UNCITRAL’s Model Law on Recognition and Enforcement of Insolvency-Related Judgments – A Universalist Approach to Cross-Border Insolvency
Blank Rome attorneys Rick Antonoff and Evan Zucker authored UNCITRAL’s Model Law on Recognition and Enforcement of Insolvency-Related Judgments – a universalist approach to cross-border insolvency (March 2019, INSOL International Special Report).
In its July 2018 session, UNCITRAL adopted and promulgated the Model Law on Recognition and Enforcement of Insolvency-Related Judgments (“MLIRJ”). The MLIRJ has been developed over the last four years by UNCITRAL’s Working Group V (Insolvency) and is designed to supplement the UNCITRAL Model Law on Cross-Border Insolvency. Prompted by inconsistent judicial decisions under the Model Law on Cross-Border Insolvency regarding the recognition and enforcement of foreign insolvency judgments, the MLIRJ provides a streamlined procedure and greater clarity on when an insolvency-related judgment should be recognized and enforced.
In their report, Rick and Evan summarize two influential cross-border cases under the Model Law on Cross-Border Insolvency addressing insolvency-related judgments and the commentary these cases prompted, leading to the introduction of the MLIRJ. Notably, the report describes key provisions of the MLIRJ and its accompanying Draft Guide to Enactment, followed by a discussion of the likely path towards adoption of the MLIRJ across the globe.
To read the full report, please click here.
Reprinted with permission from INSOL International.