Transnational Insolvency: Beyond State Regulation and Towards Cooperation Agreements
16 Pages Posted: 29 Sep 2011 Last revised: 12 Oct 2011
Date Written: June 6, 2011
The purpose of this article is to analyze cross-border insolvency as an example of "transnational law", in the sense of law developed by economic and social actors and despite the existence of formal regulation. This informal law-making process is analyzed in the context of the now extinct Section 304 of the U.S. Bankruptcy Code; of the cooperation protocols entered into courts in different countries following the Maxwell precedent; and of the rules provided for in the UNCITRAL Model Law on Cross-Border Insolvency and in the EU Regulation on Insolvency Proceedings.
Keywords: transnational law, international bankruptcy, cross-border insolvency, UNCITRAL
JEL Classification: K22
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