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World Bank recruiting Debt Resolution Consultant


Serbia, 31 October 2014

Project Background and Objectives

The Finance & Markets Global Practice aims to help countries build deep, diversified, inclusive, efficient and stable financial systems which are essential to promoting economic growth and reducing poverty and increasing shared prosperity. The practice is committed to delivering public and private sector tailored solutions to development challenges by leveraging the whole range of the Bank Group's financial, knowledge/advisory and convening services for clients. In doing so, the practice not only partners with the broader World Bank finance team (IFC, WB, MIGA and WB/IFC Treasuries) but also acts as an enabler for all of the other GPs and Cross-Cutting. Groups.

As a joint World Bank - IFC practice, the Finance & Markets Practice brings together the World Bank's knowledge, finance (loans, credits, guarantees, risk management products), and convening services, and IFC advisory in private-sector firms into a single suite of development solutions for our clients and the global community to support reaching the twin goals of eliminating extreme poverty and promoting shared prosperity.

Today, this suite of financial solutions is in excess of US$10 billion in current and pipeline engagement commitments. We also have an ongoing portfolio of about 400 knowledge activities (with costs up to $73 million) and 98 IFC advisory services (valued at $136 million).

Led by a Senior Director and two Directors, the practice is managed by a cadre of 14 Practice Managers who oversee its regional teams and global solutions groups, and CGAP, which has a dedicated Director. Thematically, the practice is organized into three global solutions groups. The first groups activities aimed at Strengthening the foundations of stable financial systems and markets by supporting global financial sector oversight frameworks and policies; strengthening banking regulation and restructuring regimes; improving financial sector integrity efforts and deepening capital markets, insurance, pensions and investment funds; the second Improving financial infrastructure and access through its work on credit infrastructures; payment and market infrastructures; responsible financial access: and SME finance, and the third on partnering with other practices on frontier development finance initiatives such as climate change finance, disaster risk finance and insurance, infrastructure finance, agriculture finance and housing finance.

The SEE Debt Resolution and Business Exit Project (the Project) aims to mitigate the sustained negative effects of the global financial crisis in the region by improving the insolvency systems in Southeast Europe (Albania, BiH and Serbia) over a 3-year period of implementation

The expected result of the full-scale implementation of the Project is to make Albanian, Serbian and Bosnia and Herzegovina debt resolution systems more efficient by improving the insolvency framework and practices, which will lead to a strengthened avenue for NPL prevention and/or resolution, and increase returns to creditors and protect economically viable companies.

The Ministry of Economy signed an Advisory Agreement with IFC in July 2014. The Advisory Agreement specifies the advisory services to be provided the Ministry of Economy, i.e. the Bankruptcy Supervision Agency, as the main beneficiary of the Project, including the assistance in developing legal and regulatory framework governing the insolvency of entrepreneurs, improving the legal and regulatory framework related to pre-packaged and pre-negotiated reorganization plans, improving the Bankruptcy Supervision Agencys internal regulations, national standards and developing manuals, strengthening the capacities of the Bankruptcy Supervision Agency, and other relevant stakeholders through technical advice, training programs and study visits, etc.

Scope of Work and Deliverables

The Consultants duties and deliverables under these Terms of Reference shall include operational support and technical advice related to the implementation of the Project in Serbia.

More specifically, the Consultant will perform the following tasks:

  • In consultation with the Task Team Leader (the TTL), establish a Working Group to develop an Action Plan for insolvency reform in Serbia and coordinate its work

  • In consultation with the TTL, the Bankruptcy Supervision Agency and the Economic Chamber, work on development of a public awareness campaign aimed at promoting and supporting the implementation of the best insolvency practices and organize 15 promotional events (10 round tables, 4 trainings for insolvency practitioners and 2 trainings for judges)

  • In consultation with the TTL, prepare and support the implementation of a training program for judges and insolvency practitioners (bankruptcy trustees)

  • Cooperate with the Working Group in charge of reviewing the existing Insolvency Law

The Consultant will also:

  • Keep log of activities and accomplishments

  • Submit weekly status reports to the TTL

  • Draft the relevant sections of final reports

  • Perform any other such duties as shall be requested and authorized by the TTL

  • Travel if/when necessary

Deliverables:

The Consultant is expected to deliver the following:

  • Action Plan on insolvency reform in Serbia

  • Draft amendments to the Insolvency Law

  • Promotional events, namely 10 round tables, 4 trainings for insolvency practitioners and 2 trainings for judges

  • Weekly status reports

  • All deliverables shall be sent to the TTL in an electronic form.

Level of Effort

The completion of the tasks included in this ToR will require up to 60 days of the Consultants time, commencing on November 10, 2014 through the end of June 2015.

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