2017年-世界发展银行全球_Report_on_the_Treatment_of_MSME_Insolvency_60页_2mb

Summary of the Report on the Treatment of MSME Insolvency

Core Content

This report provides an analysis of the challenges, needs, and responses to insolvency issues faced by micro, small, and medium-sized enterprises (MSMEs). It is part of the World Bank Group's Insolvency and Creditor/Debtor Regimes (ICR) Task Force, which aims to inform the World Bank's role as a joint standard setter in insolvency and creditor/debtor rights.

Main Issues and Challenges

• Lack of a Consistent Definition: MSMEs are defined differently across countries and regions, often based on the number of employees, sales, or loan size. This variability makes it difficult to compare and study MSME insolvency across jurisdictions.
• Economic Importance: MSMEs are a vital part of the global economy, contributing significantly to employment, economic growth, and entrepreneurship. In many economies, they represent the majority of businesses.
• Informality: Many MSMEs, especially in developing countries, operate informally, which complicates their legal recognition and access to formal insolvency systems.
• Complex Insolvency Systems: The complexity and length of insolvency procedures often deter MSMEs from seeking formal insolvency solutions, particularly in developing economies where institutional support is lacking.
• Creditor Behavior: Creditors often lack incentives to engage in legal processes for MSME debtors. Unsecured creditors are generally passive, while secured creditors focus on enforcing security, leading to inefficiencies.
• Limited Information: MSMEs often lack good records and reliable financial information, making it difficult to assess their viability and reducing creditor confidence.
• Post-Insolvency Financing: Many insolvency systems do not permit or incentivize financing after insolvency proceedings are initiated, which is crucial for MSME survival.
• Insufficient Assets: MSMEs may not have the resources to cover the costs of insolvency procedures, further complicating their ability to access legal remedies.
• Personal Debt and Liability: MSMEs frequently combine corporate and personal debt, exposing entrepreneurs to significant personal and social risks in the event of failure.
• Natural Person Treatment: In some jurisdictions, MSMEs that are not incorporated (e.g., sole proprietorships) are treated like natural persons under insolvency law, which may not be appropriate for their commercial needs.

Key Findings and Recommendations

• Need for Tailored Approaches: The report suggests that while MSMEs should not be treated separately from other entities, their unique characteristics require specific considerations in insolvency frameworks.
• Modular Approach: The report advocates for a modular approach to MSME insolvency, allowing for flexibility in addressing their specific needs without creating entirely new regimes.
• Efficient and Expeditious Systems: Efficient and expeditious insolvency systems are critical for MSMEs, as they are more likely to liquidate than restructure due to their size.
• Out-of-Court Assistance: Jurisdictions should consider providing out-of-court assistance such as mediation, debt counseling, and financial education to support MSMEs before formal insolvency proceedings.
• Need for Further Research: There is a need for further exploration into whether existing international standards, such as the World Bank ICR Principles, are sufficient to address MSME insolvency and whether revisions are necessary.

International Perspectives

• Global MSME Statistics: Globally, MSMEs account for a significant portion of employment and value added. In 2010, there were an estimated 420 million to 510 million formal and informal MSMEs worldwide, with 365 million to 445 million in developing countries.
• Developed Economies: In high-income countries, MSMEs contribute a large share to GDP and employment. For example, in the U.S., 99% of all enterprises are MSMEs, and they generate over 50% of private sector employment.
• Developing Economies: In low-income countries, MSMEs contribute about 16% to GDP through formal operations and up to 40% through informal ones. In countries like Morocco and South Africa, MSMEs significantly contribute to industrial production, investment, and exports.
• Insolvency Trends: During the global financial crisis, MSME insolvencies exceeded 25% in some countries, highlighting their vulnerability to economic shocks.

Conclusion

The report concludes that while MSMEs are a critical part of the global economy, they face unique challenges in insolvency that require tailored legal and procedural responses. It emphasizes the need for more efficient, accessible, and appropriate insolvency frameworks that take into account the specific nature and needs of MSMEs, and suggests that further research and discussion are necessary to determine the best approach for addressing MSME insolvency.

Key Points

• Challenges: Complexity of insolvency systems, creditor passivity, lack of information, limited post-insolvency financing, insufficient assets, and personal liability.
• Recommendations: Consideration of out-of-court assistance, modular approaches, and potential revisions to international standards.
• Importance of MSMEs: They are major contributors to employment and economic growth, particularly in developing economies.
• Jurisdictional Variability: Countries have different approaches to MSME insolvency, ranging from using existing frameworks with modifications to developing entirely new procedures.
• Future Work: The report serves as a foundation for further research into whether specific legislative treatment for MSME insolvency is appropriate.