International Corporate Rescue
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Vol 16 (2019) - Issue 5
Article preview
UNCITRAL Adopts the Model Law on Enterprise Group Insolvency
Kathlene Burke, Associate, Skadden, Arps, Slate, Meagher & Flom (UK) LLP, London, UKSynopsis
The United Nations Commission on International Trade Law ('UNCITRAL') has recently adopted the Model Law on Enterprise Group Insolvency (the 'Model Law') alongside a guide to enactment (the 'Guide') and a guide for directors of enterprise groups. The new Model Law addresses the coordination of multiple insolvency proceedings, allows for 'planning proceedings' to develop a group insolvency solution and provides for relief that might be needed when managing and coordinating an enterprise group insolvency. This article discusses the adoption of the model law and outlines its main features.
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