Nottingham contribution to international insolvency developments

David Burdette, Director of the Centre for Business and Insolvency Law, attends an insolvency event in Washington.

Professor David Burdette
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Professor David Burdette

Professor David Burdette, Director of the Centre for Business and Insolvency Law, was recently involved (as a representative of INSOL International) in the Debtor and Creditors' Rights Task Force Meeting organised by the World Bank in Washington DC on 19-20 November, 2015.

The Task Force meeting brought together more than 50 leading insolvency experts from the private, public and international sectors to advise the World Bank Group on a number of insolvency matters, in particular the intersection of insolvency law and secured transactions, the impact of insolvency processes on MSMEs (micro-, small- and medium-enterprises), and Islamic finance.

On the first day of the meeting there was a panel discussion of the intersection of insolvency law and secured transactions, moderated by Mahesh Uttamchandani of the World Bank, who is also an Honorary Professor at Nottingham Law School.

The reduction of formalities and the streamlining of procedures to assist MSMEs, which form the majority of businesses in many developing countries, to achieve better outcomes in insolvency processes, was on the agenda on day two of the meeting. The availability of alternative remedies to lengthy insolvency court processes was also a topic of concern.

The Task Force meeting also noted the interest shown in this issue by the G20, which met in Antalya, Turkey, on 15-16 November, and whose Action Plan on SME Financing includes insolvency as one of the three key priorities for reforms in relation to the infrastructure of financial markets.

In addition to streamlined procedures for MSMEs, the Task Force also had the benefit of a panel discussion on Islamic finance, which is a growing phenomena across the globe. Both the issues discussed at the Task Force meeting on the second day are in their infancy in respect of receiving attention from the World Bank and UNCITRAL Working GroupV, and the Task Force will now undertake further research into these areas.

Nottingham contribution to international insolvency developments

Published on 19 November 2015
  • Category: Nottingham Law School

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