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​INSOL Europe in New York for UNCITRAL Working Group V

UNCITRAL's Working Group V (Insolvency Law), in its 55th session, made huge progress and now also completed its work on the Draft Guide to Enactment of what is expected to become the UNCITRAL Model Law…

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​INSOL Europe in New York for UNCITRAL Working Group V
UNCITRAL's Working Group V (Insolvency Law), in its 55th session, made huge progress and now also completed its work on the Draft Guide to Enactment of what is expected to become the UNCITRAL Model Law on Enterprise Group Insolvency. Both the Draft Model Law and the Draft Guide to Enactment were submitted to the UNCITRAL Commission for finalisation and adoption in its next session. States will be invited to incorporate the Model Law into their national laws with the purpose to equip them with modern legislation addressing the domestic and cross-border insolvency of enterprise groups. 

This Model Law, like the Model Law on recognition and enforcement of insolvency-related judgments adopted in the last session, is also designed to complement the existing 1997 UNCITRAL Model Law on Cross-Border Insolvency (MLCBI) and the UNCITRAL Legislative Guide on Insolvency Law, in particular its part three. Legislation based on the MLCBI has been adopted by many jurisdictions, including certain of the EU Member States: United Kingdom, Poland, Slovenia and Greece. 

Further, the Working Group continued to discuss a draft text on a simplified insolvency regime for micro, small and medium-sized companies and suggested revisions to the text as well as inter-sessional informal consultations in order to progress with this project.

Finally, the Working Group discussed two proposals for possible future work. The proposal of the European Union on harmonizing applicable law in insolvency proceedings received large support recommending the Commission to take this up and allocate the project to Working Group V. As regards the proposal of the United States of America on asset tracing and recovery the Working Group recommended to hold a colloquium on whether the work should be taken up and with which scope.

INSOL Europe was honoured to have been invited to send a delegation to the 55th session which was held in May 2019 in New York. Our delegate, Florian Bruder of DLA Piper, will provide a more detailed update on the session, including a summary of some of the key points discussed among the States regarding the new Model Law on Enterprise Group Insolvency and the respective Guide to Enactment in the next issue of Eurofenix. 

Further information on UNCITRAL Working Group V
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