Sunday, 2 August 2009

Insolvency laws must be stronger, say experts

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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