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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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