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31.07.2017
World Bank Report on the Observance of Standards and Codes (ROSC): insolvency and creditor or debtor regimes for Bulgaria

A Report on the Observance of Standards and Codes (ROSC): insolvency and creditor or debtor regimes for Bulgaria was recently released by the World Bank. A team of experts from KP was retained with regard to the project for the assessment of the effectiveness of insolvency and creditor rights (ICR) systems in Bulgaria within the framework of the World Bank Reports on the Observance of Standards and Codes (ROSC) Initiative. The study’s aim is to assess the implementation aspects of the ICR systems, to survey credit risk management practices in the banking sector from a representative group of banks and to consider the corporate restructuring framework. The World Bank team was assisted by Yavor Kambourov, Emil Emanuilov, Hristina Kirilova, Ivo Alexandrov and Martin Emanuilov, who prepared a country report and other relevant materials used to assess ICR systems in Bulgaria against international standards as reflected in the ICR ROSC Methodology (based on the World Bank’s Principles and Guidelines and the Recommendations of the UNCITRAL Legislative Guide on Insolvency Law). The Report can be found at http://documents.worldbank.org/curated/en/627841500888030145/Bulgaria-Report-on-the-Observance-of-Standards-and-Codes-ROSC-insolvency-and-creditor-or-debtor-regimes