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Description
Insolvency within multinational enterprise groups (MEGs) raises complex issues due to the foreign elements of the case and the multiplicity of debtors. The key problem is deciding to what extent and in which ways should there be 'linkage' between the entities in the course of their insolvency in order to promote insolvency goals. This issue has been neglected in both national and international regimes. In order to deal with this issue the work provides a theoretical framework, suggesting a balance between Entity-Enterprise issues (drawn from company law theory and the problem of enterprise groups) and Universality-Territoriality issues (drawn from cross-border insolvency and conflict of laws theory). This is further assisted by a taxonomy describing prototypical scenarios of MEGs and their insolvency. The theoretical framework and prototypical scenarios are the basis for critical analysis of various tools for 'linking' between different components of MEGs in the course of their insolvency and the degree to which they fit with a series of insolvency goals. The book suggests a clear model for dealing with insolvency within MEGs which can be used not only within the current cross-border insolvency frameworks (e.g., UNCITRAL Model Law, EC Regulation) but also as a definitive guideline for future reform. It argues that a global group-wide perspective for MEG insolvencies is desirable if applied in appropriate types of cases and if it does not unduly defeat entity law and territoriality concerns.
About the Author
Irit Mevorach read Law at Tel Aviv University, Israel, where she graduated in 1997 with distinction, and was subsequently admitted to the Israeli Bar. For several years Irit practiced law in one of Israel's leading law firms specializing in corporate and insolvency law. During that time Irit obtained her LLM in commercial law from Tel-Aviv University. She received her Ph.D for her work on insolvency within multinational corporate groups from University College London in 2006. She joined the School of Law of the University of Nottingham as a Lecturer in September 2006. Irit's teaching and research interests are in the areas of company law, insolvency law and commercial conflict of laws. Irit has published articles in several international journals one of which has won the 2005 gold medal prize for research in international insolvency from the International Insolvency Institute. Irit has worked as a consultant for the European Bank for Reconstruction and Development, and is taking active part in the UNCITRAL work in the area of insolvency as an advisor to the UK government delegation to Working Group V (Insolvency Law) in its deliberations in the area of enterprise groups in insolvency. She is also an adviser to the International Insolvency Institute (III) Jurisdiction and Cooperation committee. On undergraduate level, she currently convenes the company law course in the University of Nottingham and also teaches insolvency law and commercial conflict of laws. On the LLM course she convenes a module on International aspects of Company and Insolvency Law. Her primary research interest is currently the treatment of multinational corporate groups in insolvency.