Although we have made remarkable progress in the last decade in the management of multinational insolvencies, the fundamental anomaly remains: a global economic crisis must be managed by various national courts. Our judges must act like a team of surgeons, each of whom is able to treat only one part of the patient. This article discusses one of the most important difficulties that arise from that awkward system.
Jay L. Westbrook, Priority Conflicts as a Barrier to Cooperation in Multinational Insolvencies, 27 Penn St. Int'l L. Rev. 869 (2009).