(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

(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.

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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.

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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.

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.

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