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PRINT THIS PAGE The implementation of the UNCITRAL Model Law on cross-border insolvency in Great Britain04/10/2006. Source: Freshfields Bruckhaus Deringer.
This briefing from Freshfields Bruckhaus Deringer explains the key provisions of the new Cross-Border Insolvency Regulations 2006, implementing the UNCITRAL Model Law on Cross-Border Insolvency, which came into effect on 4 April 2006. The Cross-Border Insolvency Regulations 2006 came into force on 4 April 2006, implementing the United Nations Commission on International Trade Law (UNCITRAL) Model Law on Cross-Border Insolvency (Model Law) in Great Britain (GB – ie excluding Northern Ireland).
The Model Law, Council Regulation (EC) 1346/2000 on Insolvency Proceedings (the EU Regulation) and section 426 of the Insolvency Act 1986 will operate in parallel, and provide to a foreign insolvency representative a menu of cross-border insolvency regimes to consider when seeking judicial assistance in GB.
Among other things, the Model Law entitles a foreign insolvency representative to apply directly to the British courts to commence British insolvency proceedings, to participate in British insolvency proceedings, and to seek recognition and relief for foreign insolvency proceedings.
Click here to download the full article (pdf 457k)You need Adobe Acrobat to read this document. If you do not have it, you can download it free from www.adobe.com/products/acrobat/readstep.html
Freshfields Bruckhaus Deringer is a leading law firm for European private equity and venture capital. Our international private equity group provides our clients with a combination of the local insight of lawyers in our network and money-centre know-how, delivered by fully integrated international teams. We specialise in and are well known for innovative and challenging transactions. For more information about the firm please visit http://www.freshfields.com/sector/privateequity
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