(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.

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

At its eighth session (Vienna, 5 9 September 2005), the Working Group considered recommendations in chapters VII (Pre default rights and obligations), VIII (Default and enforcement), IX (Insolvency), X (Acquisition financing) and XI (Conflict of laws).

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

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

(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.

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

Insolvency law

Insolvency

Possible future work in the area of insolvency law

The EU s Rules to Default By

The insolvency law should specify that the court, at its own motion or at the request of the insolvency representative, the debtor, a creditor or any other person affected by the provisional measures, may review and modify or terminate those measures.

(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.

persons suspended of their duties as a tutor or a guardian for the improper performance of the duties assigned to them by law

The insolvency law should facilitate and provide incentives for post commencement finance to be obtained by the insolvency representative where the insolvency representative determines it to be necessary for the continued operation or survival of the business of the debtor or the preservation or enhancement of the value of the estate.

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

Responsibility for omission exists when there is failure to carry out the duty to guarantee these rights, to the extent that such failure is not deliberate and there has been no participation by State agents in the preparation, commission or cover up of the violation.

(iii) The insolvency administrator.

Insolvency Guide recommendations

(b) Insolvency law

(b) Insolvency law

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.

Some insolvency laws require such borrowing or credit to be approved by the court or by creditors, while other laws provide that the insolvency representative may obtain the necessary credit or finance without approval.

Inertia was not always Israel s way.

54. This exclusion has negative consequences.

Developments in insolvency law adoption of the UNCITRAL Model Law on Cross Border Insolvency

Recommendations 115 (impact of insolvency on conflict of laws rules) and 116 (enforcement in insolvency proceedings)

Creditors in insolvency proceedings

International Insolvency Institute (III)

There was sufficient support in the Working Group for recommendation 11.

A number of insolvency laws permit the insolvency representative (or a debtor in possession where that approach is followed) to determine that new money is required for the continued operation or survival of the business or the preservation or enhancement of the value of the estate and obtain unsecured credit without approval by the court or by creditors.

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

In some cases, such a priority is afforded on the basis that the new credit or lending is extended to the insolvency representative, rather than to the debtor, and thus becomes an expense of the insolvency estate.

But inaction has greater risks.

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.

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

Assets constituting the estate

The insolvency law should specify that

Protection and preservation of the insolvency estate

Impact of insolvency on the law applicable

(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.

In the last video I just discussed a personal balance sheet and what illiquidity or what insolvency means.

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.

(58) The insolvency law should permit the insolvency representative to sell assets that are encumbered or subject to other interests free and clear of those encumbrances and other interests, outside the ordinary course of business, provided that