Cross-Border Insolvency Framework

The Cross-Border Insolvency Framework refers to the legal system that manages bankruptcy cases involving parties in different countries. When a company or individual can't pay debts and has assets or creditors in multiple nations, this framework helps coordinate how to handle the insolvency. It aims to ensure fair treatment of creditors, facilitate communication among courts from different countries, and promote orderly recovery processes. An important part of this framework is the UNCITRAL Model Law, which many countries adopt to create a consistent approach to these complex international situations.