Prior to the current insolvency reform, Georgia’s legislative framework regulating insolvency proceedings fell short of meeting international standards – it did not meet neither creditors’ nor debtors’ needs and failed to offer incentives to the insolvent companies to choose rehabilitation as their optimal strategy for resolving financial difficulties.
ISET Policy Institute hosted the first Public-Private Dialogue on Insolvency Reform under our “ReforMeter” project. The PPD was attended by various stakeholders engaged in or affected by the reform. Attendees included reform implementing agencies – the Ministry of Justice (MoJ), the Training Center of Justice (TCJ), the National Bureau of Enforcement (NBE), the Business Rehabilitation and Insolvency Practitioners Association (BRIPA) – as well as representatives from other donor organization, business associations, and consulting groups.
Reaching European and international standards of insolvency proceedings is considered one of the most important priorities of the Georgian authorities and its international partners for creating enabling business environment and fostering sustainable growth and job creation in the country.
It is that time of year again when our world starts revolving around the World Bank’s Doing Business publication. It is a time when we once more have the chance to brag about how easy it is to start a business in Georgia, about how small the tax burden on businesses is, and about how good we are at enforcing contracts.
ISET Policy Institute started working on the Regulatory Impact Assessment (RIA) on the selected topics under the Draft Law on Insolvency Proceedings. In this project, ISET is partnering with the Berlin Economist, the German consulting group.