Advanced Introduction To Cross Border Insolvency Law

Elgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world's leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. The Advanced Introduction to Cross-Border Insolvency Lawprovides a clear and concise overview of cross-border insolvency law with particular focus on the rules governing insolvency proceedings that occur between and across countries. Increasingly, such proceedings have an international dimension, which may involve, for example, debtors with assets abroad, foreign creditors, contractual agreements with counterparties in different jurisdictions, or companies with offices or subsidiaries in a different country. The book expertly steers the reader through the complex interactions between national and supra-national rules, international model laws, and the principles that underpin them. Key Features: Uses numerous practical examples to illustrate key concepts Provides both in-depth information for advanced readers and accessible information for beginners in the field Succinctly evaluates case law and literature Follows a comparative law approach with a principle-based methodology in order to fully explore the most important issues This enlightening Advanced Introduction will be of great benefit to those studying company, commercial, and private international law, as well as to the non-specialist practitioner. Insolvency scholars will also appreciate the astute insights.

Cross-border insolvency protocols play a critical role in facilitating the efficient resolution of complex international corporate insolvencies. This book constitutes the first in-depth study of the use of insolvency protocols, enriching existing knowledge about them and serving as a comprehensive introduction to their application in the context of multinational enterprise group insolvency. It traces the rise of insolvency protocols and discusses their legal basis, contents, effects, major characteristics and limitations.

Insolvency proceedings have increasingly cross-border effects, which are regulated by many international regulations. This book answers the fascinating question of what the underlying principles of international (cross-border) insolvency laws are and how they can be used for the purpose of further harmonising cross-border insolvency law in the EU and beyond.

This book examines the effect of the adoption of the United Nations Committee on International Trade Law (UNCITRAL) Model Law on Cross-Border Insolvency in five common law jurisdictions, namely Australia, Canada, New Zealand, the United Kingdom, and the United States of America. It examines how each of those states has adopted, interpreted and applied the provisions of the Model Law, and highlights the effects of inconsistencies by examining jurisprudence in each of these countries, specifically how the Model Law affects existing principles of recognition of insolvency proceedings. The book examines how the UNCITRAL Guide to enactment of the Model Law has affected the interpretation of each of its articles and, in turn, the courts’ ability to interpret and hence give effect to the purposes of the Model Law. It also considers the ability of courts to refer to amendments made to the Guide after enactment of the Model Law in a state, thereby questioning whether the current inconsistencies in interpretation can be overcome by UNCITRAL amending the Guide.

This book presents an analysis of the effectiveness of European Union cross-border insolvency proceedings. It provides a thorough assessment of the development of cross-border insolvency proceedings established in the Regulation on Insolvency Proceedings ((EU) 2015/848) and how they contribute to the general goals of the EU internal market. Insolvency law has not been subject to a global mandatory harmonization process, with no globally biding legal act. Instead, the landscape of international insolvency law is characterized by a patchwork of national laws that seek to accommodate cross-border insolvencies and soft law agreements. In the EU cross-border insolvency law holds significant importance in ensuring the smooth operation of the internal market. Fostering international investments and legal foreseeability in insolvency proceedings, it upholds the fundamental freedoms within EU law. This book covers the main elements of EU cross-border insolvency law, such as jurisdiction, applicable law, recognition and enforcement of judgments. It also focuses on previously unexplored areas, such as the exercise of creditors' rights in cross-border insolvency cases and the tracing and recovery of assets and discusses the application of the Restructuring and Insolvency Directive ((EU) 2019/1023) in relation to the rescue of viable companies and the discharge of debts for insolvent entrepreneurs. This book will be of interest to students and practitioners of insolvency law, EU law and private international law. It will also be useful for national legislators and EU institutions working on the development of EU insolvency law.

This book presents problems that often arise in the context of international/cross-border insolvencies; analyzes and compares national legislations and jurisprudence; elucidates the solutions offered by international/regional instruments; and explores the differences in the implementation of these instruments by various countries and the consequences of these differences. It examines in detail a number of famous and less famous cases tried by national courts, in which it became readily apparent that insolvency law remains one of the bastions of national law. In addition, the book discusses the notion of transplanting foreign [international] insolvency rules and especially the influence that US insolvency law has exerted on other countries’ insolvency [and international insolvency] law. Far from adopting an unrealistically optimistic stance, it soberly examines the complications of cross-border insolvencies, while also presenting potential solutions.

Cross-Border Insolvency Law in Australia engages with several current multi-billion dollar insolvencies such as those of Nortel Networks and Lehman Brothers to provide the reader with state of the art knowledge of the complex problems posed by transnational insolvency. As the number of transnational insolvencies grows due to prevailing economic conditions, practitioners are increasingly required to navigate the mass of legal rules applicable to cross-border insolvency situations. The associated challenges are heightened by the diversity of legal structures employed by modern business entities and a patchwork of costly, inefficient, and unpredictable national legal rules. The response has been a proliferation of international legal instruments such as the UNCITRAL Model Law, supra-national rules such as the EU Insolvency Regulation, and judicial practice, adding further layers of complexity. Writing from an Australian perspective, the authors analyse this network of legal rules and subsequent case law. In addition, they explain the theoretical underpinnings of these rules in an accessible manner to build a solid foundation for practice, facilitate advanced reasoning, and enable the development of sophisticated arguments for law reform. Comparative case law from jurisdictions such as the United States and United Kingdom is also included. This book is highly relevant to insolvency practitioners faced with the recovery of assets transnationally, transactional lawyers for whom knowledge of potential insolvency pitfalls is essential, and academics. It is invaluable for students at both undergraduate and postgraduate level seeking a sound understanding of this challenging area of law. Features oÂeo Provides a concise theoretical account of international insolvency to develop clear understanding of the concepts underpinning the cross-border insolvency practice oÂeo Includes a comparative overview of key international developments and case law oÂeo Highlights key trends in practice to ensure practitioners remain current oÂeo Offers innovative arguments and approaches to this complex area of law Related Titles Assaf, Shields & Kincaid, Voidable Transactions in Company Insolvency, 2014 Brown, Symes & Wellard, Australian Insolvency Law: Cases & Materials, 2015 Rodrigo, Demand Guarantees: Operation, Enforcement and the Autonomy Principle, 2015 Symes, Australian Insolvency Law, 3rd ed, 2015