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As Asian markets are now increasingly integrated in the world economy their domestic insolvency systems need to meet the expectations of international investors and lenders. Many Asian jurisdictions are responding by reforming insolvency laws, introducing new procedures and strengthening institutions, but others are much less active. How far have Asian economies advanced in building effective and predictable insolvency systemsoe Do their laws, regulations and court systems now provide greater certainty and confidence to investors and lendersoe What lessons can be learned from successful reforms in the region and what are the main stumbling blocks to implementing new insolvency frameworksoe This publication provides a regional and country perspective on these questions. It contains the proceedings of the last meeting of the Forum for Asian Insolvency Reform ("FAIR"), held in Beijing, China in 2006, which brought together officials, insolvency professionals and credit institutions to discuss the lessons of a decade of Asian insolvency reforms. The publication includes comparative reports on the insolvency systems of Hong Kong China, Indonesia, Japan, Nepal, Thailand and Vietnam. It also provides insights into the role of courts and the priority of claims under the new Chinese bankruptcy law effective since June 1 2007. For more information on OECD's insolvency work and the Forum for Asian Insolvency Reform, visit http://www.oecd.org/daf/corporate-affairs.
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