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Title: A global approach to insolvency within multinational groups of companies
Author: Ronen-Mevorach, Irit
Awarding Body: UCL (University College London)
Current Institution: University College London (University of London)
Date of Award: 2006
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This work attempts to tackle the complex case of insolvencies within multinational corporate groups ("MCGs"), an issue currently poorly dealt with under contemporary international insolvency models. In its core lies the question of whether there is justification to 'link' between affiliates in their insolvencies either for procedural or substantive purposes in spite of them being separate legal entities, which are located in different countries. In addition, what sort of mechanisms could serve this end Indeed, the thesis asserts that 'linking' is essential in many occasions, though various scenarios should be considered. Moreover, 'one size fits all' sort of approach will be deemed unfit. Thus, in order to solve this issue a universalist view is adopted, essentially looking at such cases with a worldwide perspective, accepting a certain degree of interference with the corporate form (a view termed here as 'a global approach'). The merits and reasons for embracing such mode of thought are demonstrated via examining the main 'insolvency goals' (of a system regulating international insolvencies) and asking whether a global approach is apt in dealing with them compared with a 'separable' territorial approach. This investigation reveals the advantages of a global approach to insolvencies within MCGs while proposing ways to overcome its potential flaws, so that eventually it will be able to offer a suitable comprehensive solution. It concludes by asserting that the 'battle' between the needs to link between affiliates and to maintain the corporate form can be reconciled by exercising a prudent and flexible global approach that will match the needs of the specific case. Finally, a set of propositions extracted from the discussion of the various insolvency goals are offered as guidance for future reforms of cross-border insolvency models.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available