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20 Brook. J. Int'l L. 625 (1993-1995)
Currency Issues in Multinational Business Reorganizations

handle is hein.journals/bjil20 and id is 633 raw text is: NOTES CURRENCY ISSUES IN MULTINATIONAL BUSINESS REORGANIZATIONS I. INTRODUCTION The corporate world continues to shrink, due at least in part to growth in foreign investment and in the number of multinational corporations. This shrinkage necessarily implies that the demise of any one corporation is increasingly likely to affect creditors outside of the insolvent corporation's home country. As a result, familiarity with or expertise in interna- tional insolvencies continues its inevitable move from esoterica to necessity for all firms that serve as counsel to money center financial institutions or other sophisticated players-be they creditors or debtors-in international commerce. During the last few years, several large-scale international bankruptcies' have indicated the need to establish a standard means of approaching the complex problems that arise within this setting.2 Proof of the commitment to facilitating the pro- cess is found in the rapid growth of Insol International, the world-wide group of insolvency practitioners, to upwards of 5,000 members,3 and by the development of the Model Inter- 1. In particular, see discussions of Maxwell Communications, L J Hooker, Maruko, Inc., and of lesser notoriety in the United States, the insolvencies within the British insurance industry, infra parts III, IV. 2. Richard A. Gitlin & Ronald J. Silverman, International Insolvency and the Maxwell Communication Corporation Case: One Example of Progress in the 1990's, in INTERNATIONAL BANKRUPTCIES: DEVELOPING PRACTICAL STRATEGIES 7, 9 (PLI Commercial Law & Practice Course Handbook Series No. 628, 1992) [hereinafter DEVELOPING PRACTICAL STRATEGIES]. 3. E. Bruce Leonard & R. Gordon Marantz, Cross-Border Issues Between the United States and Canada, in DEVELOPING PRACTICAL STRATEGIES, supra note 2, at 439, 470.

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