Cross-border Insolvency
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What is cross-border insolvency?
- When an insolvent debtor has creditors or assets in multiple countries, cross-border insolvency arises.
- This type of insolvency transcends the boundaries of a single legal system.
What is the UNCITRAL Model Law on Cross Border Insolvency?
- To handle cases involving cross-border insolvency, the UN Commission on International Trade Law or UNCITRAL proposed a model law.
- This model law was adopted at the 13th session of UNCITRAL, in Vienna, in 1997.
- This model law is now the most widely accepted legal framework for resolving cross-border insolvency issues. 49 countries have adopted it. eg: USA, UK, South Korea, Singapore and South Africa.
Highlights of the UNCITRAL Model La
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