Insolvency and Creditor Rights Standard
The ICR Standard is designed as a broad-spectrum assessment tool to assist countries in their efforts to evaluate and improve insolvency and creditor/debtor regimes. Sound insolvency and creditor/debtor regimes are fundamental to robust and diverse modes of financial intermediation, responsible access to finance, and financial stability. In addition to setting out principles underlying effective systems for formal reorganization and liquidation insolvency proceedings, organization and functioning of commercial courts and insolvency professionals, and out-of-court restructuring practices and procedure, the ICR Standard identifies principles underlying effective credit access and protection mechanisms (including security interests), commercial enforcement and credit risk management frameworks. In addition, the ICR Standard identifies principles for effective handling of cross border issues, drawing from the UNCITRAL Model Law on Cross Border Insolvency. The ICR Standard is comprised of the World Bank Principles for Effective Insolvency and Creditor Rights Systems (2011) and the Recommendations from the UNCITRAL Legislative Guide on Insolvency Law (2010).
The ICR Methodology provides a detailed guide for the evaluative criteria and process underlying the ICR ROSC. It was issued by World Bank (in consultation with the UNCITRAL Secretariat, IMF staff, and a Working Group of the Global Insolvency and Creditor/Debtor Regimes Task Force) in January 2011.