Proposal to Formulate “Global Informal Workout Rules” Adopting “Asian Bankers' Association Informal Workout Guidelines” and “Model Agreement to Promote Company Restructuring by Informal Workout” with Some Minor Amendments

The INSOL 8 Principles is a set of model domestic rules for out‐of‐court workouts. Many Asian countries have created workout rules referring to the Principles. A uniform insolvency code applicable worldwide may be impossible to achieve. Instead, international professional associations such as the INSOL International and/or official international organizations such as the World Bank may be able to establish global informal workout rules that are applicable in cases to restructure multinational business enterprises that are indebted to multinational financial creditors. The “Asian Bankers' Association Informal Workout Guidelines” and the “Model Agreement to Promote Company Restructuring by Informal Workout” of 2005 are buried treasure tools. They could be transformed to global rules with some minor amendments with the consent of the Association. Copyright © 2013 INSOL International and John Wiley & Sons, Ltd