The Bankruptcy Process and Proposals for Reform in Accordance with the International Experience, October 2012, Updated: November 2015This study examines a proposal to reform the bankruptcy proceedings in light of similar regulations in the world while protecting the rights of creditors and debtors. The study discusses the stages of the bankruptcy process and the period of time allocated to complete each stage; The manner that the payment arrangement plan and debt repayments are determined; Methods to identify the debtor’s assets and economic ability; The integration of creditors in the bankruptcy process and restrictions imposed on debtors during the course of the proceeding. The countries to which the comparison was made are the United States, Canada, England, France, Belgium, Sweden, Denmark, Switzerland, and Australia.
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