3. UNCITRAL Model Law on Cross-Border Insolvency

The UNCITRAL Model Law on Cross-Border Insolvency provides a consistent framework for dealing with financial distress that crosses national borders. It aims to harmonize how countries handle insolvency cases involving debtors with assets or creditors in multiple jurisdictions. This model law facilitates cooperation between courts and legal systems, ensuring efficient and fair proceedings. By establishing guidelines for recognition of foreign proceedings and coordination among different countries, it seeks to protect the rights of creditors and maximize the value of the debtor's assets, ultimately promoting smoother international business operations during insolvency situations.