Abstract
The function of law in promoting economic development has become a major topic in economic and legal scholarship.1 As a matter of fact, the link between law and economic development has been carefully studied and analyzed in a variety of areas of the law, but it is only very recently that the insolvency of individuals has become an area of great interest for law and development. This chapter provides an introduction to the work undertaken by the Working Group of the World Bank’s Insolvency Task Force and a discussion of the main issues that the World Bank’s “Report on the Treatment of the Insolvency of Natural Persons” (hereinafter, “the World Bank report”) covers.
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Notes
See, inter alia, Kevin E. Davis — Michael J. Trebilcock, Legal Reforms and Development, 22(1) Third World Quarterly, 21 (2001); Kenneth W. Dam, The Law-Growth Nexus, The Rule of Law and Economic Development, (Brookings Institution, 2006).
See Jacob S Ziegel, Comparative Consumer Insolvency Regimes: A Canadian Perspective (Hart, 2003), p. 3: “All modern legal systems with advanced economies must address the question of how to respond to the needs of insolvent consumers whose burden of debt greatly exceeds their capacity to repay within a reasonable time frame”. As this chapter argues, the need also exists for less advanced legal and economic systems.
See Nick Huls et al., Overindebtedness of consumers in the EC member states: facts and search for solutions (Kluwer 1994)
Johanna Niemi, Iain Ramsay, and William Whitford eds. Consumer Bankruptcy in Global Perspective (Hart 2003)
Kent Anderson, The Explosive Growth of Personal Insolvency and the Concomitant Birth of the Study of Comparative Consumer Bankruptcy, 42 Osgoode Hall L.J. 661 (2004)
Jason Kilborn, Comparative Consumer Bankruptcy (Carolina Academic Press 2007).
See Jason J. Kilborn, Twenty-Five Years of Consumer Bankruptcy in Continental Europe: Internalizing Negative Externalities and Humanizing Justice in Denmark, 18 Int’l. Insolv. Rev. 155 (2009).
See Luther Zeigler, The Fraud Exception to Discharge in Bankruptcy: A Reappraisal, 38 Stan. L. Rev. 891 (1985–1986).
See Karen Gross, Demonizing Debtors: A Response to the Honsberger-Ziegel Debate, 37 Osgoode Hall Law Journal 263 (1999).
See Wells M. Engledow, Cleaning up the Pigsty: Approaching a Consensus on Exemption Laws, 74Am. Bankr. L.J. 275 (2000).
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Garrido, J.M. (2016). Law and Development in the Treatment of the Insolvency of Natural Persons: The World Bank Report on the Treatment of the Insolvency of Natural Persons. In: Hajjiri, T.M., Cohen, A. (eds) Global Insolvency and Bankruptcy Practice for Sustainable Economic Development. Palgrave Macmillan, London. https://doi.org/10.1057/9781137515759_4
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DOI: https://doi.org/10.1057/9781137515759_4
Publisher Name: Palgrave Macmillan, London
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