- UNCITRAL Model Law on Cross-Border Insolvency
InternationalThe United Nations Commission on International Trade Law (UNCITRAL) adopted a Model Law on Cross-Border Insolvency (Model Law) in 1997.The Model Law provides a suggested framework of legislation that, if implemented, sets out when a country's national courts must recognise insolvency proceedings that have been commenced in a different country. Following recognition, the court may provide certain assistance to the foreign insolvency office holder. The Model Law does not attempt a substantive unification of insolvency law and any country can choose whether and how it to implement it.Legislation based on the Model Law has been adopted in the following jurisdictions:Australia (2008)British Virgin Islands (2003)Canada (2009)Colombia (2006)Eritrea (1998)Great Britain (2006)Greece (2010)Japan (2000)Mauritius (2009)Mexico (2000)Montenegro (2002)New Zealand (2006)Poland (2003)Republic of Korea (2006)Romania (2003)Serbia (2004)Slovenia (2007)South Africa (2000)United States of America (2005)For the full text of the Model Law, together with a guide to enactment, see UNCITRAL Model Law on Cross-Border Insolvency with Guide to Enactment:
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.