B-READY: Business Insolvency Pillar 1: Quality of Regulations for Judicial Insolvency Proceedings

B-READY focuses on ten topics that are organized following the life cycle of the firm and its participation in the market while opening, operating (or expanding), and closing (or reorganizing) a business. The Business Insolvency topic measures key features of insolvency systems on a regulatory level. It also assesses the institutional and operational infrastructure associated with insolvency proceedings (judicial services), as well as the operational efficiency of insolvency proceedings across three different dimensions, or pillars. The first pillar assesses the quality of regulation pertaining to judicial insolvency proceedings—liquidation and reorganization, covering de jure features of a regulatory framework that are necessary for structured debt resolution processes and effective creditor and debtor regimes.