For information only - not an official document
11 July 2011
UN Commission on International Trade Law Adopts UNCITRAL Model Law on Cross-Border Insolvency:
The Judicial Perspective
VIENNA, 11 July (UN Information Service) - On 1 July 2011 UNCITRAL adopted a text entitled "The UNCITRAL Model Law on Cross-Border Insolvency: the judicial perspective". This text was developed in consultation with judges, insolvency professionals, UNCITRAL's Working Group V (Insolvency Law) and member States, as well as by judges and other participants at the 9th International Judicial Colloquium, held in Singapore in March 2011. It responds to requests made at earlier sessions of the colloquium for information and guidance for judges on cross-border-related insolvency issues, particularly on the UNCITRAL Model Law on Cross-Border Insolvency.
The text examines the provisions of the UNCITRAL Model Law, ordered to reflect the sequence in which applications for recognition and assistance would generally be considered by the receiving court, under the Model Law, as distinct from an article by article analysis. It offers general guidance, from a judge's perspective, on the issues relevant to deciding those applications, based on the intentions of those who crafted the Model Law and the experiences of its use in practice. It does not purport to instruct judges on how to deal with such applications, nor does it suggest that a single approach is either possible or desirable. Flexibility of approach is all important in an area where the economic dynamics of a situation can change suddenly.
The United Nations Commission on International Trade Law (UNCITRAL) is the core legal body of the United Nations system in the field of international trade law. Its mandate is to remove legal obstacles to international trade by progressively modernizing and harmonizing trade law. It prepares legal texts in a number of key areas such as international commercial dispute settlement, electronic commerce, insolvency, security interests, sale of goods, transport law, procurement and infrastructure development. UNCITRAL also provides technical assistance to law reform activities, including assisting Member States to review and assess their law reform needs and to draft the legislation required to implement UNCITRAL texts. The UNCITRAL Secretariat is located in Vienna, Austria, and maintains a website at www.uncitral.org.
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