A Toolkit for Out-of-Court Workouts wascreated to achieve two objectives: (1) to provide policymakers with tools to develop a corporate restructuringframework and culture in their country; and (2) to helpstakeholders implement informal corporate restructuringprinciples to try to rescue failing enterprises. It isaccordingly aimed primarily at policy makers, financialinstitutions, and insolvency representatives, as well asenterprises. The Toolkit generally examines different modelsfor restructuring, in the understanding that there is nosuch thing as a "one size fits all" approach, andcountries have the ability to develop flexible and variedsolutions to meet their specific financial sector needs.Specifically, the focus of the Toolkit is on workouts, whichfor the purposes of this publication is taken to mean twotypes of restructuring models: (1) those that involve nojudicial involvement (i.e., that are purely out-of-courtmechanisms [OCWs]); and (2) those that involve someinstitutional or judicial involvement (hybrid procedures).Focusing on these models is designed to provide stakeholderswith a broader understanding of restructuring and the variedmodels that different countries are implementing. Includedin the Toolkit are sample documents typically used in aworkout. These are included only to illustrate certainpracticalities and considerations in conducting a workout,and should not be used without legal advice in thejurisdiction of their intended use.
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