International Cooperation in Bankruptcy and Insolvency Matters

Description

International Cooperation in Bankruptcy and Insolvency is published in cooperation with the International Insolvency Institute and the American College of Bankruptcy. The Honorable Bruce A. Markell, Dr. Bob Wessels and Prof. Jason Kilborn provide readers with invaluable insights into the origin, development and future of communication and cooperation in cross-border insolvency cases between insolvency practitioners and the courts. The globalization of the world's economy has led to highly complex international aspects of financial reorganization and restructuring. This publication analyzes the structures, systems, and practices that have developed and are quickly emerging to coordinate and enhance international administrations. Content: Authors' Note About the Authors Chapter 1 General Introduction A. Insolvency and Bankruptcy B. Roman Times C. Middle Ages D. Commercial Code of Napoleon and the Rise of General Bankruptcy Law E. Emerging Tendencies from History F. Our Stance Today: Differences in National Legal Systems Chapter 2 Prominent Principles of Domestic Law A. Widely Accepted Broad Principles of Insolvency Systems 1. Maximization of Asset Value for All Creditors 2. Recognizing/Preserving Existing Creditor Rights 3. Equitable Treatment of Similarly Situated Creditors B. Wide Disparities with Respect to Specific Procedures and Rules1. (Un)Equal Treatment of Prepetition Claims 2. Maximizing Value in a Common Pool 3. Preparation and Voting on a Plan of Reorganization C. Principles-Based Approaches to Modernization and Harmonization Chapter 3 Guiding Approaches to International Insolvency Law A. The Basic Theoretical Divide: Territorialism v. Universalism 1. Territorialism and Its Discontents 2. Universalism and Market Symmetry B. Weighing the Advantages and Practical Impediments of the Competing Approaches 1. Predictability and Prevention of Forum Shopping2. Upholding Legitimate Expectations: "Vested Interests" and Fairness 3. Minimizing Losses and Transaction Costs, Maximizing Value C. Alternatives 1. Strengthening Universalism 2. Cooperative Territorialism 3. Mixing Universalism and Territorialism 4. Choice of Law D. Modified Universalism Chapter 4 Unilateral and Bilateral Forms of National Cooperation A. Bilateral Treaties: From Medieval Origins to Nineteenth and Twentieth Century Expansion B. Anglo-American Unilateral Cooperation: Legislation and Case Law 1. United Kingdom: Common Law Cooperation and the Limited Role of 4262. United States: Early Resistance Gives Way to Statutory Cooperation, 304 3. Ambiguous Results on Both Sides of the Atlantic C. Several Unilateral Regimes in Modern Europe 1. Germany 2. Spain 3. Belgium 4. France 5. Italy 6. The Netherlands 7. Eastern European States Chapter 5 Regional Cooperation and Regulation A. North America 1. The Draft United States-Canada Bankruptcy Treaty 2. The ALI "Principles of Cooperation among the NAFTA Countries" B. The European Union 1. Judicial Cooperation in Civil Matters 2. Coordinated Universality as Basic Model3. International Jurisdiction 4. Applicable Law 5. Recognition of Insolvency Proceedings 6. Secondary Insolvency Proceedings 7. The Position of Creditors 8. Reorganization and Winding Up of Financial Institutions 9. Conclusion C. Other Regional Arrangements 1. Latin America 2. Northern Europe 3. Central Africa 4. Southeast Asia Chapter 6 Convergence through Legislation and Professional Cooperation A. Harmonization through Legislation B. Alignment by Courts and Practitioners 1. The Model International Insolvency Cooperation Act