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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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Equitable Distribution and Accountability

Equitable Distribution and Accountability

Chapter:
(p.237) 7 Equitable Distribution and Accountability
Source:
Insolvency within Multinational Enterprise Groups
Author(s):

Irit Mevorach

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199544721.003.0008

This chapter focuses on pursuing fairness (substantive and procedural). It examines the compatibility of global consolidation mechanisms in light of these goals. It suggests that fairness in distribution requires that in ‘business integrated’ insolvent MEG cases, coordinated solutions should be pursued if this will benefit the group as a whole while not significantly harming certain entities. The system should otherwise respect rights of creditors vis-à-vis the entity to which they belong, and not mix assets and debts across the MEG (with ‘asset integration’ cases an exception). It also asks whether possible changes in the law applicable (following a change in the forum as a result of applying consolidation on a global level) fit with fairness in distribution, and suggests that it is indeed the case contingent on the application of certain safeguards. Global consolidation in appropriate cases also ensures accountability provided that mechanisms are in place to encourage participation, and that those in charge of global consolidation posses sufficient expertise.

Keywords:   fairness in distribution, procedural fairness, accountability, participation, expertise

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