The Future of Cross-Border Insolvency
Overcoming Biases and Closing Gaps
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Product details:
- Publisher OUP Oxford
- Date of Publication 8 March 2018
- ISBN 9780198782896
- Binding Hardback
- No. of pages316 pages
- Size 239x164x24 mm
- Weight 638 g
- Language English 30
Categories
Short description:
A fresh and insightful guide to post-financial crisis cross-border insolvency, this book interrogates the current regime and sets out a definitive guideline for enhancing future practice.
MoreLong description:
A fresh and insightful guide to post-financial crisis cross-border insolvency, this book interrogates the current regime and sets out a framework for improving its future. In recent decades, and especially since the global financial crisis, a number of important initiatives have focused on developing the mechanisms for managing the insolvency of multinational enterprises and financial institutions. The book considers the effectiveness of the current system and identifies the gaps that could be bridged by adopting certain strategies and tools, to improve the system further.
The book first discusses the theoretical debate regarding cross-border insolvency and surveys the strengths and weaknesses of the prevailing method-modified universalism in its application to both commercial entities and financial institutions, consequently identifying a single set of emerging norms. The book argues that adhering to these norms more robustly would enhance global welfare and produce the best outcomes for businesses and institutions.
By drawing upon sources from international law as well as behavioural and economic theory, the book offers a blueprint for meeting the demands of future cross-border insolvencies. It considers how to translate modified universalism into binding international law and how to choose the right instrument for cross-border insolvency as well as the impact that instrument design has on decisions and choices. It explores how to encourage compliance and proposes mechanisms that could potentially overcome, or at least take into account, behavioural biases in decision-making.
This book offers a range of important reflections on the future development of this area of law and the analysis is persuasive. The material is rigorously researched, as is evident from the extensive referencing and numerous examples from cases around the world, and it puts forward some strongly argued and insightful points. ... This is a book that gives optimism for the future development of scholarship in this area of law.
Table of Contents:
Modified Universalism To Date
The Debiasing Role of the Cross-Border Insolvency System
Modified Universalism as Customary International Law
Instrument Choice and Design
A Normative Framework for Promoting Compliance
Assessment of International Instruments
Conclusion: The Future of Cross-Border Insolvency