Existing treatment of corporate groups in insolvency

C. Treatment of corporate groups in insolvency

Proposal by the International Insolvency Institute (III), Committee on Corporate and Professional Responsibilities

The great majority of domestic insolvency and corporate law regimes do not address the treatment of corporate groups in specific legislation or at all.

Alternatives to direct regulation of corporate groups in insolvency would include providing sufficient definition in other parts of the insolvency law to allow application of these provisions to corporate groups, such as the use of avoidance or subordination provisions with respect to related parties.

(f) The possible repercussions for secured transactions and secured creditors in the way in which corporate groups are treated in insolvency.

In its work on the Legislative Guide on Insolvency Law, UNCITRAL recognized the importance of the issues relating to the treatment of corporate groups in insolvency and addressed them in part (Part two, chap. VI, paras.

Officer and director responsibilities and liabilities are generally imbedded in corporate and insolvency laws, which often interact with other national laws and policies.

Insolvency

Insolvency law

Insolvency law

That's insolvency.

That's insolvency.

The proposed mechanism distinguishes between illiquidity, impending insolvency, and full insolvency.

(iv) The insolvency representative in the insolvency of the grantor or

Although a variety of approaches are taken to these very complex issues, it is important that an insolvency regime address matters concerning corporate groups in sufficient procedural detail to provide certainty for all parties concerned in commercial transactions with corporate groups.

Insolvency Guide recommendations

(b) Insolvency law

(b) Insolvency law

Directors' and officers' responsibilities and liabilities in insolvency and pre insolvency cases

The Commission will also have before it a proposal by INSOL International (A CN.9 582) that UNCITRAL undertake work on the treatment of corporate groups in insolvency.

(e) In the area of insolvency, the UNCITRAL Model Law on Cross Border Insolvency and the UNCITRAL Legislative Guide on Insolvency Law

(iii) The insolvency administrator.

Domestic insolvency law treatment

Cross border insolvency legislation

Creditors in insolvency proceedings

International Insolvency Institute (III)

B. Cross border insolvency

(nn) Insolvency representative means a person or body responsible for administering the insolvency estate.

Developments in insolvency law adoption of the UNCITRAL Model Law on Cross Border Insolvency

(ll) Insolvency estate means assets and rights of the debtor that are controlled or supervised by the insolvency representative and subject to the insolvency proceedings.

The advantage of focusing on systems in the insolvency area is that the insolvency area ultimately applies to all activities whenever an insolvency or reorganization occurs.

So this isn't insolvency anymore.

Recommendations 115 (impact of insolvency on conflict of laws rules) and 116 (enforcement in insolvency proceedings)

1346 2000 on Insolvency Proceedings nor the UNCITRAL Model Law on Cross Border Insolvency addresses the issue.

(kk) Insolvency court means a judicial or other authority competent to control or supervise an insolvency proceeding.

The insolvency law should specify that, if a security right is entitled to priority under law other than the insolvency law, that priority continues unimpaired in insolvency proceedings except if, pursuant to the insolvency law, another claim is given priority.

Effectiveness of security rights in insolvency

The insolvency law should specify that

UNCITRAL Legislative Guide on Insolvency Law

(46) The insolvency law should specify that, on commencement of insolvency proceedings add a, b, c, d, e

In 2004, the EBRD completed its Legal Indicator Survey on Insolvency and its Insolvency Sector Assessment to provide stakeholders in insolvency cases with an understanding of the extensiveness and effectiveness of insolvency legal regimes in 25 of the EBRD's countries of operations.

UNCITRAL has a proven track record in insolvency law work, developing both the Model Law on Cross Border Insolvency and the Legislative Guide on Insolvency Law in comparatively short periods of time.

Corporate identity.

Corporate strategy