Creditors in insolvency proceedings

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

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

(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.

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

(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.

(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.

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.

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.

On 31 May 2002, EU Regulation 1346 2000 on cross border insolvency proceedings came into force.

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.

(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 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.

For the purposes of this chapter, the term debtor as used in the recommendations taken from the Insolvency Guide should be read as referring to a person who meets the requirements for the commencement of insolvency proceedings (see Insolvency Guide, part two, chapter I, section A, paras.

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.

Where business fails, it is important not only to know how those groups will be treated in insolvency proceedings, but also to ensure that that treatment facilitates, rather than hinders, the fast and efficient conduct of those proceedings.

In that connection, the Commission noted with particular satisfaction the efforts undertaken by Working Group V (Insolvency Law) and Working Group VI towards coordinating their work on a subject of common interest such as the treatment of security interests in the case of insolvency proceedings.

Insolvency

Proceedings of the Open ended Working Group during the fifty ninth session of the General Assembly

(c) The judicial phase of the proceedings at present and the steps open to the accused.

Note to the Working Group See recommendation 85 (see WP.21 Add.1), which sets forth the general rule on subordination applicable in the absence of insolvency proceedings.

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

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

While the trial proceedings on the first day were refreshingly open by Chinese standards, that quickly changed.

Insolvency law

The insolvency law should provide that, in the case of insolvency proceedings with respect to a buyer under a title retention arrangement, a grantor or a financial lessee, the seller, purchase money lender or financial lessor has the rights and duties of a holder of a security right.

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.

The solutions rely on the principle of the opening of main insolvency proceedings with universal scope in the Member State where the debtor has the centre of his main interests, while retaining the possibility of opening secondary local proceedings in another Member State where the debtor has an establishment.

(iii) The insolvency administrator.

Domestic insolvency law treatment

Cross border insolvency legislation

International Insolvency Institute (III)

(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.

Strong support was expressed for such coordination, which was generally thought to be of crucial importance for providing States with comprehensive and consistent guidance with respect to the treatment of security interests in insolvency proceedings.

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