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Part I Corporate Debt Restructuring, 4 The Uncitral Model Law on Cross-Border Insolvency

Rodrigo Olivares-Caminal, Randall D. Guynn, Alan W. Kornberg, Sarah Paterson, Dalvinder Singh

From: Debt Restructuring (3rd Edition)

Rodrigo Olivares-Caminal, Alan Kornberg, Sarah Paterson, Dalvinder Singh, Eric McLaughlin

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 04 March 2024

Bank resolution and insolvency — Debt

Chapter 4 provides an overview and analysis of the Model Law on Cross-Border Insolvency, and discusses how the US and UK have differed in implementing the Model Law in their respective jurisdictions. This chapter includes a brief examination of the objectives and scope of the Model Law, examines key aspects of the US and English versions as enacted, and discusses why there appears to be a growing divergence in the way in which the Model Law is applied in the US and UK. In doing so, Chapter 4 provides a history of chapter 15 of the US Bankruptcy Code, and examines recent developments in chapter 15 case law, before considering the UK’s Cross-Border Insolvency Regulations (CBIR) and the implications of recent changes in UK restructuring law for the court’s approach to the CBIR.

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