Global rules for private bancruptcy? - World Bank leads Working Group Meeting on the Treatment of Insolvency of Natural Persons this month A Draft Report on the Treatment of Insolvency of Natural Persons is being discussed and will serve as the basis for the discussions at the meeting of the expert group next week. The meeting will take place in the Preston Auditorium at the World Bank Headquarters located at 1818 H Street, N.W., Washington, DC 22043. The Thursday, Nov 17, morning session is also open to the participants of the Legal Forum of the World Bank (http://web.worldbank.org/WBSITE/EXTERNAL/TOPICS/EXTLAWJUSTICE/0,,contentMDK:22937432~pagePK:210058~piPK:210062~theSitePK:445634,00.html) The Working Group meeting will start at 2:00 PM in the Preston Auditorium. See programme below. ---- Has the World Bank learnt from previous mistakes it has made over the past decades? Have they realised that the times when they were able to develop some ideas in their backrooms and then spread it to the third world as a final wisdom (as they did with devastating effects in private pension schemes and microlending) has passed? Will the report match up to the following: A consumer bankruptcy scheme should serve the consumer and not as they say three parties. Since the creditors already got the pacta sunt servanda rule as well as their right to sue consumer bankruptcy schemes are protective schemes. To cite ancient bankruptcy rules made for creditors has little value for assessing the existing problems A consumer bankruptcy report without reference to consumer credit, its functions and threats is worthless. The report has to address the basic economic unit of society, the household. The improvement of its economic viability should be in the WBs mind. the report should be clear about the ´relation between discharge and debt rescheduling plans. ID: 47778 Publication date: 10/11/11     World Bank conference: Natural Persons Insolvency (Programme, 28 Oct 2011) (108447 Bytes)

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