The last group discussed about corporate governance in foreign investment, privatization and the significance insolvency regimes.These three subtopics - the foreign investment, privatization and insolvency regimes are guided by laws in our country. The group explained some of these laws and provided examples. What is the importance of these laws to corporate governance and to each subtopic? First in privatization. In order to work well, corporate governance requires to have these laws. And the effectiveness of privatization is greater when corporate governance works well. Without these laws, privatization is less likely to succeed.Another is insolvency regime. What is insolvency? Insolvency arises when an individual or an organization can no longer meet its financial obligations with its lender or lenders as debts become due.The insolvency law act no. 1956 is an act providing for the suspension of payments, the relief of insolvent debtors, the protection of creditors, and the punishment of the fraudulent debtors. This act governs insolvency in the country.In its unamended form, the insolvency law merely provides for the distribution of an insolvents assetswhatever is left of itamong creditors. RA 1956 remained untouched for 67 years, until Presidential Decree No. 902-A was passed in 1976 to address the growing needs of the economy. More than simply giving a distressed company time to rationalize the distribution of its remaining assets, PD 902-A increased the scope of suspension of payments by giving corporationseven those whose liabilities have exceeded their assetsa chance to pull their act together through rehabilitation and, hopefully, get a new lease on life. This insolvency regimes have a great effect on corporate governance. For directors, they may be personally liable for debts incurred by the company if it trades while insolvent. For advisors or anyone who directs or instructs directors could also be personally liable for debts incurred by the company while it is insolvent. By knowing these, the companies may have a number of remedies for insolvency. This is how laws matter in implementing good corporate governance.