Update on UNCITRAL Insolvency Working Group
The Insolvency Working Group of the United Nations Commission on International Trade Law (“UNCITRAL”) has been busy this past year, working on three new model laws and developing work on at least two possible future projects. The Insolvency Working Group is responsible for drafting the Model Law on Cross-Border Insolvency (the “CBI Model Law”) in 1997, which has since been adopted in 46 countries and is under consideration in several others. In 2005, the United States adopted the CBI Model Law as Chapter 15 of the United States Bankruptcy Code.
Insolvency-Related Judgments
In May 2018, the Insolvency Working Group completed its work on a Model Law on Recognition and Enforcement of Insolvency-Related Judgments (the “IRJ Model Law”). The Insolvency Working Group determined that there was a need for the IRJ Model Law after judicial decisions in certain countries declined to recognize judgments related to foreign insolvency proceedings. In addition, the Insolvency Working Group noted that many international treaties addressing foreign judgments exclude insolvency-related judgments, and countries that do recognize foreign insolvency-related judgments have inconsistent rules about when a judgment is related to an insolvency proceeding. (For more information, please read our article published in INSOL International’s Special Report (March 2019), UNCITRAL’s Model law on Recognition and Enforcement of Insolvency-Related Judgments—A Universalist Approach to Cross-Border Insolvency.) Read More »
This article by Rick Antonoff, partner at Blank Rome, and Evan J. Zucker, associate at Blank Rome, is one in a series of articles written for Blank Rome Maritime's quarterly Mainbrace newsletter. To view the other articles in the July 2019 edition of Mainbrace, please click here.