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This paper critically examines the role of law in promoting economic development and argues that the most influential 'law and development' agenda-the World Bank Doing Business (DB) project-is not fit for purpose and should be replaced. The paper argues that the DB project and associated rankings embody a set of ideological and technical preferences whose relationship with economic development is at best uncertain. Context and cultural sensitivity are all important in the 'real' world and reducing complicated matters to a single ranking is not compatible with bringing about genuine improvements in the legal framework for doing business.

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This paper will critically evaluate the proposals for reform of the European Insolvency Regulation-regulation 1346/2000-advanced by the European Commission. 1 While criticised by some commentators as unsatisfactory, the Regulation is widely understood to work in practice. 2 The Commission proposals have been described as 'modest' 3 and it is fair to say that they amount to a 'service' rather than a complete overhaul of the Regulation. 4 The proposals will be considered under the following heads (1) General Philosophy; (2) Extension of the Regulation to cover pre-insolvency procedures; (3) Jurisdiction to open insolvency proceedings; (4) Coordination of main and secondary proceedings; (5) Groups of Companies; (6) Applicable law; (7) Publicity and improving the position of creditors.

This paper challenges the standard characterisation that US law in the sphere of corporate bankruptcy is 'pro debtor' and UK law is 'pro creditor' . It suggests that the traditionalthesis is, atbest, apotentially misleading over-simpli¢cation. It also o¡ers the conclusion that there is functional convergence in practice, while acknowledging that corporate rescue, as distinct from business rescue, still plays a larger role in the US. The functional convergence has partly come through the UK Enterprise Act 2002 but the paper suggests that the main move hasbeenthat of US law andpractice in a UK direction with more emphasis on business disposals and speedier cases than oncorporate reorganisations, astraditionally understood.This mirrors practice in the UK where the emphasis has always been on business disposals. Unfortunately, the current economic recession on both sides of the Atlantic has shone a heightened spotlight on business bankruptcy and is likely to generate further changes in practice and ultimately legislation.