The European Bank for Reconstruction and Development (EBRD), is conducting an assessment on business restructuring mechanisms in all economies where the EBRD is active, including Georgia.
The process is managed by the EBRD’s Legal Transition Team, which supports legal and institutional reform in several commercial areas, including insolvency. ICS will be cooperating closely with the EBRD Legal Transition Team in conducting the assessment.
The general objective of most insolvency systems is the efficient resolution of non-viable businesses and the rescue of viable businesses in temporary financial difficulties. Nevertheless, insolvency law reform has focused increasingly on encouragement of early restructuring or reorganization by the debtor and the avoidance of a full-blown insolvency procedure
The Assessment will review existing national legislation in all EBRD countries of operations to identify any strengths and weaknesses and will take into consideration the views of interested parties and local insolvency system users to assess its effectiveness.