Bankruptcy - International law
Various intergovernmental organisations have embarked on studies of ways and means of harmonising international bankruptcy law, preparing new international commercial law conventions containing provisions on bankruptcy and adopting uniform laws and common principles:
- The United Nations Commission for International Trade Law (Uncitral) has prepared a Model Law, adopted in 1997, to promote the adoption of modern and fair legislation applicable where the insolvent debtor has assets in more than one state. The Model Law determines the conditions in which a person administering foreign bankruptcy proceedings may have access to the courts of a state that has adopted it, the conditions for recognising foreign bankruptcy proceedings and for indicating the protection measures for the benefit of the foreign administrator, empowers courts and judicial administrators in different countries to cooperate more effectively and sets out provisions for the coordination of insolvency proceedings running concurrently in different states. A Guide to the enactment of the Uncitral Model Law has been published to help Governments produce legislation on the basis of the Model Law.
- The World Bank has presented an initiative to determine principles and guidelines for the management of insolvency proceedings.
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