Cross-Border Insolvency Proceedings and Security Rights (Law of Business and Finance Set)

This study discusses the position of secured creditors in cross-border insolvency proceedings. The book contains a comparative analysis of, inter alia, the cross-border effects of insolvency proceedings and the enforcement of security rights. Present Dutch customary private international law contrasts sharply with recent international developments, such as the EC Insolvency Regulation (and German legislation based on it) and the UNCITRAL Model Law on Cross-Border Insolvency.

The author argues for the introduction of a set of rules that, in accordance with the UNCITRAL Model Law on Cross-Border Insolvency, subject the recognition of insolvency proceedings commenced outside the EU to judicial review. With respect to the determination of the effects of insolvency proceedings the conflict rules of the EU Insolvency Regulation should be followed. This leads to a coherent system of international insolvency law. Also the far-reaching, yet simple and clear, rule of Article 5 of the EC Insolvency Regulation should be adopted in Dutch customary private international law. Regardless of the jurisdictions involved, the opening of insolvency proceedings will not affect security rights on assets situated in other States.