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UNCITRAL Model Law on Cross-Border Insolvency
Practical Law UK Glossary 0-502-6976 (Approx. 5 pages)
Glossary
UNCITRAL Model Law on Cross-Border Insolvency
A framework for legislation, first adopted by the United Nations Commission on International Trade Law (UNCITRAL) in 1997. When enacted into a country's legislation, it sets out when that country's national courts must recognise insolvency proceedings that have been started in a different country. Following recognition, the court may provide certain assistance to the foreign insolvency office holder. The Model Law on Cross-Border Insolvency (Model Law) does not attempt a substantive unification of insolvency law and any country can choose whether and how to implement it.
The UK enacted the Model Law in the Cross-Border Insolvency Regulations 2006 (SI 2006/1030).
For more information, together with a list of jurisdictions that have enacted legislation based on the Model Law, see:
For the full text of the Model Law, see UNCITRAL Model Law on Cross-Border Insolvency: text and guide to enactment.
Other guidance relevant to the Model Law includes:
- UNCITRAL practice guide on cross-border insolvency cooperation (2009), in relation to the use of agreements or protocols in cross-border insolvencies.
- UNCITRAL legislative guide on insolvency law: treatment of enterprise groups in insolvency, on the insolvency of corporate groups consisting of separate legal entities.
- The Model Law is one of a number of model laws on insolvency-related issues that UNCITRAL has adopted. For more on UNCITRAL's work in the area of insolvency, see Tracker, UNCITRAL Working Group V (Insolvency Law): developments tracker.