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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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Certainty and Predictability

Certainty and Predictability

Chapter:
(p.270) 8 Certainty and Predictability
Source:
Insolvency within Multinational Enterprise Groups
Author(s):

Irit Mevorach

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199544721.003.0009

This chapter focuses on the possibility of the approach proposed in previous chapters to generate certain and predictable rules. It starts by demonstrating problems of unpredictability when applying existing frameworks for cross-border insolvency to the MEG case. It suggests that the model proposed in this work improves predictability. As the variety of linking mechanisms proposed is matched to typical cases of MEG insolvency, the possible solutions are sufficiently generalized and so improve clarity. It also makes the rules generally foreseeable by voluntary creditors. There are clear distinctions between the different linking mechanisms, mainly the procedural and substantive consolidation, and centralization versus other ‘lightweight’ global linking tools. Certainly, this should be accompanied by a clear standard for ascertaining the ‘home country’ of the MEG for the purpose of centralizing proceedings where appropriate. It is suggested that the operational head office as key factor produces a rather unequivocal and stable home country standard.

Keywords:   certainty, predictability, voluntary creditors, operational head office

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