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.

(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.

(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.

(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.

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

Former US Federal Reserve Chairman Alan Greenspan may be right when he says This crisis is different a once or twice a century event deeply rooted in fears of insolvency of major financial institutions.

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.

Essential to this balance is a close coordination between the secured transactions and insolvency law regimes, including provisions pertaining to the treatment of security rights in the event of a reorganization or liquidation of a business.

(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

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

(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)

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

International Association of Restructuring, Insolvency and Bankruptcy Professionals (INSOL)

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.

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.

(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.

(c) Request any relief available to it in insolvency proceedings.