Law: UNCITRAL Model Law on Cross-Border Insolvency

Leading academics and lawyers urge UNCITRAL to replace the concept of COMI

The use of a debtor’s centre of main interests to determine the place where a foreign main proceeding should take place under the UNCITRAL Model Law is a “major flaw” that undermines the ability of insolvency law to reorganise viable businesses, according to a group of law professors supported by a host of industry heavyweights from around the globe.

14 September 2023

Europe column: who is the “foreign representative” under the UNCITRAL Model Law?

Bob Wessels, professor emeritus of international insolvency law at Leiden University and expert counsel on restructuring and insolvency to the European Commission, discusses an issue that came before a Dutch court in a case GRR reported on a few days ago: who is the foreign representative under the UNCITRAL Model Law?

04 September 2023

A new chapter in cross-border insolvency – UK to adopt UNCITRAL Model Law on Enterprise Group Insolvency

Norton Rose Fulbright partner Radford Goodman and senior knowledge lawyer Helen Coverdale in London provide context to the UK’s recent decision to adopt one new UNCITRAL Model Law and press pause on implementing part of another – with a commentary from the firm’s global chair and global co-head of restructuring Scott Atkins in his capacity as INSOL International president.

25 July 2023

11th Circuit hears Chapter 15 recognition dispute

Urging the Eleventh Circuit Court of Appeals to uphold the recognition of an Omani citizen’s English bankruptcy in the US, UNCITRAL Model Law draftsman Dan Glosband said the definition of “debtor” under section 109(a) of the US Bankruptcy Code does not apply to Chapter 15.

10 March 2023

White & Case brought in again as Oi parent and Dutch entities seek US and UK recognition

A week after securing a provisional moratorium in Rio de Janeiro, Oi’s Brazilian parent and two Dutch affiliates have turned to White & Case again to help them secure recognition of their Brazilian proceedings in the US and the UK.

09 February 2023

Malaysia’s Sapura Energy obtains recognition in Singapore

Three subsidiaries of Malaysian oil and gas services company Sapura Energy have secured Singaporean recognition of their ongoing restructuring proceedings following a flurry of winding up petitions filed against the group last year.

01 February 2023

Australian court recognises businessman’s Singaporean bankruptcy

The Singaporean trustees of a bankrupt Australian businessman have secured recognition of their appointments in Australia so they can investigate his assets after he failed to file a statement of affairs in compliance with Singapore’s insolvency laws.

25 January 2023

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