Bankruptcy
Non-bank retail payments schemes in Canada
A new paper from the Bank of Canada provides an overview of the different kinds of non-bank retail payments schemes available in Canada.
Bankruptcy delays foreclosure
Filing for personal bankruptcy adds a little over a year to a foreclosure process, finds a new paper from the Philadelphia Federal Reserve.
Georgian central bank dismisses abolition claims
The National Bank of Georgia said on Monday that rumours in the local media that the central bank was to close because it was on the verge of bankruptcy are groundless.
Links between ownership, market structure and risk
The relationship in developing countries between banks' risk of failure, market structure, their ownership, and screening and bankruptcy costs is investigated in an International Monetary Fund paper published on Wednesday.
Developing nation bankruptcy treaty may emerge
ARTICLE - With financial instability rippling through Latin America, momentum appears to be building for an international plan to make it easier for developing nations to declare bankruptcy and renegotiate their foreign debts, reports the Wall Street…
IMF Working Paper Series
RESEARCH - 'Bankruptcy Procedures for Sovereigns: A History of Ideas, 1976-2001' by Kenneth Rogoff and Jeromin Zettelmeyer, August 2002. This paper describes the evolution of the literature from the late 1970s until 2001, with particular emphasis on the…
IMF dilutes its role in int'l bankruptcy plan
US - The International Monetary Fund on Monday amended its proposal for developing a system to allow troubled countries to file for bankruptcy protection to give it a smaller role than creditors.
South African bank's accounts frozen
SOUTH AFRICA - Deposits have been frozen at the eighth largest bank in Africa after bankruptcy fears spurred savers to withdraw more than 1bn rand (£61m; $87m) last week.
Speech by Governor of the State Bank of Pakistan
SPEECH - In his speech Ishrat Hussain said that a full-fledged 'Islamic' bank would shortly start functioning in Pakistan to switch over to interest-free banking in the country as per the verdict of the Supreme Court of Pakistan.
International bankruptcy scheme 'easy to set up'
UK - An international bankruptcy procedure for governments could be set up quickly and easily while protecting key public services from creditors, according to a report from a leading campaign group.
Swedish central banker backs IMF bankruptcy plan
SWEDEN - An IMF plan for an international bankruptcy procedure could help financially troubled nations restructure their debt in an orderly manner and avoid the chaotic scenes witnessed in Argentina, says Riksbank's Heikensten.
Former US official proposes solvency crisis fund
ARGENTINA - While Argentina's perilous brush with bankruptcy has sparked a renewed debate on the idea of officially-sanctioned debt standstills, a former top official of the Federal Reserve and the Treasury Department on Monday proposed another way of…
IMF in support of bankruptcy plan
UK - The International Monetary Fund's management has thrown its weight behind a radical plan for an international bankruptcy procedure, allowing indebted governments to seek legal protection from their private sector creditors.
IMF considers sovereign debt protection
US - The International Monetary Fund has unveiled a radical plan to make itself the gatekeeper for a system designed to give heavily-indebted countries bankruptcy protection.
Call for big changes to global financial system
ARGENTINA - A group of former finance ministers from emerging market countries will today propose fundamental changes to the global financial system, including an international bankruptcy procedure for government borrowers.
HKMA says bankruptcy law changes 'difficult'
HONG KONG - Hong Kong's bankruptcy laws will unlikely be amended despite a sharp rise in the number of people going broke and companies going under, the city's quasi-central bank said 21 August.