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Principles of the Law - Principles of Law - Transnational Insolvency: Cooperation Among the NAFTA Countries
The North American Free Trade Agreement stimulated a large increase in economic activity that crosses the Canadian, Mexican, and United States borders. Inevitably, this resulted in an increase in the number of bankruptcies in which creditors and assets are located in more than one of the NAFTA countries. ALI’s Transnational Insolvency: Cooperation Among the NAFTA Countries arose in response to this increasing number of bankruptcies of multinational economic enterprises.
The Project’s eventual goal was to develop principles and procedures for managing the general default of an economic enterprise having its center of interest in a NAFTA country and having assets, creditors, and operations in more than one NAFTA country. The indispensable first step, however, was to achieve among all participants an understanding of the insolvency laws of each of the other countries involved.
The Project was divided into three national groups, with Reporters and Advisory Committees in each of the three countries. Because each of the NAFTA countries has its own unique laws and legal traditions, each national group produced its own Statement of its country’s bankruptcy laws. Each draft, however, was reviewed not only by its own national Advisers but by those from the other countries as well, with the result that the Statement of each country’s law is presented from an international perspective that establishes common ground for practitioners and judges from all three countries and enables them to navigate more confidently the potentially hazardous shoals of transnational insolvency.
Phase II of the Project was to develop a set of agreed-upon principles governing multinational bankruptcy cases and to offer useful approaches to managing such cases based on those principles. The laws of the three countries reflect a number of common values, and discussions during the course of the Project revealed a wide measure of agreement on the principles and procedures that would advance the achievement of those common values in multinational cases. The published Principles draw upon formulations set forth in the 1997 UNCITRAL Model Law but are firmly grounded in the realities of U.S., Canadian, and Mexican law and practice.
This groundbreaking effort in transnational law reform consists of four volumes.
PRINCIPLES OF COOPERATION AMONG THE NAFTA COUNTRIES
This volume provides an introduction and overview of the Project as a whole and discusses key concepts in international bankruptcy. The volume then sets forth its specific Recommendations, which are divided into three categories. The first and broadest of these consists of General Principles that reflect the common values of the bankruptcy laws of the three countries as applied to multinational cases. The second category consists of Procedural Principles, which embody practical approaches to cooperation within the existing legal competence of the courts without requiring new legislation or treaties. The third offers Recommendations for Legislation or International Agreement that go beyond current law to permit a substantially higher level of cooperation.
The innovative Guidelines for Court-to-Court Communications in Cross-Border Cases, set forth in Appendix B, are potentially applicable to cases other than those dealing with insolvency. They have been approved not only by the ALI but also by the International Insolvency Institute and the Insolvency Institute of Canada and applied in a number of major cross-border cases.
Excerpt from Transnational Insolvency: Principles of Cooperation Among the NAFTA Countries
INTERNATIONAL STATEMENTS OF UNITED STATES, CANADIAN, AND MEXICAN BANKRUPTCY LAW
The summary of United States, Canadian, and Mexican Bankruptcy law contained in these volumes—the product of leading American, Canadian, and Mexican scholars, practitioners, and judges—has been “internationalized” as a result of extensive comment and inquiry by experts from all three countries. Each work uses analogies and contrasts with the law and practices in the other NAFTA countries as frequently as possible, while describing the concrete reality of the treatment of financially troubled companies in each country.
Available Products
Principles of Cooperation Among the NAFTA Countries
- Price: $95.00
- Product Code: 1TIPRINOT
- Year: 2003
- Pages: 168
- Type: Hardbound
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International Statement of United States Bankruptcy Law
- Price: $95.00
- Product Code: 1TIUSOT
- Year: 2003
- Pages: 259
- Type: Hardbound
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International Statement of Canadian Bankruptcy Law
- Price: $95.00
- Product Code: 1TICANOT
- Year: 2003
- Pages: 197
- Type: Hardbound
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International Statement of Mexican Bankruptcy Law
- Price: $95.00
- Product Code: 1TIMEXOT
- Year: 2003
- Pages: 393
- Type: Hardbound
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Principles of Cooperation Among the NAFTA Countries - Tentative Draft
Tentative Draft: I. Introduction; II. Overview; III. General Principles; IV. Procedural Principles; V. Recommendations for Legislation or International Agreement
- Price: $35.00
- Product Code: 1TICOTD
- Year: 2000
- Pages: 219
- Type: Softbound
International Statement of United States Bankruptcy Law - Tentative Draft
Tentative Draft: Part I. An Introduction to the Transnational Insolvency Project; Part II. A Summary Description of United States Domestic Bankruptcy Law; Part III. United States Law in Transnational Cases
- Price: $30.00
- Product Code: 6066
- Year: 1997
- Pages: 321
- Type: Softbound
International Statement of Canadian Bankruptcy Law - Tentative Draft
Tentative Draft: Part I. Summary Review of Canadian Domestic Bankruptcy Law; Part II. Canadian Law in Transnational Insolvency Cases
- Price: $30.00
- Product Code: 6067
- Year: 1997
- Pages: 211
- Type: Softbound
International Statement of United States Bankruptcy Law - Discussion Draft
Discussion Draft: I. An Introduction to the Transnational Insolvency Project; II. A Summary Description of United States Domestic Bankruptcy Law; III. United States Law in Transnational Cases
- Price: $30.00
- Product Code: 5553
- Year: 1996
- Pages: 287
- Type: Softbound