UNCITRAL Model Laws

UNCITRAL Model Laws

The UN Commission on International Trade Law (UNCITRAL) has produced various texts relating to insolvency over the years including:

•
the UNCITRAL Model Law on cross border Insolvency (MLCBI)
•
UNCITRAL guidance on directors' obligations (part four of the Legislative Guide)
•
the UNCITRAL Model Law on Recognition and Enforcement of Insolvency-Related Judgments (MLIJ)
•
the UNCITRAL Model Law on enterprise group insolvency (MLEG)

None of the texts are by themselves legally binding, but countries are free to enact them either in full or in part, with or without modifications.

Introduction

The MLCBI was formally approved by UNCITRAL in 1997.

It has been adopted by various countries (see Practice Note: List of countries which have adopted the UNCITRAL Model Law on insolvency or are considering its adoption) including:

•
England, which adopted it by enacting the Cross-Border Insolvency Regulations 2006 (CBIR 2006), SI 2006/1030 with effect from 4 April 2006
•
the US, which adopted it by enacting chapter 15 of the US Bankruptcy Code (see Practice Note: US Chapter 15 overview)
•
Canada, which adopted it by updating the Bankruptcy and Insolvency Act,

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