International Insolvency
International insolvency regulates the treatment of financially distressed debtors where such debtors have assets and liabilities in more than one country.
Usually, international insolvency has more to do with the insolvency of companies that operate in more than one country rather than the personal bankruptcy of individuals.
With globalisation on the increase, the obstacles to international investment and business continue to be removed. The inherent risks and complications, however, of carrying out international business remain. As a result, insolvency practitioners in England and Wales are increasingly having to deal with the recovery and realisation of assets situated overseas as well as claims by foreign entities to the assets of an insolvent company or individual in England and Wales.
Many of the companies that enter insolvency every day have some cross-border element and many involve offshore jurisdictions. As a result of the growth in cross-border insolvency, there has been a corresponding increase in the various sources of law to resolve the legal issues.
Our Insolvency team often represents appointment takers, creditors and other stakeholders in cross-border insolvency matters, typically focusing on the recognition of foreign insolvency officials and their powers, and issues relating to choice of law rules, jurisdiction rules and rules as to the enforcement of judgments.
Our team has dealt with and negotiated the challenges of multi-jurisdictional insolvency, often cooperating with insolvency officials and other interested parties overseas, in order to provide clients with a coherent strategy and a creative solution that suits their needs.
Our Areas of Expertise include:
- Advising on EC Insolvency Regulation
- Advising on UNCITRAL Model Law
- Chapter 7 Bankruptcy Code liquidations
- Chapter 15 applications in the US
- Bankruptcy investigations
- Issues as to COMI to determine the main insolvency proceedings
- Section 426 IA 1986 assistance applications
- Official Creditors Committee Representation
- Offshore insolvency proceedings
- Schemes of arrangement
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