Inconsistency between cross-border corporate insolvencies

Mason, Rosalind (1998) Inconsistency between cross-border corporate insolvencies. Insolvency Law Journal, 6 (4). pp. 169-170. ISSN 1039-3293

Abstract

One of the major issues arising in cross-border or international insolvency is the local recognition and effect of concurrent foreign insolvency proceedings. As a foreign company may be wound up in Australia (see Pt 5.7 and Pt 5B.2 of the Corporations Law), a local liquidation may be taking place when the company is also being wound up in its place of incorporation. If this occurs, the foreign winding up is regarded as the principal winding up and the local one as merely ancillary: Re English Scottish & Australian Chartered Bank [1893] 3 Ch 385 . The local ancillary winding up concentrates on getting in and realising local assets and may result in funds being remitted to the principal winding up for distribution. If any issue in the local winding up comes before the local court, it must apply local law, including local insolvency law, to its resolution: Re Bank of Credit and Commerce International SA (No 10) [1997] Ch 213 .


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Item Type: Article (Commonwealth Reporting Category C)
Refereed: Yes
Item Status: Live Archive
Additional Information: Permanent restricted access to published version due to publisher copyright policy.
Faculty / Department / School: Historic - Faculty of Business - Department of Law
Date Deposited: 30 Nov 2007 11:47
Last Modified: 03 Jul 2013 00:18
Uncontrolled Keywords: bankruptcy; international business; assets
Fields of Research : 15 Commerce, Management, Tourism and Services > 1502 Banking, Finance and Investment > 150205 Investment and Risk Management
18 Law and Legal Studies > 1801 Law > 180117 International Trade Law
18 Law and Legal Studies > 1801 Law > 180107 Conflict of Laws (Private International Law)
Socio-Economic Objective: C Society > 94 Law, Politics and Community Services > 9404 Justice and the Law > 940406 Legal Processes
URI: http://eprints.usq.edu.au/id/eprint/13702

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