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Transnational Insolvency Transformed

Transnational Insolvency Transformed Practitioner's Notebook Joseph D. Becker* Transnational insolvencies are rare birds.** They pass through our courts in sudden flights once or twice in a generation. Before th e 1974 Herstatt affair, nothing like it had been seen by American lawyers since the Swedish Match case burnt out in the thirties. The past five years have witnessed remarkable events: a series of notable decisions, new legislation and treaty activity that may trans­ form transnational insolvencies of th e future. It is fair to say that before Herstatt the relevant case law was in a state of arrested development. To some extent the yawning gaps betwee n judicial decisions were filled by writers like Kurt Nadelmann and Steve Riesenfeld—one cannot touch on this subject without paying homage to their scholarship—but when the cases of the 1970s entered our courts, they set foot on rather petrified legal ground. Is it not significant that as recently as 1976 th e bankruptcy judge in Finabank could find no better guidance than a 68-year-old * Member of the New York Bar; Adjunct Professor of Law, New York Univer­ sity. This paper, in modified form, was presented to the American Foreign Law Asso­ ciation, Inc., at its http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png American Journal of Comparative Law Oxford University Press

Transnational Insolvency Transformed

Becker, Joseph D.
American Journal of Comparative Law , Volume 29 (4) – Oct 1, 1981
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Publisher
Oxford University Press
Copyright
© 1981 by The American Association for the Comparative Study of Law, Inc.
ISSN
0002-919X
eISSN
2326-9197
DOI
10.2307/839760
Publisher site
See Article on Publisher Site

Abstract

Practitioner's Notebook Joseph D. Becker* Transnational insolvencies are rare birds.** They pass through our courts in sudden flights once or twice in a generation. Before th e 1974 Herstatt affair, nothing like it had been seen by American lawyers since the Swedish Match case burnt out in the thirties. The past five years have witnessed remarkable events: a series of notable decisions, new legislation and treaty activity that may trans­ form transnational insolvencies of th e future. It is fair to say that before Herstatt the relevant case law was in a state of arrested development. To some extent the yawning gaps betwee n judicial decisions were filled by writers like Kurt Nadelmann and Steve Riesenfeld—one cannot touch on this subject without paying homage to their scholarship—but when the cases of the 1970s entered our courts, they set foot on rather petrified legal ground. Is it not significant that as recently as 1976 th e bankruptcy judge in Finabank could find no better guidance than a 68-year-old * Member of the New York Bar; Adjunct Professor of Law, New York Univer­ sity. This paper, in modified form, was presented to the American Foreign Law Asso­ ciation, Inc., at its

Journal

American Journal of Comparative Law – Oxford University Press

Published: Oct 1, 1981

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