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Moldova - Financial sector assessment program : insolvency and creditor or debtor regimes - report on the observance of standards and codes (英语)

The World Bank assessed the insolvency and creditor or debtor regimes (ICR) of Moldova pursuant to the joint international monetary fund (IMF) and World Bank initiative on the observance of standards and codes (ROSC). The Moldovan authorities have made remarkable progress over the last decade in taking on board a broad range of reform related to the commercial law regime, including the laws pertaining to creditor protection and insolvency. Loans are often over collateralized, reducing available credit and increasing the incentives for lenders to rely primarily on their collateral for repayment rather than to support restructuring efforts. The secured transactions regime requires improvement, importantly regarding the facilitation of important credit instruments over category of assets. The rules aimed at encouraging good corporate behavior at times of financial distress may be improved and obstacles on insolvency filing by creditors removed to ensure timely filing of insolvency proceedings. There are also certain risks to creditor rights, including through abuse of the process by other creditors, which may disincentive the use of the system. The insolvency regime is now much more modern, but it has implementation problems, and some aspects of the law may require strengthening, including the cumbersome criteria for initiating insolvency proceedings by creditors, the lack of rules that incentivize new lending to the business in insolvency, the rules regarding transaction avoidance, due process aspects and some other rules adversely affecting creditor rights, the law and practice concerning the use of encumbered assets, and the decision-making process during insolvency especially in a restructuring context. The recommendations in this report are presented with the hope that they will assist the authorities in their continuing efforts to enhance the country’s legal and regulatory framework for enterprise credit.


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  • 文件名称

    Moldova - Financial sector assessment program : insolvency and creditor or debtor regimes - report on the observance of standards and codes

  • 关键词

    law;legal framework for creditor right;finance and markets;Monetary and Capital Markets;Insolvency;legal framework for insolvency;secured creditor;tax treatment of debt;saving and loan association;legal and regulatory framework;real estate as collateral;cooperation in cross-border insolvency;general body of creditor;UNCITRAL Model Law;security interest;insolvency case;enforcement of judgment;insolvency proceeding;registry of pledge;types of asset;access to information;state of insolvency;access to finance;construction of building;Construction Building;category of assets;secured transaction;Rule of Law;selection of judge;management of insolvency;subject to insolvency;regulation of workout;submission of claim;petition for insolvency;interest of creditor;private pension fund;procedure for claims;reliability of information;commercial enforcement system;quality of information;similarly situated creditor;types of transactions;formal insolvency proceeding;provision of information;availability of fund;right of creditor;flow of credit;publication of notice;lack of skill;credit information system;resolution of insolvency;registration of ownership;foreign currency loan;average interest rate;mortgage as security;risk management practice;piece of legislation;enforcement of claim;repayment of debt;real estate registry;disposition of asset;principle of transparency;availability of credit;payment of interest;accrual of interest;liquidation of enterprise;forms of restructuring;balance of power;claims of lender;transfer of asset;security of tenure;limited liability company;sale of asset;financial distress;insolvency process;adequate protection;commercial bank;insolvency regime;international standard;institutional framework;movable asset;movable properties;unsecured credit;immovable asset;restructuring process;financial practice;insolvency law;good faith;restructuring strategy;insolvency representative;enterprise group;Secured Claim;restructuring plan;corporate controller;case management;insolvency framework;debt restructuring;Corporate Workout;credit registry;special rule;enforcement mechanism;legal structure;Land Registry;privileged status;enforcement process;Commercial Law;credit decision;creditor class;Financial Sector;lending practice;provisional measure;enforcement regime;Credit History;Tax Evasion;legal reform;court decision;commercial claims;safe harbor;Notary System;construction company;