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Insolvency Arrangements and Contract Enforceability

This report examines the objectives and operation of insolvency processes (particularly for financial institutions and non-financial firms with substantial financial activities) in countries with well developed economic, financial and legal infrastructures. The report is the result of an initiative of several important central banks of the G10 countries. articipants have included representatives from Italy, Japan, the Netherlands, the United Kingdom and the United States, as well the BIS, ECB, IMF, OECD and World Bank. Given its exploratory nature, the report contains no recommendations. It was not submitted to Ministers and Governors for their approval and the analysis and conclusion do not purport to reflect the views of the G10.