An Empirical Study of the Implementation in the United States of the Model Law on Cross Border Insolvency

24 Pages Posted: 25 Mar 2013

See all articles by Jay Lawrence Westbrook

Jay Lawrence Westbrook

University of Texas at Austin School of Law

Multiple version iconThere are 2 versions of this paper

Date Written: October 16, 2012

Abstract

International insolvency proceedings uniquely require coordination among a number of national courts to preserve the value of multinational corporations that have become financially distressed. The Model Law on Cross-Border Insolvency provides a structure for recognition of foreign insolvency proceedings and the granting of needed relief in aid of foreign courts. This article reports data from an empirical study all of the cases filed in the United States under the Model Law. Among other things, the data refute the notion that the United States is not welcoming to foreign petitioners; on the contrary, the overwhelming majority of petitions have led to relief for the foreign petitioners, although the reception of petitions from ― letter box jurisdictions has been less friendly. The article also provides an analytical review of American case law relating to important aspects of the Model Law.

Keywords: insolvency, bankruptcy, model law, cross-border, empirical, COMI, international

Suggested Citation

Westbrook, Jay L., An Empirical Study of the Implementation in the United States of the Model Law on Cross Border Insolvency (October 16, 2012). American Bankruptcy Institute Law Review , 2013, U of Texas Law, Public Law Research Paper No. 402, U of Texas Law, Law and Econ Research Paper No. 405, Available at SSRN: https://ssrn.com/abstract=2238945

Jay L. Westbrook (Contact Author)

University of Texas at Austin School of Law ( email )

727 East Dean Keeton Street
Austin, TX 78705
United States
(512) 232-1303 (Phone)

HOME PAGE: http://www.law.utexas.edu/webra/faculty/jwestbrook

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