Mutual assistance in insolvency - will it take off in 2007?
The UNCITRAL Model Law on Cross-Border Insolvency should enhance cross-border assistance for non-EU officeholders and creditors in British insolvency proceedings.
Introduced in England and Wales, and Scotland, on 4 April 2006 it was first applied in the English High Court on 23 November 2006 in Re Rajapakse (unreported) when a US Chapter 7 Trustee sought the court's assistance to recover assets in England.
Cooperation in cross-border insolvency proceedings within the EU is governed by the European Insolvency Regulation.
Chapter 15 of the US Bankruptcy Code similarly introduces the UNCITRAL Model Law into US law.
Date: 12th February, 2007
Articles from this Author
1st November, 2018
Budget 2018 - HMRC preferred creditor in insolvency
23rd March, 2018
20th July, 2017
Recast European Insolvency Regulation
26th June, 2017
The Recast European Insolvency Regulation (the “Recast EIR”)
Contact a Partner
Get to know our new Business Advisory and Outsourcing Director, Tom Dinwiddy in a 'Take 5' interview… twitter.com/i/web/status/1…
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole