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Cross-Border Protocols in Insolvencies of Multinational Enterprise Groups
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.
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Critical Acclaim
Contents
More Information
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.
Key features include:
• proposition of a Group Insolvency Protocol (GIP) design
• a comprehensive study of around 50 insolvency protocols from 1992 to 2020
• analysis of major international insolvency law instruments, modern trends and developments in the area of insolvency of enterprise groups
• practical recommendations for drafting an insolvency protocol, addressing problems related to their adoption and offering suggestions for the improvement of group coordination
• exploration of the nature of insolvency protocols and pertinent issues including the preservation and realization of material assets, resolution of intercompany claims, information exchange, conflicts of interest, participation rights and group governance in insolvency.
Cross-Border Protocols in Insolvencies of Multinational Enterprise Groups will be an indispensable resource for insolvency practitioners, lawyers, judges and policy makers, whilst also being of value to scholars and students concerned with insolvency law and corporate governance.
Key features include:
• proposition of a Group Insolvency Protocol (GIP) design
• a comprehensive study of around 50 insolvency protocols from 1992 to 2020
• analysis of major international insolvency law instruments, modern trends and developments in the area of insolvency of enterprise groups
• practical recommendations for drafting an insolvency protocol, addressing problems related to their adoption and offering suggestions for the improvement of group coordination
• exploration of the nature of insolvency protocols and pertinent issues including the preservation and realization of material assets, resolution of intercompany claims, information exchange, conflicts of interest, participation rights and group governance in insolvency.
Cross-Border Protocols in Insolvencies of Multinational Enterprise Groups will be an indispensable resource for insolvency practitioners, lawyers, judges and policy makers, whilst also being of value to scholars and students concerned with insolvency law and corporate governance.
Critical Acclaim
‘This is a most useful reference book that addresses an important part of the long run and likely continuing interest and involvement in business conducted via multinational groups. Those who practice in the area will find it a valuable addition to their library.’
– David Morrison, Insolvency Law Review Journal
‘This is a most useful reference book that addresses an important part of the long run and likely continuing interest and involvement in business conducted via multinational groups. Those who practice in the area will find it a valuable addition to their library.’
– David Morrison, Insolvency Law Review Journal
‘An excellent book.’
– Elina Moustaira, Eurofenix
‘The book is highly recommended as it represents an essential tool for researchers, academics and judges, as well as professionals and law-makers.’
– Eugenio Vaccari, International Company and Commercial Law Review
‘A long awaited and welcome analysis of insolvency protocols for over three decades, tracing their common foundations and developments, combining theoretical ambition and empirical depth, making this volume essential reading for practitioners, judges and scholars with an interest in solving complex cross-border insolvency problems.’
– Richard A. Gitlin, former President of INSOL International and the American Bankruptcy Institute, US
‘In many common law jurisdictions insolvency protocols have been embraced for the benefit of global restructurings of large enterprise groups. The European Union has introduced detailed rules on cooperation and coordination in group insolvency cases in 2015 and since then the practice of insolvency protocols has been institutionalized. This has not led to any visible increase in the use of protocols in Europe. The authors explore why this might be the case. They masterfully combine a thorough analysis of national, regional and international insolvency law instruments with a detailed study of more than 45 insolvency protocols. An impressive and timely contribution, which follows modern debates and new developments. It is an excellent text for advanced undergraduate courses and an outstanding reference work for established professionals.’
– Reinhard Bork, Professor, University of Hamburg, Germany, Radboud University Nijmegen, the Netherlands, and former Judge at the Court of Appeal, Hamburg, Germany
– David Morrison, Insolvency Law Review Journal
‘This is a most useful reference book that addresses an important part of the long run and likely continuing interest and involvement in business conducted via multinational groups. Those who practice in the area will find it a valuable addition to their library.’
– David Morrison, Insolvency Law Review Journal
‘An excellent book.’
– Elina Moustaira, Eurofenix
‘The book is highly recommended as it represents an essential tool for researchers, academics and judges, as well as professionals and law-makers.’
– Eugenio Vaccari, International Company and Commercial Law Review
‘A long awaited and welcome analysis of insolvency protocols for over three decades, tracing their common foundations and developments, combining theoretical ambition and empirical depth, making this volume essential reading for practitioners, judges and scholars with an interest in solving complex cross-border insolvency problems.’
– Richard A. Gitlin, former President of INSOL International and the American Bankruptcy Institute, US
‘In many common law jurisdictions insolvency protocols have been embraced for the benefit of global restructurings of large enterprise groups. The European Union has introduced detailed rules on cooperation and coordination in group insolvency cases in 2015 and since then the practice of insolvency protocols has been institutionalized. This has not led to any visible increase in the use of protocols in Europe. The authors explore why this might be the case. They masterfully combine a thorough analysis of national, regional and international insolvency law instruments with a detailed study of more than 45 insolvency protocols. An impressive and timely contribution, which follows modern debates and new developments. It is an excellent text for advanced undergraduate courses and an outstanding reference work for established professionals.’
– Reinhard Bork, Professor, University of Hamburg, Germany, Radboud University Nijmegen, the Netherlands, and former Judge at the Court of Appeal, Hamburg, Germany
Contents
Contents: Preface 1. Introduction to Cross-border Protocols in Insolvencies of Multinational Enterprise Groups 2. The phenomenon of multinational enterprise groups 3. Insolvency of multinational enterprise groups 4. Cross-border insolvency protocols and agreements: Introduction and evolution UNCITRAL and facilitation of cross-border insolvency cooperation: From entity to enterprise 6. European Insolvency Regulation (Recast) and group insolvencies 7. Legal nature of cross-border insolvency protocols 8. General features and limitations of insolvency protocols 9. Cross-border insolvency protocols and national law 10. Recommendations for use of insolvency protocols in group insolvencies 11. Bank insolvencies and cooperation agreements between resolution authorities 12. Recommendations for protocols in group insolvencies 13. Group insolvency protocol design 14. Annex Bibliography Index
