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

Existing treatment of corporate groups in insolvency

Insolvency law

(b) Insolvency law

(b) Insolvency law

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

Domestic insolvency law treatment

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.

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.

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

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.

The insolvency law should specify that

(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.

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

(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

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.

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

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

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

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

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.

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

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.

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.

(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.

Since 1992, the Privatisation and Enterprise Reform Unit of the OECD has been involved in a process of developing rules and policies for transition and emerging market governments in the area of legal reform, focusing on privatization, insolvency and corporate law.

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)

The Section on Insolvency, Restructuring and Creditors' Rights (SIRC) of the Legal Practice Division of the International Bar Association undertakes a number of activities in the area of insolvency law.

C. Except as provided in D , the insolvency law should provide that an asset of the estate acquired after the commencement of an insolvency proceeding is not subject to a security right created by the grantor before the commencement of the insolvency proceeding.

(30) The law applicable to the validity and effectiveness of rights and claims existing at the time of the commencement of insolvency proceedings should be determined by the private international law rules of the State in which insolvency proceedings are commenced.

The law should provide that, notwithstanding the commencement of an insolvency proceeding, the creation, effectiveness against third parties, priority and enforcement of a security right are governed by the law that would be applicable in the absence of the insolvency proceeding.

The insolvency law should provide that, in the case of the insolvency proceedings of the grantor, the acquisition financier has the rights and duties of a holder of a security right.

(137) The insolvency law should specify that a party in interest have a right to be heard on any issue in the insolvency proceedings that affects its rights, obligations or interests.

(g) Ensure a transparent and predictable insolvency law that contains incentives for gathering and dispensing information and

This note describes some of the activities of international organizations active in the field of insolvency law.

III considers UNCITRAL well suited to becoming involved in a project of this complexity and wide ranging significance, given UNCITRAL's proven record with respect to the UNCITRAL Model Law on Cross Border Insolvency and the subsequent UNCITRAL Legislative Guide on Insolvency Law.

The Commission will also have before it a proposal by INSOL International (A CN.9 582) that UNCITRAL undertake work on the treatment of corporate groups in insolvency.

Insolvency