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Insolvency within Multinational Enterprise Groups$
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Irit Mevorach

Print publication date: 2009

Print ISBN-13: 9780199544721

Published to Oxford Scholarship Online: September 2009

DOI: 10.1093/acprof:oso/9780199544721.001.0001

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Responsibility for Debts of MEG Members and Vulnerability of Intra-group Transactions

Responsibility for Debts of MEG Members and Vulnerability of Intra-group Transactions

Chapter:
(p.286) 9 Responsibility for Debts of MEG Members and Vulnerability of Intra-group Transactions
Source:
Insolvency within Multinational Enterprise Groups
Author(s):

Irit Mevorach

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199544721.003.0010

This chapter focuses on the issue of group opportunism and examines the desirability of imposing various remedies in the course of insolvency within MEGs which could combat such behaviour and enhance fairness in distribution. It starts by examining the particular consideration that should be taken in regard to intra-group transactions in the vicinity of insolvency. It suggests that it should be possible to reverse intra-group transactions where these were detrimental to the affiliate in hand; yet such reversal of transactions should be avoided where in terms of economic realities the affiliate was not injured by the transaction. The chapter also considers the need for creditor protection from mismanagement by group members when insolvency is anticipated considering measures such as lifting the veil, wrongful trading, subordination and contribution orders, and their application in the international insolvency case.

Keywords:   group opportunism, intra-group transactions, lifting the veil, wrongful trading, subordination, contribution orders

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