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The Future of Cross-Border InsolvencyOvercoming Biases and Closing Gaps$
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Irit Mevorach

Print publication date: 2018

Print ISBN-13: 9780198782896

Published to Oxford Scholarship Online: April 2018

DOI: 10.1093/oso/9780198782896.001.0001

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Assessment of International Instruments

Assessment of International Instruments

Chapter:
(p.211) 6 Assessment of International Instruments
Source:
The Future of Cross-Border Insolvency
Author(s):

Irit Mevorach

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198782896.003.0006

This chapter assesses the key international instruments for cross-border insolvency, primarily the Model Law on Cross-Border Insolvency (the MLCBI), and the related cross-border aspects of insolvency addressed in the Insolvency Standard. It also tentatively analyses the developments of additional instruments regarding enterprise groups and the enforcement of insolvency-related judgments. It considers how the MLCBI and complementary instruments fit into the normative framework proposed in the book. It asks to what extent the instruments follow modified universalism norms, thus contributing to the crystallization and development of customary international law (CIL). It also assesses: the choice of instrument; whether there are any issues with the design of the instruments taking into account the bounds on decision-making; and whether the instruments support the required levels of targeted harmonization to incentivize compliance. This chapter also assesses the specific instruments and measures that attempt to address the cross-border insolvency of multinational financial institutions (MFIs), particularly the Key Attributes, supporting principles, and contractual solutions.

Keywords:   Model Law on Cross-Border Insolvency (MLCBI), UNCITRAL, Legislative Guide, Key Attributes, ISDA, international instruments, enforcement of judgments, enterprise groups, financial institutions

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