Toward Universalism In International Bankruptcy Law: Foundations For Strategy Formulation In Selected Countries

Two major impacts of globalization have been the dramatic increase in the number of multina-tional corporations that now exist and the wave of international bankruptcy law reform now tak-ing place. Multinational corporations are widening their search for new strategic opportunities and are venturing into new countries, cultures, and geographic markets in this pursuit. As a result of the reform movement, bankruptcy laws in various countries are becoming more similar, are providing documentation that the Universalism Model is a pragmatic vehicle for resolving multi-national bankruptcies, and are indirectly generating increased strategic opportunities for multina-tional corporations. This paper comprises 1) a brief summary of globalization and its impact on the creation of multi-national corporations; 2) a brief summary of the Territorial Model and the Universalism Model of international bankruptcy law; 3) a general discussion and comparison of bankruptcy laws in se-lected Latin American countries; 4) a discussion of the strategic implications of these countries’ bankruptcy laws; and 5) general conclusions regarding the strategic significance of global bank-ruptcy reform and Universalism