Insolvency systems play a major role in a modern market economy. Strong insolvency systems contribute to the efficient use of resources and hence economic growth. They also help underpin investor confidence and financial stability.
Notwithstanding impressive progress with reforms in Asia, insolvency related issues remain a major concern for the region. The sheer volume of company debt overhang and the gap between insolvency rules and their practical implementation suggest that insolvency reform should remain at the top of the policy agenda.
Against this background, the Forum for Asian Insolvency Reform (FAIR) has been set up by the OECD in co-operation with the Asia-Pacific Economic Co-operation forum (APEC) and the Asian Development Bank (ADB), with assistance from the governments of Japan and Australia. FAIR gathers key policy makers, members of the judiciary, academics, insolvency practitioners and other private sector participants who meet on an annual basis.
FAIR's main objectives are to:
- Further develop and sustain policy dialogue on insolvency reform among Asian policy makers and senior private sector participants;
- Monitor and review progress in the implementation of reforms in each economy of the region;
- Identify the main topics of interest to regional policy makers and practitioners; and
- Help to identify country-specific technical assistance needs, which could then be addressed by bilateral donors or multilateral institutions.
Please visit the OECD website to access papers and presentations prepared for past FAIR meetings.