Summary:
The past 25 years have witnessed unprecedented development in global insolvency reform. On nearly every continent, legislatures have revised the substantive content and the cross-border provisions of their bankruptcy laws. Do these reforms – specifically, the cross-border provisions of many new statutes – help trustees and other court-appointed representatives seize control of previously difficult-to-access closely-held or family-controlled ‘offshore’ enterprises or assets?
Two cases, in Mexico and in the US respectively, highlight and illustrate this issue in NAFTA jurisdictions. This article briefly reviews those cases in the context of Mexican and US cross-border and substantive bankruptcy law, then suggests some implications arising from them.
This 2008 article is accessible here. Republished with kind permission of Chase Cambria Company (Publishing) Ltd.