On the Nature of Admiralty and Cross-Border Insolvency Law, and on their Interaction. / Vaccari, Eugenio; Corcione, Carlo.

In: Il Diritto Marittimo, 01.07.2022.

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  • C Corcione and E Vaccari - On the Nature of Admiralty and Cross-Border Insolvency Law

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Abstract

Maritime and insolvency laws seem to have developed with little regards to each other. However, shipping is a cyclical industry, and shipping companies are generally smaller and more prone to failure than firms operating in other sectors of the economy. Additionally, the international nature of shipping makes the failure of companies operating in the field much more likely to give rise to cross-border issues in the filing of claims and enforcement of judgments.

While there is literature, which compares the theoretical, normative and conceptual approaches adopted by these branches of law, no paper has so far challenged the theoretical foundations of insolvency and admiralty law. This paper accomplishes this task. It shows that while admiralty law is predominantly universal and equitable, corporate insolvency law is predominantly territorialist and egalitarian (despite opposing aspirations). In carry out this analysis, it shows where changes are needed to ensure a smoother, more predictable and fairer coordination between these branches of law.
Original languageEnglish
JournalIl Diritto Marittimo
Publication statusSubmitted - 1 Jul 2022

ID: 45740982