The aim of the thesis is to survey the existing state of English cross-border insolvency laws. Cross-border insolvencies present their own particular set of problems. They necessarily involve the laws of two or often more jurisdictions and therefore the insolvency is complicated by the fact that there is more than one set of proceedings. This duplication of effort leads to a rise in costs. In order to consider how best to alleviate these difficulties, an examination of the parts of the Insolvency Act 1986 applicable to foreign companies is necessary, in particular sections 221 and 225 which deal with winding up. There is also a consideration of the application of administration orders to foreign companies. By the very nature of this area of law it is necessary to analyse the rules of private international law in order to evaluate whether recognition will be granted to foreign liquidations and liquidators under English law. It is also important to note the potential impact of conventions on cross-border insolvencies. Therefore there is a consideration, in particular of the European Convention on Insolvency Proceedings and the UNCITRAL Model Law. A comparative approach to insolvency has been taken in chapter six, looking at ways in which other jurisdictions deal with these problems and then examining whether it is possible to adapt English laws along similar lines. The final chapter takes an overview of the current state of affairs and draws conclusions as to the best way forward in order to ensure that there is more coordination and co-operation in the future.

The subject of this thesis is the operation of corporate insolvency law in post-colonial India. Indian corporate insolvency law has been widely condemned as dysfunctional, critics complaining of extreme delays and a series of associated nartns to creditors in the disposal of formal proceedings. Surprisingly little is known, however, about why the law has 'failed' creditors in this way - why the law operates as it does. That is the question that motivates this thesis. The thesis reports the results of an in-depth study of the introduction and development of India's two principal insolvency procedures for corporate debtors: liquidation (under the Companies Act 1956) and rescue (under the Sick Industrial Companies (Special Provisions) Act 1985, for industrial companies). The most significant contribution made by the thesis is the reporting of new evidence of the influence of judges on the development of these two insolvency procedures over time, drawn from an original analysis of a large body of Indian case law. This evidence suggests that the role of the courts (or more specifically, the role of judges) has been significantly underestimated in previous attempts to explain the demise of corporate insolvency law in post-colonial India. WORD COUNT: 99,939 (including footnotes and appendices)

This work attempts to tackle the complex case of insolvencies within multinational corporate groups ("MCGs"), an issue currently poorly dealt with under contemporary international insolvency models. In its core lies the question of whether there is justification to 'link' between affiliates in their insolvencies either for procedural or substantive purposes in spite of them being separate legal entities, which are located in different countries. In addition, what sort of mechanisms could serve this end Indeed, the thesis asserts that 'linking' is essential in many occasions, though various scenarios should be considered. Moreover, 'one size fits all' sort of approach will be deemed unfit. Thus, in order to solve this issue a universalist view is adopted, essentially looking at such cases with a worldwide perspective, accepting a certain degree of interference with the corporate form (a view termed here as 'a global approach'). The merits and reasons for embracing such mode of thought are demonstrated via examining the main 'insolvency goals' (of a system regulating international insolvencies) and asking whether a global approach is apt in dealing with them compared with a 'separable' territorial approach. This investigation reveals the advantages of a global approach to insolvencies within MCGs while proposing ways to overcome its potential flaws, so that eventually it will be able to offer a suitable comprehensive solution. It concludes by asserting that the 'battle' between the needs to link between affiliates and to maintain the corporate form can be reconciled by exercising a prudent and flexible global approach that will match the needs of the specific case. Finally, a set of propositions extracted from the discussion of the various insolvency goals are offered as guidance for future reforms of cross-border insolvency models.

The ongoing process of globalisation has witnessed an increase in cross-border corporate insolvencies involving multinational enterprises (MNEs). Yet, national insolvency laws have proven themselves ill-equipped to handle such matters in an international setting. Responsible policy-makers and academics argue for the creation of a viable international insolvency approach. This debate has revolved around an "either-or" spectrum of (1) the theory of "Universality" that proposes a single court charged with implementing a single bankruptcy law to worldwide claimants, and (2) the theory of "Territoriality" that asserts each jurisdiction can only adjudicate the debtor's insolvency on a territorial basis and distribute local assets to local claimants. But, this debate yet has yielded no practical solution. This thesis suggests that these two theories are not mutually exclusive, and both may be utilized in developing a pragmatic and "better" international insolvency framework. To date, there has been one non-binding international instrument based on moderate choice of forum/law provisions: the UNCITRAL Model Law on Cross-Border Insolvency (the Model Law). Although the Model Law has significant merits, it falls short of the broader expectations minimally acceptable international insolvency system should fulfill. In addition, the regional European Union Council Regulation on Insolvency Proceedings (the Regulation) has recently been enacted. This thesis will argue that, while recognizing the special sui generic nature of the EU framework, important lessons can be learned from this Regulation, and when combined with certain elements from a revamped Model Law approach, a "better" international insolvency framework may be found. The concluding observations of this thesis will touch upon a range of existing international vehicles that may be complementary or alternative vehicles to channel interim reforms. Unless otherwise expressly indicated, this thesis speaks as of 1 January 2006.

Le traitement préventif et amiable des difficultés des entreprises est la solution idoine pour préserver des entreprises viables, apurer le passif et sauvegarder les emplois. Le législateur français, à travers la mise en place d’un arsenal juridique qui favorise le traitement précoce des difficultés des entreprises, a pu faire un pas géant vers la dissipation et l’éclipse de l’esprit répressif et pénal au profit des mesures de prévention et de réparation des dommages. Cette nouvelle conception de réaction prompte contre les difficultés des entreprises a trouvé un véritable engouement auprès du législateur marocain. / The precautionary and amicable treatment of difficulties of firms is suitable resolution to preserve viable firms, audit debit and safeguard jobs. The French legislator, across the installation of a juridical armory which favours the precocious treatment of difficulties of firms, could make a huge step towards clearing up and eclipse of repressive and criminal mind to the advantage of the measurements of prevention and repairing of successive damage in said difficulties. This new comprehension of prompt reaction against difficulties of firms found a true infatuation to the Moroccan legislator.

Le législateur a fait le pari que la lutte contre le risque de défaillance des entreprises pouvait être mieux menée que dans un rapport de confiance avec le débiteur puisqu’en tant que dirigeant de l’entreprise, il est, de facto, la personne la mieux placée. Mais il n’a pas placé cette confiance à tout débiteur. Il l’a fait seulement au débiteur diligent. C’est pourquoi à travers la loi n°2005-845 du 26 juillet 2005 il a créé une autre philosophie qui consiste à le traiter différemment de celui qui est en cessation de paiement. Et au fil des réformes de la loi de sauvegarde, il a davantage creusé cette différence. En effet, qu’il s’agisse des ordonnances (n°2008-1345 du 18 décembre 2008, n°2014-326 du 12 mars 2014 et n°2014-1088 du 26 septembre 2014) et des lois (n°2010-1249 du 22 octobre 2010, n°2015-990 du 6 août 2015 et n°2016-1547 du 18 novembre 2016), il est possible de constater de nombreuses prérogatives reconnues au débiteur diligent. L’objectif étant de le motiver à saisir le juge dès ses premières difficultés, c’est-à-dire en amont de la cessation des paiements. On le retrouve donc aussi bien lorsqu’il s’agit de la protection de l’entreprise que dans le traitement des difficultés, c'est-à-dire pendant la période d’observation et l’adoption du plan. / The legislator was betting that the fight against the risk of business failure could be better conducted than in a relationship of trust with the debtor since, as the company's manager, he is, de facto, the best person. to place. But he did not place this trust in any debtor. He did it only to the diligent debtor. That is why through the law of the n ° 2005-845 of July 26th, 2005 it created another philosophy which consists in treating it differently than that which is less it. And over time reforms of the law of safeguard, he further widened this difference. Indeed, these are the ordinances (n° 2008-1345 of December 18, 2008, n° 2014-326 of March 12, 2014 and n° 2014-1088 of September 26, 2014) and the laws (n° 2010-1249 of 22 October 2010, n° 2015-990 of 6 August 2015 and n° 2016-1547 of 18 November 2016), it is possible to note many prerogatives recognized to the diligent debtor. The aim is to motivate him to seize the judge from his first difficulties, that is to say before the cessation of payments. It is therefore found both in the protection of the company and in the treatment of difficulties, that is to say during the observation period and the adoption of the plan.

Cette thèse s’intéresse à l’étude de la relation entre l’ouverture financière et politique et la croissance économique dans les pays en voie de développement. En effet, réformes politiques et libéralisation économique étaient le mot d’ordre des instances financières internationales qui conditionnaient l’octroi des aides financières à l’application de certaines réformes en faveur de la démocratie, du respect des droits de l’Homme et de l’intégration à la sphère financière mondiale. Notre investigation empirique porte sur un échantillon de 108 pays en voie de développement entre 1984 et 2008 et fait appel aux techniques d’estimation de panel statiques et dynamiques et les nouveaux tests de causalité en panel hétérogène. Nos résultats, démontrent que la libéralisation financière en plus de son impact direct sur la croissance, agit positivement sur l’investissement, le commerce extérieur ainsi que la stabilité macroéconomique à travers une réduction de l’inflation. L’intégration financière favorise, aussi, le développement du secteur financier et du capital humain. Ailleurs, la démocratie, même si elle n’a pas d’impact direct significatif sur la croissance, semble influer positivement sur celle-ci de manière indirecte à travers le canal du commerce extérieur mais aussi du développement financier et la promotion du capital humain. Ailleurs, l’instabilité politique affecte négativement le développement économique de manière directe mais aussi de manière indirecte en diminuant les investissements et le commerce avec l’extérieur et en augmentant l’inflation. Finalement, nos résultats suggèrent l’existence d’une relation de causalité bidirectionnelle entre l’intégration financière et la démocratie. Cependant, la relation entre ouverture financière et stabilité politique est plus spécifique et dépend des caractéristiques régionales des pays. / The purpose of this thesis is to study the relationship between financial integration, political openness and growth in developing countries. In fact, political reforms and economic liberalization was the slogan of the international financial institutions which conditioned the granting of financial aid to the implementation of certain reforms in favor of democracy and more respect of human rights in addition to more financial integration. Our empirical investigation covers a sample of 108 developing countries between 1984 and 2008 and uses both static and dynamic panel data estimation in addition to the new causality test in heterogeneous panel. Our results show that financial liberalization positively impact growth directly and through indirect channel like Investment, trade and macroeconomic stability. It also favors financial development and promotes human capital. Even though, democracy doesn’t directly influence growth, it has an indirect positive effect on it through favoring international trade in addition to financial and human capital development. Otherwise, political instability negatively affects growth directly but also indirectly through decreasing investment and increasing inflation. Finally, our results suggest the existence of a bidirectional relationship between financial integration and democracy. In the other side, the relationship between financial integration and political stability is more specific and depend upon regionals characteristics of the country.