|||which would result in significant amendments to the<br>German Insolvency Code and thereby facilitate the in-<br>court restructuring of German companies. The draft<br>bill has met with broad political support and highly<br>positive feedback in the market, making it likely that<br>it will become law within the next few months (Meier,<br>W.KernM. Schauenburg C.2010).||
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|**Italy**|2005-<br>2008|,,,,,<br>The amendments to the Bankruptcy Law, Royal<br>Decree No 267 of 1942, aimed to introduce efficient<br>pre-bankruptcy procedures, an automatic stay period<br>of 60 days, and the possibility of paying secured<br>creditors less than the full amount of debt. At the<br>beginning of the crisis, in October 2008, the Law<br>No.166 allowed the insolvency procedure to be<br>extended to companies within the corporate group of<br>the debtor parent entity, as well as those who provide<br>services to the debtor on an exclusive basis. Alongside<br>this, the amendments enable debtors to pursue<br>immediate asset disposal plans. (EStandards Forum,<br>InsolvencyFrameworkItaly2010)|The main goal of the reform was the<br>simplification<br>of<br>business<br>restructurings.<br>Prior to the reform, insolvency procedures<br>were predominantly aimed at liquidating<br>insolvent enterprises (Novarese, 2009).|
|**Kuwait**|2009|, , <br>Reform enabled restructuring of companies facing<br>financial difficulty or insolvency. The assets of any<br>local companies declared bankrupt will be valued<br>based on current market values, with priority on any<br>profits designated to repaying government loans. Any<br>assets left after repayment of the loans should go to<br>company shareholders, followed by companies and<br>individual creditors who have an equal claim. (World<br>Bank, 2010)|The Hawkamah-World Bank-OECD survey,<br>based on the Principles and Guidelines for<br>Effective Insolvency and Creditor Rights<br>Systems developed by the World Bank, scored<br>nations according to a 155 point system, with<br>higher scores denoting stronger insolvency<br>regimes. Kuwait achieved a score of 104 out<br>of 155, which is below the OECD average of<br>124, but above the MENA average of 88.<br>(SidiN2009)|
|**Lithuania**|2008|The reform shortens time limits on bankruptcy<br>procedures by eliminating the minimal term of 3<br>months, which must be passed in order for the<br>creditors to apply to a court. The reform also aims to<br>secure the interests of the creditors, i.e. to transfer<br>control of the company to the administrator in order to<br>prevent directors or owners from unfairly selling or<br>hiding the assets of the bankrupted company. This<br>transfer<br>also<br>establishes<br>higher<br>standards<br>of<br>responsibility<br>for<br>the<br>persons<br>executing<br>the<br>proceduresofthebankruptcies.(WorldBank2009)|a, ., <br>Currently in Lithuania, it takes an average of<br>1.5 years to complete a bankruptcy proceeding<br>(in contrast to 1.7 prior to the reform),<br>whereas the average time for the region is 3.1<br>years and the time required in OECD states<br>averages 1.7 years. It costs an average of 7%<br>of the estate in Lithuania, compared to an<br>average regional cost of 13.4% and an OECD<br>average<br>of<br>8.4%.<br>(EStandards<br>Forum,<br>Insolvency Framework, Lithuania, 2010)|
|**Malawi**|2009|, <br>The new Companies Regulation that took effect in<br>June 2009 has made the mechanism for payment of<br>liquidators more transparent. The new regulation sets<br>a cap on the liquidator’s fees: 5% of the value of the<br>estate. Before, liquidators had the discretion to set<br>their own fees, usually at around 10% of the value of<br>the estate.<br>Malawi is also undertaking a comprehensive overhaul<br>of its insolvency and secured transactions laws,<br>expected to be completed in 2011. (World Bank,<br>2010)|According to the 2010 Doing Business<br>Report, Malawi became the top reformer in<br>closing business procedures. The reduction of<br>the bankruptcy costs and strengthening of<br>creditors rights were two main goals of the<br>reform. As a result, of the reform, the overall<br>cost of the insolvency procedure in Malawi<br>fell from 30% of the value of the estate to<br>25%. Moreover, the secured creditors, rank-<br>ordered based upon investment registration<br>dates, received the first priority in recovering<br>money.|

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