Among these things, the firm Dad had been close to went banrupt.

52. Mr. Grainger (United Kingdom) expressed the view that the Model Law on Cross Border Insolvency adopted by the Commission contained sensible and practical provisions to assist insolvency practitioners to overcome the problems associated with cross border insolvencies.

Indeed, at its thirtieth session, it had adopted its draft Model Legislative Provisions on Cross Border Insolvency, which should facilitate judicial cooperation and provide better means for national courts to deal with cases of cross border insolvency.

(58) The insolvency law should permit the insolvency representative to sell assets that are encumbered or subject to other interests free and clear of those encumbrances and other interests, outside the ordinary course of business, provided that

I was broke, facing bankruptcy.

(62) The insolvency law should permit the insolvency representative to determine the treatment of any assets that are burdensome to the estate.

(35) The insolvency law should specify that the estate should include

The insolvency law should provide that an asset of the estate acquired after the commencement of an insolvency proceeding with respect to the grantor is subject to a security right created by the grantor before the commencement of the insolvency proceeding to the extent the asset is proceeds (whether cash or non cash) of an encumbered asset which was an asset of the grantor before the commencement of the proceeding.

The other three, the International Statement of United States Bankruptcy Law, International Statement of Canadian Bankruptcy Law, and International Statement of Mexican Bankruptcy Law describe the bankruptcy laws of the three NAFTA States, and set out principles governing multinational insolvency cases which involve assets located in one or more of the three NAFTA countries.

(54) The insolvency law should specify that the insolvency representative may use an asset owned by a third party and in the possession of the debtor provided specified conditions are satisfied, including

(iv) The insolvency representative in the insolvency of the grantor or

The past year had witnessed 153 reports of such incidents in which UNICEF staff or their immediate dependants or assets were harmed.

The past year had witnessed 153 reports of such incidents in which UNICEF staff or their immediate dependents or assets were harmed.

(ll) Insolvency estate means assets and rights of the debtor that are controlled or supervised by the insolvency representative and subject to the insolvency proceedings.

If he's broke, I wanna be broke the same way.

(nn) Insolvency representative means a person or body responsible for administering the insolvency estate.

National insolvency laws have by and large not kept pace with the trend, in that they are often ill equipped to deal with cases of a cross border nature.

Insolvency law

(72) The insolvency law should specify that the insolvency representative may decide to continue the performance of a contract of which it is aware where continuation would be beneficial to the insolvency estate. The insolvency law should specify that

ANNEX Draft articles of the UNCITRAL Model Legislative Provisions on Cross Border Insolvency 41 INTRODUCTION

Article 88 When an insurance company is declared bankrupt in accordance with laws, the estate of the bankrupt insurer, after paying off the expenses of bankruptcy proceedings, shall be distributed in the following order

(e) Provide for timely, efficient and impartial resolution of insolvency

(152) Where the insolvency law requires court confirmation of an approved plan, the insolvency law should require the court to confirm the plan if the following conditions are satisfied

C. Except as provided in D , the insolvency law should provide that an asset of the estate acquired after the commencement of an insolvency proceeding is not subject to a security right created by the grantor before the commencement of the insolvency proceeding.

Those instances include cases where the insolvent debtor has assets in more than one State or where among the creditors of the debtor there are some that are not from the State where the insolvency proceeding is taking place.

He went bankrupt.

(b) Insolvency law

(b) Insolvency law

Property destruction

I'm broke.

I'm bankrupt.

He was broke.

I'm ruined

FRANK Facing bankruptcy.

quot (d) creditors or other interested parties in a foreign State have an interest in requesting the opening of or participating in a proceeding in this State under insert names of laws of the enacting State relating to insolvency . quot

(d) creditors or other interested parties in a foreign State have an interest in requesting the commencement of or participating in a proceeding in this State under identify laws of the enacting State relating to insolvency .

(d) creditors or other interested parties in a foreign State have an interest in requesting the commencement of or participating in a proceeding in this State under identify laws of the enacting State relating to insolvency .

It was also noted that a number of jurisdictions did not enquire as to the nature of the debtor s debts for insolvency purposes, nor did they exclude consumers or other individuals from the ordinary insolvency regime.

There is no progression of affairs in human experience.

Attacks like these, however, jeopardize the future prospects for peace.

However, the article does not modify the conditions under which an insolvency proceeding may be commenced in the enacting State.

(e) In the area of insolvency, the UNCITRAL Model Law on Cross Border Insolvency and the UNCITRAL Legislative Guide on Insolvency Law

(iii) The insolvency administrator.

The company went bankrupt.

Overproduction, I says. Collapse.