Reforming the Bankruptcy System and the Role of Digital Technologies

The question of bankruptcy reform is more relevant now than ever. A reform to bankruptcy procedures could be expected to increase motivation to pay down debt and return assets to normal economic activity more quickly. The mechanisms for restructuring debt before having to recourse to bankruptcy have improved in recent years, and new digital solutions have made processes more transparent, with the necessary information easier for individuals and organizations to access. The introduction of new technologies and institutional changes have equipped businesses and the state with the tools necessary to prevent bankruptcy and conduct effective rehabilitation out of court. Participants in this discussion will consider existing debt restructuring practices as an alternative to bankruptcy and the prospect of bankruptcy reform as a way to restore enterprise solvency in place of liquidation. What are the digital solutions that have improved access to information and prevented bankruptcy? What are the options for restructuring debt and what are the accompanying advantages and disadvantages? What needs to be changed for bankruptcy rehabilitation procedures to work? Must rules be established for service capacity to reduce transactional costs to business and the state?