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
23rd March, 2018
20th July, 2017
Recast European Insolvency Regulation
26th June, 2017
The Recast European Insolvency Regulation (the “Recast EIR”)
28th November, 2016
Corporate Advisory Services & Brexit
Contact a Partner
Mercer & Hole’s Financial Planning team win Moneyfacts Tax & Estate Planner of the Year 2018… twitter.com/i/web/status/1…
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole