South African Creditors May Wield the Gibbs Rule to Confront an Italian Pre-Insolvency Statutory Restructuring Composition

IF 0.1 Q4 LAW
Alastair Smith, A. Boraine
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Abstract

This article summarises the judgment in Cooperativa Muratori & Cementisti & others v Companies and Intellectual Property Commission & others, in which the Supreme Court of Appeal confirmed the statutory denial of business rescue to external companies and refused to recognise and apply the Italian restructuring process in South Africa. The article then discusses the private international law (conflict of laws) on the discharge of a contract by a foreign sequestration or liquidation, and the statutory novation of the contract by a foreign pre-insolvency composition or restructuring. Central to the debate over characterisation and choice of law (between contract or insolvency) is the effect of the Gibbs rule, a long-standing feature of the law of the United Kingdom, South Africa, and several other countries, but increasingly controversial because of contemporary ideas of cross-border insolvency law. The article argues for an approach based on contract and company law rather than insolvency law, because pre-insolvency proceedings, by definition, do not involve a winding-up order or a liquidation process, and, if timely and successful, prevent both. The South African private international law on the recognition of a foreign pre-insolvency statutory composition or restructuring as a foreign judgment may thus need to be reconsidered.
南非债权人可以运用吉布斯规则来对抗意大利破产前的法定重组组成
本文总结了Cooperativa Muratori & Cementisti & others v Companies and Intellectual Property Commission & others的判决,其中最高上诉法院确认了对外部公司进行商业救助的法定拒绝,并拒绝承认和适用意大利在南非的重组程序。然后,文章讨论了国际私法(法律冲突)关于通过外国扣押或清算解除合同,以及通过外国破产前组成或重组对合同进行法定更新。关于特征和法律选择(在合同或破产之间)的辩论的核心是吉布斯规则的影响,这是英国,南非和其他几个国家法律的长期特征,但由于当代跨境破产法的思想,争议越来越大。本文主张采用一种基于合同法和公司法而不是破产法的方法,因为根据定义,破产前程序不涉及清盘令或清算程序,而且,如果及时和成功,可以防止这两者。因此,关于承认外国破产前法定组成或重组为外国判决的南非国际私法可能需要重新审议。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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