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Recognition of Restructuring Plans under the UNCITRAL Model Law on Cross-Border Insolvency
Modified Universalism, the Gibbs Rule, and the “Adequate Protection” Safeguard- Authors:
- Series:
- Schriften zur Restrukturierung, Volume 38
- Publisher:
- 08.01.2026
Summary
This doctoral thesis analyses the recognition of restructuring plans under the MLCBI, focusing on two jurisdictions: England and the US. It contrasts the Gibbs rule with the approach followed under Chapter 15 and seeks to develop a balanced framework that reconciles the interests of the debtor and dissenting foreign creditors. Unlike the Gibbs rule, this framework does not make the recognition of a debt discharge in foreign restructuring proceedings conditional upon the debtor’s restructuring being conducted under the law governing that debt. Instead, it focuses on the assessment of substantive fairness at the recognition stage as part of the “adequate protection” safeguard under the MLCBI to ensure the fair treatment of foreign creditors. This Title is also Available as Open Access.
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Bibliographic data
- Publication year
- 2026
- Publication date
- 08.01.2026
- ISBN-Print
- 978-3-7560-3612-7
- ISBN-Online
- 978-3-7489-6767-5
- Publisher
- Nomos, Baden-Baden
- Series
- Schriften zur Restrukturierung
- Volume
- 38
- Language
- English
- Pages
- 246
- Product type
- Book Titles
Table of contents
ChapterPages
- Acknowledgements Download chapter (PDF)
- List of Abbreviations Download chapter (PDF)
- I. Introduction to the Topic Download chapter (PDF)
- II. Research Problem Download chapter (PDF)
- III. Definitions and Limitations Download chapter (PDF)
- IV. Structure of the Research Download chapter (PDF)
- a) The Insolvency Approach Download chapter (PDF)
- b) The Contractual Approach Download chapter (PDF)
- a) The Insolvency Approach Download chapter (PDF)
- b) The Contractual Approach Download chapter (PDF)
- a) Domestic Context Download chapter (PDF)
- b) Cross-Border Effects Download chapter (PDF)
- 1. Comity Download chapter (PDF)
- 2. Unity Versus Plurality Download chapter (PDF)
- a) Advantages of Universalism Download chapter (PDF)
- b) Main Features of Universalism Download chapter (PDF)
- c) Implementation of Universalism: A Need for a Global Consensus Download chapter (PDF)
- 4. Modified Universalism Download chapter (PDF)
- 5. Mutual Trust Download chapter (PDF)
- a) Objectives and Scope Download chapter (PDF)
- b) Choice-of-Forum and Choice-of-Law Download chapter (PDF)
- c) Cross-Border Effects Within the EU Download chapter (PDF)
- a) Objectives and Scope Download chapter (PDF)
- b) Choice-of-Forum Download chapter (PDF)
- c) Recognition and Its Effects Download chapter (PDF)
- d) Modified Universalism and the MLCBI Download chapter (PDF)
- a) Objectives and Scope Download chapter (PDF)
- b) Recognition and Enforcement Download chapter (PDF)
- c) Safeguards and Their Relevance for the Research Download chapter (PDF)
- IV. Summary Download chapter (PDF)
- a) Nature of Proceedings Download chapter (PDF)
- b) Plan Content, Voting, and Confirmation Download chapter (PDF)
- c) Effects of Confirmation Download chapter (PDF)
- d) Creditor Rights Download chapter (PDF)
- 2. Facts Download chapter (PDF)
- a) Recognition in England Download chapter (PDF)
- b) Recognition in the US Download chapter (PDF)
- a) Introduction to the CBIR Download chapter (PDF)
- (1) Facts Download chapter (PDF)
- (2) Reasoning Download chapter (PDF)
- (1) Recognition of a Foreign Bankruptcy Discharge of an English Law-Governed Debt Download chapter (PDF)
- (2) Recognition of a Foreign Bankruptcy Discharge of a Debt Governed by That Foreign Law Download chapter (PDF)
- (3) Recognition of a Foreign Bankruptcy Discharge of a Debt Governed by Another Foreign Law Download chapter (PDF)
- (4) English Bankruptcy Discharge of a Foreign Law-Governed Debt Download chapter (PDF)
- cc) The Gibbs Rule and the CBIR Download chapter (PDF)
- (1) Arguments Against the Gibbs Rule Download chapter (PDF)
- (2) Arguments in Favour of the Gibbs Rule Download chapter (PDF)
- aa) Background: Cambridge Gas Download chapter (PDF)
- (1) Disapproval of Cambridge Gas and Adherence to the Traditional Rule Download chapter (PDF)
- (2) Enforcement of Foreign Insolvency-Related Judgments under the CBIR Download chapter (PDF)
- (3) Submission to Foreign Proceedings Download chapter (PDF)
- cc) Reception Download chapter (PDF)
- a) Introduction to Chapter 15 Download chapter (PDF)
- b) Historical Background: Gebhard Download chapter (PDF)
- aa) General Requirements for Recognising Foreign Judgments Download chapter (PDF)
- (1) Recognition of Foreign Proceedings Download chapter (PDF)
- (2) Post-Recognition Relief Download chapter (PDF)
- aa) Metcalfe Download chapter (PDF)
- bb) Avanti Download chapter (PDF)
- cc) Agrokor Download chapter (PDF)
- dd) Vitro Download chapter (PDF)
- ee) Bakrie Download chapter (PDF)
- ff) Summary Download chapter (PDF)
- 3. Comparative Summary Download chapter (PDF)
- a) Advantages Download chapter (PDF)
- b) Disadvantages Download chapter (PDF)
- a) Advantages Download chapter (PDF)
- b) Disadvantages Download chapter (PDF)
- IV. Towards a Balanced Model Download chapter (PDF)
- V. Summary Download chapter (PDF)
- 1. Introduction to the Public Policy Doctrine Download chapter (PDF)
- aa) Role of Public Policy Download chapter (PDF)
- bb) Public Policy and Overriding Mandatory Provisions Download chapter (PDF)
- cc) Public Policy and Procedural Fairness Download chapter (PDF)
- b) Problematic Aspects of Public Policy Download chapter (PDF)
- aa) Limited Application Download chapter (PDF)
- (1) Proximity to the Forum Download chapter (PDF)
- (2) Worthiness of Protection Download chapter (PDF)
- (3) Seriousness of the Breach Download chapter (PDF)
- aa) Toft Download chapter (PDF)
- bb) Qimonda Download chapter (PDF)
- cc) Vitro II Download chapter (PDF)
- b) The Public Policy Exception in Other Jurisdictions Implementing the MLCBI Download chapter (PDF)
- aa) Limited Application Download chapter (PDF)
- bb) Premature Consideration and Misinterpretation of the Purpose Download chapter (PDF)
- aa) Means of Notice Download chapter (PDF)
- bb) Adequacy of Notice Download chapter (PDF)
- aa) Lodging Claims Download chapter (PDF)
- bb) Right to Information Download chapter (PDF)
- cc) Participation and Voting in Creditors’ Meeting Download chapter (PDF)
- dd) Illustrative Example: Bakrie Download chapter (PDF)
- c) Right to Contest Download chapter (PDF)
- 2. Right of Appeal Download chapter (PDF)
- 3. Non-Discrimination of Foreign Creditors Download chapter (PDF)
- 4. Absence of Arbitrariness Download chapter (PDF)
- 5. Absence of Fraud Download chapter (PDF)
- III. Summary Download chapter (PDF)
- 1. Substantive Fairness in Insolvency Proceedings Download chapter (PDF)
- a) Value Available for Distribution Download chapter (PDF)
- b) Restructuring Measures Download chapter (PDF)
- c) Non-Consensual Alteration of Substantive Rights Download chapter (PDF)
- d) Post-Restructuring Contributions Download chapter (PDF)
- e) Classification Download chapter (PDF)
- 3. Summary Download chapter (PDF)
- a) Impairment, Class Composition, and Voting Thresholds Download chapter (PDF)
- aa) Dissenting Individual Creditors Download chapter (PDF)
- (a) Class of Secured Claims Download chapter (PDF)
- (aa) Historical Background Download chapter (PDF)
- (bb) Consensual Deviations from the APR: Valuation of the Debtor Download chapter (PDF)
- (cc) The New Value Exception to the APR Download chapter (PDF)
- (dd) Attempts at Non-Consensual Deviations from the APR Download chapter (PDF)
- (a) Forms and Rationales of Discrimination Download chapter (PDF)
- (b) Unfairness of Discrimination: Different Approaches and Tests Download chapter (PDF)
- c) Summary Download chapter (PDF)
- aa) Voting Thresholds and Effects of Approval Download chapter (PDF)
- bb) The Unfair Prejudice Challenge Download chapter (PDF)
- aa) Class Composition, Voting Thresholds, and Effects of Confirmation Download chapter (PDF)
- bb) Fairness Assessment Download chapter (PDF)
- aa) Class Composition, Voting Thresholds, and Effects of Confirmation Download chapter (PDF)
- (a) Condition A Download chapter (PDF)
- (b) Condition B Download chapter (PDF)
- (a) Early-Stage Academic Discussion Download chapter (PDF)
- (aa) Fairness Framework with Respect to Dissenting Classes of Creditors Download chapter (PDF)
- (bb) Retention of Equity by Old Shareholders Download chapter (PDF)
- (c) Developments in the Literature and Case Law Following Adler Download chapter (PDF)
- d) Summary Download chapter (PDF)
- a) Dissenting Individual Creditors Download chapter (PDF)
- b) Dissenting Classes of Creditors Download chapter (PDF)
- aa) Arguments in Favour of the RPR Download chapter (PDF)
- bb) Arguments Against the RPR Download chapter (PDF)
- 4. Comparative Summary Download chapter (PDF)
- III. Summary Download chapter (PDF)
- aa) A Single International Court and a Single International Law Download chapter (PDF)
- bb) A Uniform Set of Choice-of-Forum and Choice-of-Law Rules Download chapter (PDF)
- aa) Difference from Universalism Download chapter (PDF)
- (1) Practical Feasibility Download chapter (PDF)
- (aa) Examples from the US and England Download chapter (PDF)
- (bb) Jurisdictions with Less Developed Restructuring Frameworks Download chapter (PDF)
- (cc) Interim Conclusion Download chapter (PDF)
- (aa) Risk of a Bias Towards Foreign Parties Download chapter (PDF)
- (bb) Potentially Unfamiliar Foreign Legal Concepts Download chapter (PDF)
- (c) Ensuring Substantive Fairness Through the Entire Process Download chapter (PDF)
- (d) Summary Download chapter (PDF)
- aa) Difference in the Purpose Download chapter (PDF)
- bb) Narrow Application of the Public Policy Exception Download chapter (PDF)
- cc) Proximity to the Forum Download chapter (PDF)
- a) Distinctive Approach to Restructuring Proceedings under the MLCBI Download chapter (PDF)
- aa) Language of Article 22 (1) of the MLCBI Download chapter (PDF)
- bb) Article 22 (1) in the Broader Context and Structure of the MLCBI Download chapter (PDF)
- cc) Chapter 15 Case Law Download chapter (PDF)
- dd) Existing Literature Download chapter (PDF)
- 3. Summary Download chapter (PDF)
- aa) Private International Law Context Download chapter (PDF)
- bb) Modified Universalism Download chapter (PDF)
- aa) Effect on Substantive Rights Download chapter (PDF)
- bb) Opposition at the Recognition Stage Download chapter (PDF)
- cc) Exclusion of Local Creditors of Foreign Proceedings Download chapter (PDF)
- dd) Exhaustion of All Remedies in Foreign Proceedings Download chapter (PDF)
- ee) Focusing on the Treatment of the Opposing Creditor Download chapter (PDF)
- ff) Burden of Proof Download chapter (PDF)
- gg) Costs Download chapter (PDF)
- aa) Difference Between a Full Révision au Fond and a Substantive Fairness Review Download chapter (PDF)
- bb) Relative Nature of Substantive Fairness Download chapter (PDF)
- cc) Comparison with Another Jurisdiction Download chapter (PDF)
- dd) Chapter 15 Case Law Download chapter (PDF)
- (1) Non-Discrimination of Creditors Download chapter (PDF)
- (2) Purpose of Article 22 (1) Download chapter (PDF)
- (3) Debt-Oriented Nature of Restructuring Proceedings Download chapter (PDF)
- (1) Potential COMI Shift Download chapter (PDF)
- (2) Recent Proposals for Flexible Choice-of-Forum Rules Download chapter (PDF)
- cc) Reconciling the Gibbs Rule and Modified Universalism Download chapter (PDF)
- dd) Support in the Literature Download chapter (PDF)
- (1) Overview Download chapter (PDF)
- (a) Doctrinal Aspect Download chapter (PDF)
- (b) Practical Difficulties Download chapter (PDF)
- (a) Benchmark Function of the Governing Law of the Contract Download chapter (PDF)
- (b) Intervention at the Recognition Stage Download chapter (PDF)
- a) General Restructuring Framework of the Governing Law of the Contract as a Benchmark Download chapter (PDF)
- b) Overriding Mandatory Provisions of the Governing Law of the Contract as a Benchmark Download chapter (PDF)
- c) Hypothetical Proceedings under the Governing Law of the Contract as a Benchmark Download chapter (PDF)
- a) Material Difference Download chapter (PDF)
- b) Flexible Approach Download chapter (PDF)
- 5. Summary Download chapter (PDF)
- 1. England Download chapter (PDF)
- 2. The US Download chapter (PDF)
- 1. Certainty Download chapter (PDF)
- 2. Forum Shopping Download chapter (PDF)
- 3. Fraud Download chapter (PDF)
- 4. Fairness in Domestic Proceedings Download chapter (PDF)
- V. Summary Download chapter (PDF)
- G. ConclusionPages 235 - 236 Download chapter (PDF)
- BibliographyPages 237 - 246 Download chapter (PDF)
