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外文期刊>International Insolvency Review
>Maidum's Challenge, Legal and Governance Issues in Dealing With Cross-Border Business Enterprise Group Insolvencies
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Maidum's Challenge, Legal and Governance Issues in Dealing With Cross-Border Business Enterprise Group Insolvencies
Maidum was an early Egyptian pyramid, the first attempt to build a true pyramid; but it suffered a spectacular collapse. In many jurisdictions, corporate structures are pyramidal in shape, with related enterprises conducting business in multiplejur-isdictions. Where such structures financially collapse, creditors of different entities within a business enterprise group compete for limited assets that may or may not be located in the entity in which they have advanced credit and thus have claims. This article discusses the challenges posed by cross-border business enterprise group insolvency and the range of procedural mechanisms that may be available to protect creditors' claims, articulating broad principles that should be considered in such cases. The choice of cooperation and coordination mechanism is driven in part by whether the particular jurisdiction emphasizes liquidation or restructuring as the objective of the insolvency proceeding.
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