Model Law on Cross-Border Insolvency

The Model Law on Cross-Border Insolvency is a legal framework developed by the United Nations to help countries manage cases where a business is insolvent and has interests in multiple countries. It provides clear guidelines for cooperation between countries in handling insolvency cases, ensuring that creditors are treated fairly and that the process is efficient. This framework aims to promote consistency and predictability in international insolvency proceedings, helping to resolve issues when a company faces financial difficulties across borders while respecting local laws and jurisdictions.