Influence Of Country Culture On Bankruptcy And Insolvency Legal Reform Management

Abstract

Different countries employ different bankruptcy and insolvency approaches when trying to solve their economic problems. The purpose of this paper is to study the influence country culture and legal systems have on bankruptcy management in different countries. Bankruptcy data and information pertaining to legal practices of different countries were obtained from those countries’ websites and various published documents. The data were examined and compared, noting differences in legal structures among the countries studied. It was found that, whereas the aim of bankruptcy laws was to remedy the countries’ economic problems, the approaches taken differed markedly. In many cases, it was difficult to access bankruptcy data mainly because such data were published on Internet and no other reliable documents were available. To the author’s knowledge, it seems very little specific work, if any, has been done in the areas relating to country cultural values, bankruptcy practices and management. In that sense this study is warranted. Furthermore, effective bankruptcy management across nations may benefit from this exposure, leading to more realistic reforms across the globe.