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8 Bocconi Legal Papers 131 (2016)
A Comparative Analysis of Cross-Border Insolvency Proceedings between United Kingdom and Singapore

handle is hein.journals/bocclp8 and id is 139 raw text is: A Comparative Analysis of Cross-Border Insolvency Proceedings Between United Kingdom and Singapore Himaloya Saha' and Saquib Rahman2 The organization of cross-border insolvency proceeding is not a simple or forthright task. The study of this field is enormous and multidimensional and the system is one of anarchy and chaos. It has attracted considerable academic, legislative and judicial attention. This article will critically discuss how far UK has succeeded in implementing the universal approach, which the country's Courts state as an aspiration. It will also compare the universal approach with that of Singapore which operates on the theory of territorialism and therefore is not mandated to recognize foreign insolvency proceeding related to com- panies being registered in the country or operating thereof. The paper will analyze the pros and cons of both the views and suggest recommendations to solve the problems of the above theories. In suggesting recommendations, the paper will make a case for modified universalism. 1. Introduction The core theories when it comes to dealing with international insolvencies are universalism and territorialism along with their adapted versions namely cooperative territorialism and modified universalism.3 Both these theories are highly debated and have their benefits and shortcomings as will be discussed in the Paper. United Kingdom has always been on the side of the universal approach and Lord Hoffman has gone as far as calling principle of universalism as the golden thread 1 LLM (International Corporate Governance & Financial Regulation), University of Warwick; Lecturer of Law at North South University, Bangladesh. 2 LLM (International Corporate Governance & Financial Regulation), University of Warwick; Lecturer of Law at the University of Asia Pacific, Bangladesh. 3 K.E. KAPHALE, <<Towards Modified Universalism: The Recognition and Enforcement of Cross-Border Insolvency>>, Postgraduate, University of Malawi, 2013, p. 11.

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