A Global View of Business Insolvency Systems
Jay Lawrence Westbrook
Martinus Nijhoff Publishers, 2010 - Law - 300 pages
We live in an age of economic turmoil. The recent crises emphasize the need for modern, sophisticated rules to govern businesses in financial distress in order to realize value from distressed companies and to protect economic institutions. Guided by the World Bank s Principles and Guidelines on International Insolvency, we have assembled, compared and analysed the legal principles and institutions of many different jurisdictions. Our goal is both practical and scholarly. Our work supplements the Legislative Guide of the UN Commission on International Trade Law by providing extensive analysis of the ways in which various legal systems address the issues that arise in insolvency law, including both liquidation and reorganization. It employs many examples of national and international practice in every area of insolvency law. For teachers, those examples can enliven and enrich courses on domestic insolvency law by revealing how similar problems are viewed and resolved in other legal systems. After introductory discussions of debt collection laws generally, including those governing the grant of security interests or liens, the book discusses each of the central elements of the insolvency process, beginning with discussions of valuation and corporate officer liability, then initiation of an insolvency proceeding and the resulting moratorium on creditor action, and continuing through the treatment of various forms of property and contracts and the voiding of certain transactions that may have preceded the initiation of legal action. Separate chapters work though the particular considerations applicable to cases that seek to preserve distressed businesses, including both formal proceedings and informal workout agreements as tools in the reorganization or rescue process. Another chapter addresses the crucial problem of institutional and staffing requirements without which the best law will fail to achieve its goals. Two remaining chapters address other areas of special importance: the treatment of employees and the management of cases involving multinational businesses.
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Systems for the Enforcement of Debt
Corporate Insolvency Legislation
Corporate Rehabilitation Proceedings
InformalWorkouts and Restructuring
Employee Rights in Insolvency
Other editions - View all
Administrative Receivership administrator administrator’s adopted agreement application appointment approach Article avoidance Bank Bankruptcy Code business rescue claims collateral commercial committee common law company’s contract counterparty countries court Cross-Border Insolvency debt debtor debtor’s assets debtor’s business decision default directors discussed effect employees enforcement European Union European Union Regulation example filing floating charge formal Hong Kong important infra insolvency law insolvency practitioner insolvency proceeding insolvency systems insolvent liquidation institutions Int’l international insolvency issues jurisdictions law reform lease Legislative Guide liability liens liquidation main proceeding ment moratorium payment permit person preferential creditors principle priority problem procedures protection receiver receivership registration Regulation rehabilitation regime relevant reorganization require rescue regime restructuring risk rules secured creditors secured party security interests supra note tion title retention transfer UK Insolvency Act UNCITRAL UNCITRAL Model Law Uniform Commercial Code United Kingdom unsecured vency