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

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

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.

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

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

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

Restructuring Debt Restructuring

Insolvency

(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.

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

Insolvency law

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.

Insolvency Guide recommendations

(b) Insolvency law

(b) Insolvency law

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

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

(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.

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.

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.

(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.

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

Devaluation and debt restructuring worked.

Industrial restructuring and enterprise development

Effectiveness of security rights in insolvency

The insolvency law should specify that

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

Delayed restructuring eventually means more painful restructuring after many years of lost growth.

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

Existing treatment of corporate groups in insolvency

In the area of institutional frameworks related to insolvency, the World Bank has convened Global Judges Forums in 2003 and 2004 to encourage a dialogue among judges that oversee commercial enforcement and insolvency cases and to assist the World Bank to develop an Insolvency Court Practices Guide.

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

Subprogramme 9 Industrial restructuring and enterprise development

Banks capital, therefore, is what stands between bad loans and insolvency.

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If the bonds were acceptable as collateral before the restructuring, surely they were safer after the restructuring, and thus equally acceptable.

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

The Guide also recommends that there be a close coordination between a State's secured transactions laws and its insolvency laws with a view to respecting the pre insolvency effectiveness and priority, as well as the economic value, of a security right subject to the appropriate rules of insolvency law.