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Micro, Small, and Medium Enterprise Insolvency

A Modular Approach

Gebonden Nederlands 2018 9780198799931
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This new book systematically examines the current process for distressed Micro, Small and Medium Enterprises (MSMEs), and proposes a different, more appropriate, 'modular' approach to the treatment of such entities when faced with insolvency proceedings.

MSMEs play a vital role in virtually all global economies. They are a primary means by which entrepreneurs bring new business propositions to the market, and deliver a range of products and services to local economies. MSMEs tend to be more reliant on favourable legal and regulatory climates to survive and thrive than larger businesses, and insolvency regimes are often more tailored to these larger businesses, assuming an extensive insolvency estate of significant worth, and the presence of creditors and other concerned stakeholders to participate in and oversee the process. These assumptions and features are generally incongruous with the reality of MSMEs, for whom assets are of less value and whose stakeholders are generally more disinterested.

The modular approach proposed in this book addresses the imbalances, inconsistencies, and lack of supervision which is often apparent in treatment of insolvent MSMEs. It provides an overview of existing approaches to MSME insolvency, the place of MSMEs in the global economy, and the particular needs of MSMEs in financial distress. It then sets out the procedural framework, policy objectives, and key components of the modular approach, detailing how a choice of modules enables national policy-makers a more flexible process for resolution. It then outlines the roles, positions, and obligations of key stakeholder groups, and explains the managerial, administrative, and judicial functions of this approach.

Finally, it explains how elements of the broader legal system should be aligned with, and supportive of, the optimal functioning of the modular approach.


Aantal pagina's:256


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Over Stephan Madaus

Stephan Madaus is a Professor at Martin Luther University Halle-Wittenberg (Germany), where he teaches German, European and international insolvency law as well as contract and tort law. He is a member of the International Insolvency Institute and a Founding Member of the Executive of the Conference of European Restructuring and Insolvency Law (CERIL). In 2017 he was mandated (with two colleagues) by the German Ministry of Justice to evaluate the 2012 reform of the German Insolvency Code. He has published in prominent legal journals in Germany, Europe and beyond, including a treatise on the fundamental and doctrinal nature of rescue plans entitled Der Insolvenzplan.

Andere boeken door Stephan Madaus


1: Introduction
2: MSME Insolvency Status Quo
3: Principles and Objectives Guiding the Modular Approach to MSME Insolvency
4: Procedure Under the Modular Approach
5: Complementary Tools and Incentives
6: Role and Position of Other Key Stakeholders Interacting with or Affected by the Distressed MSME
7: Examples for Implementing the Modular Approach beyond specific economic and institutional backgrounds
8: Conclusion
9: Annex 1: Introduction of the Modular Approach for MSMEs: A Basic Toolkit for Legal Reform
10: Annex 2: Lessons from One Jurisdiction on How to Identify Policy Needs of MSME Insolvency
11: Annex 3: Sample of Questionnaire for Lawyers


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