Insolvency of Multinational Enterprise Groups

Hardcover | September 1, 2009

byIrit Mevorach

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Insolvency within multinational enterprise groups (MEGs) raises complex issues due to the foreign elements of the case and the multiplicity of debtors. The key problem is deciding to what extent and in which ways should there be 'linkage' between the entities in the course of their insolvencyin order to promote insolvency goals. This issue has been neglected in both national and international regimes. In order to deal with this issue the work provides a theoretical framework, suggesting a balance between Entity-Enterprise issues (drawn from company law theory and the problem of enterprise groups) and Universality-Territoriality issues (drawn from cross-border insolvency and conflict of lawstheory). This is further assisted by a taxonomy describing prototypical scenarios of MEGs and their insolvency. The theoretical framework and prototypical scenarios are the basis for critical analyses of various tools for 'linking' between different components of MEGs in the course of their insolvency and the degree to which they fit with a series of insolvency goals. The book suggests a clear model for dealing with insolvency within MEGs which can be used not only within the current cross-border insolvency frameworks (e.g., UNCITRAL Model Law, EC Regulation) but also as a definitive guideline for future reform. It argues that a global group-wide perspective for MEG insolvencies is desirable if applied in appropriate types of cases and if it does not unduly defeat entity law and territoriality concerns.

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Insolvency within multinational enterprise groups (MEGs) raises complex issues due to the foreign elements of the case and the multiplicity of debtors. The key problem is deciding to what extent and in which ways should there be 'linkage' between the entities in the course of their insolvencyin order to promote insolvency goals. This i...

Irit Mevorach read Law at Tel Aviv University, Israel, where she graduated in 1997 with distinction, and was subsequently admitted to the Israeli Bar. For several years Irit practiced law in one of Israel's leading law firms specializing in corporate and insolvency law. During that time Irit obtained her LLM in commercial law from Tel...
Format:HardcoverDimensions:300 pages, 9.21 × 6.14 × 0.98 inPublished:September 1, 2009Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199544727

ISBN - 13:9780199544721

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Table of Contents

The context of insolvency within multinational enterprise groups- the phenomenon and key problems1. The phenomenon of the multinational enterprise groups2. To link or not to link? The problem of the multinational enterprise group business structure3. Global frameworks or state-based insolvencies - the problem of cross-border insolvencyGuiding Objectives and Typical Scenarios4. The collated goals of insolvency systems5. Prototypical scenarios of insolvency within multinational enterprise groupsThe quest for appropriate solutions for insolvency within multinational enterprise groups6. Preservation of the estate, maximization of value and rescues - administering the multinational enterprise group insolvency7. Respect of pre insolvency entitlements (or - redistribution) and accountability8. Certainty and predictability9. Responsibility to debts of multinational enterprise group members and attack of intra-group transactions - ex post penalties and remedies in insolvency