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Forum for Asian Insolvency Reform (FAIR)

In the wake of the Asian financial and economic crisis in the late 1990s, insolvency reform has risen to the top of the policy agenda of many Asian economies. A large debt overhang rendered a sizeable part of the Asian corporate sector insolvent and destabilised the financial system. The absence of effective, predictable and orderly ways to deal with insolvency was for the first time keenly felt by government, corporations and creditors. The necessary corporate restructuring and re-organisation on a large scale was very slow to emerge without effective insolvency procedures. Moreover, the new investment needed to resume growth has not been forthcoming in the absence of proper creditor protection, as investors have woken up to the importance of effective bankruptcy regulation. 

 

Against this backdrop, the Forum for Asian Insolvency Reform (FAIR) was created by the Organisation of Economic Co-operation and Development (OECD), the Asia-Pacific Economic Cooperation forum (APEC) and the Asian Development Bank (ADB), with the support of the public and private sector experts who attended the preceding meeting on Insolvency Systems in Asia: An Efficiency Perspective, organised in Sydney in November 1999 by the OECD, the World Bank, the Australian Treasury/AusAID and APEC. 

Meetings:

 

Location

Date

Sponsors

FAIR I 

Bali, Indonesia

7-8 February 2001

·      Ministry of Finance

·      Ministry of Justice and Human Rights of the Government of Indonesia

FAIR II 

Bangkok, Thailand

16-17 December 2002

Ministry of Justice of the Kingdom of Thailand

FAIR III 

Seoul, Korea

10-11 November 2003

·      Korean Ministry of Finance and Economy (MOFE)

·      Financial Supervisory Commission (FSC) with assistance provided by the Korea Development Institute (KDI) and the Korea Asset Management Corporation (KAMCO)

FAIR IV 

New Delhi, India

4-5 November 2004

·      Ministry of Finance and Economy (Banking Division)

·      Ministry of Company Affairs

·      INSOL India

FAIR V 

Beijing, China

27-28 April 2006

Development Research Centre of the State Council of China

FAIR VI 

Bangkok, Thailand

17-18 July 2009

Ministry of Justice, Government of Thailand

FAIR VII 

New Delhi, India

8-9 April 2010

Ministry of Corporate Affairs, Government of India

FAIR VIII 

Kuala Lumpur, Malaysia

30 November – 1 December 2011

·      Malaysia Department of Insolvency

·      Central Bank of Malaysia


Last updated: 2012-06-11




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