A b i t i B o w a t e r ( 2 0 0 9 ) g g It takes effect from the date it is issued and, to the extent practicable, applies to proceedings whether filed before, or after, the date of issuing. Introduction. Adopted by UNCITRAL on 1 July 2009, the publication provides information for insolvency practitioners and judges on practical aspects of cooperation and communication in cross-border insolvency cases. liquidator. The analysis in this chapter is based on practical experience, in particular, in the cases summarised in annex I. Provides information for insolvency practitioners and judges on practical aspects of cooperation and communication in cross-border insolvency cases. UNCITRAL publish a Practice Guide on Cross-Border Insolvency Cooperation Free Practical Law trial To access this resource, sign up for a free trial of Practical Law. The legislative provisions being discussed in Vienna UNCITRAL: Practice Guide on Cross-Border Insolvency Cooperation Arabic Version Chinese Version English Version French Version Russian Version Spanish Version 1997 - UNCITRAL Model Law on Cross-Border Insolvency with Guide to Enactment Arabic Version Chinese Version English Version French Version Russian Version Spanish Version UNCITRAL Practice Guide on Cross-Border Insolvency co-operation, 1 July 2009 (the UNCITRAL Practice Guide) Since then, the Working Group has been discussing this topic and continued its deliberations also at the 50th session. DEFINITIONS 3.1 In this Practice Note: Act means the Cross-Border Insolvency Act 2008 (Cth) Model Law means the Model Law on Cross-Border Insolvency of the United Nations Commission on International Trade Law (UNCITRAL) 4. The UNCITRAL Model Law on Cross-Border Insolvency was a model law issued by the secretariat of UNCITRAL on 30 May 1997 to assist states in relation to the regulation of corporate insolvency and financial distress involving companies which have assets or creditors in more than one state. Digest of Case Law on the UNCITRAL Model Law on Cross-Border Insolvency (2020) (advance copy) UNCITRAL Model Law on Cross-Border Insolvency: The Judicial Perspective; UNCITRAL Practice Guide on Cross-Border Insolvency Cooperation (2009) "Sample clauses", based to varying degrees upon provisions found in these agreements, are included to illustrate how different issues have been or might be addressed in practice. reference to the UNCITRAL Practice Guide on Cross-Border Insolvency Cooperation (the Practice Guide).4 That second part of the mandate was completed with the negotiation of the Model Law between April 2014 and December 2018, the Working Group devoting a part of 10 sessions (forty-fifth–fifty-fourth) to work on the project. 1 1 5 A n n e x I C a s e s u m m a r i e s a 1 . UNCITRAL has produced a helpful Practice Guide, providing information for practitioners and judges on practical aspects of co-operation and communication in cross-border insolvency cases which includes sample clauses for protocols. 1.1 This practice note applies to any proceeding in the Court which involves cross-border insolvency. Date of adoption: 30 May 1997 Purpose The Model Law is designed to assist States to equip their insolvency laws with a modern legal framework to more effectively address cross-border insolvency proceedings concerning debtors experiencing severe financial distress or insolvency. 2 pages) 4. Chapter II amplifies article 27, in particular paragraph (d), of the UNCITRAL Model Law on Cross-Border Insolvency1 (the UNCITRAL Model Law), discussing the various ways in which cooperation in cross-border cases might be achieved. 11 Chapter I of the Practice Guide discusses the increasing importance of coordination and cooperation in cross-border insolvency cases and introduces various international texts relating to cross-border insolvency that have been developed in recent years. Judicial Insolvency Network launches Guidelines for Cooperation in Cross-Border Insolvency Matters The judges were from Australia (Federal Court and New South Wales), the British Virgin Islands, Canada (Ontario), the Cayman Islands, England & Wales, Hong Kong (as an observer), Singapore and the US (Delaware and Southern District of New York). 10 Article 13(1) of the Model Law provides “…foreign creditors have the same rights regarding the opening of, and participation in, a proceeding under (name of State)….as creditors…in this State.” Guide on Cross-border Insolvency Cooperation (which analyzes cross-border insolvency agreements or protocols), the UNCITRAL Model Law on Cross-Border Insolvency: The Judicial Perspective and the case law abstracts available under the Case Law on UNCITRAL Texts (CLOUT) system. 4 UNCITRAL Model Law on Cross-Border Insolvency Law with Guide to Enactment and Interpretation (d)Creditors or other interested persons in a foreign State have an interest in requesting the commencement of, or participating in, a proceeding under [identify laws of the enacting State relating to insolvency… UNCITRAL Model Law, the UNCITRAL Legislative Guide on Insolvency Law and the UNCITRAL Practice Guide on Cross-Border Insolvency Cooperation. The information is based upon a description of collected experience and practice, focusing on the use and negotiation of cross-border agreements. It focuses on authorizing and encouraging cooperation and coordination between jurisdictions, rather As noted with respect to the UNCITRAL Model Law, the development of insolvency regimes to address cross-border cases has not kept pace with the need or demand for such regimes. 7. 0 It illustrates how the resolution of issues and conflicts that might arise in those cases could be facilitated by cross-border cooperation, in particular through the use of cross-border insolvency agreements, tailored to meet the specific needs of each case and the requirements of applicable law. Purpose of part three 3. UNCITRAL legislative guide on insolvency law: treatment of enterprise groups in insolvency , on the insolvency of corporate groups consisting of separate legal entities. This briefing summarises the proposals and sets out some initial thoughts on the potential impact of the proposals if implemented. The UNCITRAL Model Law on Cross Border Insolvency with Guide to Enactment (the Model Law) was put forward by the former Section of Business Law and adopted by the IBA in the late 1990s. 511 0 obj <>stream He said that in light of the economic crisis, UNCITRAL’s Practice Guide on Cross-Border Insolvency Cooperation was of particular importance. Responses were invited until 30 June 2018. Chapter I discusses the increasing importance of coordination and cooperation in cross-border insolvency cases and introduces various international texts relating to cross-border insolvency that have been developed in recent years. On 1 July 2009, UNCITRAL adopted the Practice Guide on Cross-Border Insolvency Cooperation. United Nations Commission On International Trade Law, UNCITRAL Model Law on Cross-Border Insolvency (1997), UNCITRAL Model Law on Cross-Border Insolvency: The Judicial Perspective, Digest of Case Law on the UNCITRAL Model Law on Cross-Border Insolvency (2020), UNCITRAL Practice Guide on Cross-Border Insolvency Cooperation (2009), the thirty-eighth, thirty-ninth, fortieth, forty-first and forty-second sessions of the, the thirty-fifth and thirty-sixth sessions of. 3. 468 0 obj <>/Filter/FlateDecode/ID[]/Index[437 75]/Info 436 0 R/Length 141/Prev 801894/Root 438 0 R/Size 512/Type/XRef/W[1 3 1]>>stream 1 3. UNCITRAL practice guide on cross-border insolvency cooperation (2009) Practical Law Resource ID 8-514-3896 (Approx. Chapter III examines in detail the use of cross-border insolvency agreements, a number of which have been entered into in cross-border insolvency cases over the past two decades, ranging from written agreements approved by courts to oral arrangements between parties to the proceedings. Faced with the difficulties of dealing with cross-border issues on a daily basis, the insolvency profession has developed various tools, including the cross-border insolvency agreement, which address the procedural and substantive conflicts that may arise in cross-border cases involving potentially competing jurisdictions by focusing on cooperation between courts, the debtor and other stakeholders. %PDF-1.6 %���� Chapter II expands upon article 27 of the UNCITRAL Model Law, discussing the various ways in which cooperation in cross-border cases might be achieved. The practice of ring-fencing is frequently criticised and the UNCITRAL Model Law on Cross-Border Insolvency does not permit this. Supreme Court concerning cross-border insolvency and/or cooperation with foreign courts or foreign representatives. UNCITRAL Practice Guide on Cross-Border Insolvency Cooperation (2009) UNCITRAL Model Law on Cross-Border Insolvency: The Judicial Perspective UNCITRAL Legislative Guide on Insolvency Law, Part Three: Treatment of enterprise groups in insolvency (2010) See also: General Assembly resolution 52/158 reference to the UNCITRAL Practice Guide on Cross-Border Insolvency Cooperation (the Practice Guide).4 That second part of the mandate was completed with the negotiation of the Model Law between April 2014 and May 2019, the Working Group devoting a part of 10 sessions (forty-fifth – fifty-fifth) to work on the project. %%EOF The information is based upon a description of collected experience and practice, focusing on the use and negotiation of cross-border agreements. 7. followed in the UNCITRAL Practice Guide on Cross-Border Insolvency Cooperation, which attributes failed rescue attempts and lack of fair and efficient administration of cross-border insolvency proceedings to uncoordinated approaches to international insolvencies.12 cross-border insolvency proceedings with respect to an individual group member, but does not address issues pertinent to the insolvency of different group members in different States and upon the UNCITRAL Practice Guide on Cross-Border Insolvency Cooperation (the UNCITRAL Practice Guide). In 2009, UNCITRAL adopted the Practice Guide on Cross-Border Insolvency Cooperation, which expands on article 27 of the MLCBI, discussing the various ways in which cooperation in cross-border insolvency cases can be achieved and compiling experience with the use of cross-border insolvency agreements. The big picture As a general rule, each sovereign nation cherishes its own insolvency The information is based on a description of collected experience and practice, focusing on the use and negotiation of cross-border agreements. 9 • Prospective Model International Cross-border Insolvency Protocol. endstream endobj startxref General Practice Note 1. The Practice Guide on Cross-Border Insolvency Cooperation provides information for insolvency practitioners and judges on practical aspects of cooperation and communication in … cross-border insolvency issues were noted, including the Guide to Enactment and Interpretation of the Model Law, the UNCITRAL Practice Guide on Cross-border Insolvency Cooperation (which analyzes cross-border insolvency agreements or protocols), the UNCITRAL Model Law on Cross-Border Insolvency: The Judicial Their use in this document is consistent with their use in those texts. UNCITRAL practice guide on cross-border insolvency cooperation (2009), in relation to the use of agreements or protocols in cross-border insolvencies. 2 UNCITRAL Practice Guide on Cross-Border Insolvency Cooperation 3. Despite detailed consideration at the time, when it was introduced the Code was largely silent on cross-border matters. • UNCITRAL Practice Guide on Cross-Border Insolvency Cooperation 2009 (the “Practice Guide”).8 • Guidelines for Coordination Multi-National Enterprise Group Insolvencies (July 2010 Draft). 437 0 obj <> endobj The Practice Guide on Cross-Border Insolvency Cooperation provides information for insolvency practitioners and judges on practical aspects of cooperation and communication in cross-border insolvency cases. h�bbd```b``+��'@$��dr��)`�Z0&��IN0�&?�I?� � �x5��� ��H!9��� �UD2�H���`����`�� `�IFF7��|0yL>��%10120��U20.R��m����� � ��� h�b```b``�d`e``�b`@ 6 �8�@=��)�t� ��� ���*"��,����p���#�3���5_�y�.���|K���o�Ϳ�� '�^�j�0��xո������;��!�V.Q�^6G&�ټL\���y�s5�4p���^�U���������Wy���p�rn����1��e���>ĝ�[���� _ �Jޓylx�x���pwp�r��»M`� ��6���&��|�|��T>�;#`dz���w (a) CLOUT: References to CLOUT are to the Case Law on UNCITRAL Texts reporting system. �6�Te��@��B-�=�hhKX����ё�ѕ�jYò������6 �# ::��2��A����eYY �����~�(�ȹ��{�l�2Ue�wZ���rl��@�:��*qe �I]�� "�T{�D��ǜ*���^� �wzQ��T��:���e�$`怕A���T�"��:�/�= U�y|1��ȖB�P����CY�;e���P�4_��w�B�Ƅ�q06��b;B=��I���������S���H|1�x�`#�ө:���"�Y �j���ifR�RPP�s�g��!��_/L63��p�&��-�c�|6�E�H������pH�q{y0p00jt K9(� ��q�ր�f@=�"PL/�M@1K�]������`��jT'i@e5`F{�8�@���L����������D3���B�*���)�P���.�:�ڌ��E.�u��M��T�0ZA�WA�;���[��@� �����H�&$�I�c��:������;4��d=���eC҃�N��2ٰ���a^z��?�)�y[d?�dž�����:`�&�eF�� �Q�����%i�3�Ri. Adopted by UNCITRAL on 1 July 2009, the publication provides information for insolvency practitioners and judges on practical aspects of cooperation and communication in cross-border insolvency cases. It is intended to supplement and complement the 1997 UNCITRAL Model Law on Cross-Border Insolvency (the "CBI Model Law"). UNCITRAL Legislative Guide on Insolvency Law and would also involve reference to the UNCITRAL Practice Guide on Cross-Border Insolvency Cooperation.
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