PhD defence

Intra-group financing and enterprise group insolvency: Problems, principles and solutions

• I. Kokorin

Date

Tuesday 14 November 2023

Time

16:15 - 17:00 hour

Address

Academy Building
Rapenburg 73
2311 GJ Leiden

Supervisor(s)

• Prof.mr.. M. Haentjens
• Prof.mr. R.D. Vriesendorp

Summary

What do Lehman Brothers, Nortel Networks and Oi Brazil have in common, apart from the fact that they were or remain large multinational enterprise groups that at some point became insolvent? They are characterized by the integrated nature of their business, facilitated through elaborate networks of intercompany financial arrangements. Some of these arrangements “perforate” limited liability (eg cross-guarantees), while others closely tie the fates of separate group entities (eg intra-group loans, centralized cash management). As a result, the idea of entity separateness, underpinning modern insolvency law, hardly reflects present-day economic and legal realities. This thesis examines typical intra-group financial transactions and explores their influence on and treatment in insolvency and restructuring of corporate groups. It explains the problems, discusses underlying legal principles, and offers targeted solutions, based on a thorough analysis of modern commercial practices and legal tools from three leading restructuring forums – the UK, the USA and the Netherlands.

PhD dissertations

Approximately one week after the defence, PhD dissertations by Leiden PhD students are available digitally through the Leiden Repository, that offers free access to these PhD dissertations. Please note that in some cases a dissertation may be under embargo temporarily and access to its full-text version will only be granted later.

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