Cross-border Insolvency Protocols as Special Instrument of Cross-border Insolvency Proceedings (Part 1) (Summary)

Abstract

Recently the discussion of Russian legal science centered round the problem of cross-border insolvency (bankruptcy). Moreover in 2011 the Russian Ministry of Economic Development prepared the draft of Federal law “On cross-border insolvency (bankruptcy).”The first part of this article discusses the principles and models applicable to cross-border insolvency cases and problems of their direct application.Author analyzes different international documents worked out as the basis for cooperation among states in case of cross-border bankruptcy, as well as the case law of foreign states on that problem.Author considers such legal instrument as “Insolvency protocol” designed to overcome differences between the participants of the crossborder insolvency by adopting the “general rules of the game.” Author analyzes different documents that may be used by foreign courts and other participants as a basis for cooperation within the frames of cross-border insolvency, including the cases of Insolvency protocols.

Keywords

• cross-border insolvency (bankruptcy)
• (cross-border) insolvency protocol
• agreements concerning the coordination of foreign insolvency (bankruptcy) proceedings
• amended (modified) universalism
• reciprocity