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

(c) Commencement of insolvency proceedings by a group company against a related group company.

Indeed, the first step toward a potential chain of government insolvencies in Europe has been taken.

(g) Ensure a transparent and predictable insolvency law that contains incentives for gathering and dispensing information and

In the insolvency of a non grantor debtor, the creditor is an unsecured creditor with an unsecured claim against the non grantor debtor.

It financially supports 48,000 hardship cases of which 60 per cent are female headed households.

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

An international debt framework (IDF), representing a middle ground between a legally binding insolvency procedure and a voluntary code of conduct, was proposed as an alternative means to address the problem.

Anticipation of the insolvency of one or more of the parties involved in a commercial fraud is required in order to appropriately resolve the rights of all of the affected parties.

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.

While these procedures may be appropriate on a stand alone basis involving solvent entities, they may conflict with other competing procedures in the event of an insolvency.

After discussion, it was agreed that alternative A should be retained along with a variation consistent with the approach taken in the case of enforcement in the insolvency of the grantor.

The advantage of focusing on systems in the insolvency area is that the insolvency area ultimately applies to all activities whenever an insolvency or reorganization occurs.

This rendered potentially insolvent commercial banks, whose balance sheets were loaded with such bonds, giving rise to Europe s twin sovereign debt and banking crisis.

In some others, the issues that arise in case of insolvencies within corporate groups are dealt with by somewhat creative practices that rely heavily on a pragmatic approach by the courts for their legitimation.

UNCITRAL involvement in this area would also give useful international prominence to director and officer responsibilities and liabilities in conjunction with the implementation of insolvency laws based upon the Legislative Guide on Insolvency Law.

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.

Where an insolvency representative is appointed as a provisional measure, it may not have powers as broad as those of an insolvency representative appointed on commencement of proceedings and its functions may be limited to protecting assets and the interests of creditors.

(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

Except as provided in the recommendations on the law applicable to the enforcement of security rights after an insolvency proceeding has been commenced with respect to the assets of the grantor, the law should provide that matters affecting the enforcement of a security right are governed by

Commercial fraud often culminates in insolvencies or major restructurings, and one of the productive areas in which anti fraud systems and procedures could be developed is in the area of insolvency and reorganizations.

(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

The law should provide that, notwithstanding the commencement of an insolvency proceeding, the creation, effectiveness against third parties, priority and enforcement of a security right are governed by the law that would be applicable in the absence of the insolvency proceeding.

The ALI's project Transnational Insolvency Cooperation Among the NAFTA Countries was a response to increasing numbers of bankruptcies of multinational economic enterprises in the NAFTA countries.

Other insolvency laws provide for a super administrative priority if credit or finance is not available where it is ranked as an administrative claim that is pari passu with other administrative claims such as fees of the insolvency representative or professional employed in the case.

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.

Third, to aid in discouraging activities that are commercially fraudulent, UNCITRAL should consider and study means by which insolvency administrators could be given enhanced recovery procedures and expedited remedies that would be effective against parties who participate in fraudulent activities.

Some insolvency laws provide, for example, that where a lender advances funds to an insolvent debtor in that period, it may be responsible for any increase in the liabilities of other creditors or the advance will be subject to avoidance in any ensuing insolvency proceedings.

It was also observed that the exact meaning of the expression the issue arises could also be explained in the commentary by reference to specific examples (e.g. the relevant time for determining the law applicable to third party effectiveness of a security right in the case of the insolvency of the grantor should be the time of commencement of the insolvency proceeding).

The suggestion was also made that alternative A could be revised to provide that, while enforcement should be subject to the law of the forum, the effectiveness and priority of a security right under other law should be respected in the same way they would be respected under recommendations 115 and 116 in the case of enforcement in the insolvency of the grantor.

Social insurance budget As the NHRO points out in its statement, one of largest groups of complaints that the NHRO receives, is complaints that the employer has failed to make social insurance contribution payments for the employees or has made them only in part, and that the employer is in the process of insolvency, and as a result the person is denied the right to receive social insurance services.