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When Liquidation is NOT an Option - LPEs in Distress

When Liquidation is NOT an Option - LPEs in Distress

This global project investigates the treatment of local public entities facing financial difficulties.

Project Overview

The treatment of LPEs in distress is a significantly under-researched area of insolvency and public law, particularly outside the US. However, the financial collapse of these entities frequently has a domino effect on the private sector, as well as on local, regional and national communities. Insolvency practitioners tend to know little about how LPEs in financial distress are managed. Globally, insolvency laws pertaining to LPEs are heavily influenced by local traditions, cultures and historic developments.

This project offers for the first time a global overview of the treatment of ongoing, executory contracts should LPEs file for formal insolvency or turnaround procedures. Where relevant, links will be made to the treatment of contracts with SOEs in distress.

This project is the first to examine the treatment of distressed LPEs on a global scale and the first to attempt to articulate unifying principles and standards for the laws and regulations governing the financial distress of LPEs. This project also seeks to include participants from countries with varied economic and governmental structures.

This project is highly topical. In periods of financial distress, governments are keen on reducing transfers of funds to local, regional and national communities, thus directly or indirectly causing situations of financial distress to many LPEs.

For more details about the project, please email:



This project aims to collect information on the treatment of LPEs in financial distress around the world, with a view to providing guidance to practitioners and making recommendations for minimum standards of regulation.

The project is expected to be completed in July 2022.

The project focuses on four geographical regions: Europe, Asia, Africa and the Middle East, and the America. Particularly, it covers the following jurisdictions:

  • AFRICA/ME: Ghana, Nigeria, South Africa, Uganda and the United Arab Emirates;
  • AMERICAS: Argentina, Brazil, Canada, the United States of America;
  • ASIA: Australia, Bangladesh, People’s Republic of China, Japan, Singapore;
  • EUROPE: Belgium, Croatia, France, Germany, Italy, the Netherlands, the United Kingdom.

The three principal investigators (PIs) are:

The project is funded by INSOL International, in co-operation with the University of Essex.

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