Webapproach with cross-border insolvency to the modified universalist approach as envisaged by the Model Law, they are more likely to implement the Model Law in full. Where States start from an exclusively territorialist approach (such as Japan and Korea), they are likely to recognize foreign insolvency proceedings Web6 feb. 2024 · Modified Universalism in intersection of arbitration and insolvency An Interplay between customary law norm and Model Law on Cross Border Insolvency The New York Convention has been a successful instrument towards harmonisation of standards for assessing enforceability of awards and referring parties to arbitration.
(PDF) A Comparative Analysis of Cross-Border …
Web16 feb. 2016 · Firstly, the Privy Council upheld the general principle of modified universalism as set out in the Privy Council case of Cambridge Gas Transport Corp v Navigator Holdings plc Creditors' Committee [2006] UKPC 26 ("Cambridge Gas"). At common law, the Court has power to recognise and grant assistance to foreign … WebCOLUMBIA JOURNAL OF EUROPEAN LAW In contrast, universalism in its pure form takes the view that all bankruptcy assets and claims should be resolved in the debtor's home country under the laws of that country. 8 Modified universalism provides that a non-home country court may open a secondary insolvency case to supplement the home-country ... buzzfeed japan
(PDF) Modified Universalisms & the Role of Local Legal Culture in …
Web31 aug. 2024 · The High Court has rejected a challenge to its jurisdiction brought by a defendant who was found to be domiciled in England, and who was also a party to ongoing Ukrainian insolvency proceedings: WWRT Ltd v Tyshchenko [2024] EWHC 939 (Ch). The court found that, since the court had jurisdiction based on the defendant’s domicile under … Web15 dec. 2024 · As Covid-induced insolvency and restructuring gathers pace, in Sun Cheong Creative Development Holdings Limited the Grand Court of the Cayman Islands (the “Grand Court”) has provided a timely overview of the principles of comity and modified universalism applicable in cross border restructurings. Web5 nov. 2024 · Judge Glenn ultimately found that the Gibbs rule is incompatible with modern international insolvency law and the modified universalism favored by the UNCITRAL Model Law and Chapter 15. In his written opinion, Judge Glenn explained that recognition of reorganization plans should be granted where certain factors are present. 6 Judge Glenn … buzzfeed japan medical