There is increasing regulatory interdependence amongst Central, East and South East Asian, European and North American financial markets, and these markets account for over one-third of the world’s population and global financial markets. As Asian markets become more integral to global financial economy, more cohesive, compatible and integrated insolvency and restructuring laws are essential. This two-volume work reviews why we should internationalise current cross-border insolvency and how we could restructure laws to address inadequacies.
The two volumes evaluate international regulatory reforms directed at detecting and managing cross-border insolvency and restructuring crises across the entire economy including financial markets. The authors call for schemes of arrangements and letters of comfort to be formally accepted as international legal tools. The work also assesses recent, but as yet largely unregulated developments in financial agreements, particularly the use of close-out netting provisions that serve as significant protective mechanisms prior to the declaration of an insolvency. It discusses international arbitration, data protection and artificial intelligence in crossborder insolvency and restructuring. Finally, the book seeks a meaningful balance between self-regulation through financial contracts and other party practices, and regulation imposed by governments and international financial regulators.
This extensive work will be a useful reference for legal practitioners, policy makers and scholars working on financial regulation and international financial laws.
Author(s): Leon Trakman, Robert Walters
Publisher: Routledge
Year: 2022
Language: English
Pages: 436
City: London
Cover
Half Title
Title
Copyright
Contents
List of Figures
Foreword
Preface
Acknowledgement
1 Problem Definition
1.1 Introduction
1.1.1 Cross-Border Insolvency
1.1.1.1 Transnational Insolvency (UNCITRAL Model Law)
1.2 Restructuring
1.2.1 Schemes of Arrangement
1.2.2 Keepwell Agreements and Letters of Comfort
1.2.3 Mergers and Acquisitions
1.3 Close-Out Netting
1.3.1 Derivative Collateral Contracts (ISDA Master Agreement)
1.4 The Need for Further International Reform
1.5 Research Purpose
1.6 Research Challenges
1.6.1 Referencing
1.7 Structure
1.8 Conclusion
2 Transnational Insolvency: Part 1
2.1 Introduction
2.2 The Evolution of Insolvency
2.3 Internationalisation of Insolvency Law
2.4 UNCITRAL Model Law on Cross-Border Insolvency (Model Law)
2.5 Time for the Model Law to be Raised to Convention Status
2.6 Conclusion
2 Jurisdictions Approach towards Cross-Border Insolvency Part 2
2.1 Introduction
2.2 European Union
2.3 United Kingdom
2.3.1 Brexit
2.4 Australia
2.4.1 The Gibbs Rule
2.5 Singapore
2.5.1 The Gibbs Rule
2.6 India
2.7 Conclusion
3 Restructuring: Schemes of Arrangements Part 1
3.1 Introduction
3.1.1 Schemes of Arrangement: ISDA Master Agreements and Netting Arrangements
3.2 Australia
3.3 European Union
3.3.1 United Kingdom
3.4 United States
3.5 Conclusion
3 Restructuring: Schemes of Arrangements Part 2
3.1 Singapore
3.2 Indonesia
3.3 India
3.4 China
3.5 Conclusion
4 Restructuring: Letters of Comfort
4.1 Introduction
4.2 Australia
4.3 European Union and United Kingdom
4.4 United Kingdom
4.5 Singapore
4.6 United States [US]
4.7 India
4.8 Indonesia
4.9 China
4.10 Conclusion
5 Restructuring: Mergers and Acquisitions Part 1
5.1 Introduction
5.2 Australia
5.2.1 Foreign Purchasing Rule
5.3 European Union
5.3.1 Foreign Purchasing Rule
5.4 United Kingdom
5.4.1 Foreign Purchasing Rule
5.5 Conclusion
5 Restructuring: Mergers and Acquisitions Part 2
5.1 United States [US]
5.1.1 Foreign Purchasing Rule
5.2 Singapore
5.2.1 Foreign Purchasing Rule
5.3 India
5.3.1 Foreign Purchasing Rule
5.4 Conclusion
6 Close-Out Netting (Arrangements) Part 1
6.1 Introduction
6.2 Harmonising Multilateral Netting Arrangements
6.2.1 Definition
6.2.2 Legal Mechanism Protecting Insolvency
6.2.3 Eligible Parties and Eligible Financial Contracts
6.2.4 Formal Requirements & Conflict-of-Laws Rules
6.2.5 ISDA Master Agreements: Derivative Contracts
6.2.6 Over-the-Counter (OTC) Derivatives
6.2.7 ISDA 2018 Model Netting Act
6.2.8 Definition
6.2.9 Enforcement and Termination
6.2.10 Multi-Branch Netting
6.2.11 Cherry Picking
6.2.12 Influence of ISDA Model Netting Act
6.3 Conclusion
6 Jurisdictional Comparisons of Netting Arrangements Part 2
6.1 Australia
6.1.2 Enforcement
6.2 Singapore
6.2.1 Enforcement
6.3 India
6.3.1 Enforcement
6.4 Indonesia
6.5 Conclusion
6 Jurisdictional Comparisons of Netting Arrangements Part 3
6.1 European Union: United Kingdom
6.1.1 United Kingdom: Brexit
6.1.2 Brexit
6.2 United States
6.2.1 Safe Harbour
6.2.2 Enforceability
6.3 China
6.4 Conclusion
Index
