For emerging market economies, the revised version stressed the importance of streamlining the claim recovery process. The revised draft emphasized the protection of creditors’ right and the priority of creditors’ claims in liquidation. At the same time the revised draft also recommended the general liquidation process and insolvency law be applicable to all enterprises, minimizing the number of exceptions.
But it also suggests the potential for substantial returns to further analysis and research for forecasters, like those in this club and us in the Federal Reserve. 4  BIS Review 34/2006