Following the fall of Lehman Brothers and the ensuing financial crisis, the world has witnessed a proliferation of various ‘light touch’ financial restructuring techniques in the form of pre-insolvency proceedings. These proceedings inhabit a space on the spectrum of insolvency and restructuring law, somewhere between a pure contractual workout, the domain of contract law, and a formal insolvency or rehabilitation proceeding. Policymakers around the globe have responded to market developments by embarking on an aggressive new phase of corporate rescue oriented legislative endeavour that focuses on so-called pre- insolvency or preventive insolvency proceedings.

The ILA is in the process of establishing a Chair or Senior Research Fellowship for research on the contours of the various pre-insolvency or preventive insolvency proceedings that have developed around the world; suggest a suitable toolkit for the Indian corporate and financial sector; and promote its application.