UNCITRAL Legislative Guide on Insolvency Law

The UNCITRAL Legislative Guide on Insolvency Law provides a framework for countries to create fair and efficient laws regarding insolvency, which is when individuals or businesses cannot pay their debts. It aims to balance the interests of debtors and creditors, promoting responsible economic recovery. The guide covers various aspects, such as restructuring debts and liquidating assets, to help governments develop laws that facilitate a smoother process for resolving financial difficulties while ensuring transparency and protecting stakeholder rights. Ultimately, it seeks to enhance economic stability and confidence in the financial system globally.