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As a result of the recent Global Financial Crisis (GFC) around the world, numerous companies have been confronted with financial difficulties. Sometimes those difficulties resulted in a bankruptcy or comparable insolvency proceedings. Due to globalisation, such insolvency could have cross-border effects, such as the insolvency of Lehman Brothers in 2008. International Corporate Insolvency raises issues on substantive insolvency law as well as on conflict of laws, and explores those effects from various perspectives, especially on a multilateral level. Its relevance can be found in the attempts to facilitate restructuring of financially distressed companies worldwide. Professor Vriesendorp, from Tilburg University, The Netherlands, has previously taught the subject and is a well-known scholar with practical experience in the field of (international) insolvency law as restructuring partner at Dutch law firm De Brauw Blackstone Westbroek, Netherlands.
Principal topics include:
- Introduction/recapitulation: what is insolvency/insolvency law?
- Causes of insolvency: external, fraud and mismanagement
- Creditor-oriented system (United Kingdom, Netherlands, Australia) versus debtor-oriented system (United States, France)
- Proceedings from an international perspective: European insolvency regulation/UNCITRAL Model Law on Cross-Border Insolvency and relevant forums
- Role and position of trustee/administrator versus debtor-in-possession
- Role and position of creditors
- Role and position of the court
- Position of the bank, security interests and financing restructuring
- Transfer of assets to Newco/composition and rescheduling of debt
- Fraudulent/wrongful trading and director‘s liability
- Termination of the proceedings.
Intended learning outcomes
A student who has successfully completed this subject will:
- Have acquired an advanced and integrated understanding and specialised knowledge of insolvency law in an international context and should be able to apply such knowledge in practice
- Have become familiar with the structure and principles of UNCITRAL Model Law on Cross-Border Insolvency and EU Insolvency Regulation 2000/1346
- Have obtained basic knowledge of principles of private international law in the context of international corporate insolvency
- Have received an insight in insolvency law from a civil law perspective with respect to various specialised topics such as director’s liability, insolvency fraud and secured creditors
- Have the cognitive and technical skills to independently examine, research and analyse existing and emerging legal issues relating to such specific aspects of international insolvency law
- Be able to critically examine, analyse, interpret and assess the legal effects of the rules of international insolvency law
- Have the cognitive and technical skills to generate critical and creative ideas relating to the development of international insolvency law and to put this effectively into an academic paper in which autonomy and expert judgment is demonstrated.
Last updated: 29 October 2019