Insolvency Law Reform & some preliminary thoughts on Nigeria. Neil Cooper Consultant to World Bank Partner, Kroll Past President, INSOL International

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1 Insolvency Law Reform & some preliminary thoughts on Nigeria Neil Cooper Consultant to World Bank Partner, Kroll Past President, INSOL International

2 Soviet Republic, Europe and Asia - Total Russia Estonia Latvia Lithuania Poland Belarus Czech RepublicSlovak Republic Ukraine Hungary Moldova Slovenia Romania Croatia Bosnia & Herzegovina Bulgaria Serbia & Montenegro FYR Macedonia Albania Georgia Armenia Azerbaijan Kazakhstan Kyrgyzstan Uzbekistan Turkmenistan Tajikistan Very High High Medium Low Very Low 2

3 GEORGIA Needed completely new law; Lack of institutional capacity SOLUTION New law that suited economic condition Training programme for judges and IPs New government department 3

4 SERBIA Law is quite good but lack of institutional capacity to deliver benefits Power struggle between judges and new regulator SOLUTION Roundtables between supervisors; judges and IPs Training Revisions to poorly drafted regulations 4

5 KENYA Old 1948-based law Corruption Poor corporate governance SOLUTION New companies law On-going fight against corruption Will need new insolvency law 5

6 JAMAICA Poor 1948-based laws Low compliance by banks Judicial delays destroying respect for courts SOLUTION Unregistered charges treated as unsecured for solvency purposes Realistic court targets New commercial courts New insolvency law required 6

7 INDIA 1. Liquidation too slow -average 10 years 2. Sick Industrial Companies Act 1985 governed restructurings complete failure. Abuse to delay creditors 3. Rampant asset stripping 4. Lack of sanction against management and asset stripping 5. Creditors could not recover their loan, nor enforce collateral. 6. No credit bureau to track delinquents

8 India Secured Transactions specialized debt recovery tribunals for banks/financial institutions to recover loans, now functioning well New enforcement of security and reconstruction of distressed assets law Secured creditors now able to seize, manage and sell collateral upon non-payment of debt after a simple notice

9 India Secured Transactions Secured creditors can sell distressed loan with underlying collateral to specialized Asset Recovery Companies secured creditors can sell security even when a dispute is pending in DRT debtor has no incentive to delay case in DRT The effect is banks force debtors to come to the table to either repay loan or negotiate a restructuring 9

10 India Insolvency and Rehabilitation Companies Law revamped creditors committee supervise company restructuring qualified professionals as restructuring managers and liquidators time limited moratorium against creditor proceedings during restructuring moratorium extended only with consent of creditors committee or majority of creditors 10

11 India Insolvency and Rehabilitation (Cont d) Special courts of qualified persons to be established fast track dispute resolution Simplified procedures and strict timeframes for every stage of the proceeding Strict penalties for mismanagement and other offences - asset stripping made difficult 11

12 India Credit Bureau Credit Information Bureau (India) Limited set up as a private company in 2001, but started functioning only recently Credit Information Companies (Regulation) Act 2005 covers the rights and responsibilities of credit bureaus, rights and obligations of member credit institutions, and safeguards the privacy of individuals Central Bank supports credit bureaus & directs banks to report problem accounts to deal with customer secrecy issues 12

13 NIGERIA Very poor 1948-based law with no method of rehabilitation Poor corporate governance Abuse of security filing requirements Judicial delays and abuse Unqualified practitioners Lack of realistic sanctions Lack of knowledge at government level 13

14 NIGERIA insolvency law solutions Reform of insolvency law which will include Qualified practitioners Licensing of practitioners Government supervision Inclusion of rehabilitation process - carrot Wrongful trading stick Modern cross-border terms 14

15 Dead Ducks, Lame Ducks and Very Important Lame Ducks 15

16 Dead ducks need burying as quickly and economically as possible 16

17 NIGERIA other solutions All under one court develop expertise End of abuse of court system Education of community lenders, judges, IPs,, creditors Reform of land tax systems which encourage abuse Enforcement of security registration requirements Credit reference bureaux required 17

18 NIGERIA - results Greater willingness to lend by bankers Better banking practices more stable banks Reduction in loss of potentially viable businesses Improvement in standing of Nigerian commerce Greater transparency less corruption Speedier systems better recycling of wealth Greater revenue collection 18

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