When does UNCITRAL (implemented by the Cross-Border Insolvency Regulations) apply and what are the effects?

The following Restructuring & Insolvency practice note provides comprehensive and up to date legal information covering:

  • When does UNCITRAL (implemented by the Cross-Border Insolvency Regulations) apply and what are the effects?
  • UNCITRAL Model Law on Insolvency
  • Geographical reach
  • Objectives
  • Scope
  • Exclusions
  • Interpretation
  • Reciprocity
  • Effects of the CBIR
  • Co-operation and co-ordination
  • More...

When does UNCITRAL (implemented by the Cross-Border Insolvency Regulations) apply and what are the effects?

From IP completion day (11pm on 31 December 2020), despite the trade deal, the Insolvency (Amendment) (EU Exit) Regulations 2019, SI 2019/146 kick in and amend both the Regulation (EU) 2015/848 (OJ L141/19), Recast Regulation on Insolvency [EU Recast Regulation on Insolvency] and various other legislation including the CBIR (see News Analysis: Brexit impact on Cross-Border Insolvency Regulations 2006 (CBIR 2006) and Practice Note: Brexit—impact on Recast Regulation on Insolvency).

UNCITRAL Model Law on Insolvency

The UNCITRAL Model Law on cross-border insolvency (the UNCITRAL Model Law on Insolvency) was formally approved by the UN Commission on International Trade Law (the Commission) in 1997. Countries are free to enact it either in full or in part, with or without modifications, so it's essential to look at the relevant enacting legislation in detail. It doesn't have automatic effect but needs specific enacting legislation in each country. England adopted it by enacting the Cross-Border Insolvency Regulations 2006, SI 2006/1030 (CBIR) with effect from 4 April 2006, making some modifications to the text of the UNCITRAL Model Law. The US has adopted it by enacting chapter 15 of the US Bankruptcy Code (see Practice Notes: Recognition of foreign insolvency proceedings in the US under chapter 15 and List of countries which have adopted the UNCITRAL Model

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