From the Inside Flap
Recognition and Enforcement of Cross–Border Insolvency A Guide to International Practice Neil Cooper FCCA, FSPI, FIPA Partner, National Head of Corporate Recovery, Robson Rhodes, London, UK Vice President of INSOL International and the AEPPC, the European Insolvency Practitioners Association Rebecca Jarvis LLB Associate, Dibb Lupton Broomhead, London, UK Researcher: Sonali Abeyratne, LLM (Lond.), London School of Economics, UK In the current world economic climate, there can be no doubt that opening up the global marketplace to free trade is a major, and largely irreversible, target. While this trend leads to increased opportunities for businesses, it also brings with it an increase in cross–frontier insolvencies as companies operate in, or trade with, multiple jurisdictions. There have been many unsuccessful attempts to create a truly international regime for insolvency proceedings (such as the European Bankruptcy Convention of the late 1970s and early 1980s) but the disparate spread of national procedures, nuances of language and variations in general approach have proved difficult to overcome. While it is true to say that moves are still afoot to minimise the impact of differing international insolvency laws, in the current commercial arena it is essential for all insolvency practitioners representing international companies to understand the practice, policies and procedures of national insolvency proceedings. Recognition and Enforcement of Cross–Border Insolvency addresses this need in a succinct and practical manner. Covering 36 jurisdictions, the expertly constructed approach allows the reader instant access to practical information and actual case studies while pointing out the key sources of the national rules without having to navigate through extensive amounts of time–consuming text. Each country is set out in a uniform manner under the following headings: Under general law Assisting legislation Insolvency practice Examples Robson Rhodes is a leading firm of chartered accountants with offices throughout the UK. It is part of RSM International, one of the ten largest accounting groups in the world. It has representation in more than seventy countries with international headquarters in London. Dibb Lupton Broomhead is the tenth largest law firm in the UK, with offices in Leeds, London, Manchester, Sheffield and Birmingham. The firm has 550 lawyers, having grown rapidly in recent years, and offers a comprehensive law service to industry, commerce and the financial sector. INSOL International is the worldwide association of insolvency practitioner bodies. It represents over 6000 members in 62 countries. This survey was originally produced as part of a report to the first worldwide Judicial Colloquium organised by INSOL International in conjunction with the United Nations Commission on International Trade Law.
From the Back Cover
The global marketplace brings with it significant benefits to businesses, but it also increases the risk of cross–frontier insolvencies. Although there have been steps in recent years towards creating a more uniform system, insolvency practitioners are still finding themselves confronted by the problems of widely differing insolvency regimes on an international scale. The question of access to foreign jurisdictions and recognition of foreign insolvency orders is critical if practitioners are to successfully carry out their appointed tasks. Recognition and Enforcement of Cross–Border Insolvency covers 36 countries and provides a succinct and invaluable practical guide to their policies and laws when dealing with insolvency proceedings originating in another jurisdiction. Each country chapter is uniformly structured around the following headings: Under general law Assisting legislation Insolvency practice Examples This expertly constructed approach allows the reader instant access to practical information and actual case studies while pointing out the key sources of the national rules without having to navigate through extensive amounts of time–consuming text. Recognition and Enforcement of Cross–Border Insolvency is essential reading for all insolvency practitioners, both lawyers and accountants, and all financial institutions operating within the international business arena.