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International Insolvency Law Part 1

Global Perspectives on Cross-border Insolvency Law

Gebonden Engels 2022 9789013170184
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Samenvatting

Wessels International Insolvency Law aims to be a first port of call on any question on international insolvency law for specialists (such as practitioners, judges and scholars).

Specificaties

ISBN13:9789013170184
Taal:Engels
Bindwijze:gebonden
Aantal pagina's:748
Druk:5
Verschijningsdatum:1-11-2022
Hoofdrubriek:Juridisch
ISSN:

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Over Bob Wessels

Bob Wessels is Professor Emeritus of International Insolvency Law at the University of Leiden (The Netherlands). He held that chair from 2007-2014. He has been Professor of Commercial Law at the Vrije University Amsterdam from 1988-2008. He has over 40 years of experience as an independent legal counsel and arbitrator, provided expert evidence for cases in Belgium, Greece, Ireland, Poland, Sweden, Switzerland, UK and USA, and acted as consultant to the International Monetary Fund and the World Bank. From 1987-2016 he has been a Deputy Justice at the Court of Appeal (The Hague, The Netherlands). He is a Fellow of the American College of Bankruptcy, member of the American Law Institute and the European Law Institute, Honorary Member of INSOL Europe and Chairman of the Conference of European Restructuring and Insolvency Law (CERIL). Since 2010 he has been Expert Counsel to the European Commission in matters of restructuring and insolvency. Interviews Oude oplossingen populair in kredietcrisis naar aanleiding van het symposium 'De kredietcrisis: stand van zaken en wat staat er nog te gebeuren' van de Juridische PAO in Leiden.

Andere boeken door Bob Wessels

Inhoudsopgave

I. INTERNATIONAL INSOLVENCY LAW / 1
§ I.1 Introductory remarks / 1
[10001] Description: international insolvency law / 1
[10002] General descriptions in international literature / 1
[10003] International insolvency law is a broad theme / 2
[10003a] Sovereign Debt Restructuring / 4
[10004] International insolvency law in the Netherlands / 5
[10005] Legal history / 5
[10005a] Proposal 2007 / 6
[10006] Case law: universality wrapped up as territoriality / 8
[10006a] Initiative 2019 / 9
[10007] Complexity of legal questions / 9
[10008] Differences between national legal systems / 10
§ I.2 Doctrinal perspectives / 10
[10009] State-dominated: universalism versus territorialism / 10
[10010] Universalism / 11
[10011] (reserved) / 12
[10012] Limits by putting into practice universalism / 12
[10013] Territorialism / 13
[10014] National law per jurisdiction dominates / 13
[10015] Drawbacks of territorialism / 14
[10016] Cooperative territorialism / 15
[10017] (reserved) / 17
[10018] Support for the idea of universalism / 17
[10019] Strengthening universalism / 18
[10020] Non-State-oriented: choice systems / 19
[10021] Contractualism / 20
[10021a] Advantages / 21
[10022] Objections / 21
[10023] Theory of ‘Neuorientierung’ / 24
[10023a] Universal proceduralism / 24
[10023b] Criticism / 25
[10024] Modified or mixed models / 26
[10025] Mitigating contrasting doctrinal perspectives / 26
[10025a] Modified universalism / 27
[10026] Cooperation between practitioners and courts / 27
[10027] Maxwell case / 28
[10028] The Internationalist Principle / 29
[10029] Pragmatic cooperation model / 30
[10030] Cross-border communication, cooperation and coordination paradigm / 30
[10030a] Cooperation and modified universalism / 31
[10031] Criticism / 32
§ I.3 Historical notes / 32
[10032] Historical data / 32
[10033] Since the 1300s / 32
[10034] Treaties / 33
[10035] Literature / 34
[10036] Initiatives for international regulation / 35
§ I.4 Forms of recognition / 35
[10037] Various methods of recognition / 35
[10038] UNCITRAL Guide to Enactment 2013 / 35
[10039] Comity / 36
[10040] Exequatur / 36
[10041] Specific position Switzerland / 37
[10041a] Relation Netherlands-Switzerland / 37
[10041b] Reciprocity / 37
[10041c] Offering reciprocity to the Netherlands / 38
[10041d] 2019: new Swiss international insolvency law / 39
§ I.5 Unilateral regulation / 39
[10042] Unilateral action by a State / 39
[10043] Nature of approach / 40
[10044] Ancillary proceedings / 40
§ I.5.1 Section 304 US Bankruptcy Code (repealed) / 40
[10045] Leading example / 40
[10046] Extra-territorial effect / 41
[10047] Section 304 (repealed) / 43
[10048] Providing support to foreign insolvency proceedings / 44
[10049] Comity / 45
[10050] Effects / 47
[10051] Case by case weighing of facts / 48
[10052] Discretion of the court / 48
§ I.5.2 Section 426 Insolvency Act 1986 / 50
[10053] Assistance to limited circle of courts / 50
[10054] Relevant countries or territories / 50
[10054a] Inherent power of courts to provide justice / 51
[10054b] Case law since 2010 / 52
[10054c] Case law since 2010 (cont’d) / 53
[10054d] Section 426(4) of the Insolvency Act 1986 / 53
[10054e] Position of the UK Supreme Court / 54
[10055] Court assistance beyond Section 426 / 56
§ I.5.3 Other countries / 57
[10056] Unilateral approaches / 57
[10057] Explanation / 57
[10058] Unilateral direct application of law / 58
[10059] Examples / 58
§ I.6 Bilateral regulation / 58
[10060] Conventions and treaties in Europe / 58
[10061] Relation EU Insolvency Regulation and bilateral conventions / 59
[10061a] USA-Korea / 59
[10061b] China and separate treaties / 60
[10061c] India / 60
[10062] European countries without bilateral conventions / 61
[10063] Decline in concluding bi-lateral conventions / 62
§ I.7 Regional regulation / 62
[10064] Multilateral initiatives / 62
[10065] Background / 63
§ I.7.1 Latin America / 63
[10066] Early, modest regional systems / 63
[10067] Treaty of Montevideo 1889 / 63
[10068] Treaty of Montevideo 1940 / 64
[10069] Code Bustamante 1928 / 65
[10070] MERCOSUR 1991 / 67
§ I.7.2 Nordic Bankruptcy Convention / 67
[10071] Inter-Nordic Insolvency Convention 1933 / 67
[10072] System / 68
§ I.7.3 North American Free Trade Agreement (NAFTA) / 70
[10073] Canada, Mexico and USA / 70
[10074] American Law Institute (ALI) / 70
[10075] Transnational Insolvency Project / 71
[10075a] ALI-III Global Principles and Guidelines 2012 / 72
§ I.7.4 Organization of the Harmonization of Business Law in Africa (OHADA) / 73
[10076] Treaty 1993 / 73
[10077] Harmonizing commercial law / 74
[10078] International insolvency law provisions / 75
§ I.7.5 Southern African Development Community (SADC) / 77
[10079] Treaty 1992 / 77
[10080] Cross-border insolvency regime under construction / 77
§ I.7.5a East African Community / 78
[10080a] EAC / 78
[10080b] Approximation of laws / 78
§ I.7.6 European Insolvency Regulation / 78
[10081] Effective as from 2002 / 78
[10082] Binding force of Regulation / 78
[10082a] Relation to UNCITRAL Model Law / 79
§ I.7.7 South-East Asia / 79
[10083] ADB / 79
[10084] Initiatives / 79
[10084a] ASEAN / 80
[10084b] ABLI / 80
[10085 - 10181a] (reserved) / 81

II. UNCITRAL MODEL LAW ON CROSS-BORDER INSOLVENCY / 83
§ II.1 Introductory remarks / 83
[10181b] UNCITRAL’s work in insolvency / 83
[10181ba] Various workproducts / 83
[10182] UNCITRAL Model Law (MLCBI) / 84
[10183] Domestic diversity / 84
[10184] The nature of harmonization / 86
[10185] Character of a Model Law / 87
[10186] Literature till 2006 / 88
[10186a] Literature since 2006 / 89
[10187] Preamble / 89
[10188] Policy objectives / 89
[10189] Closer look at objectives / 90
[10190] Communication and cooperation between courts / 91
§ II.2 History of the Model Law / 92
[10191] Initiative and collaboration / 92
[10192] Historical sources / 92
[10193] Roots in the domain of existing international insolvency law / 93
§ II.3 Enactment and interpretation of the Model Law / 94
[10194] Recommended legislative text / 94
[10195] Model Law as a flexible tool / 94
[10196] Guide to Enactment / 96
[10197] Guide to Enactment: its content / 96
[10198] Incorporation into national law / 96
[10199] Seamless fit with national law / 97
[10200] Insolvency / 98
[10201] Assistance / 99
[10201a] Revision of the Guide 2010-2013 / 99
[10201ab] UNCITRAL Practice Guide / 100
[10201ac] Cross-border cooperation / 100
[10201ad] Chapters / 100
[10201b] Judicial Perspective / 101
[10201c] Interpretation / 101
[10201d] Due process / 102
[10201e] 2022: proposed changes to the Judicial Perspective / 103
[10202] Chapter 15 of the US Bankruptcy Code / 103
[10203] Examining an example of enactment / 104
[10204] US: reasons to incorporate the Model Law / 104
[10205] Ancillary nature of cases / 105
[10206] Section 304 (repealed) / 107
[10207] ALI/Transnational Insolvency Project (TIP) / 108
[10208] Cross-Border Insolvency Regulations 2006 / 108
[10208a] England and Scotland / 108
§ II.4 Scope and practical context of the Model Law / 110
[10209] Language version of the Model Law / 110
[10210] Chapters / 110
[10211] Core issues / 111
[10212] Scope of application / 111
[10213] Types of foreign proceedings covered / 111
[10214] Foreign assistance for an insolvency proceeding taking place in the enacting State / 112
[10215] Foreign representative’s direct access to courts of the enacting State / 112
[10216] Simple formalities / 113
[10217] Recognition of foreign proceedings; decision / 113
[10218] Recognition of foreign proceedings: its effects / 114
[10219] Protection of creditors and other interested persons / 115
[10220] Cross-border cooperation / 115
[10221] Coordination of concurrent proceedings; Jurisdiction to commence a local proceeding / 116
[10222] Coordination of concurrent proceedings; coordination of relief when proceedings take place concurrently / 116
§ II.5 General provisions / 118
[10223] Fundamental principles / 118
[10224] Procedural perspective / 118
[10225] Scope of application / 119
[10226] Tailor-made exceptions / 120
[10227] Section 1501 US B.C / 121
[10228] Definitions / 122
[10229] Definitions flowing from the national law of the enacting State / 122
[10230] Foreign proceeding (Article 2(a)) / 123
[10231] Ceasing to meet the requirements of Article 2(a) and Article 2(d) / 126
[10232] Foreign main and foreign non-main proceeding / 126
[10233] Centre of main interests (Article 2(b)) / 126
[10233a] COMI / 127
[10233b] Relevant time to determine COMI / 128
[10234] Establishment (Article 2(c) and Article 2(f)) / 129
[10235] Assets / 130
[10236] Section 1502 US B.C / 130
[10236a] Cases / 132
[10236b] Cases (cont’d) / 133
[10236ba] Does the debtor need to have assets in the U.S.? / 134
[10236bb] Cases. In re Suntech Power Holdings Co., Ltd., / 136
[10236bc] Gibbs rule / 137
[10236c] Establishment (Article 1502(2)) / 139
[10236d] Details of definitions / 140
[10236da] Cases (cont’d) / 140
[10236db] Cases (cont’d) / 142
[10236dc] Cases (cont’d) / 143
[10236e] UK CBIR 2006: Article 2 of Schedule 1 / 146
[10237] International obligations of a State / 147
[10238] Avoiding friction / 147
[10239] Section 1503 US B.C. / 148
[10239a] Article 3 Schedule 1 / 148
[10240] Competent court / 148
[10241] Functional approach / 149
[10242] Section 1504 US B.C. / 149
[10242a] UK CBIR 2006: Article 4 Schedule 1 / 150
[10243] Acting abroad as foreign representative / 150
[10244] Clear statutory evidence / 151
[10245] Section 1505 US B.C. / 151
[10245a] UK CBIR 2006: Article 5 Schedule 1 / 151
[10246] Public policy / 151
[10247] Function of public policy exception / 152
[10248] Section 1506 US B.C. / 153
[10248a] UK CBIR 2006: Article 6 Schedule 1 / 155
Reference is made to Kemsley v Barclays Bank Plc & Ors / 155
[10249] Cross-border assistance / 157
[10250] Type of assistance / 157
[10251] Section 1507 US B.C. / 158
[10251a] UK CBIR: Article 7 Schedule 1 / 161
[10252] Interpretation / 162
[10253] International origin / 162
[10254] Section 1508 US B.C. / 163
[10254a] UK CBIR 2006: Article 8 Schedule 1 / 164
§ II.6 Access of foreign representatives and creditors to courts in the enacting State / 165
[10255] Right of direct access / 165
[10256] Directly, without any further requirement / 165
[10257] The principle explained / 166
[10258] Section 1509 US B.C. / 167
[10258a] UK CBIR 2006: Article 9 Schedule 1 / 170
[10259] Limited jurisdiction / 170
[10260] Procedural safe conduct / 171
[10260a] Section 1510 US B.C. / 171
[10260b] UK CBIR 2006: Article 10 Schedule 1 / 171
[10261] Commencement of insolvency proceedings / 171
[10262] Locus standi rule / 172
[10262a] Section 1511 US B.C. / 172
[10262b] UK CBIR 2006: Article 11 Schedule 1 / 173
[10263] Participating in proceeding in enacting State / 173
[10264] Procedural standing / 173
[10265] USA; Great Britain / 174
[10266] Access of foreign creditor / 174
[10267] Principle of non-discrimination / 174
[10268] Section 1513 US B.C. / 175
[10268a] UK CBIR 2006: Article 13 Schedule 1 / 176
[10269] Notification to foreign creditors / 176
[10270] Notifying known creditors / 177
[10271] Contents of notification / 178
[10272] Section 1514 US B.C. / 179
[10272a] UK CBIR 2006: Article 14 Schedule 1 / 179
§ II.7 Recognition of a foreign proceeding and relief / 179
[10273] System / 179
[10274] Application by foreign representative / 179
[10275] Accompanying documents / 180
[10276] Burden of proof: foreign representative / 181
[10277] Any other evidence acceptable to the court (Article 15(2)(c)) / 182
[10278] Identifying statement (Article 15(3)) / 182
[10279] Translation of documents (Article 15(4)) / 183
[10280] Section 1515 US B.C. / 183
[10280a] UK CBIR 2s006: Article 15 Schedule 1 / 183
[10281] Presumptions / 184
[10282] Presumptions concerning recognition? / 184
[10282a] Chapter 15 and EU: registered office presumption / 185
[10282b] USA; Great Britain / 186
[10283] Presumption of section 1516(c) US B.C. / 187
[10283a] The Stanford test / 189
[10283b] COMI similarity? / 190
[10283c] Which factors? / 192
[10283d] Elements of COMI / 192
[10283e] COMI confusion continues / 193
[10283f] Time to determine location of COMI / 194
[10284] Decision to recognize a foreign proceeding / 195
[10285] Subject to Article 6 / 196
[10286] Main or non-main proceeding (Article 17(2)) / 197
[10287] At the earliest possible time (Article 17(3)) / 197
[10288] Revisiting the decision (Article 17(4)) / 198
[10288a] Section 1517 US B.C. / 198
[10289] UK CBIR 2006: Article 17 Schedule 1 / 199
[10289a] Role of comity? In re Bear Stearns II / 201
[10289b] In re Fairfield Sentry Limited, et al / 202
[10290] Subsequent information / 203
[10291] Changes of status / 203
[10292] Any other foreign proceeding (Article 18(b)) / 204
[10293] Section 1518 US B.C. / 204
[10293a] UK CBIR 2006: Article 18 Schedule 1 / 204
[10294] Forms of relief / 204
[10295] Relief and ‘effects’ of recognition / 205
[10296] Type of provisional relief / 206
[10297] Another person (Article 19(1)(b)) / 206
[10297a] Notice requirements (Article 19(2)) / 207
[10298] Termination of provisional relief
(Article 19(3)) / 207
[10299] Refusal of the provisional relief
(Article 19(4)) / 207
[10300] Section 1519 US B.C. / 207
[10300a] In re Pro-Fit Holdings Ltd / 208
[10300b] UK CBIR 2006: Article 19 Schedule 1 / 209
[10301] ‘Automatic’ relief / 209
[10302] Necessary effects of recognition / 210
[10303] Measures of relief / 211
[10303a] Stay of individual actions (Article 20(1)(a)) / 211
[10303b] Stay of enforcement (Article 20(1)(b)) / 212
[10304] Suspension of rights (Article 20(1)(c)) / 212
[10305] Tailoring the scope through domestic legislation (Article 20(2)) / 213
[10306] Commencing local proceedings / 213
[10307] Section 1520 US B.C. / 213
[10307a] Cases / 214
[10307b] Broad scope for a stay / 216
[10308] UK CBIR 2006: Article 20 Schedule 1 / 218
[10309] Additional discretionary relief / 219
[10310] Any appropriate relief / 220
[10311] Measures of relief / 221
[10312] Turnover of assets (Article 21(2)) / 223
[10313] Limitations to additional relief (Article 21(3)) / 225
[10314] Section 1521 US B.C. / 225
[10314a] Discretionary relief: case law / 225
[10314b] Discretionary relief: case law (cont’d) / 227
[10314c] Discretionary relief: case law (cont’d) / 228
[10314d] UK CBIR 2006: Article 21 Schedule 1 / 231
[10314e] Discretionary relief: case law / 232
[10314f] Discretionary relief: case law (cont’d) / 233
[10315] Protection of creditors / 237
[10316] Balance between relief and interests of persons to be adequately protected / 238
[10317] Tailoring the individual relief / 239
[10317a] Tailoring the automatic relief / 239
[10318] Section 1522 US B.C. / 239
[10318a] UK CBIR 2006: Article 22 Schedule 1 / 241
[10319] Procedural standing to start avoidance actions / 241
[10320] Actions available under law of the enacting State / 241
[10321] Section 1523 US B.C. / 242
[10321a] UK CBIR 2006: Article 23 Schedule 1 / 243
[10322] Intervention in proceedings by foreign representative / 244
[10323] Locus standi rule / 244
§ II.8 Cooperation with foreign courts and foreign representatives / 245
[10324] Core framework of cooperation / 245
[10325] Court-to-court communication: overriding objective / 245
[10326] No formalities / 247
[10327] Variety of methods of communication / 248
[10328] Section 1525 US B.C. / 251
[10328a] UK CBIR 2006: Article 25 Schedule 1 / 251
[10329] Core framework for cooperation (cont’d) / 252
[10330] IP-to-court; IP-to-IP communication: overriding objective / 252
[10331] Section 1526 US B.C. / 253
[10331a] UK CBIR 2006: Article 26 Schedule 1 / 253
[10332] Forms of cooperation / 253
[10332a] Variety of methods of cooperation / 253
[10333] Section 1527 US B.C. / 255
[10334] UK CBIR 2006: Article 27 of Schedule 1 / 255
[10334a] Global Principles and Guidelines / 255
[10334b] Insolvency protocols / 255
[10334ba] Sendo-protocol 2006 / 256
[10334bb] Jet Airways protocol 2019 / 256
[10334c] Insolvency protocols (cont’d) / 258
[10334d] Independent Intermediary / 258
[10334e] Court-centered coordination / 259
[10334f] Information officer / 259
§ II.9 Concurrent proceedings / 260
[10335] Avoiding conflicts: cooperation and coordination / 260
[10336] Aligning with local proceedings / 261
[10337] Assets of the debtor in the enacting State / 262
[10337a] Assets of the debtor in another State / 262
[10338] Section 1528 US B.C. / 263
[10338a] UK CBIR 2006: Article 28 Schedule 1 / 263
[10339] Courts’ coordination of foreign and local proceedings / 263
[10340] Fostering coordinated decisions / 264
[10341] Effects of relief / 265
[10342] Section 1529 US B.C. / 266
[10342a] UK CBIR 2006: Article 29 Schedule 1 / 266
[10343] Courts’ coordination of more than one foreign proceeding / 266
[10344] Consistency of relief / 266
[10345] Presumption of insolvency / 267
[10346] Avoid duplication of proof / 267
[10347] Section 1531 US B.C. / 268
[10347a] UK CBIR 2006: Article 31 Schedule 1 / 268
[10348] Hotchpot rule / 268
[10349] Avoid different treatment of creditors / 268
[10349a] Applying the Model Law in the US / 269
[10349b] Applying the Model Law in the UK / 270
§ II.10 UNCITRAL Model Law and its enactment / 270
[10350] Process of enactment / 270
[10351] Literature / 270
[10352] Recommendations by standard setting agencies / 271
[10353] Illustrations / 272
[10354] Progress of enactment / 273
[10355] Countries’ active legislation / 273
[10356] Hesitation / 274
[10357] EU Member States / 275
[10358] Enactment in selected countries / 275
[10359] Literature / 275
[10360] Australia / 275
[10360a] Austria / 277
[10360b] Belgium / 277
[10360ba] Bermuda / 278
[10360c] Brazil / 278
[10361] British Virgin Islands / 280
[10362] Canada / 281
[10362a] Cayman Islands / 281
[10362b] Chile / 282
[10362c] China / 282
[10362d] Croatia / 284
[10362e] Eritrea / 284
[10362f] France / 285
[10363] Germany / 285
[10364] Great-Britain / 286
[10364a] Greece / 286
[10364ab] Hong Kong / 287
[10364ac] India / 288
[10364ad] Indonesia / 288
[10364b] Italy / 288
[10364ba] Ireland / 289
[10365] Japan / 291
[10365a] Korea / 292
[10365b] Malaysia / 292
[10366] Mexico / 292
[10367] Montenegro / 294
[10368] New Zealand / 294
[10368a] Norway / 295
[10368b] Philippines / 295
[10369] Poland / 295
[10369a] Romania / 295
[10369b] Russia / 296
[10369c] Serbia and Montenegro / 296
[10369d] Slovenia / 296
[10370] South-Africa / 297
[10371] Singapore / 299
[10372] Spain / 300
[10372a] Switzerland / 300
[10373] USA / 300
§ II.11 The structure of the Model Law / 301
[10374] The theoretical model of the Model Law / 301
[10375] No uniform view in literature / 301
[10376] Unilateral, procedural instrument, reflectingexisting international practice / 302
[10377] Universalism v territorialism: for each its own? / 303
[10378] Universalism / 303
[10379] Territorialism / 303
[10380] Result of enactment / 304
[10381] Enacting the Model Law / 304
[10382] Quality of existing legislation / 305
[10383] The Model Law as a fait accompli / 306
[10384] Protecting local interests? / 307
[10385] Reciprocity / 307
[10386] Developing an overall assessment / 308
[10387] Pros and cons / 308
[10388] Balance / 309
[10388a] Assessing principles / 310
[10388b] Norm crystallization / 311
[10388c] Cooperation / 312
[10388d] Customary international law? / 313
[10388e] Norm crystallization (cont’d) / 315

III. UNCITRAL’S OTHER INSOLVENCY TOOLS / 317
§ III.1 Introductory remarks / 317
[10388f] UNCITRAL’s continuous work in insolvency / 317
[10388g] Key examples / 317
§ III.2 UNCITRAL Legislative Guide on Insolvency Law / 319
[10389] Reference guide for national legislators / 319
[10390] Legislative Guide: its creation / 319
[10391] Model Law and Legislative Guide / 319
[10392] Recommendations / 320
[10393] Cross-border insolvency / 321
[10394] Five Parts / 321
[10395] Key objectives / 322
[10396] Course of life of insolvency proceedings / 323
§ III.2.1 Recommendations on commencement criteria and jurisdiction / 323
[10397] Commencement criteria / 323
[10398] Different jurisdiction tests / 324
[10399] (a) Centre of main interests / 326
[10400] (b) Establishment / 327
[10401] (c) Presence of assets / 327
[10402] Recommendations 10-12 / 328
[10403] Notification to creditors / 329
[10404] Explanation / 329
§ III.2.2 Recommendations on applicable law / 330
[10405] Private international law or conflict of laws / 330
[10406] Step by step approach / 331
[10406a] (i) Aim of legal provisions / 331
[10407] (ii) Creation and validity of rights and claims / 332
[10408] Lex concursus / 333
[10409] (iii) Applicable law: lex concursus / 333
[10410] Effect of insolvency proceedings / 334
[10411] Ranking of claims / 334
[10412] Exceptions / 335
[10413] Four exceptions / 335
[10414] (i) Payment and settlement systems and regulated financial markets / 335
[10415] (ii) Labour contracts / 336
[10416] (iii) Security interests / 336
[10417] (iv) Avoidance provisions / 337
[10418] On balance / 337
[10419] What to balance? / 338
[10420] An equal balance? / 339
§ III.2.3 Other recommendations / 340
[10421] Variety of topics / 340
[10422] Localisation rule / 340
[10423] Provisional measures / 341
[10424] Obligations of the debtor / 343
[10425] Submission of claims / 343
[10425a] Short conclusion / 344
§ III.2.4 Treatment of enterprise groups in insolvency / 344
[10425b] Dominance in international business / 344
[10425c] Objective of Part III / 345
[10425d] Variety of forms for organization for corporate groups / 346
[10425e] Uncoordinated approaches; unpredictable solutions / 346
[10425f] Tension between legal regulation and economic goals / 346
[10425g – 10425h] (reserved) / 347
[10425i] Model based on cross-border cooperation / 347
[10425j] Role for courts / 348
[10425k] Uptake / 349
§ III.2.5 Directors’ Obligations in the Period Approaching Insolvency / 349
[10425ka] Company directors / 349
[10425kb] Included in the Legislative Guide / 350
[10425kc] Five elements of directors’ obligations / 350
§ III.3 UNCITRAL Model law of Recognition and Enforcement of Insolvency-Related Judgments / 351
[10425l] MLIJ / 351
[10425la] Addressing two gaps / 351
[10425lb] Addressing uncertainty / 351
[10425lc] Objective / 353
[10425ld] Non-exhaustive list of insolvency-related judgments / 353
[10425le] Scope of application / 354
[10425lf] Refusal of recognition / 354
[10425lg] Several grounds / 354
[10425lh] Conclusion / 354
[10425li] Enactment MLIJ / 355
§ III.4 UNCITRAL Model Law on Enterprise Group Insolvency / 355
[10425m] MLEGI / 355
[10425ma] Fundamental cornerstones / 355
[10425mb] Cooperative centralisation / 356
[10425mc] The text of the MLEGI / 357
[10425md] Guide to Enactment / 357
[10425me] Directors’ obligations / 357
[10425mf] Part of a group / 358
[10425mg] Proximity of insolvency / 358
[10425mh] Explanation / 358
[10425mi] European Union / 358
[10425mj] Proposals for improvement / 359

IV. EMERGING SOURCES OF INTERNATIONAL INSOLVENCY LAW / 361
§ IV.1 Introductory remarks / 361
[10425n-001] Inadequate governmental regulation of international insolvency law / 361
[10425n-002] Globalization / 361
[10425n-003] Insolvency law / 362
[10425n-004] Engines of soft law / 363
[10425n-005] Global tendency / 363
§ IV.1.1 Soft law by standard-setting organisations / 364
[10425n-006] Variety of texts / 364
[10425n-007] Notion of soft law / 364
[10425n-008] Standard-setting agencies / 364
[10425n-009] Selection of soft law instruments / 365
[10425n-010] Forms of regulation / 365
[10425n-011] Features / 365
[10425n-012] Addressees of soft law / 366
§ IV.1.2 International and regional standard-setters / 366
[10425n-013] Some key players / 366
[10425n-014] American Bankruptcy Institute (ABI) / 366
[10425n-015] American Law Institute (ALI) / 368
[10425n-016] Asian Business Law Institute (ABLI) / 369
[10425n-017] Conference of European Restructuring and Insolvency Law (CERIL) / 369
[10425n-018] European Bank for Reconstruction and Development (EBRD) / 370
[10425n-019] European Law Institute (ELI) / 371
[10425n-020] International Association of Insolvency Regulators (IAIR) / 371
[10425n-021] INSOL Europe / 371
[10425n-022] International Insolvency Institute (III) / 372
[10425n-023] INSOL International / 372
[10425n-024] World Bank / 373
[10425n-025] Informal standard-setters / 373
[10425n-026] Examples / 373
[10425n-027] Universities cooperating / 374
§ IV.1.3 Evaluating soft law on international insolvency / 374
[10425n-028] Growing body of soft law sources / 374
[10425n-029] Tendencies / 374
[10425n-030] Pros and cons of soft law insolvency instruments / 375
[10425n-031] Advantages / 375
[10425n-032] Disadvantages / 377
[10425n-033] Impact of soft law instruments / 379
[10425n-033] Courts / 379
[10425n-035] Customary international law / 381
§ IV.2 Protocols / 381
[10425n-036] Cross-Border Insolvency Concordat / 381
[10425n-037] A practitioners’ shared experience / 381
[10425n-038] Protocol; Cross-Border Insolvency Agreement / 383
[10425n-039] Case law / 383
[10425n-040] Vehicle for novelties / 384
[10425n-041] Nortel Networks / 384
[10425n-042] Recommended by standard-setting agencies / 386
[10425n-043] Examples / 386
[10425n-044] Drawbacks in use of a protocol / 387
[10425n-045] Six different reasons / 387
[10425n-046] On balance / 389
[10425n-047] Effective and pragmatic solution / 390
§ IV.3 Judicial cross-border cooperation / 390
[10425n-048] Duties to communicate and to cooperate / 390
[10425n-049] Judicial coordination / 391
[10425n-050] Presumption of active role for courts / 391
[10425n-051] Examples / 393
[10425n-052] ALI-III Global Principles and Global Guidelines 2012 / 394
[10425n-053] Global research / 394
[10425n-054] Scope and Purpose / 395
[10425n-055] Key Features of Global Principles / 395
[10425n-056] Underlining protocols and court-to-court communication / 396
[10425n-057] Key Features of Global Guidelines / 397
[10425n-058] Judicial Insolvency Network (JIN) / 398
[10425n-059] Annex: Global Rules / 398
[10425n-060] Aim / 399
[10425n-061] Key Features of the Global Rules / 399
§ IV.4 Future of soft law insolvency instruments / 400
[10425n-062] Why soft law in insolvency? / 400
[10425n-063] Soft law complementing existing hard law / 400
[10425n-064] Soft law as alternative to hard law / 401
[10425n-065] Soft law in conflict with hard law / 402
[10425n-066] Conclusion / 402

V. APPENDICES / 405

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