Purpose

Amid the COVID-19 pandemic, it is important to consider the effectiveness of insolvency law given the increase in companies facing financial distress. Current insolvency law was not designed in the context of the unprecedented challenges of the pandemic. Therefore, it may not provide the framework needed to assist the rehabilitation of distressed companies that is important to economic recovery. The purpose of this paper is to briefly discuss the rethinking of insolvency law policy with a view to maximising opportunities for rescue and rehabilitation.

Design/methodology/approach

The commentary offers suggestions on how insolvency law can maximise opportunities for rehabilitation. The approach is to consider competing theoretical perspectives on the objective of insolvency law and provide commentary on rethinking key insolvency law provisions to better meet the needs of distressed businesses in the unprecedented circumstances of the pandemic and into the future.

Findings

This paper concludes that in the context of the pandemic insolvency policy that is value-based and debtor-friendly is needed to promote rehabilitation. Insolvency law should refocus on debtors and rehabilitation rather than being excessively focussed on the interest of creditors.

Originality/value

This paper offers a unique and timely commentary on the capacity of insolvency law to respond to the unforeseen COVD-19 pandemic.

中文翻译：

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在COVID-19大流行中重新思考破产法

目的

在COVID-19大流行中，考虑到面临财务困境的公司增加，考虑破产法的有效性非常重要。当前的破产法并不是针对大流行病史无前例的挑战而设计的。因此，它可能无法提供协助陷入困境的公司的恢复所必需的框架，而这对于经济复苏至关重要。本文的目的是简要讨论破产法政策的重新思考，以期最大程度地提供营救和恢复的机会。

设计/方法/方法

评论对破产法如何最大程度地提供康复机会提出了建议。方法是考虑有关破产法目标的相互竞争的理论观点，并提供评论意​​见，以重新思考关键的破产法规定，以便在大流行的空前情况和未来情况下更好地满足陷入困境的企业的需求。

发现

本文得出结论，在大流行性破产政策的背景下，需要基于价值和对债务人友好的政策来促进康复。破产法应将重心放在债务人和复兴上，而不是过分地关注债权人的利益。

创意/价值

本文对破产法应对不可预见的COVD-19大流行的能力提供了独特而及时的评论。