"Effective Insolvency Law Systems have a number of aims and objectives." Explain with reference to World Bank principles on effective insolvency law system.

Effective insolvency law systems have a number of aims and objectives. Systems should aspire to: integrate with a country's broader legal and commercial systems; maximize the value of a firm's assets and recoveries by creditors; provide for both efficient liquidation of nonviable businesses and those where liquidation is likely to produce a greater return to creditors and reorganization of viable businesses; strike a careful balance between liquidation and reorganization, allowing for easy conversion of proceedings from one proceeding to another; provide for equitable treatment of similarly situated creditors, including similarly situated foreign and domestic creditors; provide for timely, efficient and impartial resolution of insolvencies; prevent the improper use of the insolvency system; prevent the premature dismemberment of a debtor's assets by individual creditors seeking quick judgments; provide a transparent procedure that contains, and consistently applies, clear risk allocation rules and incentives for gathering and dispensing information; recognize existing creditor rights and respect the priority of claims with a predictable and established process; and Establish a framework for cross-border insolvencies, with recognition of foreign proceedings.