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In the world of cross-border insolvency a ‘protocol’ can be described as a means of agreeing the alignment between different insolvency proceedings, or of establishing how (pre-) reorganisation measures will be taken across a number of jurisdictions. A cross-border insolvency agreement is designed to overcome certain legal or factual obstacles that could otherwise be an impediment to achieving a restructuring… Read More »2020-04-doc6 Who has seen an insolvency protocol lately?

In these extraordinary, unprecedented times two US lawyers (prof. Jonathan Lipson and Norman Powell) felt they need to do something to avoid disastrously contractual fights between parties resulting in overburdening the court system. Published under the auspices of the Business Law Section of the American Bar Association (ABA) they published a model standstill/tolling agreement. In stead of ending up in… Read More »2020-04-doc4 Model Standstill Agreement may assist in COVID-19 times

It is timely and most appropriate to report about the Asian Principles of Business Restructuring Project undertaken by the Asian Business Law Institute (ABLI) and the International Insolvency Institute (III). I have the honor to serve as a member of the Advisory Committee providing supervision and guidance to the Project, see for its start https://bobwessels.nl/blog/2017-09-doc10-launch-of-asian-principles-of-restructuring-project/. The Project covers 16 jurisdictions,… Read More »2020-04-doc2 Asian Principles of Business Restructuring: a promising first step

In the UK a new Insolvency Code of Ethics will apply from 1 May 2020 to all insolvency practitioners in the UK. The Code had to be brought up to date, particularly in relation to to referrals of work and commissions, the use of advertising, websites, purchasing of data and with more services are being offered by firms of IPs.… Read More »2020-03-doc3 New Insolvency Code of Ethics in UK

Applicable Law in Cross-Border Insolvency Proceedings is dominating the international insolvency world. In a few months two major events take place, one in Europe and one in the US. The European Commission DG Justice and Consumers, the Croatian Presidency of the Council of the EU (seconded by the Ministry of Justice Croatia), with the Faculty of Law of the University… Read More »2020-02-doc10 Applicable law in cross-border insolvency cases

In a judgment of 18 July 2014, an Arbitration Tribunal had sentenced the Russian Federation (RF) to pay a total of approximately US $ 50 billion to the three shareholders as damages. The facts have been widely covered in business media. The Tribunal was of the opinion that it was not really the Russian Federation’s duty to collect taxes from… Read More »2020-02-doc5 Yukos arbitration cont’d