국제적 상계에 대한 준거법
The Governing Law of the Cross-border Set-off
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Abstract
The set-off has a significant meaning in the cross-border transaction in that it is functioning as a kind of guarantee. However, each country has its own set-off system and, therefore, the possibility of setting off is ultimately dependent upon the governing law of the set-off. Unfortunately, there is no provision regulating such an issue, whereas the European Union enacted provisions for both the solvent set-off and the insolvent set-off. This article discusses principles and exceptions, based on which we can designate the governing law of the set-off. Particularly, with regard to the solvent set-off, the legal character of the set-off and the question on how such a character should be dealt with are discussed since the legal set-off or independent set-off in England is regarded not as a substance but as a procedure and, in principle, lex fori is applied to the procedure. On the other hand, the governing law of the set-off in insolvency proceedings is closely connected with the recognition of the foreign insolvency proceedings. This connection is discussed in this article for the purpose of choosing the proper governing law of the set-off in insolvency proceedings and its exceptions.
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