INSOL Talks
Ep. 58 - An Introduction to Cross-border Insolvency Protocols
Oct 23, 2024
Ilya Kokorin, an assistant professor at Leiden University and expert in cross-border group insolvency, delves into the essentials of cross-border insolvency protocols. He discusses their historical development and legal frameworks, illustrating concepts with case studies like Lehman Brothers. Kokorin also unpacks the complexities faced by multinational enterprise groups, highlighting jurisdictional conflicts and the need for cooperation among courts. The dialogue is rich with insights from his book on the subject, offering a vital resource for understanding these critical legal mechanisms.
41:08
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Quick takeaways
- Cross-border insolvency protocols enhance cooperation between insolvency practitioners and courts, improving efficiency in multi-jurisdictional cases.
- Despite their benefits, these protocols face challenges like legal cultural differences and enforceability issues that hinder their adoption in various regions.
Deep dives
Understanding Cross-Border Insolvency Protocols
Cross-border insolvency protocols are pivotal tools aimed at facilitating coordination during insolvency proceedings that span multiple jurisdictions. These protocols can be categorized as either commercial contracts or court-based tools, often depending on the context in which they are used. Historically, they were adopted due to the absence of a cohesive international insolvency law framework, allowing lawyers and courts to create agreements that promote cooperative strategies in handling insolvency cases across borders. Examples of situations where these protocols have been utilized include high-profile bankruptcies such as Lehman Brothers, Maxwell Communications, and recent cases like the failed crypto hedge fund Three Arrows Capital.
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