Article from: TDM 1 (2010), in International Commercial Arbitration
The recent global recession has seen a marked rise in the number of corporate insolvencies. In the UK, first quarter 2009 insolvencies saw an increase of 56% on the same period a year earlier, while mid-year expectations were that KPMG's prediction of 5,000 corporate insolvencies in 2009 would be met. This experience has been echoed in the US where, for example, 52 banks failed in the first six months of the year followed by a further seven in one day in early July 2009.
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J. Rogers; J.H. Sutcliffe; "Effect of Party Insolvency on Arbitration Proceedings: Pause for Thought in Testing Times"
TDM 1 (2010), www.transnational-dispute-management.com