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.