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International Corporate Rescue

Journal Issues

  • Vol 1 (2004)
  • Vol 2 (2005)
  • Vol 3 (2006)
  • Vol 4 (2007)
  • Vol 5 (2008)
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  • Vol 17 (2020)
  •         Issue 1
  •         Issue 2
  •         Issue 3
  •         Issue 4
  •         Issue 5
  •         Issue 6
  • Vol 18 (2021)
  • Vol 19 (2022)
  • Vol 20 (2023)
  • Vol 21 (2024)
  • Vol 22 (2025)

Vol 17 (2020) - Issue 1

Article preview

Bringing Non-EU Insolvencies to Germany: Really so Different from the UNCITRAL Model Law on Cross-Border Insolvency?

Professor Dr. Stephan Madaus, Professor of Civil Law, Anna K. Wilke LL.M. oec., Associate, and Philipp Knauth, Associate, Martin Luther University Halle-Wittenberg, Germany

Synopsis

After almost any type of Brexit, English restructuring and insolvency proceedings are likely to fall outside the scope of the European Insolvency Regulation (EIR). In addition, non-EU restructuring hubs like Singapore market their jurisdictions prominently in the EU market while even the US legislator is considering the addition of a scheme-like process to the US Bankruptcy Code. The recognition of such third country proceedings within the EU and in particular in Germany will not follow the mechanisms of the EIR but fall within the scope of the respective national framework of international insolvency law. While a handful of EU member states have oriented their legislation to the consistent requirements of the UNCITRAL Model Law on CrossBorder Insolvency, Germany did not follow this path and instead created autonomous rules for recognition and cooperation. The following article will compare the respective recognition requirements and mechanisms and ultimately show that the German rules are clearly more recognition-friendly and overall do not fall short of the standard set by the Model Law. Non-EU main restructuring and insolvency proceedings including their plans – in particular US Chapter 11 plans – are routinely recognised in Germany without any need for court involvement. The recognition of schemes would depend on the way the rules governing them are structured.

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International Corporate Rescue

"International Corporate Rescue is a must-have of the most current substantive law developments in restructuring and insolvency law. Covering legislative overviews and novelties, case reviews and analyses of cross-border controversies, it is a concise, accessible and insightful collection of leading articles from respected lawyers and academics from all over the world."

Prof. Em. Bob Wessels, University of Leiden, Leiden

 

 

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