Existing treatment of corporate groups in insolvency

C. Treatment of corporate groups in insolvency

The great majority of domestic insolvency and corporate law regimes do not address the treatment of corporate groups in specific legislation or at all.

Insolvency law

Insolvency law

(b) Insolvency law

(b) Insolvency law

Domestic insolvency law treatment

Developments in insolvency law adoption of the UNCITRAL Model Law on Cross Border Insolvency

(e) In the area of insolvency, the UNCITRAL Model Law on Cross Border Insolvency and the UNCITRAL Legislative Guide on Insolvency Law

Alternatives to direct regulation of corporate groups in insolvency would include providing sufficient definition in other parts of the insolvency law to allow application of these provisions to corporate groups, such as the use of avoidance or subordination provisions with respect to related parties.

The insolvency law should specify that, if a security right is entitled to priority under law other than the insolvency law, that priority continues unimpaired in insolvency proceedings except if, pursuant to the insolvency law, another claim is given priority.

Proposal by the International Insolvency Institute (III), Committee on Corporate and Professional Responsibilities

The insolvency law should specify that

UNCITRAL Legislative Guide on Insolvency Law

UNCITRAL has a proven track record in insolvency law work, developing both the Model Law on Cross Border Insolvency and the Legislative Guide on Insolvency Law in comparatively short periods of time.

In its work on the Legislative Guide on Insolvency Law, UNCITRAL recognized the importance of the issues relating to the treatment of corporate groups in insolvency and addressed them in part (Part two, chap. VI, paras.

Impact of insolvency on the law applicable

(4) The insolvency law should specify that where a security interest is effective and enforceable under law other than the insolvency law, it will be recognized in insolvency proceedings as effective and enforceable.

1346 2000 on Insolvency Proceedings nor the UNCITRAL Model Law on Cross Border Insolvency addresses the issue.

(ii) Macedonia insolvency law reform (16 17 December 2004)

(n) UNCITRAL Model Law on Cross Border Insolvency (1997)

E. UNCITRAL Model Law on Cross Border Insolvency (1997)

Possible future work in the area of insolvency law

Current activities of international organizations related to Insolvency law

Possible future work in the area of insolvency law

(46) The insolvency law should specify that, on commencement of insolvency proceedings add a, b, c, d, e

The insolvency law should specify that provisional measures terminate when

The Hague Conference collaborated closely with UNCITRAL in developing the chapter of the UNCITRAL Legislative Guide on Insolvency Law dealing with law applicable in insolvency proceedings.

The insolvency law may provide the court with the power to

(49) The insolvency law should specify that the measures applicable on commencement of insolvency proceedings remain effective throughout those proceedings until

59 40. Legislative Guide on Insolvency Law of the United Nations Commission on International Trade Law

(62) The insolvency law should permit the insolvency representative to determine the treatment of any assets that are burdensome to the estate.

Another concern was that, by suggesting what an insolvency representative could or could not do, recommendation 12 inappropriately interfered with insolvency law.

(f) The possible repercussions for secured transactions and secured creditors in the way in which corporate groups are treated in insolvency.

Detailed reports on electronic commerce and insolvency law had also been drawn up.

That consultation might take the form of a multinational colloquium, a forum used to good effect in developing both the Model Law on Cross Border Insolvency and the Legislative Guide on Insolvency Law.

The insolvency law should clearly specify the balance of the rights and obligations between the debtor and any insolvency representative appointed as a provisional measure.

Officer and director responsibilities and liabilities are generally imbedded in corporate and insolvency laws, which often interact with other national laws and policies.

This note includes recommendations taken from the UNCITRAL Legislative Guide on Insolvency Law (the Insolvency Guide), indicated by numbers in parentheses (the numbers reflect the numbers of the Insolvency Guide), and recommendations A K, which are new and therefore additional to the recommendations in the Insolvency Guide.

Insolvency

(mm) Insolvency proceedings means collective judicial or administrative proceedings for the purposes of either reorganization or liquidation of the debtor's business conducted according to the insolvency law.

INSOL proposes that the United Nations Commission on International Trade Law (UNCITRAL) consider undertaking a project in the area of insolvency law and its effects upon the treatment of corporate groups and related companies when one or more of the members of such a group becomes insolvent.

For example, it works with other international organizations (e.g. UNCITRAL, World Bank, IMF) to enhance certainty through insolvency law reform and, in particular, members have been active in developing proposals to UNCITRAL on future work on insolvency law.

Draft resolution Legislative Guide on Insolvency Law of the United Nations commission on International Trade Law (A C.6 59 L.12)