A Solution For Competing Foreign Insolvency Proceedings
Law360, New York (September 28, 2016, 3:24 PM EDT) -- Laura Femino
The rise of multinational business has brought with it new complexity in cross-border restructurings, adding risk and uncertainty to a relatively underdeveloped area of law. In particular, uncertainty over a debtor’s home jurisdiction for purposes of insolvency proceedings — termed its “center of main interests,” or COMI — has allowed minority creditors to commence competing insolvency proceedings in foreign courts that jeopardize otherwise centralized restructurings. These competing foreign proceedings threaten to destroy value for both debtors and stakeholders alike.
While cross-border insolvency law is still developing to address these risks, this article proposes a contractual solution for...
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