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International Insolvency Procedures
As we approach the second millenium, it is clear that almost all major companies now operate in an international market place. Accordingly, it is an inescapable fact that an economic downturn in any given country will have an impact on companies in many other countries. It is essential, therefore, that companies, lenders and advisers are able to obtain a basic understanding of insolvency procedures around the world. This new, second edition of International Insolvency Procedures is designed to give just such an overview.rnIt is almost nine years since the first edition of this book appeared. Since then. many national borders have changed. Many more countries have come into existence, resulting in much new legislation. Other countries have amended their rules and regulations governing business practice in general. We at KPMG are encouraged by the trend that is emerging in much of this new legislation. It is now apparent that more and more often legislators are recognising the need to introduce procedures for trying to save or rehabilitate ailing businesses, rather than merely providing a framework for their liquidation.rnAs legislation begins to take similar paths around the world, the global presence of KPMG, a professional services firm located in 150 countries, places us in a strong position to co-ordinate local and cross-border corporate and personal insolvency. Our international Corporate Recovery practice integrates the specialist skills of senior insolvency practitioners around the world with an unparalleled network of relevant industry expertise.rnAt KPMG, our commitment to quality of service is global. In keeping with this commitment, we are keen to support initiatives to promote an enhanced understanding of corporate recovery procedures around the world. Accordingly, KPMG is an active supporter of organisations such as INSOL, the world-wide federation of accountants and lawyers specialising in insolvency. Through coming together in this way to share views and experiences, insolvency practitioners from around the world have the opportunity to develop their knowledge, share ideas and ensure that the profession is able to adapt to the requirements of an increasingly international market.rn
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