(iv) The insolvency representative in the insolvency of the grantor or

(kk) Insolvency court means a judicial or other authority competent to control or supervise an insolvency proceeding.

(nn) Insolvency representative means a person or body responsible for administering the insolvency estate.

Be it because of a sovereign default or because of large losses accumulated under complacent accounting rules, the insolvency of a large bank (particularly a European bank) is far from a remote possibility.

(ll) Insolvency estate means assets and rights of the debtor that are controlled or supervised by the insolvency representative and subject to the insolvency proceedings.

At its eighth session (Vienna, 5 9 September 2005), the Working Group considered recommendations in chapters VII (Pre default rights and obligations), VIII (Default and enforcement), IX (Insolvency), X (Acquisition financing) and XI (Conflict of laws).

(ii) Upon the insolvency or other default by a party, the termination of all outstanding transactions at their replacement or fair market values, conversion of such sums into a single currency and netting into a single payment by one party to the other or

(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.

(e) Insolvency administrator means a person or body, including one appointed on an interim basis, authorized in an insolvency proceeding to administer the reorganization or liquidation of the assignor's assets or affairs

Either banks need to default on their senior obligations, or the government will need to default alongside the banks.

Insolvency

Priority between the assignee and the insolvency administrator or creditors of the assignor

The proposed mechanism distinguishes between illiquidity, impending insolvency, and full insolvency.

The official line so far has been no default, meaning no sovereign default or that of any bank can be considered.

Insolvency law

J. The insolvency law should provide that, if a holder of a security right in an asset of the insolvency estate has subordinated its priority unilaterally or by agreement in favour of any existing or future competing claimant, such subordination is binding in insolvency proceedings with respect to the grantor.

Directors' and officers' responsibilities and liabilities in insolvency and pre insolvency cases

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

3. Recommends that all States give due consideration to the Legislative Guide when assessing the economic efficiency of their insolvency regimes and when revising or adopting legislation relevant to insolvency

Insolvency Guide recommendations

(b) Insolvency law

(b) Insolvency law

(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.

Conduct carried out in the absence or default of the official authorities

Greece is heading towards disorderly default and or devaluation with incalculable consequences.

(iii) The insolvency administrator.

Domestic insolvency law treatment

Cross border insolvency legislation

Creditors in insolvency proceedings

International Insolvency Institute (III)

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.

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

In 2004, the EBRD completed its Legal Indicator Survey on Insolvency and its Insolvency Sector Assessment to provide stakeholders in insolvency cases with an understanding of the extensiveness and effectiveness of insolvency legal regimes in 25 of the EBRD's countries of operations.

Default

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

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.

(58) The insolvency law should permit the insolvency representative to sell assets that are encumbered or subject to other interests free and clear of those encumbrances and other interests, outside the ordinary course of business, provided that

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.

Effectiveness of security rights in insolvency

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.

Default judgment

Default Value

Default Value...

Default Language