Creditors in insolvency proceedings

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

Welcome reception

(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.

Insolvency law

Insolvency

Sami greeted visitors at the reception.

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

Domestic insolvency law treatment

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.

(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.

Nor will I worship what you worship ,

And neither will I ever worship what you worship .

nor am I serving what you have served ,

And I shall not be a worshipper of that which ye have worshipped ,

And I shall not worship that which you are worshipping .

Nor do I serve what you serve .

nor will I worship those whom you have worshipped

And I shall not worship that which ye worship .

nor will I worship what you have worshipped ,

Nor am I worshiping what you have worshipped ,

Nor will I be a worshipper of what you worship .

I have not been worshipping what you worshipped ,

Nor am I going to serve that which you serve ,

I will never worship what you worship .

And I will not worship that which ye have been wont to worship ,

(iii) The insolvency administrator.

Insolvency Guide recommendations

(b) Insolvency law

(b) Insolvency law

Effectiveness of security rights in insolvency

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

International Insolvency Institute (III)

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.

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

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.

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

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

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

Assets constituting the estate

The insolvency law should specify that

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

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