The Practitioner’s Assessment of an Emerging Markets Insolvency Framework

The chapter analyzes some of the main elements of emerging markets insolvency frameworks (EMIFs) (practitioner benchmarks, as it were) which will be relevant to the practicing restructurer’s assessment of the EMIF’s effectiveness when charting the course for a particular case—that is, determining the ability of the EMIF to provide a safe, reliable, efficient, predictable, and fair restructuring outcome. An EMIF comprises not only the “law on the books” but more importantly how the law operates in actual practice. Various of the Ten Observations impact on this analysis. The authors also cite relevant input on EMIFs from their in-depth survey of the EM restructuring practitioners identified in Annex 1 to the chapter.