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Micro, Small, and Medium Enterprise InsolvencyA Modular Approach$
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Riz Mokal, Ronald Davis, Alberto Mazzoni, Irit Mevorach, Madam Justice Barbara Romaine, Janis Sarra, Ignacio Tirado, and Stephan Madaus

Print publication date: 2018

Print ISBN-13: 9780198799931

Published to Oxford Scholarship Online: November 2018

DOI: 10.1093/oso/9780198799931.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use.date: 27 January 2022

Complementary Tools and Incentives

Complementary Tools and Incentives

Chapter:
(p.95) 5 Complementary Tools and Incentives
Source:
Micro, Small, and Medium Enterprise Insolvency
Author(s):

Mokal et

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198799931.003.0005

This chapter discusses the complementary tools and incentives that can be adopted by jurisdictions to ensure the proper and effective use of the Modular Approach and to give due regard to the position and role of the various types of stakeholders involved in a MSME insolvency process. It specifically focuses on the roles and obligations of the MSME entrepreneur, both at times approaching insolvency and during the MSME insolvency process. Entrepreneurs do not always possess the education and skills to monitor the financial situation of their business and to react accordingly. With regard to the MSME framework, they would usually not be capable of designing a proper continuation plan. They might not even be aware that there is a chance to turn their business around by using mechanisms under insolvency law. In all these areas, education is a useful remedy. Jurisdictions should establish a method for providing affordable educational counselling and legal advice.

Keywords:   Modular Approach, MSME entrepreneur, early action incentives, imminent insolvency, early warning, educational counselling, wrongful trading, effective governance, financial information, financial institutions

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