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Conflicting norms: Impact of the Model Law on Chapter 11's Global Restructuring Role
International Insolvency Review ( IF 0.5 ) Pub Date : 2019-08-01 , DOI: 10.1002/iir.1347
G. Ray Warner 1
Affiliation  

The Model Law's emphasis on the debtor's center of main interest (COMI) as the proper jurisdiction for the main insolvency proceeding is at odds with the traditional United States approach of applying Chapter 11 to restructure foreign entities with no significant US connection. This paper explores whether adoption of the Model Law has made Chapter 11 less available for debtors with a foreign COMI. The Model Law has had no direct impact on the US courts approach to foreign‐entity Chapter 11 cases. However, shortly after the Model Law's adoption, several reported US decisions added the pendency of a foreign insolvency proceeding as a factor supporting discretionary abstention or dismissal of foreign Chapter 11 cases. While those decisions do not refer to the Model Law, it is possible that the Model Law's COMI‐centric approach influenced this new trend.

中文翻译:

冲突的规范:示范法对第11章的全球重组作用的影响

《示范法》强调将债务人的主要利益中心作为主要破产程序的适当管辖权,这与美国传统的适用第11章来重组与美国没有重大联系的外国实体的方法背道而驰。本文探讨了《示范法》的采用是否使第11章对于具有外国COMI的债务人而言变得更少了。《示范法》对美国法院处理第11章中的外国实体的方法没有直接影响。但是,在《示范法》获得通过后不久,一些据报道的美国判决增加了外国破产程序的待决性,以作为对第11章中的外国人酌情弃权或解雇的一个支持因素。尽管这些决定没有涉及《示范法》,但《示范法》有可能
更新日期:2019-08-01
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