Dominic McCahill and Sally Willcock have published an article in the UK journal, Butterworth’s Journal of International Banking and Finance Law entitled ‘ Navigating the Cross-border Insolvency Regulations 2006′ – (2010) 11 JIBFL 660 -in which the authors discuss these regulations which implement the UNCITRAL Model Law on Cross-border Insolvency into law in England & Wales and in Scotland. The Cross-border Insolvency Regulations cover three broad areas:
- Recognition of representatives of foreign insolvency proceedings,
- Access to relief from local courts to assist the foreign representatives,
- Provisions aimed at facilitating cooperation among the courts of the
jurisdictions in which the debtor’s assets are located to enable an effective
coordination of proceedings.
The Cross-border Insolvency Regulations 2006 are thus the UK equivalent of chapter 15, Title 11 US Bankruptcy Code, although there are some differences in their terms.
The article focuses upon practical issues which have arisen in the operation of the regulations to date and highlights key areas of uncertainty as to their operation.
To read the article follow this link.
More from the Weil European Restructuring Blog
This website is maintained by Weil, Gotshal & Manges LLP in New York, NY © 2020 Weil, Gotshal & Manges LLP, All Rights Reserved. The contents of this website may contain attorney advertising under the laws of various states. Quotation with attribution is permitted. This publication is provided for general information purposes only and is not intended to cover every aspect of the purpose for the law. The information in this publication does not constitute the legal or other professional advice of Weil London or the authors. The views expressed in this publication reflect those of the authors and are not necessarily the views of Weil London or of its clients. These materials may contain attorney advertising. Prior results do not guarantee a similar outcome.