cross border insolvency cases

Posted on August 23, 2020 August 23, 2020; by CBCL [By Nidhi Thakur and Akshita Tiwary] The authors are students at Government Law College, Mumbai. case is the principle of (modified) universalism, which has been the golden thread ... cross-border insolvency, South Africa enacted the Model Law as the Cross-Border Insolvency Act 42 of 2000 on December 8, 2000. The UNCITRAL Model Law on Cross-Border Insolvency, Hong Kong and the Commonwealth. However, the existing provisions do not provide a comprehensive framework. The Court reiterated that the common law power of assistance is subject to the following limitations: If a creditor commences garnishee proceedings in Hong Kong before the commencement of the foreign insolvency proceedings, the garnishee proceedings should be terminated, regardless of whether the creditor had obtained a garnishee order, Even if a creditor has obtained a garnishee order. EU courts can now rely on soft law principles for cooperation in cross-border insolvency cases, which are to complement the EIR recast and the Proposal for an Insolvency Directive. Cross-border insolvency occurs when a debtor has assets in more than one state, or where a ... be increasing used given that the recent global recession “resulted in an upswing of cross-border insolvency cases,” see Look Chan Ho, Cross-Border Insolvency: A Commentary on the UNCITRAL Model Law, 3d ed (London: Globe Business Publishing UK, 2013) at 5. Cross-Border Insolvency [hereinafter in text "Model Law"], which many nations have since adopted. The benefit of communications between courts in interna-tional proceedings has been recognized by the United Nations through the Model Law on Cross-Border Insolvency devel-oped by the United Nations Commission on International We use essential cookies to operate our website. The underlying petition had been filed by two European creditors of the group, which asserted claims of unpaid dues worth INR280 crore ($37 million), prompting the Dutch court to order the seizure of one of Jet’s Boeing 777 aircrafts that was parked at Schiphol airport in Amsterdam. Home » First cross-border insolvency case recognising Mainland China administrators in Hong Kong. We can use your selection to show you more of the content that you’re interested in. India's Insolvency and Bankruptcy Code, 2016 (Code) consists of two provisions (sections 234 and 235) which deal with the issue of cross border insolvency. If the proceedings are such, the Hong Kong Court will offer assistance to foreign liquidators by applying Hong Kong insolvency law. Netherlands insolvency law does not allow for cooperation with insolvency administrators in non-EU matters, which are beyond the scope of the EU Insolvency Regulation, though the Dutch Supreme Court has in the past allowed a foreign insolvency administrator to effectively exercise its powers in the Netherlands. There was an increase in cases relating to cross border insolvency in India which ultimately resulted in the issue of a CASE LAWS ON APPLICATION OF THE MODEL LAW OF CROSS BORDER INSOLVENCY. Moreover, the absence of predictability in the handling of cross-border insolvency cases impedes capital flow and is a disincentive to cross-border investment. Thus in case the domicile of a company is at one place and the company is carrying out its core business operations in another states the corporation shall be deemed to be a citizen of both states. Cross-border and Insolvency Litigation We have substantial experience working on cross-border insolvency litigation on behalf of foreign liquidators in pursuing third-party claims against insiders, law firms, auditors, and banks based in the United States. 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