In response to the economic crisis generated by the Covid-19 pandemic, in 2020 we launched an assessment into business reorganisation and turnaround in all 38 economies where the EBRD invests.
Our assessment is based on data received from a questionnaire and review and analysis of insolvency legislation against international benchmarks, including the EBRD Core Insolvency Principles. The questionnaire was launched in September 2020 and officially closed on 7 November 2020. We received 493 completed questionnaires across 57 jurisdictions. Legal professionals provided the highest number of responses (in total 68%). For more information see our methodology and assessment report.
We are grateful to our law firm partners and every respondent who invested time in answering the questionnaire. We hope that the findings of the Business Reorganisation Assessment will contribute to further understanding of the business reorganisation tools available in the EBRD regions and will help address gaps in insolvency frameworks. Business reorganisation and restructuring is part of a healthy investment climate and should provide businesses in temporary financial difficulties with turnaround opportunities.
A preliminary assessment report published in March 2021 set out some initial cross-economy analysis based on unvalidated data received from responses to questionnaires from September to November 2020. Following an extensive validation exercise on factual answers with law firm partners in each of the 38 economies and 40 jurisdictions encompassing 5 country missions, in January 2022 we published the main assessment report and annexes, including individual economy profiles and flow charts.