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  • 3 - Insolvency Systems Around the World

  • from Part II - Features and Challenges of Insolvency Law in Emerging Economies
  • Aurelio Gurrea-Martínez, Singapore Management University
  • Book:
    Reinventing Insolvency Law in Emerging Economies
    Published online:
    06 June 2024
    Print publication:
    13 June 2024, pp 54-122

  • Summary

    This chapter seeks to provide a general overview of insolvency systems around the world, providing examples and references from more than fifty jurisdictions from Asia and the Pacific, Africa, Europe, the Middle East, and the Americas. Due to a variety of factors, including legal origins, legal transplants, and the adoption of "international best practices," this chapter shows that insolvency laws in advanced economies and emerging economies share many similarities. Therefore, the primary divergences between insolvency systems in advanced economies and emerging markets are not found on the "law on the books" but on the market and institutional environments in which insolvency law operates. For that reason, insolvency law in many emerging economies has failed to deliver the expected goals and ultimately serve as a catalyst for growth. Therefore, insolvency law in emerging economies needs to be reinvented.