International Insolvency

Price: $275.00 2000 pages. 2 Looseleaf Volumes. Updated annually.
ISBN-13: 978-1-57823-170-6 / ISBN-10: 1-57823-170-1

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About the Book:
International Insolvency has become recognized in recent years as critically important to the flow of international commerce and to the resolution of financial crises that threaten the system.

This treatise is designed to present the law of international insolvency in a practical, non-technical manner that is easily accessible to lawyers and non-lawyers alike. It also serves as a practice and reference work that will serve the attorney or financial advisor who is involved in a foreign bankruptcy proceeding or a local case that raises transnational or international insolvency issues.

Part I is an analysis of the law of international insolvency written by Professor Carl Felsenfeld of Fordham University Law School who has taught and practiced in the area for many years and took part in the task force that drafted the recent UNCITRAL Model Law on Cross-Border Insolvencies. Part I is divided into six chapters: Chapter I sets the stage by describing the basic principles of international insolvency law, as well as areas where the law is not established and jurisdictions are grappling with the need to develop new rules. The second chapter identifies the legal issues that arise in cross-border insolvencies, while the third chapter deals with part and present efforts to establish effective rules.

Chapter 4 treats efforts to coordinate cross-border insolvencies by designating one proceeding as "main" and others as "ancillary," designed to deal with specific property and, in some cases, transfer it to the main proceeding for administration and distribution. In the fifth chapter the treatise deals with current efforts to develop treaties and model statutes to coordinate cross-border insolvencies, and the final chapter contains a detailed description of seven major international insolvencies.

Part II of the treatise consists currently of descriptions of the insolvency laws of 11 major commercial jurisdictions:

• Australia, Richard Fisher, Partner, Blake Dawson Waldron Lawyers, Sydney
• Germany, Dr. Hans-Jochem Luer, Partner, Heuking Kuhn Luer Heeussen Wojtek, Cologne
• Hong Kong, Kim M. Rooney, Partner, White & Case, Hong Kong
• Japan, Yasumi Ochi, and Robert Grondine, Partners, White & Case - Kandabashi Law Offices, Tokyo
• Republic of Korea, Kye Sung Chung and Kwang Hyun Suk, Partners, Kim & Chang, Seoul
• Mexico, Alexis E. Rovzar, Edmundo Olivares Dufoo, Pedro Scherer Ibarra, Partners, White & Case S.C., Mexico City and Jaime R. Guerra Gonzalez, Partner, Guerra Gonzalez y Asociados S.C., Mexico City
• Russian Federation, Tom Cumming, Partner, Gowling Strathy & Henderson, Toronto, with the participation of Avgust A. Rubanov, Victor M. Khvesenya, Partners, White & Case, Moscow
• Singapore Kala Anandarajah, Partner, and Andrew Chan, Senior Associate, Alen & Gledhill, Singapore
• Switzerland, Jorg A. Witmer and Marc Schwenninger, Partners, Walder Wyss & Partners, Zurich; Martin Kurer, Partner, Badertscher Dorig & Poledna, Zurich and Anton Baur, Partner, Ghiringhelli Olgiati & Associati, Lugano
• United Kingdom, Margaret R. Cole, Richard J. Bamforth and Jane M. Q. Ballantyne, Partners, White & Case, London
• United States. Brian L. Holman, Partner, White & Case, Los Angeles

Each chapter has been written by one or more leading practitioners in the area, and Part II had been edited by Allan L. Gropper and Howard S. Beltzer of White & Case, New York, who have had many years of experience as lawyers engaged actively in cross-border insolvencies. Each chapter is designed to give the reader ready access to a comprehensive but non-technical summary of the law of the particular nation. In order to make the volume easily accessible, each country chapter is organized in the same manner. Part one consists of an Overview, setting forth a broad outline of the relevant law as well as the country's general attitude toward insolvency. Part two describes the nation's forms of business entities and types of obligations that will usually be at issue in insolvency proceedings. In the third part, each country chapter deals with consequences of insolvency. Part four of each country chapter describes available Out of Court Procedures, while Part five deals with Rehabilitation Procedures and Part six presents the national law on Liquidation. Finally, Part seven of each chapter deals with the nation's rules regarding extraterritorial enforcement of its jurisdiction and the enforceability of foreign bankruptcy related orders and judgments.

The volume has been published in looseleaf form. It is intended that periodic updates will be available with respect to the laws dealt with, and that descriptions of the insolvency laws of other nations will be added to make this treatise even more comprehensive.

Sections begin with an identification of the specific bankruptcy laws in force (including laws dealing with reorganization as well as liquidation). Highlights of coverage:

• Non-judicial workout procedures
• Creation and enforcement of unsecured and secured debt in each of the countries
• Protection of secured interests and legal distinctions between local and foreign creditors
• Detailed analysis of operation f the bankruptcy system in the subject countries
• Standards that must be met to start a proceeding
• How claims are asserted
• The operation of any discharge provisions
• The automatic stay in the international stage
• Conflicting rights to assets
• Ability to assert avoidance powers extraterritorially
• Issues raised in Sovereign Insolvencies

International Insolvency serves as a technical guide to firms engaged in bankruptcy work across national borders.

About The Authors:
Allan L Gropper and Howard S. Beltzer, Partners, White & Case New York, Professor Carl Felsenfeld, Fordham University Law School

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