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UN Model Law On Cross-border Insolvency And Its Influence

Posted on:2012-11-28Degree:MasterType:Thesis
Country:ChinaCandidate:Y Q LiuFull Text:PDF
GTID:2166330332496912Subject:Law
Abstract/Summary:PDF Full Text Request
At the beginning of this paper, the writer introduced the concept and scope of cross-border insolvency. By comparing the two long existed theory: territorialism and universalism, one may start to comprehend the conflicts behind the opposite theories. As their extended theories, cooperative territorialism and modified universalism both take certain stand as guidance to practical manner. Though at the end of day, modified universalism prevail because of its advantage of treating foreign creditor equal.Then the writer address another three relatively isolated topics as each chapter, to solve the problem raised by cross-border insolvency cases, one is required to bear some basic knowledge on academic theory and practical domestic and international of bankruptcy law.After thoroughly research of the insolvency legal scholar, United Nations Commission on International Trade Law promulgates its Model law on cross border insolvency under the principle of modified universalism . By analyzing the Model law and its unique regulation, such as how to recognize foreign procedure efficiently and the remedy the home court will provide, the write intend to explain, under the modern world insolvency structure, how to maximize the debtors'assets and protect the creditor worldwide.After given a brief introduction of Chapter 15 in Part 3 of the paper, I emphasize on how the court interpret the concept of"center of main interests"through two cases. As the core concept of a cross-border insolvency case, COMI determines whether a foreign forum judgment is consider as a"foreign main proceeding"or a"foreign nonmain proceeding", consequently, lead to different levels of protection of the debtors within a country's territory.In the final chapter, by introducing the article 5 of the new PRC Bankruptcy Law which first officially establish the nationwide regulation related to cross-border insolvency, the write want to prove, though already making some progress, more specific rules are required to solve the cross border insolvency matters among mainland China, Macao and Hong Kong.
Keywords/Search Tags:Cross-border Insolvency, Territorialism, Universalism, UN Model Law
PDF Full Text Request
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