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Introduction

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International Insolvency Law

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Abstract

Which is the principal aim of the insolvency proceedings? Is it the best possible satisfaction of the creditors or is it the protection/survival of the debtor? Both are aims of the insolvency proceedings; but which one of the two should be considered as the main target? Not all countries follow the same path. In fact, there are many differences between the insolvency laws of the world. Further, even in the frame of one and the same country, there might exist different opinions regarding the answer to the above question; answers that may influence the trajectory of each country’s insolvency law.

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Notes

  1. 1.

    Landfermann (2017), pp. 408–409.

  2. 2.

    Peacock (2015), p. 564.

  3. 3.

    Korobkin (2003), p. 2134.

  4. 4.

    For the reasons of this cruelty, see Nietzsche (1887/1991), pp. 55–56: “Die Äquivalenz ist damit gegeben, daß an Stelle eines gegen den Schaden direkt aufkommenden Vorteils (also an Stelle eines Ausgleichs in Geld, Land, Besitz irgendwelcher Art) dem Gläubiger eine Art Wohlgefühl als Rückzahlung und Ausgleich zugestanden wird – das Wohlgefühl, seine Macht an einem Machtlosen unbedenklich auslassen zu dürfen, die Wollust “de faire le mal pour le plaisir de le faire”, der Genuß in der Vergewaltigung …”.

  5. 5.

    Efrat (1998), pp. 162–167.

  6. 6.

    Sousa (2013), p. 446.

  7. 7.

    Habachy (1962), p. 465.

  8. 8.

    Hamoudi (2011), p. 513.

  9. 9.

    Sousa (2013), p. 447.

  10. 10.

    Resnicoff (2011), p. 557.

  11. 11.

    The words “bankruptcy” and “insolvency” are used interchangeably throughout this book. Eidenmüller (2017), mentions that: “Bankruptcy law” is the term more used in the US, while “insolvency law” is more common elsewhere in the world, especially in the UK.

  12. 12.

    Ali et al. (2015), p. 1579.

  13. 13.

    Levinthal (1919), p. 15.

  14. 14.

    Rajak (2008), p. 12.

  15. 15.

    Rajak (2008), p. 14.

  16. 16.

    Pardo (2018), p. 1171.

  17. 17.

    Tabb (1991), p. 350.

  18. 18.

    Skeel Jr (2001), pp. 3–4.

  19. 19.

    Skeel Jr (2001), p. 1.

  20. 20.

    Bernardo (2012), p. 827.

  21. 21.

    Pardo (2016), pp. 1123–1124.

  22. 22.

    Nash and Pardo (2012), pp. 937–939.

  23. 23.

    Skeel Jr (2001), p. 16.

  24. 24.

    Ali et al. (2015), p. 1585.

  25. 25.

    See Steele et al. (2018), p. 142: “A comparison between the UK and Australia is also justified due to the similarity between the profiles of the corporate insolvency markets in those jurisdictions.”

  26. 26.

    Mason (2015), pp. 200–201.

  27. 27.

    Available at: https://download.asic.gov.au/media/2225959/afsa-mou-published-1-october-2014.pdf.

  28. 28.

    Mason (2015), p. 202.

  29. 29.

    Australian Insolvency Law Reform—Expectations for the future (2017) Clifford Chance. Available at: https://www.cliffordchance.com/briefings/2017/09/australian_insolvencylawreformexpectation.html.

  30. 30.

    The latter would mainly refer to the employees and their rights in case of their employer’s insolvency.

  31. 31.

    Fletcher (2002), p. vii.

  32. 32.

    On mixed jurisdictions, see Moustaira (2003), pp. 113–121. On South Africa, as a mixed jurisdiction, see Moustaira (2004/2012), pp. 79–83.

  33. 33.

    Steyn (2004), pp. 1–2.

  34. 34.

    Boraine et al. (2015), p. 60.

  35. 35.

    The book does not refer to consumer’s bankruptcy, though.

  36. 36.

    Efrat (2006a), p. 495.

  37. 37.

    Sousa (2013), pp. 453–455.

  38. 38.

    Efrat (2006b), p. 365.

  39. 39.

    Sullivan et al. (2006), p. 242.

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  1. School of Law, National and Kapodistrian University of Athens, Athens, Greece

    Elina Moustaira

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Moustaira, E. (2019). Introduction. In: International Insolvency Law. Springer, Cham. https://doi.org/10.1007/978-3-030-04450-3_1

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