A major step in developing Mainland China's cross‐border insolvency law

2021 ◽  
Author(s):  
Meng Seng Wee
Keyword(s):  
Major Step ◽  
Insolvency Law ◽  
Cross Border

scholarly journals Globalized Cross-Border Insolvency Law: The Roles Played by China

2021 ◽  
Author(s):  
Zinian Zhang
Keyword(s):  
International Law ◽  
Legal Status ◽  
Private International Law ◽  
Insolvency Law ◽  
Cross Border ◽  
Recognition And Enforcement ◽  
Foreign Judgment ◽  
Judicial Assistance ◽  
First Time

AbstractThis study empirically investigates China’s participation in the globalized cross-border insolvency collaboration system. It is the first time for the development of China’s cross-border insolvency law to be examined against the background of private international law on foreign judgment recognition and enforcement. The findings of this article reveal that foreign bankruptcy representatives face considerable difficulties in satisfying the treaty and reciprocity requirements when seeking judicial assistance from China, and that local protectionism in favour of China’s state-owned and state-linked companies undermines foreign bankruptcy representatives’ confidence in approaching China’s courts for support. Although there are several court recognitions of foreign bankruptcy judgments in China, this article finds that they are only used to acknowledge the legal status of foreign bankruptcy representatives to meet the demands of government authorities; Chinese courts have not taken a substantial step in recognizing a foreign bankruptcy judgment so as to bar individual creditors’ action in the interest of a foreign bankruptcy proceeding. On the contrary, for Chinese bankruptcy representatives seeking assistance abroad, they could take advantage of the liberal judicial infrastructure, especially of some advanced jurisdictions, to obtain recognition and relief.

European Cross-Border Insolvency Law

2016 ◽  
Author(s):  
Reinhard Bork ◽  
Renato Mangano
Keyword(s):  
Member State ◽  
Insolvency Law ◽  
Main Interest ◽  
Significant Development ◽  
International Jurisdiction ◽  
European State ◽  
Cross Border ◽  
Insolvency Regulation ◽  
Centre Of Main Interest

This book provides a distilled and accessible analysis of the European cross-border insolvency law. With reference to the amended Insolvency Regulation (EIR) and related sources it examines the issues involved in intra-member state cross-border insolvency. The book analyses in depth the main areas of change brought about by the EIR such as the restatement of the meaning of 'centre of main interest' (COMI) and the rules on international jurisdiction, the new specific measures for multi-national enterprises, and the move towards co-operation between insolvency practitioners and courts. The EIR represents a very significant development in European insolvency law which will have an impact on all insolvencies with an international element involving a European state. All practitioners advising on the area need a clear grasp of the implications of the changes and this book aims to deliver just that.

scholarly journals The Characterization of Pre-insolvency Proceedings in Private International Law

2020 ◽  
Vol 21 (4) ◽  
pp. 855-894 ◽  
Author(s):  
Irit Mevorach ◽  
Adrian Walters
Keyword(s):  
International Law ◽  
Contract Law ◽  
Private International Law ◽  
Insolvency Law ◽  
Private Ordering ◽  
Cross Border ◽  
Unique System ◽  
Financial Restructuring ◽  
Insolvency Proceedings

AbstractThe decade since the financial crisis has witnessed a proliferation of various ‘light touch’ financial restructuring techniques in the form of so-called pre-insolvency proceedings. These proceedings inhabit a space on the spectrum of insolvency and restructuring law, somewhere between a pure contractual workout, the domain of contract law, and a formal insolvency or rehabilitation proceeding, the domain of insolvency law. While, to date, international insolvency instruments have tended to define insolvency proceedings quite expansively, discussion of the cross-border implications of pre-insolvency proceedings has barely begun. The question is whether pre-insolvency proceedings should qualify as proceedings related to insolvency for the purpose of private international law characterization. The risk is over-inclusivity of cross-border insolvency law, which, where it is based on universality and unity, might defeat contractual expectations. This article argues, however, that we should be slow to exclude pre-insolvency proceedings from cross-border insolvency law: these proceedings are initiated in the zone of insolvency, their effectiveness depends on a statutory mandate and not purely on private ordering, they interact and intersect with formal proceedings, and can benefit from the unique system developed by cross-border insolvency law. We suggest, though, that modified universalism (the leading norm of cross-border insolvency) and international insolvency instruments, should, and are able to, adjust to the peculiarities of pre-insolvency proceedings to address concerns about inclusivity and accommodate pre-insolvency proceedings adequately.

Der Arrestvollzug in Seeschiffe während eines Insolvenzverfahrens

2019 ◽  
Author(s):  
Johannes Otto
Keyword(s):  
Unanimous Opinion ◽  
Insolvency Law ◽  
Effective Protection ◽  
Protective Mechanisms ◽  
Cross Border ◽  
Legal Situation ◽  
Starting Point ◽  
Detailed Interpretation ◽  
Definition Of ◽  
Insolvency Proceedings

Despite the economic relevance of insolvency cases with maritime implications, there is a lack of research studies that examine the associated problems in this respect. In particular, the arresting of vessels counteracts the objectives of insolvency proceedings. This comparative treatise offers scientific scrutiny of this topic and proposes practice-oriented solutions. It examines the protective mechanisms provided by the German and English insolvency laws and measures them according to their cross-border effects. In Germany, effective protection on the basis of the current legal situation is only achievable by classifying registered vessels as movable property. This contrasts with the unanimous opinion to date. This study’s dogmatic starting point is a detailed interpretation of the legal definition of immovable property under insolvency law in § 49 of InsO (Germany’s insolvency code).

scholarly journals Should reciprocity be a part of the UNCITRAL Model Cross-Border Insolvency Law?

2007 ◽  
Vol 16 (3) ◽  
pp. 145-179 ◽  
Author(s):  
Keith D. Yamauchi
Keyword(s):  
Insolvency Law ◽  
Cross Border

scholarly journals THE HARMONIZATION OF THE AVOIDANCE RULES IN EUROPEAN UNION INSOLVENCIES

2016 ◽  
Vol 66 (1) ◽  
pp. 79-105 ◽  
Author(s):  
Andrew Keay
Keyword(s):  
European Union ◽  
Insolvency Law ◽  
Member States ◽  
European Regulation ◽  
Legal Proceedings ◽  
Eu Member States ◽  
Cross Border ◽  
Insolvency Proceedings ◽  
The Eu

AbstractCross-border transactions and resultant legal proceedings often cause problems. One major problem is knowing which law should govern the transaction and any legal proceedings. Cross-border insolvencies in the EU are subject to the European Regulation on Insolvency Proceedings (EIR) but this legislation does not determine which substantive insolvency law rules apply in a given insolvency. There are many differences in the insolvency rules applicable in the various EU Member States and this has caused concern in relation to the avoidance of transactions entered into by an insolvent prior to the opening of insolvency proceedings. In light of this, the paper examines options to address divergence between national avoidance rules. One option, harmonization, is analysed as well as its possible benefits and drawbacks.

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