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Current Proposals Which May Affect the Model Law

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Cross-Border Insolvency

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Abstract

This chapter examines current proposals by UNCITRAL and other bodies that may affect the future interpretation or implementation of the Model Law.

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Notes

  1. 1.

    United Nations Commission on International Trade Law, Report of Working Group V (Insolvency Law) on the work of its 43rd session (Vienna, 15–19 April 2013) UN Doc A/CN.9/766 (26 April 2013); United Nations Commission on International Trade Law, Interpretation and application of selected concepts of the UNCITRAL Model Law on Cross- Border Insolvency relating to centre of main interests (COMI) 43rd session, UN Doc A/CN.9/WG.V/WP.112 (11 February 2013).

  2. 2.

    United National Commission on International Trade Law, ‘Directors obligation in the period approaching insolvency’ UN Doc A/CN.9/WG.V/WP.1113 (12 February 2013).

  3. 3.

    See United Nations Commission on International Trade Law, Report of Working Group V (Insolvency Law) on the work of its 43rd session (Vienna, 15–19 April 2013) UN Doc A/CN.9/766 (26 April 2013) 9–15.

  4. 4.

    See United Nations Commission on International Trade Law, Mechanisms suitable for the insolvency of micro, small and medium-sized enterprises: the UNCITRAL Legislative Guide for Insolvency Working Group V (Insolvency Law) on the work of its 45th session (Vienna, 21–25 April 2014) UN Doc A/CN.9/WG.V.WP.121 (14 February 2014); United Nations Commission on International Trade Law, Report of Working Group V (Insolvency Law) on the work of its 45th session (New York, 21–25 April 2014) UN Doc A/CN.9/803 (6 May 2014) 4.

  5. 5.

    See United Nations Commission on International Trade Law, Report of Working Group V (Insolvency Law) on the work of its 43rd session (Vienna, 15–19 April 2013) UN Doc A/CN.9/766 (26 April 2013), 7 [36]; United Nations Commission on International Trade Law, Interpretation and application of selected concepts of the UNCITRAL Model Law on Cross- Border Insolvency relating to centre of main interests (COMI) forty third session, UN Doc A/CN.9/WG.V/WP.112 (11 February 2013) 21.

  6. 6.

    European Commission, ‘Proposal for a Regulation of the European Parliament and of the Council amending Council Regulation (EC) No 1346/2000 on insolvency proceedings’ 2012/0360 (COD), recital 13a.

  7. 7.

    See, Jeffrey Goldsworthy, ‘Abdicating and Limiting Parliament’s Sovereignty’ (2007) 17 Kings College Law Journal 255.

  8. 8.

    United Nations Commission on International Trade Law, Insolvency Law Background information on topics comprising the current mandate of Working Group V and topics for possible future work, Note by Secretariat, 44th session, UN Doc A/CN.9/WG.V/WP.117 (8 October 2013) 6–8; United Nations Commission on International Trade Law, Report of Working Group V (Insolvency Law) on the work of its 43rd session (Vienna, 16–20 December 2013) UN Doc A/CN.9/798 (8 January 2014) 6.

  9. 9.

    United Nations Commission on International Trade Law, Directors Obligations in the Period Approaching Insolvency UN Doc A/CN.9/WG.V/WP.113 (12 February 2013).

  10. 10.

    United Nations Commission on International Trade Law, Report of Working Group V (Insolvency Law) on the work of its forty-third session UN Doc A/CN.9/766 (26 April 2013), 9–15 [56–100].

  11. 11.

    United Nations Commission on International Trade Law, Legislative Guide on Insolvency Law, Part three: Treatment of enterprise groups in insolvency UN Publication Sales No E.12.V.16., GA Res 65/24 (6 December 2010).

  12. 12.

    Jacob Ziegel, ‘Corporate Groups and Cross-border Insolvencies: A Canada-United States Perspective’ (2002) 7 Fordham Journal of Corporate & Financial Law 367, 376.

  13. 13.

    Eva M.F de Vette ‘Multinational enterprise groups in insolvency: how should the European Union act?’ (2011) 7 Utrecht Law Review 216, 221.

  14. 14.

    See United Nations Commission on International Trade Law, Report of Working Group V (Insolvency Law) on the work of its 50th session (Vienna, 10–16 December 2016) UN Doc A/CN.9/898 (21 December 2016).

  15. 15.

    Lastra, see footnote 43, 192 [8.20].

  16. 16.

    See Ho, ‘Conflict of Laws in Insolvency Transaction Avoidance’ see footnote 724.

  17. 17.

    See, e.g., Re iMarketing Solutions Group (2013) 227 ACWS (3d) 314; [2013] ONSC 2223 (15 April 2013).

  18. 18.

    See Re Lehman Brothers Holdings Inc 422 BR 404 (Bankr, SD NY, 2010); Perpetual Trustee Company Limited v BNY Corporate Trustee Services Limited [2010] 2 BCLC 237; Perpetual Trustee Company Limited v BNY Corporate Trustee Services Limited [2010] Ch 347, Belmont Park Investments Pty Ltd v BNY Corporate Trustee Services Ltd [2012] 1 AC 383.

  19. 19.

    Financial Stability Forum FSF Principles for Cross-border Cooperation on Crisis Management (2 April 2009) www.financialstabilityboard.org/publications/r_0904c.pdf.

  20. 20.

    Bank for International Settlements, A framework for dealing with domestic systemically important banks (October 2012) http://www.bis.org/publ/bcbs233.pdf.

  21. 21.

    International Monetary Fund Resolution of Cross-border Banks—a proposed framework for enhanced coordination, (11 June 2010) www.imf.org/external/np/pp/eng/2010/061110.pdf.

  22. 22.

    See United Nations Commission on International Trade Law, Insolvency of Large and Complex Financial Institutions 42nd session, UN Doc A/CN.9/WG.V/WP.109 (24 September 2012).

  23. 23.

    Ibid [62].

  24. 24.

    See, e.g., comments under preamble and Article 1 above.

  25. 25.

    Directive 2001/17/EC of the European Parliament and of the Council of 19 March 2001 on the reorganisation and winding-up of insurance undertakings [2001] OJ L 110/28; Directive 2001/24/EC of the European Parliament and of the Council of 4 April 2001 on the reorganisation and winding-up of credit Institutions [2001] OJ L 125/15; Cross-Border Insolvency Regulations 2006 SR 2006/1030 reg 36.

  26. 26.

    11USC §1501.

  27. 27.

    United Nations Commission on International Trade Law, Report of Working Group V (Insolvency Law) on the work of its 43rd session (Vienna, 16–20 December 2013) UN Doc A/CN.9/798 (8 January 2014) 7; United Nations Commission on International Trade Law, Facilitating the cross-border insolvency of multinational enterprise groups: draft legislative provisions UN Doc A/CN.9/WG.V/ WP.142 (3 October 2016).

  28. 28.

    Rubin v Eurofinance SA [2013] 1 AC 236.

  29. 29.

    United Nations Commission on International Trade Law, Recognition and enforcement of insolvency-related judgements :draft model law UN Doc A/CN.9/WG.V/ WP.143 (4 October 2016).

  30. 30.

    See United Nations Commission on International Trade Law, Report of Working Group V (Insolvency Law) on the work of its 50th session (Vienna, 10–16 December 2016) UN Doc A/CN.9/898 (21 December 2016).

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Authors and Affiliations

  1. Honorary Fellow, University of Western Australia and Partner, Thomson Geer, Melbourne, Victoria, Australia

    Neil Hannan B.Ec, LLB (Monash) Ph.D (UWA)

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  1. Neil Hannan B.Ec, LLB (Monash) Ph.D (UWA)
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Correspondence to Neil Hannan B.Ec, LLB (Monash) Ph.D (UWA) .

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Hannan, N. (2017). Current Proposals Which May Affect the Model Law. In: Cross-Border Insolvency. Springer, Singapore. https://doi.org/10.1007/978-981-10-5876-9_15

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