Bob Wessels of the University of Leiden has co-authored “Cross-Border Protocols in Insolvencies of Multinational Enterprise Groups.” It is an in-depth study on the use of insolvency protocols, bringing together their?common foundations for the resolution of international corporate insolvencies.
Cross-border insolvency protocols play a critical role in facilitating the efficient resolution of complex international corporate insolvencies. This book constitutes the first in-depth study of the use of insolvency protocols, enriching existing knowledge about them and serving as a comprehensive introduction to their application in the context of multinational enterprise group insolvency. It traces the rise of insolvency protocols and discusses their legal basis, contents, effects, major characteristics and limitations.
Key features include:
- proposition of a Group Insolvency Protocol (GIP) design
- a comprehensive study of around 50 insolvency protocols from 1992 to 2020
- analysis of major international insolvency law instruments, modern trends and developments in the area of insolvency of enterprise groups
- practical recommendations for drafting an insolvency protocol, addressing problems related to their adoption and offering suggestions for the improvement of group coordination
- exploration of the nature of insolvency protocols and pertinent issues including the preservation and realization of material assets, resolution of intercompany claims, information exchange, conflicts of interest, participation rights and group governance in insolvency.
Cross-Border Protocols in Insolvencies of Multinational Enterprise Groups will be an indispensable resource for insolvency practitioners, lawyers, judges and policy makers, whilst also being of value to scholars and students concerned with insolvency law and corporate governance.
Wessels served as Co-Reporter for Transnational Insolvency: Global Principles for Cooperation in International Insolvency Cases, an ALI Report published in 2012. The work was a joint effort with the International Insolvency Institute (III), and extends the work from ALI’s Principles of Cooperation Among the NAFTA Countries, published in 2003.