Insolvency law

(b) Insolvency law

(b) Insolvency law

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

Assistance to law reform in the area of insolvency law reform includes the Regional Technical Assistance (RETA) 5975 Promoting Regional Cooperation in Insolvency Law Reforms addressing (a) informal workouts, (b) intersection between insolvency law and secured transactions law and (c) cross border insolvency.

The insolvency law should specify that, if a security right is entitled to priority under law other than the insolvency law, that priority continues unimpaired in insolvency proceedings except if, pursuant to the insolvency law, another claim is given priority.

Domestic insolvency law treatment

UNCITRAL has a proven track record in insolvency law work, developing both the Model Law on Cross Border Insolvency and the Legislative Guide on Insolvency Law in comparatively short periods of time.

(4) The insolvency law should specify that where a security interest is effective and enforceable under law other than the insolvency law, it will be recognized in insolvency proceedings as effective and enforceable.

Note to the Working Group See recommendation I in the recommendations of this Guide on Insolvency The insolvency law should specify that, if a security right is entitled to priority under law other than the insolvency law, that priority continues unimpaired in insolvency proceedings except if, pursuant to the insolvency law, another claim is given priority.

(52) The insolvency law should permit

(88) The insolvency law should specify that notwithstanding that a security interest is effective and enforceable under law other than the insolvency law, it may be subject to the avoidance provisions of insolvency law on the same grounds as other transactions.

(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

(59) The insolvency law should permit the insolvency representative to use and dispose of cash proceeds if

(46) The insolvency law should specify that, on commencement of insolvency proceedings add a, b, c, d, e

The Hague Conference collaborated closely with UNCITRAL in developing the chapter of the UNCITRAL Legislative Guide on Insolvency Law dealing with law applicable in insolvency proceedings.

(ii) Macedonia insolvency law reform (16 17 December 2004)

(n) UNCITRAL Model Law on Cross Border Insolvency (1997)

E. UNCITRAL Model Law on Cross Border Insolvency (1997)

Possible future work in the area of insolvency law

Current activities of international organizations related to Insolvency law

(49) The insolvency law should specify that the measures applicable on commencement of insolvency proceedings remain effective throughout those proceedings until

(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

(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

59 40. Legislative Guide on Insolvency Law of the United Nations Commission on International Trade Law

See footnote to recommendation 46(b) of the Insolvency Guide, which provides that If law other than the insolvency law permits those security interests to be made effective within certain specified time periods, it is desirable that the insolvency law recognize those periods and permit the interest to be made effective where the commencement of insolvency proceedings occurs before expiry of the specified time period.

That consultation might take the form of a multinational colloquium, a forum used to good effect in developing both the Model Law on Cross Border Insolvency and the Legislative Guide on Insolvency Law.

For example, neither the European Council Regulation No. 1346 2000 on Insolvency Proceedings nor the UNCITRAL Model Law on Cross Border Insolvency addresses the issue.

Detailed reports on electronic commerce and insolvency law had also been drawn up.

Such exceptions should be minimal and clearly set forth in the insolvency law.

Such exceptions should be minimal and clearly set forth in the insolvency law.

This note includes recommendations taken from the UNCITRAL Legislative Guide on Insolvency Law (the Insolvency Guide), indicated by numbers in parentheses (the numbers reflect the numbers of the Insolvency Guide), and recommendations A K, which are new and therefore additional to the recommendations in the Insolvency Guide.

(172) The insolvency law should specify whether secured creditors are required to submit claims.

For example, it works with other international organizations (e.g. UNCITRAL, World Bank, IMF) to enhance certainty through insolvency law reform and, in particular, members have been active in developing proposals to UNCITRAL on future work on insolvency law.

(31) The insolvency law of the State in which insolvency proceedings are commenced (lex fori concursus) should apply to all aspects of the commencement, conduct, administration and conclusion of those insolvency proceedings and their effects. These may include, for example

(80) The insolvency law should specify that the insolvency representative may accept or require performance from the counterparty to a contract prior to continuation or rejection of the contract.

The insolvency law should provide that, in the case of insolvency proceedings with respect to a buyer under a title retention arrangement, a grantor or a financial lessee, the seller or financial lessor has the rights and duties of a third party owner of the asset under the UNCITRAL Legislative Guide on Insolvency Law.

(30) The law applicable to the validity and effectiveness of rights and claims existing at the time of the commencement of insolvency proceedings should be determined by the private international law rules of the State in which insolvency proceedings are commenced.

The law should provide that, notwithstanding the commencement of an insolvency proceeding, the creation, effectiveness against third parties, priority and enforcement of a security right are governed by the law that would be applicable in the absence of the insolvency proceeding.

Draft resolution Legislative Guide on Insolvency Law of the United Nations commission on International Trade Law (A C.6 59 L.12)

(138) The insolvency law should specify that a party in interest may appeal from any order of the court in the insolvency proceedings that affects its rights, obligations or interests.

The Section on Insolvency, Restructuring and Creditors' Rights (SIRC) of the Legal Practice Division of the International Bar Association undertakes a number of activities in the area of insolvency law.

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.

The insolvency law should provide that, in the case of the insolvency proceedings of the grantor, the acquisition financier has the rights and duties of a holder of a security right.