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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

 

Contents

 

 

 

Page

Preface

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

iii

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1

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

A.

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9

B.

Establishing the key objectives . . . . . . . . . . . . . . . . . . . . . . . .

10

 

1.

Provision of certainty in the market to promote economic

 

 

 

stability and growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10

 

2.

Maximization of value of assets . . . . . . . . . . . . . . . . . . . .

10

 

3.

Striking a balance between liquidation and reorganization

11

 

4.

Ensuring equitable treatment of similarly situated

 

 

 

creditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11

 

5.

Provision for timely, efficient and impartial resolution

 

 

 

of insolvency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

12

 

6.

Preservation of the insolvency estate to allow equitable

 

 

 

distribution to creditors . . . . . . . . . . . . . . . . . . . . . . . . . . .

12

 

7.

Ensuring a transparent and predictable insolvency law

 

 

 

that contains incentives for gathering and dispensing

 

 

 

information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13

 

8.

Recognition of existing creditor rights and establishment

 

 

 

of clear rules for ranking of priority claims . . . . . . . . . . .

13

 

9.

Establishment of a framework for cross-border insolvency

14

Recommendations 1-5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14

C.

Balancing the goals and key objectives of an insolvency law

14

Recommendation 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16

D.

General features of an insolvency law . . . . . . . . . . . . . . . . . .

16

v

 

 

 

Page

 

1.

Substantive issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16

 

2.

The structure of an insolvency law . . . . . . . . . . . . . . . . . .

17

 

3.

Relationship between insolvency law and other law . . . .

19

Recommendation 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

20

II. Mechanisms for resolving a debtor’s financial difficulties . . . . . .

21

A.

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

21

B.

Voluntary restructuring negotiations . . . . . . . . . . . . . . . . . . . .

21

 

1.

Necessary preconditions . . . . . . . . . . . . . . . . . . . . . . . . . . .

22

 

2.

Main processes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

23

 

3.

Rules and guidelines for voluntary restructuring . . . . . . .

25

C.

Insolvency proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

26

 

1.

Reorganization proceedings . . . . . . . . . . . . . . . . . . . . . . . .

27

 

2.

Liquidation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

30

D.

Administrative processes . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

32

III. Institutional framework . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

33

Part two

CORE PROVISIONS FOR AN EFFECTIVE

AND EFFICIENT INSOLVENCY LAW

I. Application and commencement . . . . . . . . . . . . . . . . . . . . . . . . . .

38

A.

Eligibility and jurisdiction . . . . . . . . . . . . . . . . . . . . . . . . . . . .

38

 

1.

Eligibility: debtors to be covered by an insolvency law .

38

 

2.

Jurisdiction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

41

Recommendations 8-13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

43

B.

Commencement of proceedings . . . . . . . . . . . . . . . . . . . . . . . .

45

 

1.

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

45

 

2.

Commencement standards . . . . . . . . . . . . . . . . . . . . . . . . .

45

 

3.

Liquidation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

49

 

4.

Reorganization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

53

 

5.

Procedural issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

56

 

6.

Debtors with insufficient assets . . . . . . . . . . . . . . . . . . . . .

61

 

7.

Fees for insolvency proceedings . . . . . . . . . . . . . . . . . . . .

63

 

8.

Dismissal of proceedings after commencement . . . . . . . .

63

Recommendations 14-29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

64

vi

 

 

Page

C.

Applicable law in insolvency proceedings . . . . . . . . . . . .

67

1.

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

67

2.

Law applicable to the validity and effectiveness of

 

 

rights and claims . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

68

3.

Law applicable in insolvency proceedings: lex fori

 

 

concursus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

69

4.

Law applicable in insolvency proceedings: exceptions to

 

 

the lex fori concursus . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

69

5.

Achieving a balance between the desirability of

 

 

exceptions and the goals of insolvency . . . . . . . . . . . . . .

72

Recommendations 30-34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

72

II.Treatment of assets on commencement of insolvency

proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

75

A.

Assets constituting the insolvency estate . . . . . . . . . . . . . . . .

75

 

1.

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

75

 

2.

Assets included in the insolvency estate . . . . . . . . . . . . . .

75

 

3.

Assets excluded from the insolvency estate . . . . . . . . . . .

80

 

4.

Time of constitution of the insolvency estate and

 

 

 

collection of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

81

Recommendations 35-38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

82

B.

Protection and preservation of the insolvency estate . . . . . . .

83

 

1.

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

83

 

2.

Protection of the estate by application of a stay . . . . . . .

83

 

3.

Scope of application of the stay . . . . . . . . . . . . . . . . . . . .

84

 

4.

Discretionary or automatic application of the stay . . . . . .

88

 

5.

Time of application of the stay . . . . . . . . . . . . . . . . . . . . .

89

 

6.

Duration of application of the stay . . . . . . . . . . . . . . . . . .

93

 

7.

Extension of the duration of the stay . . . . . . . . . . . . . . . .

94

 

8.

Protection of secured creditors . . . . . . . . . . . . . . . . . . . . .

94

 

9.

Limitation on disposal of assets by the debtor . . . . . . . . .

98

Recommendations 39-51 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

99

C.

Use and disposal of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . .

104

 

1.

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

104

 

2.

Assets of the insolvency estate . . . . . . . . . . . . . . . . . . . . .

104

 

3.

Third-party-owned assets . . . . . . . . . . . . . . . . . . . . . . . . . .

110

 

4.

Treatment of cash proceeds . . . . . . . . . . . . . . . . . . . . . . . .

111

Recommendations 52-62 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

111

D.

Post-commencement finance . . . . . . . . . . . . . . . . . . . . . . . . . .

113

 

1.

Need for post-commencement finance . . . . . . . . . . . . . . .

113

vii

 

 

 

Page

 

2.

Sources of post-commencement finance . . . . . . . . . . . . . .

115

 

3.

Attracting post-commencement finance: providing

 

 

 

priority or security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

115

 

4.

Authorization for post-commencement finance . . . . . . . .

117

 

5.

Effects of conversion . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

118

Recommendations 63-68 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

118

E.

Treatment of contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

119

 

1.

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

119

 

2.

Automatic termination, acceleration or similar clauses . .

122

 

3.

Continuation or rejection of contracts . . . . . . . . . . . . . . . .

123

 

4.

Leases of land and premises . . . . . . . . . . . . . . . . . . . . . . .

129

 

5.

Assignment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

129

 

6.

General exceptions to the power to continue, reject and

 

 

 

assign contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

130

 

7.

Post-commencement contracts . . . . . . . . . . . . . . . . . . . . . .

131

Recommendations 69-86 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

132

F.

Avoidance proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

135

 

1.

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

135

 

2.

Avoidance criteria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

137

 

3.

Types of transactions subject to avoidance . . . . . . . . . . .

141

 

4.

Transactions exempt from avoidance actions . . . . . . . . . .

146

 

5.

Effect of avoidance: void or voidable transactions . . . . .

146

 

6.

Establishing the suspect period . . . . . . . . . . . . . . . . . . . . .

147

 

7.

Conduct of avoidance proceedings . . . . . . . . . . . . . . . . . .

148

 

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

Recommendation 100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

156

H.

Financial contracts and netting . . . . . . . . . . . . . . . . . . . . . . . .

156

Recommendations 101-107 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

158

III. Participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

161

A.

The debtor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

161

 

1.

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

161

 

2.

Continued operation of the debtor’s business and the

 

 

 

role of the debtor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

161

viii

 

 

 

Page

 

3.

Rights of the debtor . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

166

 

4.

Obligations of the debtor . . . . . . . . . . . . . . . . . . . . . . . . .

167

 

5.

Debtor’s liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

171

Recommendations 108-114 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

171

B.

The insolvency representative . . . . . . . . . . . . . . . . . . . . . . . . .

174

 

1.

Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

174

 

2.

Qualifications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

174

 

3.

Selection and appointment of the insolvency

 

 

 

representative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

176

 

4.

Oversight of the insolvency representative . . . . . . . . . . .

178

 

5.

Duties and functions of the insolvency representative . .

178

 

6.

Confidentiality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

180

 

7.

Remuneration of the insolvency representative . . . . . . .

180

 

8.

Liability of the insolvency representative . . . . . . . . . . . .

183

 

9.

Agents and employees of the insolvency representative

185

 

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

 

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

ix

Page

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

x

 

 

 

 

Page

VI.

Conclusion of proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

281

 

A.

Discharge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

281

 

 

1.

Discharge of the debtor in liquidation . . . . . . . . . . . . . . .

281

 

 

2.

Discharge of debts and claims in reorganization . . . . . . .

284

 

Recommendations 194-196 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

284

 

B.

Closure of proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

285

 

 

1.

Liquidation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

285

 

 

2.

Reorganization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

286

 

Recommendations 197-198 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

286

Annexes

 

 

 

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

xi