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A New Economic Approach to Cross-Border Restructuring Law

Bazinas, Ioannis; (2024) A New Economic Approach to Cross-Border Restructuring Law. Doctoral thesis (Ph.D), UCL (University College London). Green open access

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Abstract

This thesis proposes an economic theory of cross-border restructuring law as a field that is dogmatically and functionally autonomous from cross-border insolvency. On that premise, the analysis counters the traditional perspective, which views restructurings as ancillary instances of conventional insolvency proceedings and considers cross-border insolvency instruments as sufficient to deal with the issues presented in cross-border restructurings. By relying on the tools and methods of economic analysis, the thesis argues that restructuring and insolvency law deal with different economic problems in the context of financial distress, which suggests a fundamentally different role for legal rules in the sphere of private international law. This novel view has two main implications that are advanced by this thesis. First of all, it can offer significant insights into many of the contemporary controversies surrounding the application of cross-border insolvency instruments, especially the various enactments of the UNCITRAL Model Law on Cross-Border Insolvency, on the recognition of the effects of foreign restructuring plans, as reflected in case law from the United Kingdom and the United States. Secondly, and more importantly, the basic economic insights of this thesis can assist in the development of an original and efficiency oriented normative approach for the private international law of restructurings, in the form of specialized judgment recognition rules. Such a framework has the potential of reforming the current view of English law on the matter, not only by leading to more efficient outcomes in cross-border restructuring practice but also by improving its doctrinal coherence and ensuring a greater degree of consistency with overarching principles of English private international law.

Type: Thesis (Doctoral)
Qualification: Ph.D
Title: A New Economic Approach to Cross-Border Restructuring Law
Open access status: An open access version is available from UCL Discovery
Language: English
Additional information: Copyright © The Author 2024. Original content in this thesis is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International (CC BY-NC 4.0) Licence (https://creativecommons.org/licenses/by-nc/4.0/). Any third-party copyright material present remains the property of its respective owner(s) and is licensed under its existing terms. Access may initially be restricted at the author’s request.
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of Laws
URI: https://discovery.ucl.ac.uk/id/eprint/10192986
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