Debt 'culture;' Asian insolvency regimes feel strain; diverse bankruptcy systems in the region are suddenly forced to deal with a huge debt crisis
Article Abstract:
The economic turmoil of the 1990s in Asia has focused attention on this region's insolvency regimes. The US and the United Kingdom have contributed the most to Asia's legal regime and until the insolvency crisis, the bankruptcy laws were antiquated and largely unused. The Asian culture tends to favor reconstruction and compromise, in line with Confucian tradition, rather than bankruptcy and liquidation, in line with modern business pragmatism. Approaches in China, Hong Kong, Singapore, Thailand and Indonesia are detailed.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1998
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When things go wrong: hazy insolvency regimes are flip side to business success
Article Abstract:
Insolvency laws have not kept pace with other commercial law areas in the international arena and business needs to pressure government's to include such laws in their multilateral agreements. Usually the source-country of the insolvent company has jurisdiction, and its laws will apply. The original contracts surrounding the businesses will play a large role in establishing the priority of liens. Cases involving multiple jurisdictions are more complicated, however, and most countries are not as kind to debtors as the US.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1995
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Cross-burder injunction against claimant denied; court takes 'globalist' approach to conflicting insolvency actions
Article Abstract:
The 3d Circuit ruled in Stonington Partners, Inc. v. Lernout & Hauspie Speech Products N.V. for the globalization of bankruptcy, and the ruling may advantage foreign creditors.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 2003
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