Insolvency Within Multinational Enterprise Groups

• 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.