• TABLE OF CONTENTS
  • 1 EXECUTIVE SUMMARY-7
  • 2 INTRODUCTION-9
  • 2.1 GENERAL BACKGROUND-9
  • 2.2 THE STUDY: BACKGROUND-9
  • 2.3 EXPERTSu0092 TASKS-10
  • 2.4 OBJECTIVES-10
  • 3 EARLY WARNING-10
  • 3.1 THE TARGET-10
  • 3.2 THE INDICATORS: FIRST APPROACH-10
  • 3.3 THE INDICATORS ONE BY ONE. POLICY SUGGESTIONS-11
  • 3.3.1 LATE RECOGNITION-11
  • 3.3.2 DISCLOSURE OF INFORMATION-11
  • 3.4 GOOD PRACTICES-11
  • 4 LEGAL SYSTEM-13
  • 4.1 THE TARGET-13
  • 4.2 THE INDICATORS: FIRST APPROACH-13
  • 4.3 THE INDICATORS ONE BY ONE. POLICY SUGGESTIONS-14
  • 4.3.1 AVAILABILITY OF INFORMATION ABOUT RESCUE PROCEDURES-14
  • 4.3.2 ACCESS TO RESCUE PROCEDURES-14
  • 4.3.3 PUBLICITY-14
  • 4.3.4 COST AND EFFECTIVENESS-15
  • 4.3.5 DEGREE OF PROTECTION AGAINST CREDITORS DURING THE PROCEDURES-15
  • 4.3.6 KNOWLEDGE AND FUNCTIONING OF THE RELEVANT COURTS-15
  • 4.4 GOOD PRACTICES-16
  • 5 FRESH START-18
  • 5.1 THE TARGET-18
  • 5.2 THE INDICATORS: FIRST APPROACH-18
  • 5.3 THE INDICATORS ONE BY ONE. POLICY SUGGESTIONS-18
  • 5.3.1 EFFECTS OF BANKRUPTCY-18
  • 5.3.2 RESTRICTIONS, DISQUALIFICATIONS AND PROHIBITIONS-19
  • 5.3.3 DISTINCTION BETWEEN HONEST AND DISHONEST BANKRUPTS-20
  • 5.3.4 DISCHARGE FOR REMAINING DEBTS-20
  • 5.4 GOOD PRACTICES-21
  • 6 SOCIAL ATTITUDES-23
  • 6.1 THE TARGET-23
  • 6.2 FACTS AND COMMENTS-23
  • 6.2.1 INTRODUCTION. LAW AND STIGMA. FINANCIAL COMMUNITY AND ENTREPRENEURS-23
  • 6.2.2 SOCIAL ATTITUDES-24
  • 6.3 GOOD PRACTICES-24
  • 7 POLICY CONCLUSIONS. RECOMMENDATIONS-25
  • 7.1 EARLY WARNING-25
  • 7.1.1 EARLIER RECOGNITION: ROLE OF EXTERNAL ADVICE-25
  • 7.1.2 INFORMATION: WAYS OUT-26
  • 7.1.3 INTERNAL INFORMATION TOOLS. REGISTERS-26
  • 7.1.4 TRAINING COURSES-26
  • 7.2 LEGAL SYSTEM-26
  • 7.2.1 CRISIS-MANAGERS-26
  • 7.2.2 ENTERPRISES SHOULD BE ENCOURAGED TO TAKE ACTION IN A TIMELY MANNER-27
  • 7.2.3 SIMPLIFICATION OF EXISTING PROCEEDINGS-27
  • 7.2.4 ACCESS TO RESTRUCTURING PROCEDURES-27
  • 7.2.5 COSTS-27
  • 7.2.6 CONTROL OF INFORMATION TO DISCLOSE-27
  • 7.2.7 SPECIALISED IN