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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