Both non-judicial and judicial enforcement methods should be considered.” The Principle 11 stresses, “governance,” which says, “in liquidation proceedings, management should be replaced by a qualified court-appointed official (administer) with broad authority to administer the estate in the interest of creditors.” The Principle 16 is on “claims resolution: treatment of stakeholder rights and priorities”.
For example, around the time a pandemic was declared by World Health Organisation (WHO) in mid-March, the funds sector experienced a sharp increase in redemptions with some of the most acute redemption pressures seen in Money Market Funds (MMFs).7 The increased vulnerabilities have clear messages. For authorities, now is not the time to unwind either scal or monetary support.