UNCITRAL Model Law on Cross-Border Insolvency

The UNCITRAL Model Law on Cross-Border Insolvency provides a legal framework to handle situations where a company faces insolvency in multiple countries. It aims to streamline the process for courts and stakeholders, ensuring that insolvency proceedings are effective and that assets are distributed fairly. The Model Law encourages international cooperation, allowing courts in different countries to recognize each other's insolvency rulings. This helps protect the interests of creditors and fosters a more predictable approach to resolving cross-border insolvency cases, ultimately promoting economic stability in an increasingly interconnected global market.