Calls for stronger insolvency laws are growing as the financial crisis takes its toll on the economy.
Current laws governing the liquidation or restructuring of a troubled company remain largely unused and untested, lawyers say.
“In the event of business difficulties, creditors need a sound mechanism to protect their investments and maximise the value of the returns,” said Sumant Batra, the president of Insol International, the association of insolvency specialists.
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