International Insolvency Law, Volume X
prof.dr. B. Wessels
Wessels International Insolvency Law aims to be a first port of call on any question on international insolvency law for specialists (such as practitioners, judges and scholars), but also for those who are rather new to the subject, including legislators and students. It contains five themes.
The publication starts in Chapter I with a detailed account of topics which nearly always emerge from cross-border insolvency cases and continues the debate on principles and new dogmatic and pragmatic approaches to issues and disputes on international insolvency law, including several remarkable court decisions. Regional conventions (in Latin-America, the Nordic European countries, the OHADA Treaty in Central Africa) have been explained and several of the 'soft law' sources have been described. These include best practice rules from organizations such as INSOL International and UNCITRAL's Legislative Guide on Insolvency Law, including its recommendations for the treatment of corporate groups, and the use of Protocols or cross-border insolvency agreements.
In Chapter II the status of international insolvency law in the Netherlands has been updated. Despite the EU Insolvency Regulation being applicable to intra-community cases since May 2002, Articles 203-205 of the Dutch Bankruptcy Act remain relevant for cross-border cases with third-(non-EU)countries as will the general application by courts in the Netherlands of private international law, as demonstrated in cross-border legal disputes related to the insolvent Russian corporate giant Yukos Oil Company having shares in a company, incorporated in the Netherlands, which holds large assets in several countries.
In Chapter III in this third edition the main topic is the UNCITRAL Model Law on Cross-Border Insolvency of 1997 and the consideration to weigh when a State is in the proces of enacting it. The analyses of the Model Law could be broadened and deepened with a short analysis of some fifty USA and UK cases and a selection of the ever growing literature, mainly from sources in the USA and the UK.
Chapter IV is an extensive treatment of the EU Insolvency Regulation. Account has been given to the enormous volume of literature (mainly from the Netherlands, Austria, Belgium, England, France and Germany). The other important source are court cases. Since the last edition some 350 cases have been included on many of the (detailed) questions that come up in practice. Special attention in this chapter has been given to the main themes in recents debates, such as the definition of "collective insolvency proceedings", the meaning of the term centre of main interest (COMI), including the treatment of group insolvencies, the system of conflict of law rules in the EU Insolvency Regulation, the rather complicated system of recognition and enforcement of other (insolvency related) judgments and practical tools and recommendations for communication and cooperation in cross-border insolvency cases.
The law is stated as per September 1, 2011. A comprehensive bibliography and a list of relevant websites is included.
The book (in English) also appears as Volume X in the (Dutch) series Wessels Insolventierecht.