Abstract
Insolvency law plays a vital part in a modern free enterprise economy as it provides for an equitable distribution of an insolvent debtor’s assets to its creditors. The effect and reach of a State’s insolvency laws has become more important as the world’s economies have become more consolidated and interdependent. As a result, laws relating to cross-border insolvency have acquired a high profile and greater importance since the mid-twentieth century. Such laws deal with the situation where an insolvent debtor trades, or has assets or creditors, in more than one jurisdiction.
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Notes
- 1.
Sefa M Franken, ‘Cross-Border Insolvency Law: A Comparative Institutional Analysis’ (2014) 34.1 Oxford Journal of Legal Studies 97, 102–4.
- 2.
See Jay Lawrence Westbrook, ‘Breaking Away: Local Priorities and Global Assets’ (2011) 46 Texas International Law Journal 601; Robert K Rasmussen, ‘Where are all the Transnational Bankruptcies? The Puzzling Case for Universalism’ (2007) 32 Brookland Journal of International Law, 983; Rosalind Mason, ‘Local Proceedings in a Multi-State Liquidation: Issues of Jurisdiction’ (2006) 30 Melbourne University Law Review 145, Jay Lawrence Westbrook ‘A Global Solution to Multinational Default’ (2000) 98 Michigan Law Review 2276; Alexander M Kipnis, ‘Beyond UNCITRAL: Alternatives to Universality in Transnational Insolvency’ (2008) 36 Denver Journal of International Law and Policy 155; Jay Lawrence Westbrook (ed) et al., A Global View of Business Insolvency Systems (Martinus Nijhoff, 2010) 230–1.
- 3.
See Ian Fletcher, “‘Le enfer, c’est les autres’: Evolving Approaches to the Treatment of Security Rights in Cross-Border Insolvency’” (2011) 46 Texas International Law Journal 489, 498–501; Mason, ‘Local Proceedings in a Multi-State Liquidation: Issues of Jurisdiction’ see footnote 2; Westbrook, ‘Breaking Away: Local Priorities and Global Assets’ see footnote 2; Kipnis, see footnote 2.
- 4.
McGrath v Riddell [2008] 3 All ER 869, 881[30], cited in Ackers v Saad Investment Company Ltd (in liq) (2010) 190 FCR 285, 295 [47]; See also Lord Collins comments in Rubin v Eurofinance SA [2012] 3 WLR 1019, 1030.
- 5.
McGrath v Riddell [2008] 3 All ER 869 [44].
- 6.
Ibid.
- 7.
Lynn M LoPucki, ‘ Cooperation in International Bankruptcy: A Post-Universalist Approach’ (1999) 84 Cornell Law Review 696, 750; Contra, Jay Lawrence Westbrook, ‘A Global Solution to Multinational Default’ see footnote 2, 2307–2326; Mason, ‘Local Proceedings in a Multi-State Liquidation: Issues of Jurisdiction’, see footnote 2; Kipnis, see footnote 2; Westbrook et al., A Global View of Business Insolvency Systems, see footnote 2, 229–30.
- 8.
Judge Leif M Clark and Karen Goldstein, ‘Scared Cows: How to Care for Secured Creditors’ Rights in Cross-Border Bankruptcies’ (2011) 46 Texas International Law Journal 513; Mason, ‘Local Proceedings in a Multi-State Liquidation: Issues of Jurisdiction’, see footnote 2; Kipnis, see footnote 2.
- 9.
Edward J Janger, ‘Universal Proceduralism’ (2007) 32 Brookland Journal of International Law 818.
- 10.
Bob Wessels ‘Cross-Border Insolvency Law in Europe: Present Status and Future Prospects’ (2008) 11 Potchefstroom Electronic Law Journal 68, 71-2; Anthony V Sexton, ‘Current Problems and Trends in the Administration of Transnational Insolvencies Involving Enterprise Groups: The Mixed Record of Protocols, the UNCITRAL Model Insolvency Law, and the EU Insolvency Regulation’ (2012) 12 Chicago Journal of International Law 811, 815.
- 11.
European Commission ‘Proposal for a Directive of the European Parliament and of the Council on preventive restructuring frameworks, second chance and measures to increase efficiency of restructuring, insolvency and discharge procedures and amending Directive 2012/30/EU’ 2016/0359 (COD).
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Hannan, N. (2017). Introduction. In: Cross-Border Insolvency. Springer, Singapore. https://doi.org/10.1007/978-981-10-5876-9_1
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