The Insolvency Provisions of the Cape Town Convention and Protocols: Historical and Economic Perspectives
Cape Town Convention Journal, Vol. 1, pp. 53, 2012
25 Pages Posted: 7 Oct 2012
Date Written: August 1, 2012
The insolvency provisions of the Cape Town Convention and associated Protocols are considered integral to the achievement of the economic objectives of the Convention project. This article begins with the history of the insolvency provisions, tracing their evolution from a modest rule for the recognition of Convention interests in insolvency to a robust package of substantive rules on the effectiveness, priority, avoidance, and enforcement of Convention interests in insolvency proceedings. It then turns to consider the provisions in detail, illustrating their likely application with some hypothetical scenarios featuring airline and railroad debtors. The concluding section discusses the perceived significance of the insolvency provisions to the Convention project as a whole, and their predicted economic impact.
Keywords: Cape Town Convention, insolvency law, secured credit, export credit, aviation finance
JEL Classification: G33, K33
Suggested Citation: Suggested Citation