The final meeting of the Working Group of the World Bank on bankruptcy of natural persons

On 12-13 December 2012 at the headquarters of the World Bank in Washington (DC, USA) took place the final meeting of the Working Group of the World Bank on bankruptcy of natural persons, with the participation of Authorized Representative of NGO “Self-Regulatory Organization of Insolvency Practitioners” Oleksandr Biriukov.

A Special Working Group to develop uniform rules for legislators on bankruptcy of individuals was established in January 2011 – at a meeting of the Task Force of the World Bank to develop effective systems of insolvency and protection of the rights of creditors / debtors (“Insolvency and Creditor/Debtor Regimes Task Force”).

Oleksandr Biriukov, Doctor of Law, Professor of Private International Law, Institute of International Relations of Kyiv National Taras Shevchenko University, at the first meeting of the Working Group in 2011, hold a report on the legislation prospects of bankruptcy of natural persons (so-called consumer bankruptcies) in transitional economies. This meeting was attended by well-known experts from the field of bankruptcy: scientists, professors of law and economics, judges, civil servants from all continents of the globe.

At the meeting, held in December 2012, members of the Working Group heard a “Report on the Insolvency of Natural Persons”, which was prepared by Jason J. Kilbourn (Jason J. Kilborn), Charles D. Booth (Charles D. Booth), Johanna Niemi (Johanna Niemi), Iain D.C.  Ramsay (Iain D.C. Ramsay), under the direction of a senior adviser of Initiative modes of bankruptcy and creditors’ rights protection / debtors of the Vice-President of the World Bank, Jose M. Garrido (José M. Garrido). After the discussion of rather large document (over 160 pages), it was decided to approve its final version with recommendations made at the meeting.

The text of the document could be found on the website of the World Bank.

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