Book

Cross-Border Insolvency Protocols

April 2021 saw the publication of the book ‘Cross-Border Protocols in Insolvencies of Multinational Enterprise Groups’. This book was published by Edward Elgar Publishing. It is written by Ilya Kokorin and Bob Wessels. The book serves as a comprehensive introduction to insolvency protocols and focuses on their application in the context of insolvency of cross-border groups of companies.

Author

Ilya Kokorin and Bob Wessels

Date

12 May 2021

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Cross-border insolvency protocols have been used to promote efficient resolution of complex insolvencies, including insolvencies of large multinational enterprise groups, such as Lehman Brothers, Nortel Networks and Bernard Madoff Investment Securities. They have originated as an innovation of insolvency practitioners but are currently prescribed in a number of hard and soft law instruments.

‘Cross-Border Protocols in Insolvencies of Multinational Enterprise Groups’ constitutes the first in-depth study of the insolvency protocols, enriching the existing knowledge about them and serving as a comprehensive introduction to their application in the context of multinational enterprise group insolvency. It traces the rise of insolvency protocols and discusses their legal basis, contents, effects, major characteristics and limitations, linked to the compatibility with certain national and regional approaches and rules. Based on the previous experience of entering into insolvency protocols, the review of their most common and unique provisions, the book offers a number of recommendations and guidelines. It also proposes the design for a Group Insolvency Protocol that may be used by insolvency practitioners and other parties having a task of drafting an insolvency protocol.

The book contains the text of some of the landmark insolvency protocols (Loewen, Lehman Brothers, Jet Airways, etc.). These and other insolvency protocols, referred to in this book, are now freely available via the Database of Insolvency Protocols, maintained and updated by the International Insolvency Institute at https://www.iiiglobal.org/international-resource-library

This book covers 14 chapters as follows:
1. Introduction
2. The phenomenon of multinational enterprise groups
3. Insolvency of multinational enterprise groups
4. Cross-border insolvency protocols and agreements: introduction and evolution
5. UNCITRAL and facilitation of cross-border insolvency cooperation: from entity to enterprise
6. European Insolvency Regulation (Recast) and group insolvencies
7. Legal nature of cross-border insolvency protocols
8. General features and limitations of insolvency protocols
9. Cross-border insolvency protocols and national law
10. Recommendations for use of insolvency protocols in group insolvencies
11. Bank insolvencies and cooperation agreements between resolution authorities
12. Recommendations for protocols in group insolvencies
13. Group insolvency protocol design
14. Annex