《PRINCIPLES OF INTERNATIONAL INSOLVENCF》求取 ⇩

Part 1:General3

1Introduction3

General3

Policies of insolvency law4

Protection of creditors or debtors4

Summary of policies6

Debtors and creditors6

Effects of insolvency on legal systems8

Causes of bankruptcy9

Harmonisation of insolvency law10

Historical background11

Introduction11

Statistics12

The beginnings13

Insolvency in Western Europe from 110014

The triple polarisation19

Short history of rehabilitations21

Other recent developments27

Bank insolvencies28

State insolvency28

International insolvencies29

Conclusions30

2Comparison of work-outs,judicial rescues and liquidations31

Comparison of methods31

Three methods of dealing with an insolvency31

Overlaps31

Advantages and disadvantages of work-outs33

Final liquidation compared to work-outs34

Judicial reorganisations compared to private work-outs:general35

Advantages of judicial reorganisations36

Disadvantages of judicial reorganisations38

Other factors influencing the choice40

Jurisdictional attitudes to work-outs and judicial rescues41

Grading of reorganisation laws43

Classification of composition and rescue laws43

Modern corporate reorganisation proceedings44

Classification of modern reorganisations by country45

Policy factors and judicial reorganisations47

Main policy factors47

Use of judicial reorganisations48

Conclusion49

Part 2:Jurisdictions of the world53

3Legal families of the world53

Jurisdictions of the world53

What is a jurisdiction?53

Excluded "jurisdictions"53

Legal families of the world's jurisdictions55

The three main groups55

Transmission of legal systems55

Statistics of legal groups57

Conclusion57

American common law jurisdictions58

List of jurisdictions58

International presence58

Population and economics of the American common law group58

Legal origins of the American common law group59

Key insolvency law indicators of the American common law group59

Conclusion59

English common law jurisdictions59

List of jurisdictions59

International presence of the English common law group60

Population and economics of the English common law group61

Legal origins of the English common law group61

Key insolvency law indicators of the English common law group61

Conclusion62

Napoleonic jurisdictions62

List of jurisdictions62

Sub-groups of Napoleonic jurisdictions63

International presence of the Napoleonic group64

Population and economics of the Napoleonic group65

Legal origins of the Napoleonic group65

Key insolvency law indicators in the Napoleonic group66

Conclusion66

Roman-Germanic jurisdictions67

List of jurisdictions67

Sub-groups of Roman-Germanic jurisdictions67

International presence of the Roman-Germanic group68

Population and economics of the Roman-Germanic group68

Legal origins of the Roman-Germanic group68

Key insolvency law indicators in the Roman-Germanic group69

Conclusion70

Mixed civil/common law jurisdictions70

List of jurisdictions70

Conclusion71

Islamic jurisdictions72

List of jurisdictions72

Conclusion72

New jurisdictions73

Central Asian Republics and Macedonia73

Bhutan,Cambodia,Laos,Nepal73

Mongolia and Vietnam74

Conclusion74

Unallocated jurisdictions74

4Indicators of insolvency law75

Five key indicators75

Features of the five indicators75

The five key indicators75

Other key indicators of insolvency law78

Criteria for indicators78

Excluded or non-useful criteria78

Other key insolvency law criteria81

Regulatory law82

Insolvency-related corporate law criteria83

Litigation84

Costs and taxation85

Comparative methodology85

Classification of legal systems using the indicators87

Triple polarisation87

Comparison of jurisdictions on the criteria88

Conclusion89

5Anglo-American common law jurisdictions90

Introduction90

American common law jurisdictions90

Identity of jurisdictions90

Outlying jurisdictions90

Summary of US Bankruptcy Code91

English common law jurisdictions97

Identity of English common law jurisdictions97

Common characteristics of English common law jurisdictions97

British Overseas Territories100

Traditional English jurisdictions102

Hybrid English-based jurisdictions105

Country summaries of English common law jurisdictions106

Australia106

Canada109

England114

India116

Ireland117

lsrael118

New Zealand119

Singapore120

6Napoleonic jurisdictions121

General121

Identity of jurisdictions121

Common characteristics of traditional Napoleonic jurisdictions121

Sub-groups of Napoleonic jurisdictions123

Sub-group based on France123

Sub-group of European Napoleonic jurisdictions123

Latin American Napoleonic jurisdictions and the Philippines124

Other traditional Napoleonic jurisdictions126

Pre-Napoleonic jurisdictions127

Sharia Napoleonic127

Country summaries of Napoleonic jurisdictions128

Belgium128

Brazil129

Bulgaria132

France134

Greece135

Italy136

Mexico141

Portugal143

Romania143

Spain145

7Roman-Germanic jurisdictions146

General146

Identity of jurisdictions146

Traditional Roman-Germanic sub-group146

New Roman-Germanic group147

Country summaries of Roman-Germanic jurisdictions148

Austria148

Czech Republic149

Denmark149

Estonia151

Finland151

Germany151

Hungary153

Korea154

Latvia156

Lithuania156

Netherlands157

Norway157

Poland159

Russia159

Slovakia165

Slovenia167

Sweden167

Switzerland168

Thailand168

Turkey169

8Other groups of jurisdictions171

Mixed civil/common law jurisdictions171

Identity of jurisdictions171

Channel Islands171

China171

Japan179

Liechtenstein185

Malta185

Panama185

Quebec186

Scotland186

Southern African sub-group186

Taiwan188

Islamic jurisdictions189

New jurisdictions190

Unallocated jurisdictions194

Part 3:Insolvency topics197

9Entry criteria for insolvency:stays on claimant197

Entry criteria for insolvency proceedings197

Summary of entry criteria197

Proof of insolvency198

Liquidations and rescues199

Eligible petitioners199

Debtor incentives to commence proceedings201

Country examples of entry criteria201

Anglo-American common law jurisdictions201

Napoleonic jurisdictions204

Roman-Germanic jurisdictions208

Other jurisdictions212

Stays on creditors generally213

Summary list213

Stay on creditor attachments214

Stay on legal proceedings215

Disposals by the debtor of its assets216

Payments during a reorganisation proceeding218

10Management of insolvency proceedings219

Summary219

Summary list of potential managers219

Summary comment on the list219

Creditors219

Shareholders220

Debtor's existing management220

Courts221

Government officials222

Regulators223

Other issues223

Conclusion224

Jurisdiction examples224

Anglo-American common law jurisdictions225

Napoleonic jurisdictions229

Roman-Germanic and related jurisdictions231

11The bankruptcy ladder of priorities237

Introduction237

General237

Summary of the ladder237

Liquidations and rescue priorities238

De facto reversal of legal priorities238

Spacing of the rungs in the ladder239

Impact of priorities on cross-border insolvencies239

Super-priority creditors240

Summary list240

Secured creditors240

Title finance creditors242

Set-off credit243

Beneficiaries under trusts244

Owners wrongfully deprived of their property244

Creditors with direct action against third parties245

Creditors with rights of rescission249

Others249

Priority creditors249

Post-commencement administrative claims250

Taxes250

Employee remuneration and benefits250

Others251

Priority creditors and secured creditors252

General252

Anglo-American common law jurisdictions253

Napoleonic jurisdictions255

Roman-Germanic jurisdictions259

Other jurisdictions263

Subrogation to priority claims265

Pari passu creditors266

General266

Discounting266

Assignments for less than full value267

Subordinated creditors267

Equity creditors268

Subordination for misconduct(equitable subordination)270

Post-insolvency interest270

No escritura publica270

Consensually subordinated creditors271

Equity shareholders271

Expropriated creditors272

Late claimants272

Foreign creditors273

Foreign revenue and penalties273

Foreign currency creditors274

Tort claimants274

Other excluded creditors275

Conclusion275

12Bankrupt's property and trusts;publicity276

Introduction to trusts276

Objections to and advantages of trusts278

Objections to the trust278

Napoleonic and Roman-Germanic view279

Advantages of trusts in modern economies280

Conclusion281

International reception of the trust281

Introduction281

Trusts in Anglo-American jurisdictions281

Trusts in Napoleonic and related jurisdictions282

Trusts in Roman-Germanic and related jurisdictions284

Trusts in other jurisdictions286

Disparity of legal systems as regards publicity for transfers286

Role of the doctrine of specificity in asset transfers288

Classification of trusts and functional equivalents290

Use of trusts290

Classification criteria291

Trusts,security interests and bailments291

Summary list of trusts292

Deposit trusts(custody)292

Seller's trust of sold asset296

Trusts of contracts298

Creditor representation trusts299

Investment trusts300

Creditor protection trusts303

Will trusts,family assets and judicial trusts for individuals304

Charitable and purpose trusts305

Purpose trusts to pay money305

Other cases307

Non-consensual trusts307

Chains of trusts and sub-trusts308

Tests of whether asset is held in trust308

Fungibility of trust assets310

Custodianship of securities311

Loans of securities312

Property claim converted into damages claim312

Tracing of trust property313

Deposits of property for sale or collection313

Illustrations313

Property held by insolvent in specie314

Receipt of proceeds by insolvent315

Deposits and sale proceeds in civil countries317

China's Trust Law 2001318

Introduction318

Purposes of the PRC Trust Law318

Definition of trust318

Scope of China trusts318

General duties of parties318

Establishment of a trust318

Registration of trust property319

Invalid trusts319

Scope of trust property319

Segregation and immunity of trust property319

Enforcement against trust property320

Set-off in relation to trusts320

Eligibility of settlor320

Settlor's rights320

Settlor's rights on change in circumstances321

Dismissal of trustee by settlor321

Eligibility of trustee321

General duties of trustee321

Trust and own property321

Delegation and management322

Management by joint trustees322

Liability of joint trustees322

Records and confidentiality322

Duty to pay beneficiary323

Trustee's remuneration323

Trust claims323

Resignation of trustee323

Removal of trustee324

New trustees324

Report and release of trustee from liability324

Eligibility of beneficiaries324

Beneficiary rights to benefits325

Waiver of benefits by beneficiaries325

Beneficiary insolvent325

Assignment by beneficiary325

Termination of trust if settlor is sole beneficiary326

Variation by settlor326

Preservation of trusts326

Termination of trusts326

Consequences of termination327

Charitable trusts generally327

Eligible charitable objectives327

Charitable Cause Administrator328

Trust must be exclusively charitable328

Charitable trust controller328

Trustees of charitable trusts328

Variation of charitable trusts328

Termination of charitable trusts329

Liability of Charitable Cause Administrator329

France's Trust Law 2007329

Introduction329

Definition of the trust329

Settlors,trustees and beneficiaries330

Contents of the trust agreement331

Registration of trusts331

Powers of the trustee332

Immunity of the trust property332

Liability of the trustee333

Duration of the trust333

Tax status of beneficiaries333

Security interests334

13Non-consensual trusts and tracing335

Summary335

Examples of super-priority restitutionary claims336

Introduction336

Criminal or fraudulent takings:embezzlement337

Unlawful bribes338

Expropriation338

Extortion or duress339

Fraudulent misrepresentation339

Takings in breach of fiduciary duty340

"Keep out of market" deals342

Family home cases342

Non-compliance with statutory formality342

Fraudulent preferences and void post-commencement disposals343

Mistakes343

Sale of assets:no super-priority344

Collapse of contract:no super-priority345

Tracing of property on insolvency345

Introduction345

Identification rules for tracing and restitution of property346

Money used to buy an asset which appreciates or generates profit348

Subrogation349

Charge on assets of holder350

Backwards tracing351

Defences to tracing351

14Security interests354

Summary354

Introduction354

Rationale of security interests:pros and cons356

Classification of main sectors of secured finance357

Jurisdictional classification360

Scope of security interests361

Publicity(perfection)362

Secured debt364

Title finance365

Enforcement outside insolvency366

Enforcement on insolvency367

Main issues367

Policies of insolvency enforcement367

Management of universal collateral369

Insolvency enforcement in the United States371

Insolvency enforcement in English common law jurisdictions375

Summary survey375

Australia376

Canada377

England378

India383

Ireland384

Malaysia385

Singapore385

Insolvency enforcement in Napoleonic and related jurisdictions386

Belgium386

Brazil387

France388

Greece389

Italy389

Luxembourg389

Malta390

Mexico390

Spain390

Insolvency enforcement in Roman-Germanic and related jurisdictions391

Austria391

China391

Czech Republic392

Denmark392

Estonia393

Finland393

Germany394

Japan395

Latvia397

Lithuania397

Netherlands397

Norway398

Poland398

Russia398

Sweden399

Switzerland399

Taiwan400

Thailand400

Turkey400

Carve-out statutes400

Purpose of carve-out statutes400

EU Financial Collateral Directive 2002400

Settlement Finality Directive 1998401

15Insolvency set-off403

Set-off as a litmus test of jurisdictions403

Types of set-off and netting404

Policies of insolvency set-off and netting407

Summary of insolvency set-off and netting availability worldwide408

States allowing insolvency set-off410

States refusing insolvency set-off411

Exceptional insolvency set-offs in refusing states411

Claims owing by the insolvent412

Claims owing to the insolvent413

Policies of reorganisation stays on set-off414

Summary of effect of rehabilitation proceedings on set-off415

Special netting statutes417

16Contracts,leases and forfeitures418

Contracts and leases418

Interested parties418

Range of contracts418

Chain contracts420

Direct agreements422

Rights of insolvent estate to accept or reject422

Disclaimer by insolvent of contracts and leases423

Performance by debtor's estate425

Illustration:contracts of sale425

Rights of solvent counterparty to cancel427

Statutory nullification of ipso facto clauses430

Employees433

Pensions435

Leases of land438

Pollution claims439

Country survey of contracts and leases440

Forfeitures453

Examples of forfeitures453

Increased liabilities on bankruptcy455

Exceptions to the rule against forfeitures455

Overriding restrictions on transfer456

17Avoidance of preferences458

Introduction458

Policies of the avoidance of preferences458

Terminology459

Outline of preference law459

Financial market carve-outs460

Relevance of voidable preferences in business transactions460

Who invokes the avoidance?461

Void and voidable462

Main issues in classifying jurisdictions462

Comparison of jurisdictions in summary462

Jurisdiction survey464

Preferences in English-based jurisdictions464

Preferences in Napoleonic and Roman-Germanic jurisdictions466

Preferences in the United States467

Actio Pauliana:fraudulent transfers470

Prejudice to creditors generally473

Prejudice to creditors:undervalue transactions475

Gifts and transactions at an undervalue475

Guarantees as undervalue transactions477

Subordinations as undervalue transactions478

Prejudice to creditors:payments478

Introduction478

Ordinary course of business payments478

Prepayments and abnormal payments480

Current accounts480

Indirect payments481

Payment of negotiable instruments481

Prejudice to creditors:security interests481

Security for contemporaneous new money481

Security for pre-existing debt481

Carve-outs484

Roll-over of secured current accounts484

Security over after-acquired assets484

Floating charges for pre-existing debt485

Secured loans to pay off existing creditors and artificial new money486

Late perfection of security487

Late notification of assignments489

Purchase of unsecured claims by secured creditor489

Prejudice to creditors:set-off and netting489

Set-off generally489

Carve-out statutes490

Jurisdictions disallowing insolvency set-off490

Jurisdictions allowing insolvency set-off490

Compensating contracts492

Settlement netting493

Prohibition on build-up of set-offs in suspect period by assignments494

Prejudice to creditors:transfer of business499

Prejudice to creditors:transactions with shareholders501

Maintenance of capital501

Financial assistance by company to purchase its own shares generally501

International survey of financial assistance prohibitions502

Prejudice to creditors:preferment of guarantors508

Prejudice to creditors:judicial executions509

Extortionate credit transactions510

Requirement of actual insolvency of debtor510

Length of suspect period511

Defences and creditor safe harbours512

Summary512

Requirement of preferential intent by debtor512

Creditor ignorance of the insolvency515

Insiders and connected persons516

Preferences in reorganisation proceedings517

Avoidance and recapture518

Avoidance procedure518

Recapture518

Revival of guarantees518

Revival of security519

Protection of third parties519

Security over recaptured assets520

Preferred transferee insolvent520

Set-off against repayment claim520

Deterrence and penalties521

18Selected preference laws523

Introduction523

English-based jurisdictions523

Australia523

Canada525

Napoleonic jurisdictions526

Belgium526

Brazil526

Bulgaria527

Chile528

France529

Greece530

Italy530

Luxembourg532

Mexico533

Portugal534

Romania535

Spain536

Roman-Germanic and related jurisdictions536

Austria536

China537

Czech Republic537

Denmark538

Finland538

Germany538

Hungary540

Japan541

Korea542

Netherlands543

Russia545

Sweden545

Switzerland547

Turkey548

19Director liability549

Introduction549

Candidates for personal liability549

Companies and the veil of incorporation550

Private and public companies551

Scale of jurisdictions552

Director liability generally553

Summary of heads of liability553

Policies of director liability553

Overlap of heads of liability555

Duties to creditors556

Scaling of jurisdictions on director liability556

Main heads of liability557

Failure to account for collected taxes and social security payments557

Fraudulent trading558

Wrongful trading560

Director's duty to petition for insolvency or call shareholders' meeting generally565

Duty to petition for insolvency565

Duty to call shareholders' meeting on serious loss of capital567

Negligent management generally571

Negligent management in Napoleonic jurisdictions572

Negligent management in common law jurisdictions578

Negligent management in Roman-Germanic jurisdictions583

Director liability for breach of company law585

Director liability for financial statements586

Director liability for voidable preferences587

Director's tort and environmental liability588

Criminal liability589

De facto directors and other matters589

De facto directors589

Collective or individual liability of directors592

Procedural standing of creditors to sue directors593

Protection of directors593

Ratification by shareholders593

Director and officer insurance593

Reorganisation plan provisions releasing directors594

Practical steps for directors594

20Shareholder and other third party liability596

Generally596

Typical situations597

Accounting consolidation598

Commingling,undercapitalisation and informalities599

Shareholders as de facto directors601

Shareholder responsibilities on insolvency604

Specific group liability604

Group liability for tax606

US equitable subordination606

Consolidation on insolvency609

Cell structures610

Lender,buyer and other third part liability generally610

Liability of lenders as de facto directors611

Buyer liability613

Seller liability613

Creditor protection funds614

Consensual liability615

Part 4:Work-outs and reorganisations619

21Private restructuring agreements(work-outs)619

Introductions619

Participants in a work-out619

Banks619

Bondholders620

Secured creditors622

Junior financial creditors622

Lessors623

Trade creditors623

Litigants624

Tax authorities624

Employees and pension trustees624

Management624

Shareholders625

Types of corporate debtor625

Public and private/large and small625

Public interest business625

Asset-based companies626

Special purpose companies626

London Approach and other official guidelines on work-outs626

Standstill agreements629

The deepening crisis629

Informal standstill629

Steering committee629

Work-out specialists and advisers630

Terms of standstill agreement630

Management changes632

Review of debtor's position632

Bank support agreements633

Override and consolidated agreements compared634

Restructured debt634

Terms of financial agreements634

Junior creditors and intercreditor agreements637

Security for restructured debt637

General637

Maximising the security638

Exchanges and tender offers639

Exchange offers639

Tender offers for bonds640

Intercreditor and loss sharing agreements641

Intercreditor agreements641

Sharing formula642

Debt/equity conversions643

Introduction643

Debt eligible for conversion643

Advantages of conversion645

Disadvantages of conversion646

Other implications of conversion647

Types of securities651

Transfer to bank holding company652

22Lender liability653

Generally653

Breach of contract to lend money653

Abusive credit and participation in fraud657

Bank as adviser663

Credit references665

Misrepresentation liability666

Control of debtor667

Liabilities of secured creditor668

Lender liability for environmental pollution668

23Judicial reorganisation plans673

Introduction673

General673

Timing673

Content and confirmation of plan674

Types of plan generally674

Debt/equity conversions674

Exchanges675

Bank facilities675

Pooling and litigation676

Disposal programme and liquidation plans676

Eligible creditors678

Guarantors678

Other excluded creditors678

Administration of claims679

Classes of creditors679

Foreign currency claimants681

Disclosure681

Securities legislation restrictions on circulation of the disclosure document683

Voting on plans685

Governing law and jurisdiction686

Confirmation of a plan by the court687

Cram-down687

Effect of the confirmation688

English-based corporate schemes of arrangements688

General descriptions688

Classes of creditors689

Other matters692

Jurisdiction survey of reorganisation plans693

Australia693

Belgium694

Brazil695

Canada696

China697

England700

Finland701

France701

Germany702

India704

Ireland704

Israel704

Italy705

Japan707

Latvia708

Luxembourg709

Malta709

Mexico709

Norway709

Portugal710

Russia710

Singapore712

South Africa712

Spain713

Sweden713

Switzerland713

Taiwan714

Turkey714

United States715

Financing a reorganisation718

General718

First-day financing719

Lenders of last resort and security719

Jurisdiction examples of post-commencement financings720

Pre-packaged plans723

General description723

Jurisdiction illustrations725

Part 5:Special debtors729

24Bank insolvencies729

Background729

Official control of bank failures729

Developments post-1980730

Regulation of banks730

Summary of main classes of financial institution732

Creditors of insolvent banks733

Causes of bank failures734

Deposit protection funds735

Purposes735

Insured deposits736

Set-off737

Funding737

Ranking of deposits737

Subrogation738

Resolution powers738

Bank work-outs738

Bank insolvency proceedings740

General740

Bankruptcy ladder741

Entry into proceedings741

Availability of judicial reorganisation proceedings742

Bridge banks and other reorganisation techniques742

Management control743

Set-off744

Security interests744

Contract cancellation744

Preferences745

Trusts745

Officer liability745

Groups746

Cross-border comity746

Conclusions on bank insolvency proceedings748

Country survey of bank insolvency proceedings749

Broker-dealer insolvencies755

25State insolvency756

Introduction756

History of state insolvency756

Sources756

Early history757

Nineteenth century757

Governmental interventions758

Twentieth century758

General aspects of state insolvency764

Causes of state insolvency764

Change of government and change of territory765

Odious debt765

Impact of state insolvency on private sector766

Comparison with municipal bankruptcy766

Claims commissions769

Protections to insolvent states770

Insulation of state assets771

Conclusion772

Insolvency of state entities772

Main state entities772

Veil of incorporation773

Set-off774

Transfers of assets774

Exchange controls774

Domestic liquidation of state entities775

Foreign liquidation of state entities776

Rescheduling of state debt777

Introduction777

Priority ladder of creditors777

First priority(not rescheduled)778

Second priority(rescheduled)779

Third priority(non-accepting rescheduled creditors)780

Priority clauses781

IMF credits781

Paris club reschedulings782

Bank rescheduling agreements785

Bondholder reschedulings789

Debt for equity swaps791

26Insolvency of individual and other debtors793

Insolvency of individuals793

Introduction793

No bankruptcy of non-merchants793

Exempt assets793

Limitations on security interests794

Discharge and rehabilitation794

Community of matrimonial property795

Insolvency of partnerships795

Insolvency of trusts796

Insurance companies797

International organisations798

Part 6:Conflict of laws801

27Insolvency conflict of laws:introduction and jurisdiction801

Introduction801

Reasons for conflict801

Treaties and other harmonisation measures802

Territorial and universal theories802

Advantages and disadvantages of single forum802

Main and non-main proceedings:summary804

Insolvency jurisdiction805

Summary of jurisdictional bases805

Local centre of main interests/incorporation/establishment806

Long-arm jurisdiction:summary807

Internal jurisdiction809

Country examples of insolvency jurisdiction810

28Recognition of foreign insolvency representatives and stays818

Main issues818

Whether principal bankruptcy covers global property819

Introduction819

International survey of asset reach820

Types of proceedings and administrators eligible for local recognition822

Eligible foreign debtors822

Eligible foreign proceedings and administrators822

Summary of recognition of foreign stays and foreign representative824

Conditions of recognition of foreign representative and stays827

Concurrent proceedings in local forum830

Jurisdictional immunity of insolvency representative830

Survey of international recognition830

Recognition under the EU Insolvency Regulation830

Recognition under the Uncitral Model Law831

Recognition in England and English-based countries832

Recognition in the United States840

Recognition in Continental Europe843

Recognition in Scandinavia850

Recognition in Japan852

Recognition elsewhere852

Enforcement of local stays abroad and equalisation853

Generally853

Equalisation generally853

International.survey of equalisation854

29Applicable law857

Introduction857

Insolvency set-off857

General857

EU Insolvency Regulation 2000858

Uncitral Model Law859

Generalisation of EU principles860

Other principles861

Postponement of maturity by foreign insolvency proceedings862

Netting and cancellation of contracts862

Conclusion863

Security interests and title finance863

General863

Insolvency conflicts:main issues864

Conflict rules864

EU Insolvency Regulation865

Trusts and other in rem claims867

Contracts and property aspects of trusts868

Hague Trusts Convention868

EU Insolvency Regulation870

Location of assets871

Uncitral Model Law871

Tracing871

Contracts and leases872

Main issues872

EU Insolvency Regulation872

Uncitral Model Law873

Other principles873

Priority,pari passu and deferred creditors874

Priority creditors874

Pari passu creditors875

Deferred creditors876

Equity shares876

Equalisation877

Avoidance of preferences877

Main issues877

Foreign preferences877

Recognition of foreign avoidance rules881

Bankruptcy procedure882

Reorganisation plans and discharges882

Main issues882

Bankruptcy forum882

Local recognition of foreign discharge883

Recognition of foreign reorganisation plans generally883

Plans where there are concurrent proceedings886

Director's liability and veil of incorporation886

Main issues886

Group insolvencies888

Discovery of foreign assets and investigations888

Bankruptcy penalties and disqualifications889

Countries applying EU Insolvency Regulation principles generally890

International insolvency treaties891

General891

Nordic Bankruptcy Convention of 1933892

Montevideo and Bustamente Conventions:Latin America892

ALI Principles894

30EU Insolvency regulation and bank insurance directives895

Introduction895

History of the Regulation896

Secondary proceedings for establishments897

Summary of the EU Insolvency Regulation897

Eligible proceedings897

Main jurisdiction and recognition897

Public policy897

Territorial scope897

Secondary proceedings for establishments898

Groups899

Applicable law899

Exceptions to opening state applicable law899

Miscellaneous900

General provisions900

Collective insolvency proceedings900

Definitions902

Jurisdiction of the debtor's centre of main interests ("Comi")902

Cases on debtor's centre of main interest904

Relevance of time of opening of proceedings909

Jurisdiction for secondary proceedings911

Applicable law generally913

Relationship with EU Judgments Regulation914

Examples of scope of applicable law914

Exceptions to law of the opening state generally920

Third party rights in rem920

Set-off924

Reservation of title and sales924

Contracts relating to immoveable property925

Payment systems and financial markets926

Effects on rights subject to registration926

Community patents and trade marks927

Detrimental acts927

Protection of third-party purchasers927

Effects of insolvency proceedings on law suits pending928

Recognition of insolvency proceedings928

Recognition of opening judgment928

Effects of recognition929

Powers of the liquidator930

Proof of the liquidator's appointment931

Return and imputation931

Publication and registration in a public register932

Honouring of an obligation to a debtor:gap creditors932

Recognition and enforceability of other judgements933

Public policy933

Secondary insolvency proceedings934

Opening of proceedings934

Applicable law935

Right to request the opening of proceedings935

Duty to co-operate and communicate information935

Exercise of creditor's rights935

Stay of liquidation936

Measures ending secondary insolvency proceedings936

Assets remaining in the secondary proceedings937

Subsequent opening of the main proceedings937

Conversion of earlier proceedings937

Preservation measures937

Provision of information for creditors and lodgement of their claims938

Right to lodge claims938

Information,content and lodgement claims938

Traditional and final provisions938

Non-retroactivity938

Relationship to other conventions938

EU Bank Insolvency Directive939

Introduction939

Scope939

Definitions939

Recognition of home state reorganisations939

Notice to host Member States940

Branches of third-country banks940

Recognition of home state winding-up proceedings941

Law applicable to winding-up941

Voluntary winding-up942

Withdrawal of a credit institution's authorisation942

Honouring of obligations942

Right to lodge claims943

Exceptions to home state applicable law943

Effects on certain contracts and rights943

Property rights of third parties944

Reservation of title944

Set-off944

Recorded investments945

Netting and repurchase agreements;regulated markets945

Recognition of liquidators appointment946

Registration in a public register946

Detrimental acts946

Protection of third parties947

Lawsuits pending947

Professional secrecy947

EU Insurance Company Insolvency Directive947

31UNCITRAL Model Law on cross-border insolvency949

Introduction949

Summary of the Model Law950

Recognised proceedings950

Main and non-main proceedings950

Recognition stays951

Co-operation951

Voidable preferences951

Equalisation952

Public policy952

Treaties952

Applicable law952

Groups952

Procedure952

Purposes953

General provisions953

Scope of application953

Definitions954

International obligations955

Competent bodies955

Public policy956

Additional assistance under other laws956

Interpretation956

Access of foreign representatives and creditors to local courts generally956

Limited jurisdiction957

Application by a foreign representative to commence a local proceeding957

Participation of a foreign representative in a local proceeding957

Access of foreign creditors to a local proceeding958

Notification to foreign creditors958

Recognition of a foreign proceeding and relief(stays)958

Application for recognition of a foreign proceeding958

Decision to recognise a foreign proceeding959

Subsequent information960

Provisional relief that may be granted upon application for recognition of a foreign proceeding960

Effects of recognition of a foreign main proceeding960

Relief that may be granted upon recognition of a foreign proceeding963

Protection for creditors and other interested persons964

Actions to avoid acts detrimental to creditors:preferences964

Intervention by a foreign representative in local proceedings965

Co-operation with foreign courts and foreign representatives965

Co-operation between courts and representatives965

Forms of co-operation966

Concurrent proceedings967

Commencement of a local non-main proceeding967

Co-ordination of local and foreign proceedings968

Co-ordination of more than one foreign proceeding969

Presumption of insolvency based on recognition of a foreign main proceeding969

Rule of payment in concurrent proceedings(equalisation,hotchpot)970

Jurisdiction Index971

Index1019