A Cross-Country Policy-Maker Perspective on Corporate Restructuring Laws Under Stress

Abstract The onset of the COVID-19 pandemic saw a period rapid experimentation with insolvency law settings, designed to prevent wave insolvencies. Although governments acted quickly keep debtors out processes, they did not alter high levels underlying indebtedness. In this worsening economic climate characterized by low growth, inflation, fiscal tightening and indebtedness, it appears, in certain countries, that these measures may have deferred, rather than prevented, levels. A key legacy is extensive stimulus resulting budgetary constraints has placed on governments. context, there increasing evidence importance frameworks for out-of-court debt workouts as complement formal corporate restructuring frameworks.