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Insolvency: International Insolvency

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Book cover International Insolvency Law

Abstract

Insolvency laws often—if not always—reflect the times and the conditions of life in every part of the world. Economy has an important role to play in insolvency law’s structure and choices, nowadays—or had it always? The particularities of countries and their legal cultures are also reflected in their insolvency laws.

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Notes

  1. 1.

    Paulus (2016), p. 1657.

  2. 2.

    Altman (2011), p. 463.

  3. 3.

    Frade (2012), p. 45.

  4. 4.

    Pérez Ragone and Martínez Benavides (2015), p. 95.

  5. 5.

    Kammel (2008), p. 61.

  6. 6.

    Mason (2008), p. 32.

  7. 7.

    About these principles, see Moustaira (1992), pp. 61–64.

  8. 8.

    Fletcher (2005), p. 11.

  9. 9.

    Westbrook (1991a), p. 458.

  10. 10.

    Westbrook (2007), pp. 1021–1022.

  11. 11.

    Mevorach (2018a), p. 3.

  12. 12.

    Guzman (2000), pp. 2179, 2181; Rasmussen (2000), p. 2255.

  13. 13.

    Bufford (2005), p. 108.

  14. 14.

    Mevorach (2018a), p. 4.

  15. 15.

    LoPucki (2000), p. 2216; Tung (2001), p. 31.

  16. 16.

    Rasmussen (2007), p. 983.

  17. 17.

    Says Mevorach (2018a), p. 7. Her analysis is imbued with terms of law and economics: “It is the essence of universalism that it resolves the collective action problem that creates a ‘prisoners’ dilemma’ and a race to collect, translating the insolvency principle of collectivity to the global level.” Id. p. 8.

  18. 18.

    Anderson (2000), p. 682.

  19. 19.

    Kipnis (2008), p. 173.

  20. 20.

    LoPucki (2000), p. 2217.

  21. 21.

    Mevorach (2014), p. 230.

  22. 22.

    Pottow (2011), p. 581.

  23. 23.

    Pottow (2006), p. 1915.

  24. 24.

    Pottow (2005), pp. 1011–1012.

  25. 25.

    Westbrook (2011), p. 602.

  26. 26.

    Westbrook (2011), p. 602.

  27. 27.

    Mevorach (2018b), p. 1403.

  28. 28.

    See infra, Sect. 2.5.

  29. 29.

    See infra, Sect. 5. See also Berends (1998), p. 309.

  30. 30.

    Westbrook (2000), p. 2276.

  31. 31.

    His proponent is Janger (2007), p. 819.

  32. 32.

    Janger (2010), p. 408.

  33. 33.

    Janger (2011), p. 442.

  34. 34.

    Westbrook (2010), p. 517.

  35. 35.

    Janger (2011), p. 442.

  36. 36.

    Clark and Goldstein (2011), p. 515 and note 7.

  37. 37.

    Westbrook (1998), pp. 28–31.

  38. 38.

    Janger (2011), p. 447.

  39. 39.

    Westbrook (1991b), p. 517; Moss (2007), p. 1018.

  40. 40.

    Janger (2011), p. 447.

  41. 41.

    LoPucki (1999), p. 728.

  42. 42.

    See infra, Sect. 2.7, about forum shopping in insolvency.

  43. 43.

    LoPucki (1999), p. 750.

  44. 44.

    Clark and Goldstein (2011), p. 520.

  45. 45.

    Mevorach (2018a), pp. 80 ff.

  46. 46.

    Id, p. 105.

  47. 47.

    Id, p. 105.

  48. 48.

    Michaels (2008), pp. 137–138.

  49. 49.

    Waldron (2006), pp. 135–138.

  50. 50.

    About that, see Moustaira (1996).

  51. 51.

    See infra, Sect. 4.4.

  52. 52.

    See infra, Sect. 5.

  53. 53.

    Block-Lieb (2018), p. 2.

  54. 54.

    Klerman and Reilly (2016), p. 242.

  55. 55.

    McCormack (2009), p. 181.

  56. 56.

    Bookman (2017), p. 579.

  57. 57.

    McCormack (2014), p. 815.

  58. 58.

    Szydlo (2010), p. 253.

  59. 59.

    Almaskari (2016), p. 12.

  60. 60.

    Coburn (2012), p. 8.

  61. 61.

    Mucciarelli (2013).

  62. 62.

    Almaskari (2016), p. 13.

  63. 63.

    Ringe (2017), pp. 41–42.

  64. 64.

    LoPucki (2005), p. 16.

  65. 65.

    Westbrook (2015), p. 7.

  66. 66.

    About Forum Non Conveniens, see Moustaira (1995).

  67. 67.

    McGrath v. Riddell (In re HIH Cas. & Gen. Ins. Ltd.), [2008] UKHL 21, 1 W.L.R. 852 (H.L.).

  68. 68.

    Garrido (2011), p. 461.

  69. 69.

    McMahon v. McGrath (In re HIH Cas. & Gen. Ins. Ltd.), [2005] EWHC (Ch) 2125.

  70. 70.

    Garrido (2011), p. 462.

  71. 71.

    McGrath v. Riddell (In re HIH Cas. & Gen. Ins. Ltd.), [2008] UKHL 21, 1 W.L.R. 852 (H.L.).

  72. 72.

    Fletcher (2011), p. 491 note 6.

  73. 73.

    In re National Bank of Anguilla (Private Banking Trust) Ltd, 580 B.R. 64 (Bankr. S.D.N.Y. 2018).

  74. 74.

    See infra, Sect. 5.2.1.1.

  75. 75.

    About the private and public interest factors, see Moustaira (1995), pp. 40–49.

  76. 76.

    In civil law countries, foreign litispendence, if recognized, leads to a stay of the local proceedings.

  77. 77.

    Argus Media Ltd. v. Tradition Fin. Servs. Inc., No. 09 Civ. 7966 (HB), 2009 WL 5125113 (S.D.N.Y. Dec. 29, 2009).

  78. 78.

    On comity/comitas gentium, see Moustaira (1992), pp. 215–220.

  79. 79.

    Hilton v. Guyot, 159 U.S. 113, 163-64 (1895).

  80. 80.

    Official Comm. of Unsecured Creditors v. Bahrain Islamic Bank (In re Arcapita Bank B.S.C.(C)), 575 B.R. 229, 238 (Bankr. S.D.N.Y. 2017).

  81. 81.

    CT Inv. Mgmt. Co., LLC. V. Cozumel Caribe, S.A. de C.V. (In re Cozumel Caribe, S.A. de C.V.), 482 B.R. 96, 114 (Bankr. S.D.N.Y. 2012).

  82. 82.

    Finanz AG Zurich v. Banco Economico S.A., 192 F.3d 240, 249 (2d Cir. 1999).

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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). Insolvency: International Insolvency. In: International Insolvency Law. Springer, Cham. https://doi.org/10.1007/978-3-030-04450-3_2

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