Home » Articles » Recognition and Enforcement in Cross-Border Insolvency Law: A Proposal for Judicial Gap-Filling

Recognition and Enforcement in Cross-Border Insolvency Law: A Proposal for Judicial Gap-Filling

PDF · Sandeep Gopalan & Michael Guihot · Nov-30-2015 · 48 VAND. J. TRANSNAT'L L. 1225 (2015)

Sandeep Gopalan is a Dean and Professor of Law at Deakin University. Michael Guihot is a Senior Lecturer in Law at Queensland University of Technology. Their article addresses the need to fill the gaps of cross-border insolvency law to increase efficiency, fairness, and predictability in insolvency proceedings.

The globalization of business activity means that businesses these days have contacts with a diverse array of national laws and legal systems. In this globalized context, insolvencies can often have transnational consequences. In such situations, there is a clash of competing national laws on questions ranging from the recognition of security interests, to processes related to the disbursal of assets, and there are different policy preferences underlying the protection of different kinds of creditors.

These clashes in the law pose difficulties because each country has framed its insolvency laws in response to particular political exigencies and the policy preferences of its citizens, and the various laws reflect different bargains between creditor and debtor protection. In their article, Gopalan and Guihot argue that despite its enormous financial importance and academic complexity, cross-border insolvency law remains in a state of confusion.

The authors analyze the recognition and enforcement of cross-border insolvency judgments from the United States, United Kingdom, and Australia to determine whether the UNCITRAL Model Law’s goal of modified universalism is currently being practiced. The authors then subject the Model Law to analysis through the lens of international relations theories to elaborate a path forward. The authors suggest that courts could use the express language of the Model Law text to confer recognition and enforcement of foreign insolvency judgments. The adoption of this proposal has the potential to reduce costs, maximize recovery for creditors, and ensure predictability for all parties.




2 Responses to “Recognition and Enforcement in Cross-Border Insolvency Law: A Proposal for Judicial Gap-Filling”

  1. Hey! It seems as though we both have a interest for the same
    thing. Your blog, “Recognition and Enforcement in Cross-Border Insolvency Law: A Proposal for Judicial Gap-Filling ” and mine are very similar.

    Have you ever thought of writing a guest write-up for a related website?
    It will unquestionably help gain publicity to your blog (my website recieves a lot of traffic).
    If you happen to be interested, e-mail me at: dillongaddy@fmailbox.com.

    Thanks

    posted on March 25th, 2017 at 4:33 pm
  2. I just like the helpful info you provide in your articles. I will bookmark your weblog and check again right here frequently. I am reasonably certain I’ll learn many new stuff proper right here! Best of luck for the following!|

    posted on August 30th, 2017 at 9:25 am

Leave a Reply


ExpressO Top 10 Law Review


ANNOUNCEMENTS

Vanderbilt University Law School Professor Michael A. Newton’s 2016 VJTL Article entitled How the International Criminal Court Threatens Treaty Norms  was cited by the International Criminal Court prosecutor’s November 2017 filing seeking investigation into war crimes in Afghanistan.

May 2018 Issue on the Second Israel Defense Forces International Conference on the Law of Armed Conflict. Read more about the Journal’s May 2018 issue here.

Thank you to everyone who attended the Journal’s 50th Anniversary celebration on October 5, 2017! View photos from the event here and read about the Journal’s history here.

Connect with the Vanderbilt Journal of Transnational Law on LinkedIn.

The Journal is pleased to listed as the #5 International Law Journal by the 2017 Washington and Lee Law Journal Rankings.

The Journal is pleased to announce the 2017-2018 Board of Editors: here

The Journal is very excited about the success of our February 2017 Symposium, “Sovereign Conduct on the Margins of the Law.” Read more about our February 2017 Symposium here

Please join us in congratulating the Vanderbilt Journal of Transnational Law 2017-2018 Write-On Competition Winners.

Video is available from the Vanderbilt Journal of Transnational Law’s 2015-2016 SymposiumThis is Not a Drill: Confronting Legal Issues in the Wake of International Disasters. Watch here.

Explore Other Vanderbilt Law Resources