Bankruptcy Reform--Breaking the Court Logjam in Colombia
Author: Izak Atiyas Date: 9/1/1995 (PDF, 200KB)
Many developing countries suffer from logjam in the courts, a condition that tends to reduce the effectiveness of bankruptcy law in relieving financial distress. Colombia's bankruptcy reform provides some useful lessons for these countries. In particular, it shows that when traditional court procedures are hard to change, an alternative is to legally empower another entity to handle the entire process. Izak Atiyas explains how it was done in Colombia.