Conclusion
Conclusion
This concluding chapter argues that an effective framework will encompass the full range of the Modular Approach’s tools, and that modules should only rarely be eliminated by lawmakers, and then only after careful consideration. However, lawmakers may decide that local conditions justify particular adaptations. Countries considering reform should design their MSME regime in a way that respects their constitutional requirements, and with full consideration of the policy choices involved and their respective costs and benefits. Legal systems should provide a regime capable of being unpacked, and should allow the flexible distribution of not only insolvency tools but also process functions. Specifically, countries should identify the main category of function for each step in the insolvency process. Countries should then make critical policy choices as to who is allowed or required to perform these various functions, including a consideration of the necessary level of involvement of insolvency practitioners, government agencies, court officials, and judges.
Keywords: Modular Approach, modules, lawmakers, MSME regime, insolvency tools, insolvency process, insolvency practitioners
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