How an economy handles financial and business distress has a major
impact on confidence in business, the availability of investment,
the cost of credit, and economic growth. The financial crisis of
2007-2008 and its aftermath was a catalyst to legal reform in the
field of bankruptcy and restructuring law and brought an added
focus to the systemic threat of bank failure to the financial
system. This book explores the general principles and practice of
legal reform within bankruptcy. From a variety of specialists
including practitioners, lawyers, bankers, accountants and judges
from the United Arab Emirates, the UK and Singapore, it provides a
variety of perspectives on the topic. Chapters include topics such
as the 'Four Pillars of Regulatory Framework', the history and
application of the UNCITRAL Model Law on Cross-Border Insolvency,
the challenges for financial institutions and the treatment of the
insolvency of natural persons. The book also offers a comparative
study of Islamic Shari'ah principles with modern bankruptcy
regimes, an analysis of bankruptcy in the UAE and an evaluation of
the legal infrastructure of the DIFC Courts. The authors explore
core questions surrounding bankruptcy law, including its ability to
facilitate the turnaround of business, to enable efficient
reallocation of capital, to provide coherent rules for
entrepreneurs, investors, employees, and creditors, and to provide
for both appropriate sanctions and for rehabilitation. ?
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