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Full-Text Articles in Law
International Bankruptcy: In Defense Of Universalism, Andrew T. Guzman
International Bankruptcy: In Defense Of Universalism, Andrew T. Guzman
Michigan Law Review
The globalization of business activity is rightfully celebrated as one of the triumphs of the second half of the twentieth century. The benefits stemming from the globalization of commerce are substantial, but international transactions also bring with them important challenges for the world's legal systems. Traditionally, national governments could focus on their domestic economies without undue attention to international issues. Today, however, a country's policymakers must respond to the growth in international business activity with appropriate legal changes. Failure to do so will cause their legal regimes to fall further and further out of step with the needs of the …
Resolving Transnational Insolvencies Through Private Ordering, Robert K. Rasmussen
Resolving Transnational Insolvencies Through Private Ordering, Robert K. Rasmussen
Michigan Law Review
There is no international bankruptcy law. No question, there are international insolvencies. Transnational firms, just like domestic ones, often cannot generate sufficient revenue to satisfy their debt obligations. Their financial distress creates a situation where assets and claimants are scattered across more than one country. But there is no international law that provides a set of rules for resolving the financial distress of these firms. The absence of any significant free-standing international bankruptcy treaty means that a domestic court confronted with the domestic part of a transnational enterprise has to decide which nation's domestic bankruptcy law will apply to which …
A Global Solution To Multinational Default, Jay Lawrence Westbrook
A Global Solution To Multinational Default, Jay Lawrence Westbrook
Michigan Law Review
A new world is slouching toward New York and London, Beijing and Bangkok, to be born. If our planet and our values survive the secondary effects of that emergence, we may look forward to a humanity more prosperous and more integrated than at any time in human history. The force that drives us to that future is free-market capitalism constrained in the vessel of democratic institutions. One important element in its progress is the fashioning of an international system for managing the financial crises that are one of the free market's inevitable consequences. In this symposium, we debate which is …