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Insolvency within Multinational Enterprise Groups$
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Irit Mevorach

Print publication date: 2009

Print ISBN-13: 9780199544721

Published to Oxford Scholarship Online: September 2009

DOI: 10.1093/acprof:oso/9780199544721.001.0001

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Preservation of the Estate, Maximization of Value, and Facilitation of Rescues

Preservation of the Estate, Maximization of Value, and Facilitation of Rescues

(p.151) 6 Preservation of the Estate, Maximization of Value, and Facilitation of Rescues
Insolvency within Multinational Enterprise Groups

Irit Mevorach

Oxford University Press

This chapter focuses on the administration of MEG insolvencies and examines ‘linking tools’ which could enhance preservation of the estate, wealth maximization and rescues. It asks to what extent and in which circumstances a global unified approach should be applied. Measures such as procedural consolidation, cooperation, and coordination and substantive consolidation (on a global level) are examined in light of the goal of wealth maximization, considering to what extent they might defeat the benefits of entity law and concerns of territorialism. The chapter suggests that a global unified approach is desired for cases of ‘business integrated’ insolvent MEGs. Stronger ‘linking’ measures in the course of insolvency are proposed for centralized integrated MEGs where the entire process may be centralized and conducted in the group ‘home country’. Greater intervention with entity law by way of applying global substantive consolidation is suggested for ‘asset integrated’ insolvent MEGs.

Keywords:   wealth maximization, procedural consolidation, cooperation and coordination, substantive consolidation, home country

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