Misunderstanding the Model Law: Re Stanford International Bank

Butterworths Journal of International Banking and Financial Law, Vol. 26, No. 7, p. 395, 2011

10 Pages Posted: 22 Jul 2011

Abstract

This article seeks to show that the English Court of Appeal’s refusal to recognize the US receivership in Re Stanford International Bank is not faithful to the Cross-Border Insolvency Regulations 2006 and the decision’s precedential value is seriously questionable. The Court of Appeal’s reasoning is contrary to statutory mandate, in particular Article 8 of the UNCITRAL Model Law on Cross-Border Insolvency. Further, the ‘centre of main interests’ test in Stanford unjustifiably diverges from that under Chapter 15 of the US Bankruptcy Code.

Keywords: UNCITRAL Model Law on Cross-Border Insolvency, Chapter 15, Cross - Border Insolvency Regulations 2006, foreign main proceeding, centre of main interests, Ponzi scheme, US equity receivership

JEL Classification: K10, K12, K19, K20, K29, K30, K39, K40, K41, K49

Suggested Citation

Ho, Look Chan, Misunderstanding the Model Law: Re Stanford International Bank. Butterworths Journal of International Banking and Financial Law, Vol. 26, No. 7, p. 395, 2011, Available at SSRN: https://ssrn.com/abstract=1891874

Look Chan Ho (Contact Author)

Des Voeux Chambers ( email )

38/F Gloucester Tower
The Landmark
Central
Hong Kong
+852 2526 3071 (Phone)
+852 2810 5287 (Fax)

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
214
Abstract Views
1,219
rank
171,202
PlumX Metrics