Recognition of Restructuring Plans under the UNCITRAL Model Law on Cross-Border Insolvency

Dr. Abbas Abbasov

doi:10.5771/9783748967675

Zusammenfassung

Die Arbeit analysiert die Anerkennung von Restrukturierungsplänen nach dem MLCBI und fokussiert sich dabei auf zwei Rechtsordnungen: England und die USA. Sie stellt die Gibbs-Regel dem Ansatz nach Kapitel 15 gegenüber und versucht, einen ausgewogenen Rahmen zu entwickeln, der die Interessen des Schuldners und der widersprechenden ausländischen Gläubiger in Einklang bringt. Im Gegensatz zur Gibbs-Regel macht dieser Rahmen die Anerkennung einer Schuldenentlastung in ausländischen Restrukturierungsverfahren nicht davon abhängig, dass die Restrukturierung des Schuldners nach dem für diese Schulden geltenden Recht durchgeführt wird. Stattdessen konzentriert er sich auf die Beurteilung der materiellen Fairness in der Anerkennungsphase als Teil der Schutzklausel „angemessener Schutz” gemäß MLCBI. Dieser Titel erscheint auch Open Access.

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Bibliographische Angaben

Copyrightjahr: 2026
ISBN-Print: 978-3-7560-3612-7
ISBN-Online: 978-3-7489-6767-5
Verlag: Nomos, Baden-Baden
Reihe: Schriften zur Restrukturierung
Band: 38
Sprache: Englisch
Seiten: 246
Produkttyp: Monographie

Inhaltsverzeichnis

KapitelSeiten

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1. Acknowledgements
2. List of Abbreviations
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1. I. Introduction to the Topic
2. II. Research Problem
3. III. Definitions and Limitations
4. IV. Structure of the Research
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1. 1. 1. a) The Insolvency Approach
    2. b) The Contractual Approach
  2. 1. a) The Insolvency Approach
    2. b) The Contractual Approach
  3. 1. a) Domestic Context
    2. b) Cross-Border Effects
2. 1. 1. Comity
  2. 2. Unity Versus Plurality
  3. 1. a) Advantages of Universalism
    2. b) Main Features of Universalism
    3. c) Implementation of Universalism: A Need for a Global Consensus
  4. 4. Modified Universalism
  5. 5. Mutual Trust
3. 1. 1. a) Objectives and Scope
    2. b) Choice-of-Forum and Choice-of-Law
    3. c) Cross-Border Effects Within the EU
  2. 1. a) Objectives and Scope
    2. b) Choice-of-Forum
    3. c) Recognition and Its Effects
    4. d) Modified Universalism and the MLCBI
  3. 1. a) Objectives and Scope
    2. b) Recognition and Enforcement
    3. c) Safeguards and Their Relevance for the Research
4. IV. Summary
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1. 1. 1. a) Nature of Proceedings
    2. b) Plan Content, Voting, and Confirmation
    3. c) Effects of Confirmation
    4. d) Creditor Rights
  2. 2. Facts
  3. 1. a) Recognition in England
    2. b) Recognition in the US
2. 1. 1. a) Introduction to the CBIR
    2. 1. (1) Facts
        (2) Reasoning
      2. (1) Recognition of a Foreign Bankruptcy Discharge of an English Law-Governed Debt
        (2) Recognition of a Foreign Bankruptcy Discharge of a Debt Governed by That Foreign Law
        (3) Recognition of a Foreign Bankruptcy Discharge of a Debt Governed by Another Foreign Law
        (4) English Bankruptcy Discharge of a Foreign Law-Governed Debt
      3. cc) The Gibbs Rule and the CBIR
      4. (1) Arguments Against the Gibbs Rule
        (2) Arguments in Favour of the Gibbs Rule
    3. 1. aa) Background: Cambridge Gas
      2. (1) Disapproval of Cambridge Gas and Adherence to the Traditional Rule
        (2) Enforcement of Foreign Insolvency-Related Judgments under the CBIR
        (3) Submission to Foreign Proceedings
      3. cc) Reception
  2. 1. a) Introduction to Chapter 15
    2. b) Historical Background: Gebhard
    3. 1. aa) General Requirements for Recognising Foreign Judgments
      2. (1) Recognition of Foreign Proceedings
        (2) Post-Recognition Relief
    4. 1. aa) Metcalfe
      2. bb) Avanti
      3. cc) Agrokor
      4. dd) Vitro
      5. ee) Bakrie
      6. ff) Summary
  3. 3. Comparative Summary
3. 1. 1. a) Advantages
    2. b) Disadvantages
  2. 1. a) Advantages
    2. b) Disadvantages
4. IV. Towards a Balanced Model
5. V. Summary
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1. 1. 1. Introduction to the Public Policy Doctrine
  2. 1. 1. aa) Role of Public Policy
      2. bb) Public Policy and Overriding Mandatory Provisions
      3. cc) Public Policy and Procedural Fairness
    2. b) Problematic Aspects of Public Policy
    3. 1. aa) Limited Application
      2. (1) Proximity to the Forum
        (2) Worthiness of Protection
        (3) Seriousness of the Breach
  3. 1. 1. aa) Toft
      2. bb) Qimonda
      3. cc) Vitro II
    2. b) The Public Policy Exception in Other Jurisdictions Implementing the MLCBI
    3. 1. aa) Limited Application
      2. bb) Premature Consideration and Misinterpretation of the Purpose
2. 1. 1. 1. aa) Means of Notice
      2. bb) Adequacy of Notice
    2. 1. aa) Lodging Claims
      2. bb) Right to Information
      3. cc) Participation and Voting in Creditors’ Meeting
      4. dd) Illustrative Example: Bakrie
    3. c) Right to Contest
  2. 2. Right of Appeal
  3. 3. Non-Discrimination of Foreign Creditors
  4. 4. Absence of Arbitrariness
  5. 5. Absence of Fraud
3. III. Summary
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1. 1. 1. Substantive Fairness in Insolvency Proceedings
  2. 1. a) Value Available for Distribution
    2. b) Restructuring Measures
    3. c) Non-Consensual Alteration of Substantive Rights
    4. d) Post-Restructuring Contributions
    5. e) Classification
  3. 3. Summary
2. 1. 1. a) Impairment, Class Composition, and Voting Thresholds
    2. 1. aa) Dissenting Individual Creditors
      2. (a) Class of Secured Claims
        (aa) Historical Background
        (bb) Consensual Deviations from the APR: Valuation of the Debtor
        (cc) The New Value Exception to the APR
        (dd) Attempts at Non-Consensual Deviations from the APR
        (a) Forms and Rationales of Discrimination
        (b) Unfairness of Discrimination: Different Approaches and Tests
    3. c) Summary
  2. 1. 1. aa) Voting Thresholds and Effects of Approval
      2. bb) The Unfair Prejudice Challenge
    2. 1. aa) Class Composition, Voting Thresholds, and Effects of Confirmation
      2. bb) Fairness Assessment
    3. 1. aa) Class Composition, Voting Thresholds, and Effects of Confirmation
      2. (a) Condition A
        (b) Condition B
        (a) Early-Stage Academic Discussion
        (aa) Fairness Framework with Respect to Dissenting Classes of Creditors
        (bb) Retention of Equity by Old Shareholders
        (c) Developments in the Literature and Case Law Following Adler
    4. d) Summary
  3. 1. a) Dissenting Individual Creditors
    2. b) Dissenting Classes of Creditors
    3. 1. aa) Arguments in Favour of the RPR
      2. bb) Arguments Against the RPR
  4. 4. Comparative Summary
3. III. Summary
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1. 1. 1. 1. aa) A Single International Court and a Single International Law
      2. bb) A Uniform Set of Choice-of-Forum and Choice-of-Law Rules
    2. 1. aa) Difference from Universalism
      2. (1) Practical Feasibility
        (aa) Examples from the US and England
        (bb) Jurisdictions with Less Developed Restructuring Frameworks
        (cc) Interim Conclusion
        (aa) Risk of a Bias Towards Foreign Parties
        (bb) Potentially Unfamiliar Foreign Legal Concepts
        (c) Ensuring Substantive Fairness Through the Entire Process
        (d) Summary
    3. 1. aa) Difference in the Purpose
      2. bb) Narrow Application of the Public Policy Exception
      3. cc) Proximity to the Forum
  2. 1. a) Distinctive Approach to Restructuring Proceedings under the MLCBI
    2. 1. aa) Language of Article 22 (1) of the MLCBI
      2. bb) Article 22 (1) in the Broader Context and Structure of the MLCBI
      3. cc) Chapter 15 Case Law
      4. dd) Existing Literature
  3. 3. Summary
2. 1. 1. 1. aa) Private International Law Context
      2. bb) Modified Universalism
    2. 1. aa) Effect on Substantive Rights
      2. bb) Opposition at the Recognition Stage
      3. cc) Exclusion of Local Creditors of Foreign Proceedings
      4. dd) Exhaustion of All Remedies in Foreign Proceedings
      5. ee) Focusing on the Treatment of the Opposing Creditor
      6. ff) Burden of Proof
      7. gg) Costs
  2. 1. 1. aa) Difference Between a Full Révision au Fond and a Substantive Fairness Review
      2. bb) Relative Nature of Substantive Fairness
      3. cc) Comparison with Another Jurisdiction
      4. dd) Chapter 15 Case Law
    2. 1. (1) Non-Discrimination of Creditors
        (2) Purpose of Article 22 (1)
        (3) Debt-Oriented Nature of Restructuring Proceedings
      2. (1) Potential COMI Shift
        (2) Recent Proposals for Flexible Choice-of-Forum Rules
      3. cc) Reconciling the Gibbs Rule and Modified Universalism
      4. dd) Support in the Literature
      5. (1) Overview
        (a) Doctrinal Aspect
        (b) Practical Difficulties
        (a) Benchmark Function of the Governing Law of the Contract
        (b) Intervention at the Recognition Stage
  3. 1. a) General Restructuring Framework of the Governing Law of the Contract as a Benchmark
    2. b) Overriding Mandatory Provisions of the Governing Law of the Contract as a Benchmark
    3. c) Hypothetical Proceedings under the Governing Law of the Contract as a Benchmark
  4. 1. a) Material Difference
    2. b) Flexible Approach
  5. 5. Summary
3. 1. 1. England
  2. 2. The US
4. 1. 1. Certainty
  2. 2. Forum Shopping
  3. 3. Fraud
  4. 4. Fairness in Domestic Proceedings
5. V. Summary
G. ConclusionSeiten 235 - 236 Download Kapitel (PDF)
BibliographySeiten 237 - 246 Download Kapitel (PDF)