Font Size: a A A

Application Of Substantive Consolidation In The Cross-Border Insol Vency

Posted on:2012-02-25Degree:MasterType:Thesis
Country:ChinaCandidate:Y H FanFull Text:PDF
GTID:2166330335458077Subject:International Law
Abstract/Summary:PDF Full Text Request
Substantive Consolidation is as opposed to the traditional approach"atomistic",it allows the general creditors of the various entities to share in a common pool of assets; it often simplifies a reorganization and wins broad support among the creditors. Although Substantive Consolidation is considered a corner ignored by some laws, it is not a new topic. It will cause problems not only for domestic company law and bankruptcy law but the international rules, especially in an era of multinational groups, however, application of substantive consolidation in cross-border cases is more complex than at home, which is the focus of this paper.The full paper includes three major components: introduction, body and conclusion, a total of five chapters.Chapter 1. Introduction. First of all, describe the background and significance of the topics, and then describe the idea of this paper, the study methods and research methods, finally introduces the aim of this paper, that is offering a tool to fulfill the objective of fair treatment of creditors and efficiency in transnational group insolvency.Chapter 2. Related concepts and summarized, It starts with the concept of substantive consolidation, This chapter will compare substantive consolidation with other related approaches. Then it analyzes the history of substantive consolidation combined with American case law, finally focus on adequacy and possibilities of substantive consolidation applied in the cross-border cases.Chapter 3. Application of substantive consolidation in transnational group insolvency. This part analyzes two major factors needs to consider when substantive consolidation applied in the cross-border cases. Then illustrates its specific principles, scope, conditions, procedures and effect. Finally, it introduce less radical approaches relative to substantive consolidation .Chapter 4. Case analysis of substantive consolidation applied in transnational group insolvency. This part take the bankruptcies of BCCI and Bramalea for example to illustrate when transnational group becomes insolvent which has subsidiaries in different jurisdictions, and a high degree of integration, with the consent of the liquidator or creditors, it can be managed as a single entity,The Chapter 5 servers as a conclusion of the demonstration above. In the presence of extraordinary circumstances, judges should however, as a matter of principle, be allowed, ready, and willing to approve a consolidated scheme whenever this appears appropriate.
Keywords/Search Tags:substantive consolidation, the cross-border insolvency, transnational group
PDF Full Text Request
Related items