Recognition of Restructuring Plans under the UNCITRAL Model Law on Cross-Border Insolvency
Modified Universalism, the Gibbs Rule, and the “Adequate Protection” Safeguard
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Beschreibung
This doctoral thesis analyses the recognition of restructuring plans under the MLCBI, focusing on two jurisdictions: England and the US. It contrasts the Gibbs rule with the approach followed under Chapter 15 and seeks to develop a balanced framework that reconciles the interests of the debtor and dissenting foreign creditors. Unlike the Gibbs rule, this framework does not make the recognition of a debt discharge in foreign restructuring proceedings conditional upon the debtor’s restructuring being conducted under the law governing that debt. Instead, it focuses on the assessment of substantive fairness at the recognition stage as part of the “adequate protection” safeguard under the MLCBI to ensure the fair treatment of foreign creditors.
Autor*in
Abbas Abbasov
Themen in »Recognition of Restructuring Plans under the UNCITRAL Model Law on Cross-Border Insolvency«
Anerkennung der Schuldentilg bench-mark law creditor protection Cross-border restructuring Gläubigerschutz grenzüberschreitende Umstrukturierung materielle Gerechtigkeit öffentliche Ordnung procedural fairness public policy recognition of debt discharge Referenzrecht substantive fairness Verfahrensgerechtigkeit