Cross-Border Insolvency Act 2006 (Australia)

The Cross-Border Insolvency Act 2006 (Australia) provides a framework for dealing with insolvencies that involve parties from different countries. It allows Australian courts to recognize and assist foreign insolvency proceedings, ensuring cooperation between jurisdictions. This is important for managing assets and liabilities that cross national borders, helping to protect the interests of creditors and debtors. The Act is based on the UNCITRAL Model Law on Cross-Border Insolvency, promoting consistency and efficiency in handling international insolvency issues, making it easier for businesses and individuals facing financial difficulties that span multiple countries.