Argentina : Insolvency and Creditor Rights Systems

World Bank

Washington, DC

关键词: ACTIONS;    ARBITRATION;    ASSETS;    AUCTION;    BALANCE SHEETS;   

RP-ID  :  37454

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

In 1995, Argentina enacted a new moderninsolvency law that substantially improved corporateliquidations and rehabilitations. After almost seven yearsof experience, some legal and institutional weaknessespersist: (1) corporate workouts are difficult in practice;(2) the unified insolvency regime causes severe problems injudicial interpretation of many legal provisions, causingcourt congestion with insolvency cases; (3) an unevenplaying field discourages rehabilitation; (4) a lack ofinsolvency specialization among judges impedes efficiencyand uniformity in large commercial centers; and (5) sindicosare perceived as lacking objectivity and sufficientexpertise to manage complex restructurings. Liquidationproceedings take 1-5 years (depending on complexity), whilereorganizations average 1½-2 years in jurisdictions withspecialized judges (Mendoza, Cordoba) and 2-3 years in theothers. To immediately improve the system, a new workoutmechanism should be introduced to deal with systemic levelsof corporate distress. In the medium term, other aspects ofthe legal and institutional framework should be improved.