News
CI launches new model insolvency law in Latin America
07 Dec 2011
Urgency and opportunity were the words most often heard
during the launch of the Family Insolvency Model Law for Latin America and
the Caribbean, held at the Chilean Senate earlier this
month.
The model law is the result of a two-year process of work
coordinated by Consumers International's office for
the region. It has involved experts from Argentina, Brazil,
Chile, El Salvador, Panama and France.
The
publication of the model law, funded by the AVINA Foundation,
marks the end of an even longer process. "Five years ago we began
an analysis of over-indebted people in our region." says Juan
Trimboli, Head of CI Office for Latin America and the Caribbean
"Our work has evolved based on two pillars: responsible consumption
and the development of a Family Insolvency Model Law. [What comes
now] is intense regional work on these issues as part of CI's global programme on financial
services".
Antonino Serra, CI coordinator of the Financial Services
Programme in the region, describes the model law as "a broad and
flexible enough text to serve as a valuable input to the different
laws of Latin America. The model is structured around the
establishment of basic concepts and criteria, the presentation of
specific procedures to address the issue of insolvency, and
consumer education in financial matters".
The launch was welcomed by the Chilean government. Ronald
Wilson, on behalf of the Vice President of the Senate, Juan Pablo
Letelier, stressed the urgency of getting the law up and running,
saying that "today all conditions are present so that a Family
Insolvency Model Law will be discussed at the legislative
level".