Nicholas Critelli Associates PC

Description

The aim of both the Model Law and, here in the U.S., Chapter 15, is to provide a mechanism for cases where the insolvent debtor has assets in more than one country or where some of the creditors of the debtor are not from the country where the insolvency proceeding is taking place. While the Model Law does not attempt a substantive unification of insolvency law or procedure, it does offer some solutions that help in several significant ways. These include foreign assistance for insolvency proceedings taking place in the enacting country, giving a foreign representative access to courts, better recognition of foreign proceedings, the promotion of cross-border cooperation and, whenever possible, the coordination of concurrent proceedings.

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