(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.

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

So, for example, the definition of assets of the debtor is included to explain the scope of the insolvency estate formed on commencement of the insolvency proceedings and thus the assets that will be affected by the commencement of those proceedings.

(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

(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

(53) The insolvency law should specify that encumbered assets may be further encumbered, subject to the requirements of recommendations 65, 66 and 67.

H. The insolvency law should provide that, in determining the liquidation value of encumbered assets in a reorganization proceeding, consideration should be given to the use of those assets and the purpose of the valuation.

(65) The insolvency law should enable a security interest to be granted for repayment of post commencement finance, including a security interest on unencumbered assets, including after acquired assets, or a junior or lower priority security interest on already encumbered assets of the estate.

Insolvency

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

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

Insolvency law

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

Insolvency Guide recommendations

(b) Insolvency law

(b) Insolvency law

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

Note to the Working Group The commentary will note that the Insolvency Guide commentary provides the same rule for all assets, see paragraph 66, part two, chapter II, section B.

(iii) The insolvency administrator.

Domestic insolvency law treatment

Cross border insolvency legislation

Creditors in insolvency proceedings

International Insolvency Institute (III)

Yet another concern is that in some cases secured creditors may take most or all of a person's assets in the case of insolvency and leave little for unsecured creditors, some of whom are not in a position to bargain for a security right in those assets.

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.

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

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.

(50) The insolvency law should specify that, upon application to the court, a secured creditor should be entitled to protection of the value of the assets in which it has a security interest.

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

Unions, too, are resisting the necessary wage reductions, and public and private debtors fear the prospect of insolvency if their assets and revenues are assessed at a lower value, while their debts remain unchanged.

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.

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.

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

The III urges UNCITRAL to develop model guidelines on director and officer responsibilities and liabilities in insolvency and pre insolvency cases.

Existing treatment of corporate groups in insolvency

(d) Guidelines allowing an insolvency representative in the insolvency of a holding company to steer the actions to be taken by the (insolvent) subsidiary

Nevertheless, it should be possible to crystallize, from effective insolvency regimes, basic principles that should be reflected in officer and director duties in insolvency.

Short of a miracle, Greece looks close to insolvency.

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

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