This new book systematically examines the current process for distressed Micro, Small and Medium Enterprises (MSMEs), and proposes a different, more appropriate, 'modular' approach to the treatment of such entities when faced with insolvency proceedings.

MSMEs play a vital role in virtually all global economies. They are a primary means by which entrepreneurs bring new business propositions to the market, and deliver a range of products and services to local economies. MSMEs tend to be more reliant on favourable legal and regulatory climates to survive and thrive than larger businesses, and insolvency regimes are often more tailored to these larger businesses, assuming an extensive insolvency estate of significant worth, and the presence of creditors and other concerned stakeholders to participate in and oversee the process. These assumptions and features are generally incongruous with the reality of MSMEs, for whom assets are of less value and whose stakeholders are generally more disinterested.

The modular approach proposed in this book addresses the imbalances, inconsistencies, and lack of supervision which is often apparent in treatment of insolvent MSMEs. It provides an overview of existing approaches to MSME insolvency, the place of MSMEs in the global economy, and the particular needs of MSMEs in financial distress. It then sets out the procedural framework, policy objectives, and key components of the modular approach, detailing how a choice of modules enables national policy-makers a more flexible process for resolution. It then outlines the roles, positions, and obligations of key stakeholder groups, and explains the managerial, administrative, and judicial functions of this approach. Finally, it explains how elements of the broader legal system should be aligned with, and supportive of, the optimal functioning of the modular approach.

About the Author:
Riz Mokal, Barrister; Honorary Professor of Law and Legal Theory, South Square Chambers; University College London, Ronald Davis, Associate Professor of Law, University of British Columbia, Canada, Alberto Mazzoni, Professor of Commercial Law and International Trade Law, Catholic University of Milan; President of UNIDROIT, Irit Mevorach, Professor of International Commercial Law, University of Nottingham, Madam Justice Barbara Romaine, Justice of the Alberta Court, Queen's Bench, Canada, Janis Sarra, UBC Presidential Distinguished Professor, University of British Columbia, Canada, and Ignacio Tirado, Professor of Law, Universidad Autonoma De Madrid.

Riz Mokal is a barrister at South Square Chambers and is Honorary Professor of Law and Legal Theory at University College London.

Ronald Davis is Associate Professor of Law at the University of British Columbia, Canada.

Stephan Madaus is Professor of Law at the Martin-Luther-University Halle-Wittenberg, Germany.

Alberto Mazzoni is Professor of Commercial Law and International Trade Law at the Catholic University of Milan, and President of UNIDROIT.

Irit Mevorach is Professor of International Commercial Law at the University of Nottingham.

Madam Justice Barbara Romaine is a Justice of the Alberta Court of Queen's Bench, Canada.

Janis Sarra is UBC Presidential Distinguished Professor at University of British Columbia, Canada.

Ignacio Tirado is Professor of Law at Universidad Autonoma De Madrid.