Latin American Insolvency Systems: A Comparative Assessment »

This report provides a set of recommendations for bankruptcy reform in the Latin American region, both legislative and institutional, recognizing that the sequencing and priorities will vary from country to country, particularly since some countries have yet to begin the process of reform. The report is based on a detailed review of four case studies as well as a broad overview of the remaining countries in the Latin American region. It also draws on the extensive experience of OECD countries, in bankruptcy reform. The recommendations are grouped into ten broad categories: 1) foster judicial reform; 2) create specialized bankruptcy courts; 3) crack down on corruption; 4) de-link criminal and bankruptcy issues; 5) foster transparency; 6) facilitate preservation of going concern value before and during bankruptcy; 7) protect collateral; 8) reduce delay in bankruptcy proceedings; 9) enhance flexibility in reorganization proposals; 10) promote cooperation in cross-border insolvencies.