With recent high profile cases such as Maxwell, Barings and BCCI highlighting the fact that insolvency increasingly extends across national borders, practitioners in this area need specialist guidance on the particular problems which apply in cross-border insolvency.The second edition of this acclaimed book has been extensively revised to provide a practical analysis of the impact of new developments in cross-border insolvency law. Fully updated and expanded, this unique guide looks at recent case law as well as statutory developments, most notably the Civil Jurisdiction and Judgments Act 1982 (Interim Relief) Order 1997.With illustrations at the end of each chapter showing how to avoid practical problems, this thoroughly researched text gives insight into the impact and potential difficulties of the law, enabling the practitioner to anticipate problems before they arise.

Insolvency and Bankruptcy Code, 2016 (Code) provides for a specialised forum to oversee all insolvency and liquidation proceedings for individuals, SMEs and corporates.

It empowers all classes of creditors (secured and unsecured lenders, employees, trade creditors, regulatory authorities) to trigger a resolution process in case of non payment of a valid claim.

Provides for immediate suspension of the Board of Directors and promoters’ powers.

Provides for an insolvency professional to take control of the Corporate debtor.

Enables a ‘stand-still period’ which provides stakeholders time to facilitate discussions and arrive at a common resolution rather than running independent processes.

Offers a finite time limit within which the debtor’s viability can be assessed and a resolution process agreed. The power of commercial decision to revive or liquidate the Company is on the creditors rather than the courts.

Provides for a balanced approach between rehabilitation and recovery and provides for compulsory liquidation of corporate debtors in the event the resolution has not been agreed within 180 days of the resolution process.

Aims to develop a detailed and accessible information system to reduce information asymmetry between the various participants of the insolvency process.

Provides for a clearly-defined waterfall mechanism for payment of debt in the event of a liquidation.