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United Nations Commission on International Trade Law: Model Law on Cross-Border Insolvency

Published online by Cambridge University Press:  18 May 2017

Abstract

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Type
Other Documents
Copyright
Copyright © American Society of International Law 1997

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Footnotes

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[The UNCITRAL Model Law on Cross-Border Insolvency is reproduced from the Report of the United Nations Commission on International Trade Law, on the work of its thirtieth session, May 12-30 1997, General Assembly, Official Records, Fifty-second Session, Supplement No. 17 (A/52/17), Annex I. The Introductory Note was prepared for International Legal Materials by Harold Burman and Jay Lawrence Westbrook. Harold Burman is the Executive Director of the Secretary of State's Advisory Committee on Private International Law. Jay Westbrook holds the Benno C. Schmidt Chair of Business Law at the University of Texas School of Law, and is the Reporter for the American Law Institute's current project on insolvency law as between the three Nafta states. Mr. Burman and Mr. Westbrook were co-heads of the United States delegation to Uncitral on cross-border insolvency. The U.S. delegation also included John Barrett of Houston, Texas, Don Bernstein of New York, Judges Burton Lifland and Tina Brozman of the Southern District, 2d Circuit, and Professor Carl Felsenfeld of Fordham.

[The European Convention on Insolvency Proceedings, of November 23, 1995, appears at 35 I.L.M. 1223 (1996). The Council of Europe's European Convention on Certain International Aspects of Bankruptcy, done at Istanbul, June 5, 1990, appears at 30 I.L.M. 165 (1991).

[For more information, contact the U.S. Department of State, Office of the Legal Adviser, Suite 203, South Building, 2430 E Street, NW, Washington DC, 20037-2800, USA (tel.: 202 776 8420; fax: 202 776 8482).]

References

1 An official UN Guide to Enactment will also be issued. The Model Law is expected to be endorsed for adoption by States at the 52d UN General Assembly in the Fall 1997.

2 The European Union has agreed on the text of an insolvency convention after 25 years of effort, but is still subject to ratification. It is worth noting that although the U.S. Constitution provided for a uniform bankruptcy code, it took almost 100 years for that to occur in any substantial measure in the U.S.

* A State where certain functions relating to insolvency proceedings have been conferred upon government-appointed officials or bodies might wish to include in article 4 or elsewhere in chapter I the following provision: Nothing in this Law affects the provisions in force in this State governing the authority of [insert the title of the government-appointed person or body]

* The enacting State may wish to consider the following alternative wording to replace article 13(2):