Cross-border Insolvency

Cross-border insolvency refers to a situation where a company that operates in multiple countries is unable to pay its debts. It involves legal processes that manage the company's assets and obligations across different jurisdictions. This ensures that creditors in various countries are treated fairly and that the company can be restructured or liquidated efficiently. International agreements, like the UNCITRAL Model Law, help establish frameworks for cooperation between countries, making it easier to handle these complex cases and protect the interests of all parties involved, including employees and creditors.