International Journal For Multidisciplinary Research

E-ISSN: 2582-2160     Impact Factor: 9.24

A Widely Indexed Open Access Peer Reviewed Multidisciplinary Bi-monthly Scholarly International Journal

Call for Paper Volume 6 Issue 5 September-October 2024 Submit your research before last 3 days of October to publish your research paper in the issue of September-October.

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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