TABLE OF CONTENTS PREFACE TABLE OF CASES TABLE OF STATUTES TABLE OF STATUTORYINSTRUMENTS PAGE vii xix xxxix xliii 1. JURISDICTION TO COMMENCE INSOLVENCY PROCEEDINGS PARA I. INTRODUCTION 1-001 II. INSOLVENCY REGULATION 1-002 (A) The Scope of the Insolvency Regulation 1-003 (1) Entities outside the Insolvency Regulation 1-004 (2) COMI 1-006 (3) Insolvency proceedings 1-012 (B) International Jurisdiction under the Insolvency Regulation 1-022 III. JUDGMENTS REGULATION 1-031 IV. CROSS-BORDER INSOLVENCY REGULATIONS 2006 1-032 V. CREDIT INSTITUTIONS (REORGANISATION AND WINDING UP) REGULATIONS 2004 1-034 VI. INSURERS (REORGANISATION AND WINDING UP) REGULATIONS 2004 1-035 VII. INSOLVENCY ACT 1986 1-036 (A) Company Voluntary Arrangement and Administration (1) Companies 1-037 (2) Partnerships 1-038 (B) Winding-Up (1) Companies 1-039 (2) Partnerships 1-047 xi Ho, Look Chan Cross-border insolvency: principles and practice digitalisiert durch: IDS Basel Bern
xii CONTENTS 2. JURISDICTION TO SANCTION SCHEMES OF ARRANGEMENT I. INTRODUCTION 2-001 II. JURISDICTION TO SANCTION A SCHEME IS DEPENDENT ON THE WINDING-UP JURISDICTION 2-003 III. THE IMPACT OF EU LEGISLATION ON THE ENGLISH COURT'S WINDING-UP JURISDICTION 2-005 IV. WHETHER THE INSOLVENCY REGULATION CURTAILS THE ENGLISH COURT'S INSOLVENT SCHEME JURISDICTION 2-010 V. WHETHER THE JUDGMENTS REGULATION CURTAILS THE ENGLISH COURT'S SOLVENT SCHEME JURISDICTION 2-020 VI. INTERFACE BETWEEN THE JUDGMENTS REGULATION AND AN INSOLVENT COMPANY'S SCHEME 2-021 VII. PUBLIC INTEREST WINDING-UP IS IRRELEVANT TO THE SCHEME JURISDICTION 2-027 VIII. RELEVANCE OF "SUFFICIENT CONNECTION" 2-029 IX. SUMMARY OF THE CHAOTIC STATE OF THE LAW 2-034 3. RECOGNITION OF FOREIGN INSOLVENCY PROCEEDINGS I. INTRODUCTION 3-001 II. INSOLVENCY REGULATION 3-003 III. JUDGMENTS REGULATION 3-005 IV. CROSS-BORDER INSOLVENCY REGULATIONS 2006 3-006 (A) The Scope of the British Model Law (1) Applicable proceedings and entities 3-009 (2) Relationship with other cross-border insolvency regimes 3-012 (B) The British Model Law's Interpretation Framework 3-016 (C) Key Concepts under the British Model Law 3-020 (1) Foreign court 3-022 (2) Foreign main proceeding 3-023 (3) Foreign non-main proceeding and establishment 3-026 (4) Foreign proceeding 3-028 (5) Foreign representative 3-059 (D) Recognition of Foreign Insolvency Proceedings 3-062 (1) Application for recognition 3-063 (2) Presumptions concerning recognition 3-065 (3) Decisión to recognise foreign proceedings 3-088
CONTENTS xiii (4) Subsequent Information 3-091 (E) Public Policy Exception 3-092 V. SECTION 426 OF THE IA 1986 3-097 VI. FOREIGN JUDGMENTS (RECIPROCAL ENFORCEMENT) ACT 1933 3-100 VII. ADMINISTRATION OF JUSTICE ACT 1920 3-113 VIII. COMMON LAW 3-116 (A) Formal Insolvency Proceedings 3-117 (B) Court Receivership 3-125 IX. CREDIT INSTITUTIONS (REORGANISATION AND WINDING UP) REGULATIONS 2004 3-126 X. INSURERS (REORGANISATION AND WINDING UP) REGULATIONS 2004 3-127 XI. BANKING ACT 2009 AND THIRD-COUNTRY CREDIT INSTITUTION 3-128 4. ENFORCEMENT OF FOREIGN INSOLVENCY PROCEEDINGS I. INTRODUCTION 4-001 II. INSOLVENCY REGULATION 4-003 (A) General Effects of Recognition 4-004 III. JUDGMENTS REGULATION 4-007 IV. CROSS-BORDER INSOLVENCY REGULATIONS 2006 4-008 (A) Interim Relief upon Application for Recognition 4-009 (B) Automatic Effects of Recognition of a Foreign Main Proceeding 4-011 (C) Relief that may be Granted upon Recognition 4-018 (1) Recognition and enforcement of foreign insolvency judgments 4-023 (2) Recognition and enforcement of foreign bankruptcy discharge 4-028 (3) Turnover of assets 4-033 (4) Antecedent transaction avoidance 4-038 (D) Protection of Creditors and Other Interested Persons 4-042 (E) Avoidance of Antecedent Transactions 4-046 (F) Intervention by a Foreign Representative 4-049 (G) Cooperation with Foreign Courts and Foreign Representatives 4-050
xiv CONTENTS (H) Cooperation and Direct Communication between the British Insolvency Officeholder and Foreign Courts or Foreign Representatives 4-052 (I) Forms of Cooperation 4-053 (J) Concurrent Proceedings (1) Commencement of a proceeding under British insolvency law after recognition of a foreign main proceeding 4-054 (2) Coordination of a proceeding under British insolvency law and a foreign proceeding 4 055 (3) Coordination of more than one foreign proceeding 4 056 (4) Presumption of insolvency based on recognition of foreign main proceeding 4 057 (5) Rule of payment in concurrent proceedings 4-058 (K) Access of Foreign Representatives and Creditors to Local Courts (1) Right of direct access 4-059 (2) Participation of a foreign representative in a proceeding under British insolvency law 4 061 (3) Access of foreign creditors to a proceeding under British insolvency law 4 062 V. SECTION 426 OF THE IA 1986 4-063 VI. COMMON LAW 4-070 (A) Forms of Assistance 4-072 (1) Stay of proceedings 4-073 (2) Ancillary liquidation 4-077 (3) Remittal of assets 4-082 (4) Recognition and enforcement of foreign insolvency judgment 4-085 (5) Recognition of foreign bankruptcy discharge 4 093 (6) Access to local information 4-108 (7) Use ofenglish insolvency officeholder's statutory powers 4 110 VII. CREDIT INSTITUTIONS (REORGANISATION AND WINDING UP) REGULATIONS 2004 4-112 (A) Credit Institutions Directive's Recognition Scheme 4-113 (B) CIWUR's Implementation of Credit Institutions Directive's Recognition Scheme 4-114 VIII. INSURERS (REORGANISATION AND WINDING UP) REGULATIONS 2004 4-121 IX. BANKING ACT 2009 AND THIRD-COUNTRY CREDIT INSTITUTION 4-123
CONTENTS xv 5. CHOICE OF LAW IN THE CONTEXT OF CROSS-BORDER INSOLVENCY I. INTRODUCTION 5-001 II. INSOLVENCY REGULATION 5-002 (A) Exceptions to General Enforcement 5-003 (1) Antecedent transaction avoidance 5-004 (2) Rights in rem 5-008 (3) Set-ojf, payment Systems and financial markets 5-010 (4) Reservation of title 5-014 (5) Immoveable property, ship, aircraft and securities 5-015 (6) Contraéis of employment 5-017 (7) Patents and trade marks 5-018 (8) Pending lawsuits and arbitral proceedings 5-019 III. CROSS-BORDER INSOLVENCY REGULATIONS 2006 5-021 (A) Application of foreign law: The position in principie 5-022 (B) Application of foreign law: Executory contracts 5-031 (C) Application of foreign law: Avoidance of antecedent transactions 5-036 IV. SECTION 426 OF THE IA 1986 5-039 V. COMMON LAW 5-040 (A) Antecedent transaction avoidance 5-051 (B) Set-off 5-055 VI. CREDIT INSTITUTIONS (REORGANISATION AND WINDING UP) REGULATIONS 2004 5-057 (A) Credit Institutions Directive's Choice of Law Scheine 5-058 (B) CIWUR's Implementation of Credit Institutions Directive's Choice of Law Scheme 5-060 (1) Antecedent transaction avoidance 5-061 (2) Rights in rem 5-063 (3) Set-off, netting, repurchase agreements, and regulated markets 5-064 (4) Reservation of title 5-066 (5) Immoveable property, ship, aircraft and securities 5-067 (6) Lex rei sitae 5-068 (7) Contracts of employment 5-069 (8) Pending lawsuits 5-070 VII. INSURERS (REORGANISATION AND WINDING UP) REGULATIONS 2004 5-072 (A) Solvency 2 Directive's Choice of Law Scheme 5-073 (B) IWUR's Implementation of Solvency 2 Directive's Choice of Law Scheme 5-075 (1) Antecedent transaction avoidance 5-076
xvi CONTENTS (2) Rights in rem 5-077 (3) Set-off and regulated markets 5-078 (4) Reservation of title 5-079 (5) Immoveable property, ship, aircraft and securities 5-080 (6) Contraéis of employment 5-081 (7) Pending lawsuits 5-082 6. INSOLVENCY POLICY AND THE PARI PASSU PRINCIPLE I. INTRODUCTION 6-001 II. ROLE OF INSOLVENCY LAW 6-003 III. PRINCIPLE OF PARI PASSU DISTRIBUTION 6-006 (A) Two Versions of Pari Passu Principle 6-008 (B) Pari Passu and Equality 6-012 (C) Pari Passu and Collectivity 6-015 (D) Confused Thinking in Case-Law 6-018 (E) The Correct Understanding oí Pari Passu 6-025 IV. IMPLICATIONS FOR CROSS-BORDER INSOLVENCY 6-027 (A) Ancillary Liquidation 6-028 (B) Hotchpot 6-030 (C) Anti-Suit Injunction 6-033 (D) Discretionary Relief under the Model Law 6-035 (E) Recognition of Foreign Insolvency Discharge 6-038 V. CONCLUSION 6-041 7. REVISED UNCITRAL MODEL LAW ENACTMENT GUIDE: A CRITIQUE I. INTRODUCTION 7-001 II. THE REVISED GUIDE'S BACKGROUND AND KEY RECOMMENDATIONS 7-002 III. THE REVISED GUIDE'S RECOMMENDATIONS ON COMI'S ELEMENTS SEEM CRYPTIC 7-005 IV. THE REVISED GUIDE'S JUSTIFICATIONS FOR ITS COMI TIMING RECOMMENDATION SEEM UNTENABLE 7-014 (A) Present Tense 7-019 (B) Evidence Accompanying Recognition Application 7-021 (C) Clarity 7-023 (D) Certainty 7-025 V. THE REVISED GUIDE'S COMI TIMING TEST SEEMS INCOMPATIBLE WITH THE MODEL LAW'S LETTER, SPIRIT AND POLICY 7-026
CONTENTS xvii VI. THE PROJECT TO REVISE THE ORIGINAL GUIDE SEEMS HARD To JUSTIFY 7-035 VII. CONCLUSION 7-047 PAGE Index 345