Chicago Journal of International Law


That commerce has become international in scope is a fact known to all in the legal community. Many large companies now have operating subsidiaries in a large number of countries, and those countries have radically different legal regimes. The law of insolvency is no different; indeed, the differences in legal regimes are of particular import as insolvency law is largely driven by jurisdictions' policy preferences on the relationship between debtors and creditors. But when international enterprise groups go bust, domestic bankruptcy law is incapable of handling the private international law issues that are implicated. While there have been efforts in recent years to bring harmony to the chaos, it is increasingly clear that the current framework cannot adequately address the problems encountered by transnational enterprise groups. This Comment explores the current framework and proposes sensible first steps to address the framework's shortcomings.

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