Recognising an Australian Solvent Liquidation Under the UNCITRAL Model Law: In re Betcorp
Norton Journal of Bankruptcy Law and Practice, October 2009
13 Pages Posted: 30 Oct 2009
Date Written: October 29, 2009
The US Bankruptcy Court in In re Betcorp held that an Australian solvent liquidation was entitled to recognition and assistance under Chapter 15 of the US Bankruptcy Code. However, the court's reasoning is highly questionable. In particular, it seemed to have overlooked the true nature of an Australian members' voluntary liquidation and the Australian legislative history when implementing the UNCITRAL Model on Cross-Border Insolvency in Australia.
An English court would most probably reach a different result under the UK Cross-Border Insolvency Regulations 2006.
Keywords: UNCITRAL Model on Cross-Border Insolvency, Chapter 15 of the US Bankruptcy Code, Australian members' voluntary liquidation, solvent liquidation, UK Cross-Border Insolvency Regulations 2006
JEL Classification: K10, K19, K20, K22, K29, K30, K33, K39, K40, K49
Suggested Citation: Suggested Citation