Cross-border Insolvency Law

The book "Cross-border Insolvency Law" by Bob Wessels is a comprehensive treatise on the subject of international insolvency law. Here is a detailed overview of the key themes, plot summary, and critical reception:

Key Themes

1. Principles of Cross-Border Insolvency Law:

   • The book is structured around the principles of cross-border insolvency law, which are grouped into three categories: conflict of laws principles, procedural principles, and substantive principles.
   • Conflict of Laws Principles: These include unity, universality, equality, mutual trust, cooperation, communication, subsidiarity, and proportionality.
   • Procedural Principles: These encompass efficiency, transparency, predictability, procedural justice, and priority.
   • Substantive Principles: These include equal treatment of creditors, optimal realization of the debtor’s assets, debtor protection, protection of trust (for secured creditors or contractual partners), and social protection (for employees or tenants).

2. International Insolvency Law Framework:

   • The book provides an in-depth analysis of the global legislative framework governing cross-border insolvency, including the European Insolvency Regulation and the UNCITRAL Model Law on Cross-Border Insolvency.

3. Case Law and Global Trends:

   • It discusses various doctrinal perspectives and current global trends in international insolvency law, supported by case law from around the world.

4. Recognition of Insolvency Proceedings:

   • The book covers the recognition of insolvency proceedings, secondary insolvency proceedings, provision of information to creditors, and the lodgement of their claims, as well as transitional and final provisions.

Plot Summary

The book is divided into several chapters, each focusing on a specific aspect of cross-border insolvency law. Here is a brief summary of the main chapters:

1. Chapter I: International Insolvency Law:

   • This chapter introduces different doctrinal perspectives and current global trends in international insolvency law, supported by sources and case law.

2. Chapter II: International Insolvency Law in the Netherlands:

   • This chapter provides a detailed analysis of international insolvency law in the Netherlands, highlighting its specific regulations and practices.

3. Chapter III: UNCITRAL Model Law on Cross-Border Insolvency, Legislative Guide on Insolvency Law, and Practice Guide:

   • This chapter discusses the UNCITRAL Model Law on Cross-Border Insolvency, the Legislative Guide on Insolvency Law, and the Practice Guide, providing an overview of these international instruments.

4. Chapter IV: EU Insolvency Regulation:

   • This chapter delves into the European Insolvency Regulation, covering general provisions, recognition of insolvency proceedings, secondary insolvency proceedings, provision of information to creditors, and lodgement of their claims, as well as transitional and final provisions.

5. Chapter V: Concluding Remarks:

   • The concluding chapter summarizes the key points discussed in the book and provides an overview of the future directions in cross-border insolvency law.

Critical Reception

The book has received positive reviews for its comprehensive and accurate treatment of global legislative frameworks in cross-border insolvency law. Here are some critical remarks:

• Professor Wessels' 3rd Edition:

  • The 3rd edition of "International Insolvency Law" by Professor Wessels is considered a masterpiece, providing a complete and accurate treatment of global legislative frameworks in cross-border insolvency law.

• Bob Wessels' Expertise:

  • Professor Wessels is recognized for his extensive knowledge and expertise in international insolvency law, as evident from his extensive references to sources written in English, German, Dutch, and French.

• Usefulness for Legal Practitioners and Policy Makers:

  • The book is highly recommended for representatives of legislators and policy makers facing the gravest eurozone financial crisis, as it provides a detailed analysis of current global trends and principles in international insolvency law.

In summary, "Cross-border Insolvency Law" by Bob Wessels is a seminal work that provides a comprehensive overview of the principles, frameworks, and practices in cross-border insolvency law. Its critical reception highlights its accuracy, completeness, and usefulness for legal practitioners and policy makers.