Authors: Enoch K. Beraho
Addresses: South Carolina State University, Orangeburg, SC 29117, USA
Abstract: Over the centuries, social and cultural norms, in different countries, have led to legal systems that recognise bankruptcy as a viable strategic change management tool. The purpose of this paper is to study bankruptcy and insolvency approaches different countries use to solve their economic problems. Also, this paper examines the influence country culture and legal systems have on evolution of bankruptcy management practices. Bankruptcy data and legal practices of different countries were obtained from those countries| websites and various published reports. The data were examined and compared, noting differences in legal structures among the countries studied. It was found that, whereas the aim of bankruptcy laws was to remedy the countries| economic problems, the approaches taken differed markedly. Little specific work has been done in this area and in that sense, this study is warranted. Effective bankruptcy insolvency management may benefit world economic stability and growth.
Keywords: culture; cultural systems; legal systems; bankruptcy; insolvency management; debt management; strategic change management; international strategic management; economic stability.
International Journal of Strategic Change Management, 2010 Vol.2 No.1, pp.1 - 17
Published online: 04 Apr 2010 *Full-text access for editors Access for subscribers Purchase this article Comment on this article