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
