International Journal For Multidisciplinary Research
E-ISSN: 2582-2160
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A Widely Indexed Open Access Peer Reviewed Multidisciplinary Bi-monthly Scholarly International Journal
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Volume 6 Issue 5
September-October 2024
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The Uncitral model law: A harmonized approach to cross-border insolvency challenges
Author(s) | Aahana |
---|---|
Country | India |
Abstract | The UNCITRAL Model Law on Cross-Border Insolvency, established in 1997, which provides a framework for managing insolvency cases that span multiple jurisdictions. The Model Law aims to enhance cooperation among nations, facilitating the recognition of foreign insolvency proceedings and enabling foreign representatives to access local courts. It is built on four core principles: access, recognition, relief, and cooperation. Despite its adoption by 51 states, challenges remain, including inconsistent application and limited recognition of foreign proceedings in some jurisdictions, notably India. The document emphasizes the importance of harmonizing national laws to improve the handling of cross-border insolvency, highlighting ongoing developments and the need for reforms to adapt to evolving global trade dynamics. |
Keywords | UNCITRAL Model Law, Cross-Border Insolvency, International Cooperation, Legal Framework, Insolvency Proceedings |
Published In | Volume 6, Issue 5, September-October 2024 |
Published On | 2024-09-06 |
Cite This | The Uncitral model law: A harmonized approach to cross-border insolvency challenges - Aahana - IJFMR Volume 6, Issue 5, September-October 2024. DOI 10.36948/ijfmr.2024.v06i05.27219 |
DOI | https://doi.org/10.36948/ijfmr.2024.v06i05.27219 |
Short DOI | https://doi.org/gwfgnd |
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E-ISSN 2582-2160
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