International Insolvency Review最新文献

{"title":"Arbitration in cross-border insolvency proceedings: The Chinese perspective","authors":"Yingxiang Long,&nbsp;Rebecca Parry","doi":"10.1002/iir.1564","DOIUrl":"https://doi.org/10.1002/iir.1564","url":null,"abstract":"<p>The approach to recognition and assistance in cross-border insolvency proceedings in China has tended to be restrictive. In contrast, the approach of Chinese courts to foreign arbitrations has been different. Arbitration has been the favoured means of dispute resolution in China's efforts to participate in world trade and the global economy after 1978. Accordingly, the arbitration legal system has advanced relatively quickly in line with international norms set out under the New York Convention. There are good prospects for recognition of foreign arbitral awards in China and arbitration is well integrated with China's domestic insolvency system. In contrast, China's attitude towards foreign insolvencies remains cautious, even in spite of an arrangement with the Hong Kong Special Administrative Region. We consider how foreign arbitrations might fare in Chinese insolvencies. We also consider whether the openness to international arbitrations can ameliorate any aspects of the presently restrictive approach to cross-border insolvencies.</p>","PeriodicalId":53971,"journal":{"name":"International Insolvency Review","volume":"34 1","pages":"77-102"},"PeriodicalIF":0.5,"publicationDate":"2025-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/iir.1564","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144074195","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Personal bankruptcy reform in Switzerland: Transition from first-century Cessio to twenty-first century discharge","authors":"Jason J. Kilborn","doi":"10.1002/iir.1562","DOIUrl":"https://doi.org/10.1002/iir.1562","url":null,"abstract":"<p>The Swiss personal bankruptcy procedure today bears a striking resemblance to the 2000-year-old ancient Roman form of debt relief called <i>cessio bonorum</i>. But not for long. Switzerland is finally ready to join its European neighbors in abandoning this outmoded Roman approach to overindebtedness, modernizing its personal insolvency law to make real debt relief more available, more effective, and more suitable to the 21st century. This article describes the surprising parallel between the ancient Roman procedure and current Swiss personal bankruptcy practice. It reveals why this antiquated approach is ineffective to achieve the modern goals of personal insolvency policy. It then describes how current law elsewhere pursues these goals, examining the increasingly liberal personal debt relief procedures in neighboring Austria, Germany, France, Italy, and Liechtenstein as comparative foils for an evaluation of the pending Swiss reform proposal. Judging by the formal, recorded reactions of the political parties and cantons to this well-structured proposal, Swiss lawmakers seem poised to usher their personal bankruptcy law into the modern era at long last.</p>","PeriodicalId":53971,"journal":{"name":"International Insolvency Review","volume":"34 1","pages":"48-70"},"PeriodicalIF":0.5,"publicationDate":"2025-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/iir.1562","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144074184","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Insolvency assistance outside the Model Law: Section 426 of the UK Insolvency Act 1986","authors":"Gerard McCormack","doi":"10.1002/iir.1561","DOIUrl":"https://doi.org/10.1002/iir.1561","url":null,"abstract":"<p>This article critically examines s426 Insolvency Act 1986 and its position in the UK’s Cross Border insolvency firmament. It traces the origins of s426 to a recommendation of the 1982 Cork Committee and notes that it replaced s122 Bankruptcy Act 1914 while giving the substantive provisions a more contemporary feel and modern gloss. The article notes limitations on the operation of s426 in that it only applies to cooperation between courts and then only courts in designated countries and territories. Nevertheless, s426 is potentially wider than the UK Uncitral Model Law implementation provisions. S426 enables the UK court to apply the provisions of foreign insolvency law in responding to a request from a foreign court. In the UK the Uncitral Model Law provisions have been construed as not having this effect.</p>","PeriodicalId":53971,"journal":{"name":"International Insolvency Review","volume":"34 1","pages":"31-47"},"PeriodicalIF":0.5,"publicationDate":"2025-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/iir.1561","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144074401","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The goals and theories of the new Ethiopian insolvency regime against global benchmarks","authors":"Samuel Biresaw,&nbsp;Mia Rahim","doi":"10.1002/iir.1566","DOIUrl":"https://doi.org/10.1002/iir.1566","url":null,"abstract":"<p>This study offers a comprehensive examination of the goals and theoretical foundations of the new Ethiopian insolvency regime. The study identifies and examines the goals of insolvency in Ethiopia to ascertain which interests are protected and how. The study also identifies and analyses the theoretical foundations of the new Ethiopian insolvency law in determining the parties' interests to be protected. The study also evaluates the alignment of the goals and theories of Ethiopia's latest insolvency regime with the global best practice. The study underlines that, as a contemporary legislation, the new Ethiopian insolvency law follows an eclectic approach in determining its goals. The law aims to safeguard the interests of creditors and other stakeholders in the proceeding, thereby trying to strike a balance. However, the main goal of Ethiopian insolvency law is to protect creditors' interests. The study also found that the modern theories of insolvency worldwide have highly impacted Ethiopian insolvency law in determining and prioritising its goals and interests to be protected. The study underlines that Ethiopian insolvency law's theoretical foundations are also eclectic, with a substantial preference for safeguarding creditors' interests while protecting the interests of other insolvency stakeholders. The study also finds that Ethiopian insolvency law is modern, and its goals and theoretical foundations align with international best practices. Based on the discussions, the study also suggests the focal points and trajectory of future insolvency reforms in Ethiopia.</p>","PeriodicalId":53971,"journal":{"name":"International Insolvency Review","volume":"34 1","pages":"122-160"},"PeriodicalIF":0.5,"publicationDate":"2025-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/iir.1566","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144074400","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Recognition and assistance in cross-border insolvency: An analysis of The Joint Liquidators of Bull's-Eye Limited (in Liquidation) v Changjiang Securities Brokerage (HK) Ltd and others [2024] HKCFI 3000 [case comment]","authors":"Charles Ho Wang Mak","doi":"10.1002/iir.1563","DOIUrl":"https://doi.org/10.1002/iir.1563","url":null,"abstract":"<p>This article examines the recent decision of the Hong Kong Court of First Instance in <i>The Joint Liquidators of Bull's-Eye Limited</i> (<i>in Liquidation</i>) <i>v Changjiang Securities Brokerage</i> (<i>HK</i>) <i>Ltd and Others</i> [2024] HKCFI 3000, which highlights Hong Kong's evolving approach to recognition and assistance in cross-border insolvency. The case involved the recognition of insolvency proceedings initiated in the British Virgin Islands, despite the company's likely centre of main interests (COMI) being in Hong Kong. The Court's application of the managerial assistance exception, coupled with its comprehensive handling of regulatory constraints, demonstrates its pragmatic approach to facilitating international insolvency cooperation while respecting local regulatory frameworks. By balancing these considerations, the judgement reinforces Hong Kong's status as a leading jurisdiction for cross-border insolvency. The article analyses the factual and legal context of the case, explores its implications for insolvency practice and considers its potential influence on corporate structuring and insolvency planning in an increasingly interconnected global economy.</p>","PeriodicalId":53971,"journal":{"name":"International Insolvency Review","volume":"34 1","pages":"71-76"},"PeriodicalIF":0.5,"publicationDate":"2025-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/iir.1563","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144074702","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Corporate debt restructuring in emerging markets (1st edition). By Richard Marney, Timothy Stubbs, Cham: Palgrave Macmillan. 2021. pp. xxiv + 422. EUR 44. ISBN 978-3-030-81305-5 Emerging markets debt restructuring: Effectively navigating local institutional frameworks (1st edition). By Richard Marney, Timothy Stubbs, Cham: Palgrave Macmillan. 2024. pp. xxv + 550. GBP 63.99 (e-book). ISBN 978-3-031-866837-1","authors":"Paul Omar","doi":"10.1002/iir.1557","DOIUrl":"https://doi.org/10.1002/iir.1557","url":null,"abstract":"","PeriodicalId":53971,"journal":{"name":"International Insolvency Review","volume":"34 1","pages":"27-28"},"PeriodicalIF":0.5,"publicationDate":"2025-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143861688","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Insolvency practitioners: Appointment, duties, powers and liability, By Hugh Sims, KC, Simon Passfield, KC, Stefan, Ramel, Holly, Doyle, James, Hannant, Rachel, Lai, et al. ( 2nd Ed.), Elgar: Cheltenham. 2024. pp. 408. £165. ISBN: 978-1-03531-189-7","authors":"Paul Omar","doi":"10.1002/iir.1559","DOIUrl":"https://doi.org/10.1002/iir.1559","url":null,"abstract":"","PeriodicalId":53971,"journal":{"name":"International Insolvency Review","volume":"34 1","pages":"29-30"},"PeriodicalIF":0.5,"publicationDate":"2025-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143861439","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The limits of resilience: Knowing when to persevere, when to change and when to quit. By Michael Ungar ( 1st edition) (2024, Sutherland House, Toronto), 256pp, CAD 19.95, ISBN 978-1-990823-56-5.","authors":"Miguel Torres","doi":"10.1002/iir.1558","DOIUrl":"https://doi.org/10.1002/iir.1558","url":null,"abstract":"&lt;p&gt;The 2023 collapse of Wilko, a prominent UK retail chain, exemplifies the ‘resilience paradox’ in corporate restructuring—a compelling and counterintuitive dynamic within systems, organisations and societies: The very mechanisms that bolster short-term resilience can inadvertently sow the seeds of long-term vulnerability. To solve financial challenges, Wilko secured a £40 million loan from Hilco Capital in early 2023 and implemented cost-cutting measures, including up to 400 job cuts.1 These actions provided short-term stability but led to overreliance on external financing and reduced operational flexibility. Consequently, Wilko entered administration in August 2023, resulting in the closure of all 400 stores and the loss of over 12,000 jobs.2 This case highlights how strategies aimed at immediate resilience can inadvertently increase medium and long-term vulnerabilities, underscoring the complex balance between short-term recovery efforts and long-term sustainability.3&lt;/p&gt;&lt;p&gt;Resilience has long been celebrated as the hallmark of human strength and adaptability.4 Michael Ungar's &lt;i&gt;The Limits of Resilience&lt;/i&gt; does not take the Wilko case but challenges this simplistic valorisation by revealing its inherent complexities and paradoxes with other examples. As Ungar argues, resilience is not the panacea; it is often portrayed to be; instead, it is a process laden with trade-offs, contradictions and systemic dependencies. Drawing on real-world examples, such as the evolution of Drayton Valley from an oil-dependent boomtown to a community grappling with diversification, Ungar highlights how resilience can perpetuate unsustainable cycles of recovery that prioritise short-term survival over long-term transformation.5 In light of this idea, resilience becomes a double-edged sword—offering hope and progress for some while exacerbating inequalities or vulnerabilities for others. By interrogating resilience as both an individual and systemic phenomenon, Ungar reframes it as a dynamic interplay of opportunities and costs, urging readers to reconsider its role in fostering equitable and sustainable futures.&lt;/p&gt;&lt;p&gt;Ungar introduces and expands upon several concepts that challenge traditional understandings of resilience. Central to his argument is the ‘resilience paradox’, which describes how the success of one system's resilience can create vulnerabilities in others or even within itself over time. Ungar critiques the dominant view of resilience as mere recovery, framing it instead as a process of adaptive trade-offs—decisions and adjustments made by individuals, communities and systems that inevitably come with costs. He distinguishes between personal resilience, often characterised by individual endurance or ‘bouncing back’, and ‘systemic resilience’, which depends on the interaction of interdependent networks, such as families, governments and economies. Ungar also explores the concept of ‘resilience silos’, where one system's self-contained approach to ","PeriodicalId":53971,"journal":{"name":"International Insolvency Review","volume":"34 1","pages":"13-21"},"PeriodicalIF":0.5,"publicationDate":"2025-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/iir.1558","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143861624","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Legal and ethical standards in corporate insolvency. By Elizabeth Streten ( 1st edition) (2024, Routledge, Abingdon/New York), 240pp, £135, ISBN 978-1-032-46246-2","authors":"Jennifer LL Gant","doi":"10.1002/iir.1560","DOIUrl":"https://doi.org/10.1002/iir.1560","url":null,"abstract":"<p>The last several decades have seen relatively rapid and innovative changes to the way that companies finance themselves, making the web of debt and credit ever more complicated and technical to unwind when a financial crisis occurs. This has required the modernisation of both global insolvency frameworks and the variety of skills and regulatory requirements for the insolvency profession. The insolvency profession has always been ahead of the game in developing processes to efficiently and effectively deal with financial distress, well in advance of legislative reform. Legislators and policy makers may have a lot to learn from the solutions devised by insolvency practitioners to deal with the modern problems presented by corporate financial distress.</p><p>The crises of the recent past, including the economic impact of the COVID19 pandemic, invited a refocusing on how the insolvency profession would deal with the rise of insolvency cases once the safety nets provided during the pandemic were pulled away. Elizabeth Streten of Queensland's University of Technology in Australia explores the modernisation of the insolvency profession and the regulation of its practitioners with a consideration of the challenges faced by the profession in achieving the best outcomes resolving financial distress. Insolvency practitioners have had to deal with a raft of reforms in response to the pandemic and the economic crises it precipitated globally, which called for an examination of the role and practice of insolvency practitioners with the shifts in insolvency practice in mind.</p><p><i>Legal and Ethical Standards in Corporate Insolvency</i> aims to address the dearth of data and understanding of the corporate insolvency profession by examining the role and practice of corporate insolvency practitioner and the challenges that they encounter. This is done through deft comparisons through literature review and empirical studies to provide perspectives on this topic among a number of common law countries. It also provides detailed lessons from corporate insolvency practitioners' perspective and experience through an in-depth empirical analysis of the Australian profession.</p><p>Streten first provides a nuanced discussion of the confidence in corporate insolvency practitioners generally and over time, noting that the sophistication of modern recovery processes have led to extensive legal and ethical regulation of the industry to ensure competency and integrity. These requirements have aimed to helped to build confidence in the profession. However, recognising the growing complexity of businesses and corporate financial structures, along with the intertwined nature of the global financial markets, it is not surprising that there is a lack of understanding as to the realities of insolvency practitioner roles and legal obligations. Streten therefore observes that the absence of data in this area is a problem that ‘hinders the ability to properly determine appropriate","PeriodicalId":53971,"journal":{"name":"International Insolvency Review","volume":"34 1","pages":"22-26"},"PeriodicalIF":0.5,"publicationDate":"2025-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/iir.1560","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143861625","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Guest editorial: The uncertain future of corporate reorganisation","authors":"Douglas G. Baird","doi":"10.1002/iir.1556","DOIUrl":"https://doi.org/10.1002/iir.1556","url":null,"abstract":"","PeriodicalId":53971,"journal":{"name":"International Insolvency Review","volume":"34 1","pages":"3-12"},"PeriodicalIF":0.5,"publicationDate":"2025-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143861841","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}