UNCITRAL UNITED NATIONS COMMISSION ON INTERNATIONAL TRADE LAW
Legislative Guide on Insolvency Law
UNITED NATIONS
The United Nations Commission on International Trade Law (UNCITRAL) is a subsidiary body of the General Assembly. It prepares international legislative texts for use by States in modernizing commercial law and non-legislative texts for use by commercial parties in negotiating transactions. Legislative texts include the following: United Nations Convention on Contracts for the International Sale of Goods; Convention on the Limitation Period in the International Sale of Goods; UNCITRAL Model Law on International Commercial Arbitration; UNCITRAL Model Law on Procurement of Goods, Construction and Services; United Nations Convention on Independent Guarantees and Stand-by Letters of Credit; UNCITRAL Model Law on International Credit Transfers; United Nations Convention on International Bills of Exchange and International Promissory Notes; United Nations Convention on the Carriage of Goods by Sea, 1978 (Hamburg); United Nations Convention on the Liability of Operators of Transport Terminals in International Trade; and UNCITRAL Model Law on Electronic Commerce. Non-legislative texts include the following: UNCITRAL Arbitration Rules; UNCITRAL Conciliation Rules; UNCITRAL Notes on Organizing Arbitral Proceedings; UNCITRAL Legal Guide on Drawing Up International Contracts for the Construction of Industrial Works; and UNCITRAL Legal Guide on International Countertrade Transactions.
UNITED NATIONS COMMISSION ON INTERNATIONAL TRADE LAW
UNCITRAL
Legislative Guide on Insolvency Law
UNITED NATIONS
New York, 2005
NOTE
Symbols of United Nations documents are composed of capital letters combined with figures. Mention of such a symbol indicates a reference to a United Nations document.
Material in this publication may be freely quoted or reprinted, but acknowledgement is requested, together with a copy of the publication containing the quotation or reprint.
UNITED NATIONS PUBLICATION
Sales No. E.05.V.10
ISBN 92-1-133736-4
ii
Preface
The Legislative Guide on Insolvency Law was prepared by the United Nations Commission on International Trade Law (UNCITRAL). The project arose from a proposal made to the Commission in 1999 that UNCITRAL should undertake further work on insolvency law, specifically corporate insolvency, to foster and encourage the adoption of effective national corporate insolvency regimes. An exploratory meeting to consider the feasibility of such a project was held in December 1999. On the basis of the recommendation of that meeting, the Commission gave Working Group V (Insolvency Law) a mandate to prepare a comprehensive statement of key objectives and core features for a strong insolvency, debtor-creditor regime, including out-of-court restructuring, and a legislative guide containing flexible approaches to the implementation of such objectives and features, including a discussion of the alternative approaches possible and the perceived benefits and detriments of such approaches.1 To seek input from the international insolvency community on the key objectives and the scope of the core features of an insolvency regime to be included in the Guide, an international colloquium, organized in conjunction with INSOL International and the International Bar Association, was held in December 2000.
The first draft of the legislative guide on insolvency law was considered by Working Group V in July 2001 and work developed through seven one-week sessions, the final meeting taking place in late March 2004. In addition to representatives of the 36 member States of the Commission, representatives of many other States and a number of international organizations, both intergovernmental and non-governmental, participated actively in the preparatory work. The work was also undertaken in close collaboration with Working Group VI (Security Interests), to ensure coordination of the treatment of security interests in insolvency with the legislative guide on secured transactions being developed by UNCITRAL.
The final negotiations on the draft legislative guide on insolvency law were held during the thirty-seventh session of UNCITRAL in New York from 14 to 21 June 2004 and the text was adopted by consensus on 25 June 2004 (see annex II). Subsequently, the General Assembly adopted resolution 59/40 of 2 December 2004 (see annex II) in which it expressed its appreciation to UNCITRAL for completing and adopting the Legislative Guide.
1Official Records of the General Assembly, Fifty-fifth Session, Supplement No. 17 (A/55/17), paras. 400-409.
iii
iv
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Contents |
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Page |
Preface |
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
iii |
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
1 |
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A. |
Organization and scope of the Legislative Guide . . . . . . . . . |
1 |
B. |
Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
3 |
Part one
DESIGNING THE KEY OBJECTIVES AND STRUCTURE OF AN EFFECTIVE AND EFFICIENT INSOLVENCY LAW
I. Key objectives of an effective and efficient insolvency law . . . . |
9 |
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A. |
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
9 |
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B. |
Establishing the key objectives . . . . . . . . . . . . . . . . . . . . . . . . |
10 |
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1. |
Provision of certainty in the market to promote economic |
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stability and growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
10 |
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2. |
Maximization of value of assets . . . . . . . . . . . . . . . . . . . . |
10 |
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3. |
Striking a balance between liquidation and reorganization |
11 |
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4. |
Ensuring equitable treatment of similarly situated |
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creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
11 |
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5. |
Provision for timely, efficient and impartial resolution |
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of insolvency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
12 |
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6. |
Preservation of the insolvency estate to allow equitable |
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distribution to creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . |
12 |
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7. |
Ensuring a transparent and predictable insolvency law |
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that contains incentives for gathering and dispensing |
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information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
13 |
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8. |
Recognition of existing creditor rights and establishment |
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of clear rules for ranking of priority claims . . . . . . . . . . . |
13 |
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9. |
Establishment of a framework for cross-border insolvency |
14 |
Recommendations 1-5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
14 |
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C. |
Balancing the goals and key objectives of an insolvency law |
14 |
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Recommendation 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
16 |
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D. |
General features of an insolvency law . . . . . . . . . . . . . . . . . . |
16 |
v
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Page |
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1. |
Substantive issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
16 |
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2. |
The structure of an insolvency law . . . . . . . . . . . . . . . . . . |
17 |
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3. |
Relationship between insolvency law and other law . . . . |
19 |
Recommendation 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
20 |
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II. Mechanisms for resolving a debtor’s financial difficulties . . . . . . |
21 |
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A. |
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
21 |
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B. |
Voluntary restructuring negotiations . . . . . . . . . . . . . . . . . . . . |
21 |
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1. |
Necessary preconditions . . . . . . . . . . . . . . . . . . . . . . . . . . . |
22 |
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2. |
Main processes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
23 |
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3. |
Rules and guidelines for voluntary restructuring . . . . . . . |
25 |
C. |
Insolvency proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
26 |
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1. |
Reorganization proceedings . . . . . . . . . . . . . . . . . . . . . . . . |
27 |
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2. |
Liquidation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
30 |
D. |
Administrative processes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
32 |
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III. Institutional framework . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
33 |
Part two
CORE PROVISIONS FOR AN EFFECTIVE
AND EFFICIENT INSOLVENCY LAW
I. Application and commencement . . . . . . . . . . . . . . . . . . . . . . . . . . |
38 |
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A. |
Eligibility and jurisdiction . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
38 |
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1. |
Eligibility: debtors to be covered by an insolvency law . |
38 |
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2. |
Jurisdiction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
41 |
Recommendations 8-13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
43 |
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B. |
Commencement of proceedings . . . . . . . . . . . . . . . . . . . . . . . . |
45 |
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1. |
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
45 |
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2. |
Commencement standards . . . . . . . . . . . . . . . . . . . . . . . . . |
45 |
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3. |
Liquidation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
49 |
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4. |
Reorganization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
53 |
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5. |
Procedural issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
56 |
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6. |
Debtors with insufficient assets . . . . . . . . . . . . . . . . . . . . . |
61 |
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7. |
Fees for insolvency proceedings . . . . . . . . . . . . . . . . . . . . |
63 |
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8. |
Dismissal of proceedings after commencement . . . . . . . . |
63 |
Recommendations 14-29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
64 |
vi
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Page |
C. |
Applicable law in insolvency proceedings . . . . . . . . . . . . |
67 |
1. |
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
67 |
2. |
Law applicable to the validity and effectiveness of |
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rights and claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
68 |
3. |
Law applicable in insolvency proceedings: lex fori |
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concursus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
69 |
4. |
Law applicable in insolvency proceedings: exceptions to |
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the lex fori concursus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
69 |
5. |
Achieving a balance between the desirability of |
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exceptions and the goals of insolvency . . . . . . . . . . . . . . |
72 |
Recommendations 30-34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
72 |
II.Treatment of assets on commencement of insolvency
proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
75 |
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A. |
Assets constituting the insolvency estate . . . . . . . . . . . . . . . . |
75 |
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1. |
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
75 |
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2. |
Assets included in the insolvency estate . . . . . . . . . . . . . . |
75 |
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3. |
Assets excluded from the insolvency estate . . . . . . . . . . . |
80 |
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4. |
Time of constitution of the insolvency estate and |
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collection of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
81 |
Recommendations 35-38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
82 |
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B. |
Protection and preservation of the insolvency estate . . . . . . . |
83 |
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1. |
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
83 |
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2. |
Protection of the estate by application of a stay . . . . . . . |
83 |
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3. |
Scope of application of the stay . . . . . . . . . . . . . . . . . . . . |
84 |
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4. |
Discretionary or automatic application of the stay . . . . . . |
88 |
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5. |
Time of application of the stay . . . . . . . . . . . . . . . . . . . . . |
89 |
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6. |
Duration of application of the stay . . . . . . . . . . . . . . . . . . |
93 |
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7. |
Extension of the duration of the stay . . . . . . . . . . . . . . . . |
94 |
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8. |
Protection of secured creditors . . . . . . . . . . . . . . . . . . . . . |
94 |
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9. |
Limitation on disposal of assets by the debtor . . . . . . . . . |
98 |
Recommendations 39-51 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
99 |
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C. |
Use and disposal of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
104 |
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1. |
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
104 |
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2. |
Assets of the insolvency estate . . . . . . . . . . . . . . . . . . . . . |
104 |
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3. |
Third-party-owned assets . . . . . . . . . . . . . . . . . . . . . . . . . . |
110 |
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4. |
Treatment of cash proceeds . . . . . . . . . . . . . . . . . . . . . . . . |
111 |
Recommendations 52-62 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
111 |
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D. |
Post-commencement finance . . . . . . . . . . . . . . . . . . . . . . . . . . |
113 |
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1. |
Need for post-commencement finance . . . . . . . . . . . . . . . |
113 |
vii
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Page |
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2. |
Sources of post-commencement finance . . . . . . . . . . . . . . |
115 |
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3. |
Attracting post-commencement finance: providing |
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priority or security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
115 |
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4. |
Authorization for post-commencement finance . . . . . . . . |
117 |
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5. |
Effects of conversion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
118 |
Recommendations 63-68 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
118 |
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E. |
Treatment of contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
119 |
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1. |
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
119 |
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2. |
Automatic termination, acceleration or similar clauses . . |
122 |
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3. |
Continuation or rejection of contracts . . . . . . . . . . . . . . . . |
123 |
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4. |
Leases of land and premises . . . . . . . . . . . . . . . . . . . . . . . |
129 |
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5. |
Assignment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
129 |
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6. |
General exceptions to the power to continue, reject and |
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assign contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
130 |
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7. |
Post-commencement contracts . . . . . . . . . . . . . . . . . . . . . . |
131 |
Recommendations 69-86 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
132 |
||
F. |
Avoidance proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
135 |
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1. |
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
135 |
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2. |
Avoidance criteria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
137 |
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3. |
Types of transactions subject to avoidance . . . . . . . . . . . |
141 |
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4. |
Transactions exempt from avoidance actions . . . . . . . . . . |
146 |
|
5. |
Effect of avoidance: void or voidable transactions . . . . . |
146 |
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6. |
Establishing the suspect period . . . . . . . . . . . . . . . . . . . . . |
147 |
|
7. |
Conduct of avoidance proceedings . . . . . . . . . . . . . . . . . . |
148 |
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8. |
Liability of counterparties to avoided transactions . . . . . . |
151 |
|
9. |
Conversion of reorganization to liquidation . . . . . . . . . . . |
152 |
Recommendations 87-99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
152 |
||
G. |
Rights of set-off . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
155 |
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Recommendation 100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
156 |
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H. |
Financial contracts and netting . . . . . . . . . . . . . . . . . . . . . . . . |
156 |
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Recommendations 101-107 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
158 |
||
III. Participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
161 |
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A. |
The debtor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
161 |
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1. |
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
161 |
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2. |
Continued operation of the debtor’s business and the |
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role of the debtor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
161 |
viii
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Page |
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3. |
Rights of the debtor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
166 |
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4. |
Obligations of the debtor . . . . . . . . . . . . . . . . . . . . . . . . . |
167 |
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5. |
Debtor’s liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
171 |
Recommendations 108-114 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
171 |
||
B. |
The insolvency representative . . . . . . . . . . . . . . . . . . . . . . . . . |
174 |
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1. |
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
174 |
|
2. |
Qualifications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
174 |
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3. |
Selection and appointment of the insolvency |
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representative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
176 |
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4. |
Oversight of the insolvency representative . . . . . . . . . . . |
178 |
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5. |
Duties and functions of the insolvency representative . . |
178 |
|
6. |
Confidentiality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
180 |
|
7. |
Remuneration of the insolvency representative . . . . . . . |
180 |
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8. |
Liability of the insolvency representative . . . . . . . . . . . . |
183 |
|
9. |
Agents and employees of the insolvency representative |
185 |
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10. |
Review of insolvency representative’s administration . . |
185 |
|
11. |
Removal of the insolvency representative . . . . . . . . . . . |
186 |
|
12. |
Replacement of the insolvency representative . . . . . . . . |
187 |
Recommendations 115-125 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
187 |
||
C. |
Creditors: participation in insolvency proceedings . . . . . . . . . |
190 |
|
|
1. |
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
190 |
|
2. |
Extent of involvement of creditors in decision-making . 190 |
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3. |
Mechanisms to facilitate participation . . . . . . . . . . . . . . . |
194 |
|
4. |
Creditor meetings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
195 |
|
5. |
Matters requiring a vote by creditors . . . . . . . . . . . . . . . |
196 |
|
6. |
Creditor committee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
197 |
|
7. |
Confidentiality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
202 |
Recommendations 126-136 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
202 |
D. Party in interest’s right to be heard and to appeal . . . . . . . . 205 1. Right to be heard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205 2. Review procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205 3. Right of appeal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206
Recommendations 137-138 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206
E. Secured creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
207 |
IV. Reorganization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209
A. The reorganization plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209
1. Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209
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2. Nature or form of a plan . . . . . . . . . . . . . . . . . . . . . . . . . 209 3. Proposal of a reorganization plan . . . . . . . . . . . . . . . . . . 210 4. The plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214 5. Approval of a plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217 6. Where a proposed plan cannot be approved . . . . . . . . . 225 7. Binding dissenting classes of creditors . . . . . . . . . . . . . . 226 8. Court confirmation of a plan . . . . . . . . . . . . . . . . . . . . . . 226 9. Effect of an approved and, where required, confirmed
plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229 10. Challenges to a plan after court confirmation . . . . . . . . 229 11. Amendment of a plan after approval by creditors . . . . . 230 12. Implementation of a plan . . . . . . . . . . . . . . . . . . . . . . . . . 231 13. Where implementation fails . . . . . . . . . . . . . . . . . . . . . . . 231 14. Conversion to liquidation . . . . . . . . . . . . . . . . . . . . . . . . . 232
Recommendations 139-159 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233
B. Expedited reorganization proceedings . . . . . . . . . . . . . . . . . . . 238 1. Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238 2. Creditors typically involved in voluntary restructuring
negotiations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239 3. Proceedings to implement a voluntary restructuring
agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240 Recommendations 160-168 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244
V. Management of proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 249 A. Treatment of creditor claims . . . . . . . . . . . . . . . . . . . . . . . . . . 249 1. Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 249 2. Submission of creditor claims . . . . . . . . . . . . . . . . . . . . . 249 3. Verification and admission of claims . . . . . . . . . . . . . . . 256 4. Claims not admitted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263
Recommendations 169-184 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263
B. Priorities and distribution of proceeds . . . . . . . . . . . . . . . . . . 266 1. Priorities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 266 2. Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 274
Recommendations 185-193 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275
C. Treatment of corporate groups in insolvency . . . . . . . . . . . . . 276 1. Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276 2. Group responsibility for external debts . . . . . . . . . . . . . . 278 3. Intra-group debts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 279
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VI. |
Conclusion of proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
281 |
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A. |
Discharge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
281 |
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1. |
Discharge of the debtor in liquidation . . . . . . . . . . . . . . . |
281 |
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2. |
Discharge of debts and claims in reorganization . . . . . . . |
284 |
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Recommendations 194-196 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
284 |
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B. |
Closure of proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
285 |
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1. |
Liquidation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
285 |
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2. |
Reorganization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
286 |
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Recommendations 197-198 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
286 |
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Annexes |
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I. |
Treatment of secured creditors in insolvency proceedings . . . . . . |
287 |
II.Decision of the United Nations Commission on International
Trade Law and General Assembly Resolution 59/40 . . . . . . . . . . 289
III.UNCITRAL Model Law on Cross-Border Insolvency and Guide
to Enactment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
293 |
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