Cross-Border Insolvency Law by Sandeep Gopalan and Michael Guihot

[Extract] Improved interconnectivity and shrinking of national borders as a barrier to trade and investment has increased the number or transnational insolvencies and importance of insolvency law, yet cross-border insolvency law remains an emerging field. In Cross-Border Insolvency Law,1 the authors deliver an excellent and well-written resource detailing the Australian approach to cross-border insolvency, while ‘providing an analysis of the legal rules and their underlying theoretical contructs from a comparative perspective’. While the primary focus is the UNCITRAL Model Law, which was adopted by Australia in 2008, the seven chapters provide a wealth of information that is essential reading for practitioners and scholars in the fields of insolvency and comparative law. After the theoretical framework, there is a deeper discussion of the Model Law’s application in Australia informed by the authors’ years of research in the field. While the emphasis is on Australian law, building upon previous bodies of work that focus more on domestic insolvency, the book also surveys important developments in other common law nations. The authors take a holistic approach addressing not only the Model Law and theoretical aspects of cross-border insolvency, but the common law approaches to transnational insolvency and problems not solved by the Model Law.

The book is divided into seven chapters, each examining a unique aspect of insolvency law. The first two chapters assess the theoretical underpinnings and jurisdictional issues related to cross-border cases. Then the authors proceed to address comity and the common law before an in depth look at the application of the Model Law. Chapters 5 and 6 cover contemporary problems unsolved by the Model Law, addressing enterprise groups and issues related to recognition and enforcement respectively. Then, the final chapter offers a richly informed comparative perspective on policy issues in the United States and European Union. The comprehensive approach makes the book an indispensable reference point for those seeking an understanding of the current state of transnational insolvency.