ABSTRACT

Exploitation of natural resources requires substantial investments. A project concerning the exploitation of natural resources typically involves a high degree of risk. Unforeseen obstacles may increase the costs substantially and make the project economically unfeasible. Further, the parties involved may incur liability (e.g. for environmental damages). These general observations are definitely also true with respect to exploitation of natural resources in Greenland and other parts of the Arctic. A high degree of economic risk means that there is also a risk that parties involved in the exploitation of natural resources in Greenland become insolvent. This raises the issue of which insolvency rules apply in Greenland.