Cross-border Insolvency Protocols as Special Instrument of Cross-border Insolvency Proceedings (Part 2)

Abstract

In the first part of this article author discusses the principles and models applicable to cross-border insolvency cases and problems of their direct application. Moreover author considers different international documents worked out as the basis for cooperation in case of cross-border bankruptcy that may be used in Insolvency protocols, as well as the case law of foreign states on that problem.
In the second part of the article author examines the basic elements of Insolvency protocols. Author analyzes Insolvency protocol drafted in the case of one of the largest US investment bank.
Author concludes that the Insolvency protocols are quite effective and are widely applied by the foreign courts. The application of Insolvency protocols in Russia is possible among other issues due to the difficulties in recognition of foreign bankruptcies in Russia.