In that respect, we have been carefully considering comments received so far and discussing among ourselves how to address them. In addition, we have conducted extensive analysis of other information we have been collecting, such as the results of quantitative impact studies (QIS), and those results have helped shape the proposals as well.
But this is not enough, as we have seen in countries that have modernized their laws. We need to ensure its proper, effective and timely implementation. It is equally important therefore to focus on developing strong institutions that would interpret and implement the laws. Combined, a well-developed insolvency law and strong institutional capabilities provide a good foundation for a smoothly functioning insolvency system.