St. John's University Law Faculty Blog

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.

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.

Posted on April 23, 2019 at 1:38 pm in Uncategorized   |  RSS feed |   Reply   |   Trackback URL