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
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