Cross-Border Insolvency Law in BRIC

2019 ◽  
pp. 13-34
Author(s):  
Amit Kumar Kashyap ◽  
Anchit Bhandari ◽  
Aakanksha Tiwari
Keyword(s):  
Emerging Economies ◽  
Insolvency Law ◽  
Stable Law ◽  
International Standard ◽  
Cross Border ◽  
The World ◽  
The Cross ◽  
Model Law

The effective cross-border insolvency regimes are absent in many emerging economies around the world, and the BRIC nations are not the exception to this fact. Nevertheless, law on cross-border insolvency, which establishes the international standard in this area, is not addressed by domestic laws of these nations. This has led to a glaring gap in international insolvency regime. Where there is the absence of any uniform and stable law, however, the UNCITRAL model law on cross-border insolvency establishes the international standard that could be followed by any country. The chapter addressed the insolvency law regime in BRIC nations and has made an attempt to analyze the cross-border insolvency regulations in said countries in light of UNICITRAL model law on cross-border insolvency.

scholarly journals UNCITRAL Model Law on Cross Border Insolvency Sebagai Model Pengaturan Kepailitan Lintas Batas Indonesia dalam Integrasi Ekonomi ASEAN

2019 ◽  
Vol 1 (2) ◽  
pp. 323-346
Author(s):  
Dicky Moallavi Asnil
Keyword(s):  
Economic Integration ◽  
East Asian ◽  
Bankruptcy Law ◽  
Insolvency Law ◽  
Cross Border ◽  
Integration Program ◽  
The World ◽  
Asean Countries ◽  
Model Law ◽  
Surrounding Areas

The economic integration program between the members of Association of South East Asian Nations (ASEAN) and surrounding areas that trancends national borders and citizenship potentially creates the cross borders bankrupcy problems. The problem was born when the debtor undergoing bankruptcy process has assets abroad,where the bankruptcy proceedings are hampered by the laws of the country concerned. In adition, Indonesia and ASEAN do not yet a bankruptcy regulation that binds its member states in the settlement of this problems. UNCITRAL Model Law on Cross Border Insolvency with Guide to Enactment is a model of cross-border insolvency law made by The United Nations which aims to be a reference of the world countries in the business of modernization and harmonization of national bankruptcy law respectively. This article shows that UNCITRAL Model Law on Cross Border Insolvency with Guide to Enactment which adheres to this flexibility principle can be used as a solution to modernize and harmonize bankruptcy law of ASEAN countries, especially Indonesia. Abstrak Program integrasi ekonomi antar negara anggota Association of South East Asian Nations (ASEAN) dan sekitarnya yang melampaui batas-batas negara dan kewarganegaraan saat ini berpotensi melahirkan permasalahan kepailitan lintas batas. Permasalahan itu lahir pada saat debitor yang menjalani proses kepailitan di suatu negara memiliki aset di luar negeri, di mana proses kepailitan terhadap aset pailit itu terhambat oleh hukum yang berlaku di negara bersangkutan. Indonesia dan ASEAN sampai saat ini belum memiliki peraturan kepailitan yang mengikat negara anggotanya dalam penyelesaian permasalahan ini. UNCITRAL Model Law on Cross Border Insolvency with Guide to Enactment adalah sebuah model hukum kepailitan lintas batas yang dibuat oleh Persatuan Bangsa-Bangsa yang bertujuan untuk menjadi rujukan negara-negara dunia dalam usaha modernisasi dan harmonisasi hukum kepailitan nasional masing-masing. Artikel ini menunjukkan bahwa UNCITRAL Model Law on Cross Border Insolvency with Guide to Enactment yang menganut prinsip fleksibilitas dapat dijadikan solusi dalam upaya melakukan modernisasi dan harmonisasi hukum kepailitan negara-negara ASEAN, khususnya Indonesia.

Effects of Cross-border Merger and Acquisition on the Operational Risk of US and Canadian Companies

2020 ◽  
pp. 097215091989509
Author(s):  
Bruno Lopes de Paula ◽  
Daiana Paula Pimenta ◽  
Ricardo Limongi França Coelho ◽  
Jaluza Maria Lima Silva Borsatto ◽  
Rafael Manoel de Oliveira
Keyword(s):  
Decision Making ◽  
Panel Data ◽  
Mergers And Acquisitions ◽  
Emerging Economies ◽  
Operational Risk ◽  
Merger And Acquisition ◽  
Emerging Countries ◽  
Cross Border ◽  
The World ◽  
The Relationship

The integration of the world economies is responsible for an increase in the number of cross-border mergers and acquisitions (M&A), together with the growing participation of companies from emerging countries in this type of investment. However, the area studies focus their analyses on the determinants, antecedents and profitability of the companies, leaving the effects of this type of business on the operational risk of the companies involved as a gap to be explored. To fill it, we used panel data regressions to identify the relationship between cross-border M&A and the operational risk of companies. The results indicate that acquiring companies based in emerging economies are the ones that suffer the most significant impacts on this type of business. As the implication, this study serves as a basis for the decision-making of the managers of the acquiring companies, being able to identify the risks of this activity and the ways of preventing them.

An Introduction to Corporate Insolvency Law and Reforms in Australia

2019 ◽  
pp. 107-131
Author(s):  
Amit Kumar Kashyap ◽  
Urvashi Jaswani ◽  
Anchit Bhandari ◽  
Yashowardhan S. N. V. Dixit
Keyword(s):  
Australian Government ◽  
Insolvency Law ◽  
Cross Border ◽  
Basic Framework ◽  
Corporate Insolvency ◽  
Model Law ◽  
Insolvency Proceedings ◽  
Legal Infrastructure

The Corporations Act of 2001 regulated the probable insolvency proceedings of all companies incorporated in Australia and companies incorporated or possessing separate legal. For personal insolvency, a specific legislation called Bankruptcy Act is there, but the basic framework of corporate insolvency law has been there since the inception of Corporations Act 2001 enactment, which includes all the aspects of company formation, management, governance, and dissolution. The authors have highlighted recent reforms; however, the main concentration of this chapter is on the legal infrastructure of corporate insolvency law at present as the reforms are not yet in force. The chapter also puts forth the problems faced by corporate debtor and creditors in the proceedings of insolvency resolution and has also expressed the scenario of cross-border insolvency in Australia in light of UNICTRAL Model law of cross-border insolvency which has been adopted by the Australian government in 2008.

The International Dimension: Cross-border Groups

2016 ◽  
Author(s):  
Michael Schillig
Keyword(s):  
Global Financial Crisis ◽  
Applicable Law ◽  
Cross Border ◽  
The Us ◽  
Key Issues ◽  
The Cross ◽  
Model Law ◽  
The Global Financial Crisis ◽  
Financial Groups ◽  
Group Law

The difficulties associated with the supervision and failure resolution of cross-border financial groups were among the key issues that came into renewed focus as a result of the global financial crisis. The cross-border dimension affects the recovery and resolution process in its entirety from the initial planning phase right through to liquidation. The chapter summarizes the elements of cross-border group law mentioned in previous chapters. It looks briefly at the US framework and the changes introduced through the Dodd–Frank Act. It discusses international jurisdiction of authorities and courts, the applicable law that governs proceedings, and the recognition and effects of foreign proceedings, in particular, in accordance with Directive 2001/24/EC on the reorganization and winding up of credit institutions and investment firms and the UNCITRAL Model Law on Cross-Border Insolvency. It also analyses the new European framework for co-operation in the cross-border group resolution context.

Introduction

2016 ◽  
Author(s):  
Reinhard Bork ◽  
Renato Mangano
Keyword(s):  
European Union ◽  
The Other ◽  
Soft Law ◽  
Judicial Activism ◽  
The European Union ◽  
Insolvency Law ◽  
Cross Border ◽  
Model Law ◽  
Concise Description

This chapter is an introduction to the issues involved in cross-border insolvency cases and their regulation as covered by the EIR, which recast the OR. It also provides a view-from-the-cathedral of EU Regulation 2015/848; a concise description of its history, aims, and principles; as well as a list of the other relevant sources of law, including those of soft law such as the UNCITRAL Model Law and the European Communication and Cooperation Guidelines for Cross-border Insolvency (the so-called ‘CoCo Guidelines’). Finally, the role of the Court of Justice of the European Union (CJEU) for the interpretation of European insolvency law and its judicial activism are analysed.

28. Insolvency

2017 ◽  
Author(s):  
MA Clarke ◽  
RJA Hooley ◽  
RJC Munday ◽  
LS Sealy ◽  
AM Tettenborn ◽  
...  
Keyword(s):  
Historical Background ◽  
Insolvency Law ◽  
Cross Border ◽  
Corporate Insolvency ◽  
The Cross ◽  
International Airlines

This chapter deals with insolvency and the principles of insolvency law. It begins with a brief historical background on the evolution of insolvency law, from the Bankruptcy Acts of 1883 and 1914 to the Insolvency Act 1986 and its amended versions, along with the Cross-Border Insolvency Regulations 2006. It then considers the basic objectives of insolvency law as it relates to the bankruptcy of individuals and to corporate insolvency. In particular, it highlights the importance of the pari passu principle, as illustrated by the case British Eagle International Airlines Ltd v Cie Nationale Air France (1975). The chapter goes on to discuss the various definitions of insolvency before concluding with an overview of insolvency procedures for both individual insolvency and corporate insolvency.

scholarly journals A COMPARATIVE ANALYSIS OF THE UNCITRAL MODEL LAW ON CROSS-BORDER INSOLVENCY AND EU INSOLVENCY REGULATION 2017, AGAINST THE BACKGROUND OF VARIOUS SOURCES OF CROSSBORDER INSOLVENCY LAW

2017 ◽  
Author(s):  
Primrose E.R. Kurasha
Keyword(s):  
Common Law ◽  
The Other ◽  
Insolvency Law ◽  
Cross Border ◽  
Insolvency Regulation ◽  
Similarities And Differences ◽  
Model Law ◽  
Compare And Contrast ◽  
Insight Into ◽  
The Eu

In this investigation, I will compare and contrast the UNCITRAL model law on cross-border insolvency law (hereafter referred to as ‘UNCITRAL model law’) with the EU Insolvency Regulation against the backdrop of various sources or dispensations of cross-border insolvency law. In this comparison, I will highlight the similarities and differences between the two, as well as discuss the other sources in depth, as they largely inform my research. My main aim in including the other sources in this comparative study is to provide deeper insight into these two sources of international cross-border insolvency law, as provided for by academics and sages in the field of insolvency law. These other sources include legislation, common law, treaties and regional dispensations.

scholarly journals Challenge and Opportunity: the ALI/III Global Principles Project

2017 ◽  
Vol 11 (1) ◽  
pp. 1
Author(s):  
IF Fletcher
Keyword(s):  
International Law ◽  
South African ◽  
International Project ◽  
Current Debate ◽  
Private International Law ◽  
Insolvency Law ◽  
Cross Border ◽  
The World ◽  
American Law ◽  
Global Principles

This article deals with an international project to establish the extent to which it is feasible to achieve a worldwide acceptance of the Principles of Cooperation among the NAFTA Countries together with the Guidelines Applicable to Court-to-Court Communications in Cross-Border Cases. This contribution explains the process whereby the American Law Institute and the International Insolvency Institute (1) developed principles of cooperation with regard to cross-border insolvency; (2) established acceptance of these principles in jurisdictions across the world, subject to any necessary local modifications; and (3) obtained the endorsement of leading domestic associations, courts, and other groups in those jurisdictions. This article may contribute to the development the South African cross-border insolvency law. The inclusion of the challenges of harmonisation of private international law is also contributing to current debate.

Assessment of International Instruments

2018 ◽  
Author(s):  
Irit Mevorach
Keyword(s):  
Decision Making ◽  
International Law ◽  
Financial Institutions ◽  
Customary International Law ◽  
Cross Border ◽  
Normative Framework ◽  
Enterprise Groups ◽  
The Cross ◽  
Model Law ◽  
International Instruments

This chapter assesses the key international instruments for cross-border insolvency, primarily the Model Law on Cross-Border Insolvency (the MLCBI), and the related cross-border aspects of insolvency addressed in the Insolvency Standard. It also tentatively analyses the developments of additional instruments regarding enterprise groups and the enforcement of insolvency-related judgments. It considers how the MLCBI and complementary instruments fit into the normative framework proposed in the book. It asks to what extent the instruments follow modified universalism norms, thus contributing to the crystallization and development of customary international law (CIL). It also assesses: the choice of instrument; whether there are any issues with the design of the instruments taking into account the bounds on decision-making; and whether the instruments support the required levels of targeted harmonization to incentivize compliance. This chapter also assesses the specific instruments and measures that attempt to address the cross-border insolvency of multinational financial institutions (MFIs), particularly the Key Attributes, supporting principles, and contractual solutions.

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