nach oben

Erschienen in:

2017 | OriginalPaper | Buchkapitel

8. Comparative Analysis of the Enactment and Interpretation of Chapter III of the Model Law on Cross-Border Insolvency—Recognition of Foreign Proceeding and Relief

verfasst von : Neil Hannan, B.Ec, LLB (Monash) Ph.D (UWA)

Erschienen in: Cross-Border Insolvency

Verlag: Springer Singapore

Einloggen

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config

KI-gestützte Suche

Aus

Abstract

This chapter examines how the provisions of Chapter III of the Model Law which deals with the procedural steps required for recognition of a foreign proceeding and the types of orders that a court can take on an interim basis or following recognition:

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

über 102.000 Bücher
über 537 Zeitschriften

aus folgenden Fachgebieten:

Automobil + Motoren
Bauwesen + Immobilien
Business IT + Informatik
Elektrotechnik + Elektronik
Energie + Nachhaltigkeit
Finance + Banking
Management + Führung
Marketing + Vertrieb
Maschinenbau + Werkstoffe
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

über 67.000 Bücher
über 340 Zeitschriften

aus folgenden Fachgebieten:

Bauwesen + Immobilien
Business IT + Informatik
Finance + Banking
Management + Führung
Marketing + Vertrieb
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Vorheriges Kapitel Comparative Analysis of the Enactment and Interpretation of the Chapter II of the Model Law on Cross-Border Insolvency—Access of Foreign Representatives and Creditors to Courts in This State

Nächstes Kapitel Comparative Analysis of the Enactment and Interpretation of Chapter IV of the Model Law on Cross-Border Insolvency—Operation with Foreign Courts and Foreign Representatives

Cross-Border Insolvency Act 2008 (Cth) s 13.

See generally, Federal Court (Corporations) Rules 2000 (Cth) r 15A.3 and corresponding provisions in the rules of each States and Territories Supreme Court Rules.

United Nations Commission on International Trade Law, Guide to Enactment of The UNCITRAL Model Law on Cross-Border Insolvency, UN Doc A/CN.9/442 (19 December 1997) as approved by GA Res A/RES/52/158 (1997) (30 January 1998) and amended by GA Res A/RES/68/107 (2013) (16 December 2013) [128].

See The Convention on Abolishing the Requirements of Legalisation for Foreign Public Documents, Hague Conference on Private International Law [1995] ATS 11.

For example, creditor voluntary liquidations and voluntary administrations in Australia are primarily supervised by the Australian Securities & Investments Commission, although a Court on application has the power to supervise and give directions.

Companies Creditors Arrangement Act, RSC 1985, c C-36 s 459(2) and Bankruptcy and Insolvency Act, RSC 1985, c B-3 s 268(2).

11 USC §1516(3) (2012).

House of Representatives Committee on the Judiciary, United States Congress, Bankruptcy Abuse Prevention and Consumer Protection Act (8 April 2005), HR Report Pub L No 109-31,112–3.

Fletcher, Insolvency in Private International Law, National and International Approaches see footnote 42, 460 [8.27].

Ackers v Saad Investments Company Ltd (in liq) (2010) 190 FCR 285, 295–96 [46–49].

Ibid [53].

Gainsford v Tannenbaum (2012) 293 ALR 699, 707 [35].

Ibid 712 [46].

Young v Buccaneer Energy Ltd [2014] FCA 711 (2 July 2014) [34].

Scott Atkins and Rosalind Mason, ‘Australia’ in Ho, see footnote 75, 32.

Re Interedil Srl [2012] Bus LR 1582.

Ibid; and that proposed under European Commission, ‘Proposal for a Regulation of the European Parliament and of the Council amending Council Regulation (EC) No 1346/2000 on insolvency proceedings’ 2012/0360 (COD) recital 13a.

Re Lightsquared LP (2012) CLR (5th) 321 [25] (ONSC) applied Re MtGox Co Ltd [2014] ONSC 5811 (24 October 2014) [21]; Re Nortel Networks Corporation [2015] ONSC 2987 [4]-[10] (12 May 2015) [33].

Ibid [26].

Re Straumar-Buraras Investment Bank hf (2009) 57 CBR (5th) 256 [24]; Re Digital Domain Media Group, Inc (2012) 95 CBR (5th) 318; [2012] BCSC 1565 (18 September 2012) [15, 16].

[2011] Ch 33, 69 [57].

Shierson v Vlieland-Boddy [2005] 1 WLR 3966, 3985-6 [55].

Regulation EC No 848/2015 of the European Council on Insolvency Proceedings [2015] OJ L 141/19 Article 7.

Re Tri-Continental Exchange Ltd, 349 BR 627, 635 (Bankr, ED Cal, 2006).

Re Bear Stearns High Grade Structured Credit Strategies Master Fund Ltd, 374 BR 122, 128 (Bankr, SD NY, 2007).

Re Bear Stearns High-Grade Structured Credit 389 B.R 325, 334 (Dist SD NY, 2008).

Re Basis Yield Alphs Fund, 381 BR 37, 51 (Bankr, SD NY, 2008).

Janis Sarra, “Oversight and Financing of Cross-Border Business Enterprise Group Insolvency Proceedings” (2009) 44 Texas International Law Journal 547, 558.

Jay Lawrence Westbrook, ‘Locating the Eye of the Financial Storm’ (2007) 32 Brooklyn Journal of International Law 1019, 1033.

Judith Wade, Where is a corporation’s “centre of main interests” in international insolvency’ (2008) 16 Insolvency Law Journal 127, 145.

Gabriel Moss, ‘Group Insolvency-Choice of Forum and Law: The European Experience Under the Influence of English Pragmatism’, (2007) 32 Brooklyn Journal of International Law 1005, 1008.

Gainsford v Tannenbaum (2012) 293 ALR 699, 710 [41].

Ibid 712 [46].

Williams v Simpson [2011] 2 NZLR 380, 391 [41].

Ibid 391 [42].

607 F.3d 1017, 1022. (5th Cir, 2010).

607 F.3d 1017, 1025 (5th Cir, 2010).

Re Kemsley 489 BR 346, 353 (Bankr, SD NY, 2013).

Re Chiang, 437 BR 397, 404 (Bankr, CD Cal 2010).

Re Kemsley, 489 BR 346, 363 (Bankr, SD NY, 2013).

Re Loy 380 BR 154, 163 (Bankr, ED Va, 2007).

See, eg, Williams v Simpson [2011] 2 NZLR 380, 391 [41, 42]; Re Ran 607 F.3d 1017, 1022 (5th Cir, 2010).

Companies Creditors Arrangement Act, RSC 1985, c C-36 s 47; Bankruptcy and Insolvency Act, RSC 1985, c B-3 s 270.

United National Commission on International Trade Law ‘Interpretation and application of selected concepts of the UNCITRAL Model Law on Cross-Border Insolvency relating to centre of main interests (COMI)’ 41 session, UN Doc A/CN.9/WG.V/WP.103 (28 February 2012) 8 [37A].

Ibid 9 [37C]-[37D].

Bankruptcy Act 1966 (Cth) s 40; Bankruptcy & Insolvency Act, 1985, c B-3 s 2 in the definition of ‘insolvent person’.

Ackers v Saad Investments Company Ltd (in liq) (2010) 190 FCR 285, 291–292 [30].

Ibid 293 [36].

Ibid 295–296 [49].

Young v Buccaneer Energy Ltd [2014] FCA 711 (2 July 2014) [34].

Re Straumar-Buraras Investment Bank hf (2009) 57 CBR (5th) 256 [24].

Re Stanford International Bank Ltd (2009) 65 CBR (5th) 4; [2009] QCCA 2475 (17 December 2009) [18].

Re Stanford International Bank Ltd (2009) 65 CBR (5th) 33 (Cour supérieure du Québec).

Fraser Hughes ‘The Stanford Bank Decisions in England and Quebec: Are we Moving Further Away from Common Principles: The Stanford Bank Decisions in England and Quebec’ (2010) 21 International Company and Commercial Law Review 205, 210.

[2009] ONSC 63138 (12 November 2009).

(2011) 79 CBR (5th) 148 [28].

(2011) 76 CBR (5th) 317) [7] (BCSC).

(2011) 81 CBR (5th) 102 [13] (ONSC).

Ibid [27].

Ibid [30].

Re Wolfridge Farm Ltd [2015] NSSC 168 (6 May 2015).

[2011] 2 NZLR 380.

[2011] Ch 33.

[2011] Ch 33, 58 [29].

Re Eurofood IFSC Ltd [2006] Ch 508.

[2011] Ch 33, 61, [36], 67 [53] quoting Virgos and Schmidt, see footnote 26; Contra, Stanford International Bank Ltd (2009) 65 CBR (5th) 4; (2009) QCCS 4109 (11 September 2009) [47].

Cross-Border Insolvency Regulations 2006 SR 2006/1030.

Re Interedil Srl [2012] Bus LR 1582.

Rubin v Eurofinance SA [2009] EWHC 2129 (Ch) (31 July 2009).

Ibid [46].

Ibid [48].

Ibid [72].

Rubin v Eurofinance SA [2013] 1 AC 236, 274 [115].

Pillar Securitisation S.a.r.l v Spencer [2011] BCC 338, 342[13].

Ibid 344 [27].

Re Sanko Steamship Co Ltd [2015] EWHC 1031 (Ch) (16 April 2015).

Re Sphinx Ltd, 351 BR 103, 117 (Bankr, SD NY, 2006).

Ibid 122.

See, eg, Re Bear Stearns High Grade Structured Credit Strategies Master Fund Ltd, 374 BR 122, 130 (Bankr, SD NY, 2007); Re Bear Stearns High-Grade Structured Credit 389 B.R 325, 334 (Dist SD NY, 2008); In re Basis Yield Alphs Fund (Master), 381 BR 37,52–53 (Bankr, SD NY, 2008).

Re Sphinx Ltd 351 BR 103, 114 (Bankr, SD NY, 2006).

Ibid 117 adopted in Re Fairfield Sentry Ltd, 714 F 3d 127 (2nd Cir 2013).

Re Bear Stearns High Grade Structured Credit Strategies Master Fund Ltd, 374 BR 122 (Bankr, SD NY, 2007).

Ibid 339.

Ibid 331.

Ibid 334.

Ibid 339.

Ibid 337.

Ibid.

Re Ran (2010) 607 F.3d 1017, 1027–28 (5th Cir, 2010).

Re Cozumel Caribe SA de CV (2014) WL 1569238 (Bankr, SD NY, 2014).

Re Ephedra Products Liability Litigation, 349 BR 333, 336 (Dist, SD NY, 2006); Re Iida, 377 BR 243, 259 (BAP, 9th Cir, 2007).

[2009] EWHC 2129 (Ch) (31 July 2009) [48].

Cross-Border Insolvency Act 2008 (Cth) s 14.

Companies Creditors Arrangement Act, RSC 1985, c C-36 s 53; Bankruptcy and Insolvency Act, RSC 1985, c B-3 s 276.

Board of Directors of Rizzo-Bottiglieri-De Carlini Armatori SpA v Rizzo-Bottiglieri-De Carlini Armatori SpA [2017] FCA 331 (3 February 2017) [19].

Yakushiji v Daiichi Chuo Kisen Kaisha (No 2) [2016] FCA 1277 (17 October 2016), [20–22]; followed in Board of Directors of Rizzo-Bottiglieri-De Carlini Armatori SpA v Rizzo-Bottiglieri-De Carlini Armatori SpA [2017] FCA 331 (3 February 2017).

Suk v Hanjin Shipping Co Ltd [2017] FCA 404 (12 April 2017).

Re Daewoo Logistics Corporation 461 BR 175, 79 (Bankr, SDNY, 2011).

100

Article 19(2).

101

Companies Creditors Arrangement Act, RSC 1985, c C-36 s 61; Bankruptcy and Insolvency Act, RSC 1985, c B-3 s 274.

102

See eg Re Payless Holdings LLC 2017 ONSC 2242 (20 April 2017).

103

11 USC §1519 (e).

104

In re Pro-Fit Holdings Ltd 391 BR 850 (Bankr, CD Cal, 2008); Contra, Re Worldwide Education Services Inc 494 BR 494, 497–8 (Bankr, C D Cal, 2013).

105

Mason, ‘Cross-border insolvency: Adoption of CLERP 8 as an evolution of Australian insolvency law’, see footnote 20, 84.

106

Tucker, re Aero Inventory (UK) Ltd v Aero Inventory (UK) Ltd [No 2] (2009) 181 FCR 374.

107

In Ackers v Saad Investments Company Ltd (in liq), (2010) 190 FCR 285, 291 [25].

108

Asafuji v The Sanko Steamship Co., Ltd [ 2012] FCA 1154 (15 Oct 2012).

109

Williams v Simpson [2010] NZHC 1631.

110

ANZ National Bank Ltd v Sheahan [2013] 1 NZLR 674 [112].

111

Re Bear Stearns High-Grade Structured Credit Strategies Master Fund Ltd (in prov liq) 389 BR 325,329–30 (Dist, SD NY, 2008).

112

Re Vitro S.A.B de C.V 455 BR 571 (Bankr, ND Tex, 2011).

113

Fletcher, Insolvency in Private International Law, National and International Approaches see footnote 42, 465 [8.33].

114

Ibid [8.34].

115

Ibid 466, [8.36].

116

See Re JSC BTA Bank, 434 BR 334 (Bankr, SD NY, 2010).

117

Insolvency (Cross-border) Act 2006, Schedule 1 Article 20(2); see also Downey v Holland [2014] NZHC 1546 (3 July 2014), [14, 15].

118

Re Elpida Memory Inc, 2012 WL 5828748 (Bankr, D Del 2012).

119

Pink v MF Global UK Ltd ( in Special Admin) [2012] FCA 260 (23 March 2012) [20].

120

Lawrence v Northern Crest Investments Limited (in liq) [2011] FCA 925 (8 July 2011).

121

Ibid order 3.5.

122

Appleyard re Crawford Farms Ltd v Crawford Farms Ltd [2012] FCA 1373 (8 November 2012).

123

Murakami, re Murakami [2011] FCA 844 (22 July 2011).

124

Kapila, re Edelstein [2014] FCA 1112 (10 October 2104).

125

Ibid [71].

126

Crumpler v Global Tradewaves (in Liq) [2013] FCA 1127 (28 October 2013).

127

Wild v Coin Co International PLC (Administrators Appointed) [2015] FCA 354 (16 April 2015) [70–72].

128

Gladstone (Trustee) v Digrigoli (No 2) [2016] FCA 1220 (7 October 2016).

129

See Kim v SW Shipping Co Ltd (2016) 113 ACSR 260; Suk v Hanjin Shipping Co Ltd [2016] FCA 1404 (23 November 2016).

130

Wild v Coin Co International PLC (Administrators Appointed) [2015] FCA 354 (16 April 2015) [28]; see also De Akers as a joint foreign representative of Saad Investments Company Limited (in Official Liquidation) v Deputy Commissioner of Taxation [2014] FCAFC 57 (14 May 2014) (November 2016).

131

Backman v Landsbanki Islands hf [2012] FCA 260 (7 December 2011) [21].

132

See, eg, Companies Act 1993 ss 239F, 280; Mutual Recognition Act 1992 (Cth) s19.

133

Golick and Wasserman, in Ho (ed), see footnote 75, 93.

134

Meridian Developments Inc v Toronto Dominion Bank (1984) 11 D.L.R (4th) 576, 580 [15].

135

ATB Financial v Metcalfe & Mansfield Alternative Investments II Corp (2008) 45 C.B.R (5th) 163 [44, 61].

136

Re Nortel Networks Corporation (2009) CanLii 39492 (ONSC) (23 July 2009) [28].

137

Re White Birch Paper Holding Company (2011) 209 ACWS (3d) 26; (2011) QCCS 5223(7 October 2011) [21].

138

Re Cinram International Inc (2012) 91 CBR (5th) 46, [58].

139

Re Probe Resources Ltd (2011) 79 CBR (5th) 148 [31, 32]; Re Cinram International Inc (2012) 91 CBR (5th) 46, [58, 60].

140

Re Ultra Petroleum Corp. [2017] YKSC 9 (7 February 2017).

141

ANZ National Bank Ltd v Sheahan [2013] 1 NZLR 674 [112]; Sheahan v ANZ Bank NZ Ltd [2013] NZHC 888 (26 April 2013) [4].

142

Omegatrend International Pty Ltd (in Liq) v New Image International Ltd [2010] NZHC 1761 (5 October 2010).

143

See, eg, ANZ National Bank Ltd v Sheahan [2013] 1 NZLR 674.

144

Ackers v Deutsche Bank AG [2012] BCC 786, 791 [11].

145

Ibid [17].

146

Lastra (ed), see footnote 43, 221 [9.58].

147

Fletcher, see footnote 42 [8.38]; Sheldon, see footnote 146, 128–32.

148

Fibria Celulose S/A v Pan Ocean Co Ltd [2014] EWHC 2124 (Ch) (30 June 2014) [108].

149

Norden v Samsun Logix Corporation [2009] BPIR 1367.

150

Ackers v Deutsche Bank AG [2012] BCC 786.

151

Picard v FIM Advisers LLP [2011] 1 BCLC 129; [2010] EWHC 1299 (Ch) (27 May 2010) [23].

152

Re Swissair Schweizerische Luftverkehr-Aktiengesellschaft (2010) BCC 667, 672 [14, 15].

153

Ibid.

154

Cambridge Gas Transport Corporation Limited v Official Committee of Unsecured Creditors (of Navigator Holdings PLC & Ors) (Isle of Man) [2007] 1 AC 508, 520 [26]; Cf Rubin v Eurofinance SA [2013] 1 AC 236, 287 [178].

155

Cambridge Gas Transport Corporation Limited v Official Committee of Unsecured Creditors (of Navigator Holdings PLC & Ors) (Isle of Man) [ [2007] 1 AC 508, 517 [16].

156

Rubin v Eurofinance SA [2013] 1 AC 236, 276–8 [128–132].

157

McGrath v Riddell [2008] 3 All ER 869, 879 [20] (Lord Hoffman).

158

11 USC § 1502(8).

159

Selinda A Melnik, in Ho, see footnote 75, 493.

160

11 USC § 1521(7).

161

Re Condor Insurance Ltd, 601 F.3d 319 (5th Cir, 2010).

162

Re Vitro SAB de CV, 701 F.3d 1031 (5th Cir, 2012).

163

Ibid.

164

439 BR 627, 637–9 (Bankr, SD NY 2010).

165

404 B.R 726, 739 (Bankr, SD NY, 2009).

166

Ibid 740.

167

Re Vitro SAB de CV, 701 F.3d 1031 (5th Cir, 2012).

168

Re Condor Insurance Ltd, 601 F.3d 319, 323 (5th Cir, 2010).

169

Re Lee, 472 BR 156,183 (Bankr, D Mass, 2012).

170

Re AJW Offshore Ltd, 488 BR 551 (Bankr, ED NY, 2013).

171

Ibid.

172

Re Comercial V.H., S.A. de CV, 2012 WL 4051882 (Bankr, D Ariz, 2012) 2–3.

173

Mason, see footnote 1, 88.

174

Fletcher, see footnote 42, 470, [8.42].

175

Explanatory Memorandum, Cross-Border Insolvency Bill 2008 (Cth) 31 [65].

176

Re Tri-Continental Exchange Ltd, 349 BR 627, 633 (Bankr, ED Cal, 2006).

177

Wood, see footnote 12, 964 [31-049].

178

Ackers v Saad Investment Company Ltd (in liq) (2013) 31 ACLC 493 affirmed but for slightly different reasons in Ackers v Deputy Commissioner of Taxation [2014] FCAFC 57 (14 May 2014). It will be interesting to see if this Article is also used to collect foreign taxes given Australia's recent adoption of the Convention on Mutual Administrative Assistance in Tax Matters [2012] ATS 38 (entered into force 11 December 2011).

179

De Ackers as a joint foreign representative of Saad Investments Company Limited (in Official Liq) v Deputy Commissioner of Taxation [2014] FCAFC 57 [41].

180

See, eg, Golick and Wasserman in Ho, see footnote 75, 93.

181

Marciano (Sequestre de) [2011] QCCS 7086 (8 December 2011) [41].

182

Sarra, see footnote 75, 48–9.

183

Article 22(4).

184

11 USC § 1522 (a) (2012).

185

11 USC § 1522 (b) (2012).

186

349 BR 627, 637 (Bankr, ED Cal, 2006).

187

404 BR 726, 739 (Bankr, SD NY, 2009).

188

CT Investment Management Co.LLC v Carbonell, 2012 WL 92359 (Dist, SD NY, 11 January 2012) 5–6.

189

See Jaffe v Samsung Electronics Company Ltd, 737 F 3d 14 (4th Cir, 2013); Re Vitro SAB De CV, 701 F 3d 1031 (5th Cir, 2012).

190

Wessels, Markell and Kilborn, see footnote 14, 210.

191

Cross-Border Insolvency Act 2008 (Cth) s 17.

192

Companies Creditors Arrangement Act, RSC 1985, c C-36 ss 36, 51; Bankruptcy and Insolvency Act, RSC 1985, c B-3 ss 38, 95–101 274.

193

Golick and Wasserman in Ho, see footnote 75, 96.

194

See, eg, Sean Gollin, in Ho, see footnote 75, 340.

Article 23 (1)–(3).

Article 23(6).

Article 23(7).

Ho, see footnote 75, 238.

199

See Glosband, et al., see footnote 93, 135–6.

200

155 BR 73, 87 (Bankr, SD NY, 2011).

201

Ibid 88.

202

Re Condor Insurance Ltd, 601 F.3d 319, 325–6 (5th Cir, 2010).

203

See Chap. 12.

204

Re Condor Insurance Ltd, 601 F.3d 319, 329 (5th Cir, 2010).

205

Golick and Wasserman, in Ho, see footnote 75, 94.

206

337 BR 243, 258 (BAP, 9th Cir, 2007).

Titel: Comparative Analysis of the Enactment and Interpretation of Chapter III of the Model Law on Cross-Border Insolvency—Recognition of Foreign Proceeding and Relief
verfasst von: Neil Hannan, B.Ec, LLB (Monash) Ph.D (UWA)
Verlag: Springer Singapore
Buch: Cross-Border Insolvency
Print ISBN: 978-981-10-5875-2

Electronic ISBN: 978-981-10-5876-9

Copyright-Jahr: 2017
DOI: https://doi.org/10.1007/978-981-10-5876-9_8

Springer Professional

Abstract

Bitte loggen Sie sich ein, um Zugang zu Ihrer Lizenz zu erhalten.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Springer Professional "Wirtschaft"