Crossing the Finish Line: the Potential Impact on Business Rescue of Adoption of new Cross-Border Insolvency Provisions

by Janis Sarra

2007

Excerpt

"The purpose of this paper is to undertake a preliminary analysis of the potential impact on business rescue of the adoption of the proposed new cross-border insolvency provisions. It also examines the Chapter 15 U.S. Bankruptcy Code proceedings with Canadian debtor corporations commenced in the first year of Chapter 15’s existence, including some of the practical and policy differences between amendments proposed in Canada and those enacted under Chapter 15. The paper explores whether different treatment of concepts of centre of main interest and main and non-main proceedings may impact cross-border proceedings, using lessons learned from the treatment of centre of main interests under the EC Regulation on Insolvency."