A SWOT-test of insolvency reform: Lessons for emerging and developing economies by Paul J. Omar

The speed of reforms across the world in insolvency law is truly breath-taking. In Europe and neighbouring countries, the pace has accelerated of late. Countries, such as Armenia, France, Greece, Latvia, Poland and Romania, inter alia, have within the past decade carried out reforms, many under very challenging economic conditions.

Within the European Union, the presence of texts such as the Recast European Insolvency Regulation and the soon-to-be adopted Directive on Preventive Restructuring add a veneer of complexity and a cross-border dimension to the map of domestic procedures. Changes to insolvency law rarely take place without consideration of background economic circumstances, though reforms to domestic rules have on occasion been situated in the context of other structural changes to the justice system or to financial frameworks.