, and
countries have the ability to develop flexible and varied
solutions to meet their specific financial sector needs.
Specifically, the focus of the Toolkit is on workouts, which
for the purposes of this publication is taken to mean two
types of restructuring models: (1) those that involve no
judicial involvement (i.e., that are purely out-of-court
mechanisms [OCWs]); and (2) those that involve some
institutional or judicial involvement (hybrid procedures).
Focusing on these models is designed to provide stakeholders
with a broader understanding of restructuring and the varied
models that different countries are implementing. Included
in the Toolkit are sample documents typically used in a
workout. These are included only to illustrate certain
practicalities and considerations in conducting a workout,
and should not be used without legal advice in the
jurisdiction of their intended use. |
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