The course in International Insolvency Law (IIL) aims to give students an insight in the theory and practice of insolvency law in a transnational and comparative context. The IIL course focuses on the concept of insolvency (reorganization, work-out, winding-up, pre-packs, bankruptcy) and the ways in which corporate insolvency is regulated by legislation or by other means of regulation, including instruments of soft law. The course will start with a substantive side of insolvency law (principles, main actors, insolvency tests, etc.). The understanding of “insolvency basics” will create a foundation for a more thorough study of international (cross-border) insolvency. Questions that frequently arise in this context include: Which judge should creditors turn to? Which law should be applicable to, e.g. insolvency proceedings, avoidance claims, employment contracts, rights in rem? In order to gain an insight in the workings of insolvency in modern society, therefore, this context requires that insolvency law be studied from an international perspective.
In this course the emphasis is placed on insolvency law in corporate practice (consumer insolvency may be referred to briefly) and the effectiveness of mechanisms for dealing with cross-border rescue or insolvency on a global scale, with an emphasis on the European Union. Recent results of cross-border collaboration will be dealt with on a general level, with practical case studies, including the European Insolvency Regulation (recast) which has become effective as from 26 June 2017, the UNCITRAL Model Law on Cross-Border Insolvency of 1997 and its enactment in several countries around the world, including the USA (2005) and the UK (2006), OHADA (2015), Singapore (2017), the World Bank’s Principles for Effective Insolvency and Creditor/Debtor Regimes (2011), the American Law Institute/International Insolvency Institute’s Global Principles for Cooperation in International Insolvency Cases (2012) and the EU Cross-Border Insolvency Court-to-Court Cooperation Principles and Guidelines (2014), Judicial Insolvency Network (GIN) Guidelines (2016).
The course will not be limited to the analysis of formal insolvency proceedings – it will also include proceedings aimed at rescuing the business while it is still solvent, but experiences financial (liquidity) shortages. This will include the newly introduced EC Proposal for a Directive on Insolvency, Restructuring and Second Chance (2016).
FACULTY
Professor Reinout Vriesendorp, Professor of Insolvency Law at the Company Law Department and Business Studies Department, partner De Brauw Blackstone Westbroek (Amsterdam)
Course Coordinator: Ilya Kokorin, Lecturer in Company and Insolvency Law at Leiden University.
CONTACT
Wendy Rodger
Programme Coordinator LLM (Adv) International Civil and Commercial Law
Office for International Education / Leiden Law School
T: +31 (0)71 527 1228
E: w.h.rodger@law.leidenuniv.nl
METHOD OF INSTRUCTION
Interactive lectures and case studies.
EXAMINATION
Written exam and written assignment
COURSE REQUIREMENTS
Full degree in law granting access to the legal profession (or equivalent).