Developing an international regime for transnational corporations: The importance of insolvency law to sustainable recovery and development

This article examines the connection between insolvency law and sustainable recovery from financial difficulty or crisis and economic development. Set against the backdrop of the recent history of insolvency reform, it considers the convergence that has emerged on the goals and objectives for insolvency law and the need for, and desirability of, a universal insolvency regime that would facilitate the treatment of cross-border cases, particularly those affecting transnational corporations (TNCs). It highlights some of the difficulties associated with achieving such a regime, challenging the political and practical feasibility of that achievement. It concludes by reflecting on what has been achieved in the last 20 years and how that has paved the way for future developments.