The eurozone urgently needs a crisis mechanism with automatic haircuts for cases of impending insolvency.

If the crisis persists, the country automatically enters an impending insolvency procedure, in which help would be available only after a 20 50 haircut for the maturing debt.

The Looming Lost Decade

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

(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.

The Middle East s Hair Trigger

Insolvency law

Insolvency

The Looming Death of Homo Economicus

(iii) The insolvency administrator.

Insolvency Guide recommendations

(b) Insolvency law

(b) Insolvency law

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

(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.

Creditors in insolvency proceedings

International Insolvency Institute (III)

(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.

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

Here I sit on the cusp of an impending hurricane....

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.

Domestic insolvency law treatment

Assets constituting the estate

The insolvency law should specify that

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

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.

Some stressed that their communities were faced with imminent extinction.

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.

Effectiveness of security rights in insolvency

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

The impending global slowdown has intensified protectionist pressures.

Treatment of assets acquired after commencement

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

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

(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.

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

This recommendation is subject to Recommendation 88 of the Insolvency Guide.

This recommendation is subject to Recommendation 88 of the Insolvency Guide.

III considers UNCITRAL well suited to becoming involved in a project of this complexity and wide ranging significance, given UNCITRAL's proven record with respect to the UNCITRAL Model Law on Cross Border Insolvency and the subsequent UNCITRAL Legislative Guide on 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.

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.

Priority between the assignee and the insolvency administrator or creditors of the assignor

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.