Archive for April 23rd, 2019

April 23, 2019

Warner’s Article to be Published by the International Insolvency Review

Professor G. Ray Warner’s article, Conflicting Norms: Impact of the Model Law on Chapter 11’s Global Restructuring Role, has been accepted for publication by the International Insolvency Review.

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G. Ray Warner

The article explores the conflict created in domestic United States insolvency law by the adoption of the UNCITRAL Model Law on Cross-Border Insolvency. The Model Law, now Chapter 15 of the U.S. Bankruptcy Code, takes a modified universalist approach to cross-border bankruptcy that designates a debtor’s center of main interest [“COMI”] as the primary jurisdiction for a global restructuring. This COMI-centric approach is in conflict with the U.S.’s long-standing COMI-neutral policy of encouraging debtors with no significant U.S. connections to use Chapter 11 for global restructurings. The article analyzes the extent to which the Model Law’s COMI-centric norm has changed the U.S. courts’ willingness to accept Chapter 11 cases filed by foreign debtors.

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