Inconsistency between cross-border corporate insolvencies

Letter


Mason, Rosalind. 1998. "Inconsistency between cross-border corporate insolvencies." Insolvency Law Journal. 6 (4), pp. 169-170.
Article Title

Inconsistency between cross-border corporate insolvencies

ERA Journal ID37153
Article CategoryLetter
Authors
AuthorMason, Rosalind
Journal TitleInsolvency Law Journal
Journal Citation6 (4), pp. 169-170
Number of Pages2
Year1998
Place of PublicationSydney, Australia
ISSN1039-3293
Web Address (URL)http://www.westlaw.com.au
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 .

Keywordsbankruptcy; international business; assets
ANZSRC Field of Research 2020350208. Investment and risk management
480308. International trade and investment law
480303. Conflict of laws (incl. private international law)
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Byline AffiliationsSchool of Law
Institution of OriginUniversity of Southern Queensland
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