UNCITRAL Model Law on Cross-Border Insolvency

General Detail

General Information

  1. Type: Model Law
  2. Date of signature:
  3. Place of signature: New York, USA
  4. Depositary:
  5. Date of entry into force: N/A

Category

Finance, payments and insolvency

Sub category

Bankruptcy and insolvency

Groups

UNCITRAL

What is it about?

The purpose of this Law is to provide effective mechanisms for dealing with cases of cross-border insolvency. As stated in the preamble, it is hoped that such mechanisms will inspire : (a) Cooperation between the courts and other competent authorities of this State and foreign States involved in cases of cross-border insolvency; (b) Greater legal certainty for trade and investment; (c) Fair and efficient administration of cross-border insolvencies that protects the interests of all creditors and other interested persons, including the debtor; (d) Protection and maximization of the value of the debtor's assets; and (e) Facilitation of the rescue of financially troubled businesses, thereby protecting investment and preserving employment.

Why is it relevant?

Foreign investors benefit from rights and protections before national tribunals. They thus benefit from and can count upon some legal certainty and predictability which serves to encourage investment.

Additional Information

This Law is not a Convention, but rather a Model which serves as a guide for national legislations. Six States have adopted legislation based upon the Model Law. As of 2004 these are South Africa, Eritea, Japan, Mexico, Serbia and Montenegro. There is also a guide for the incorporation of the Model law to assist States in drafting their relevant legislation.

  • European Convention on Certain International Aspects of Bankruptcy (Council of Europe, 5 June 1990)
  • UNICTRAL Model Law on Cross-Border Insolvency (UNCITRAL., May 1997).

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Country ratifications
CountryRatification date
Australia2008
Benin2015
Burkina Faso2015
Cameroon2015
Canada2005
Central African Republic2015
Chad2015
Chile2013
Colombia2006
Comoros2015
Congo2015
Cote d'Ivoire2015
Democratic Republic of the Congo2015
Equatorial Guinea2015
Gabon2015
Greece2010
Guinea2015
Guinea-Bissau2015
Japan2000
Kenya2015
Malawi2015
Mali2015
Mauritius2009
Mexico2000
Montenegro2002
New Zealand2006
Niger2015
Philippines2010
Poland2003
Republic of Korea2006
Romania2002
Senegal2015
Serbia2004
Seychelles2013
Slovenia2007
South Africa2000
Togo2015
Uganda2011
United States of America2005
Vanuatu2013
Treaties analysis
YearRatifications
20003
20022
20031
20041
20052
20063
20082
20091
20102
20111
20133
201519
Total40
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