Rebecca Parry
- Published in print:
- 2018
- Published Online:
- March 2021
- ISBN:
- 9780198793403
- eISBN:
- 9780191927836
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198793403.003.0026
- Subject:
- Law, Company and Commercial Law
Significant differences in format and underlying policies may be noted in transaction avoidance provisions worldwide; indeed varying avoidance provisions are only one aspect of the lack of ...
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Significant differences in format and underlying policies may be noted in transaction avoidance provisions worldwide; indeed varying avoidance provisions are only one aspect of the lack of uniformity in the world’s insolvency laws. These differences may assume great practical importance in the insolvencies of companies or individuals with dealings in more than one country. The insolvency laws of more than one jurisdiction may be invoked: for example, a company may be wound up in more than one country, or enter into concurrent rescue procedures, such as a British administration procedure and a US Chapter 11 procedure. In addition, litigation arising out of the insolvency proceedings may be pursued in more than one country. Recourse to the laws of an overseas jurisdiction may occasionally be had where the laws of the country in which the winding up is being conducted are inadequate to deal with the issues that have arisen.
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Significant differences in format and underlying policies may be noted in transaction avoidance provisions worldwide; indeed varying avoidance provisions are only one aspect of the lack of uniformity in the world’s insolvency laws. These differences may assume great practical importance in the insolvencies of companies or individuals with dealings in more than one country. The insolvency laws of more than one jurisdiction may be invoked: for example, a company may be wound up in more than one country, or enter into concurrent rescue procedures, such as a British administration procedure and a US Chapter 11 procedure. In addition, litigation arising out of the insolvency proceedings may be pursued in more than one country. Recourse to the laws of an overseas jurisdiction may occasionally be had where the laws of the country in which the winding up is being conducted are inadequate to deal with the issues that have arisen.
