Details
- Provides a good source of updated case law in the area. This includes cases subject to different cross-border insolvency regimes (e.g. EC Regulation, UNCITRAL Model Law, use of protocols).
- Thoroughly reviews the main models for cross-border insolvency (and their application to the multinational group case) including the very recent development currently under discussion by UNCITRAL Working Group V.
- Provides taxonomy of prototypical scenarios to which the chapters cross refer where discussing relevant insolvency measures.
- Clear layout containing extensive cross referencing.
- Develops a clear model for dealing with insolvency within multinational groups which can be used within the current cross-border insolvency frameworks (e.g., UNCITRAL Model Law, EC Regulation) and also as a definitive guideline for future reform.
Insolvency within multinational enterprise groups (MEGs) raises complex issues due to the foreign elements of the case and the multiplicity of debtors. The key problem is deciding to what extent and in which ways should there be 'linkage' between the entities in the course of their insolvency in order to promote insolvency goals. Historically the issue has been neglected both in national and international regimes. However, new initiatives are currently developing.
In order to deal with this issue the work provides a theoretical framework, suggesting a balance between Entity-Enterprise issues (drawn from company law theory and the problem of enterprise groups) and Universality-Territoriality issues (drawn from cross-border insolvency and conflict of laws theory). This is further assisted by a taxonomy describing prototypical scenarios of MEGs and their insolvency.
The theoretical framework and prototypical scenarios are the basis for critical analyses of various tools for 'linking' between different components of MEGs in the course of their insolvency and the degree to which they fit with a series of insolvency goals.
Thus, the book suggests a comprehensive approach for dealing with insolvency within MEGs which can be used not only within the current cross-border insolvency frameworks (e.g., UNCITRAL Model Law, EC Regulation) but also as a definitive guideline for future reform.
It argues that a global group-wide perspective for MEG insolvencies can be desirable if its application is limited to appropriate types of cases where unduly defeat of entity law and territoriality concerns can be minimized.
Readership: Academics, graduate and research students in the area of insolvency, company law and private international law; National governmental bodies and international organizations, professional organizations and NGOs in the areas of company law and insolvency; Practitioners involved with international insolvencies.
The context of insolvency within multinational enterprise groups- the phenomenon and key problems1. The phenomenon of the multinational enterprise groups2. To link or not to link? The problem of the multinational enterprise group business structure3. Global frameworks or state-based insolvencies- the problem of cross-border insolvencyGuiding Objectives and Typical Scenarios4. The collated goals of insolvency systems5. Prototypical scenarios of insolvency within multinational enterprise groupsThe quest for appropriate solutions for insolvency within multinational enterprise groups6. Preservation of the estate, maximization of value and rescues- administering the multinational enterprise group insolvency7. Respect of pre insolvency entitlements (or- redistribution) and accountability8. Certainty and predictability9. Responsibility to debts of multinational enterprise group members and attack of intra-group transactions- ex post penalties and remedies in insolvency
Irit Mevorach, Lecturer at the University of Nottingham
Irit Mevorach holds degrees in law from Tel-Aviv University (LLB with distinction, LLM) and UCL, London (PhD). Prior to joining the University of Nottingham in 2006, Irit practiced corporate and insolvency law in a law firm in Tel-Aviv. She is a barrister and a solicitor, member of the Israeli Bar Association. Her main interests are in corporate law (especially the law of corporate groups and international aspects of corporate law) and insolvency law, in particular European, comparative and international insolvency. In 2005, she has won the 2005 gold medal prize for research in international insolvency from the International Insolvency Institute. Irit is a member of INSOL Europe and of INSOL International Academic group.
She has advised the European Bank for Reconstruction and Development. She is currently taking active part in the UNCITRAL work in the area of insolvency (since 2006 she has been an advisor to the UK government in UNCITRAL Working Group V's deliberation in the area of enterprise groups in insolvency), and she is an advisor to the International Insolvency Institute (III) Committee on international jurisdiction and cooperation. On undergraduate level, she currently convenes the company law course in the University of Nottingham and also teaches insolvency law and commercial conflict of laws. On the LLM course she convenes a module on International aspects of Company and Insolvency Law
"This text is the first systematic treatment of the issue of insolvency as it affects groups of companies...is well written and comprehensive in its treatment of the subject...up to date in its analysis of the case law and would be a very worthy addition to practitioner and academic libraries alike." - Paul J Omar
"Overall, this is a densely argued book on a subject that is only at the beginning of its jurisprudential and legislative development. The book is..rich in differentiations....a major step towards bringing some order into this chaos" - Legal Studies, Vol 30 No 4
"Mevorach easily combines an academician's intellectual rigor with a practitioner's understanding of the day-to-day issues likely to plague a multinational group proceeding. Because of this, the book stands out as more than simply an effort to gain academic distinction or to stake a claim to a particular area of expertise" - Mahesh Uttamchandani, Banking and Finance Law Review
