WORKING GROUP V: INSOLVENCY
Working Group V has considered and adopted issues and reform relating to international insolvency law since 1995. During this time, the Working Group has produced several core documents relating to international insolvency, including the following:
Model Law: UNCITRAL Model Law on Cross-Border Insolvency (1997)
Legislative Guide: UNCITRAL Legislative Guide on Insolvency Law (2004)
Practice Guide: Practice Guide on Cross-Border Insolvency Cooperation (2009)
Practice Guide: A Guide to Enactment and Interpretation of the 1997 CBI Model Law (2013)
Model Law: UNCITRAL Model Law on Enterprise Group Insolvency (2019) (advance copy)
Aside from insolvency law, the mandate of Working Group V has previously also included:
Micro and Small Enterprises Insolvency
Since 2013, WG V has considered the efficacy of the UNCITRAL Legislative Guide on Insolvency Law in catering to the needs of MSMEs. In 2014, the WG determined that the issues which MSMEs face in insolvency were not entirely unique and that solutions could be developed to address those issues on the basis of existing insolvency principles and guidance contained in the Legislative Guide. In particular, the Group clarified in 2016 that simplified mechanisms could be developed for MSMEs, with a particular focus on flexibility, costliness, and expediency.
In 2019, at its 56th session, the Working Group considered a draft paper setting out a simplified regime for insolvency. Suggested changes were noted for consideration at the Group's next session, with particular divergence arising on the issues of whether an independent party should be incorporated into the proposed procedure, and the appropriate definition for 'competent authority' as found in the document.
Following the postponement of the WGV session scheduled for May 2020 in New York because of the COVID-19 pandemic, off-line discussions of interested members of WGV have been proceeding with a view to settling the draft paper on a simplified insolvency regime for MSMEs. This has become the more important given the significant economic impact of COVID-19 on MSMEs in all member states.
Civil Asset Tracing, and Applicable Law
Civil asset tracing and recovery, and the applicable law in insolvency proceedings, are two recent projects for WGV, whose sessions in May 2020 in New York were also postponed because of COVID-19.
Colloquia for each are tentatively listed in Vienna as follows
11 December 2020, Colloquium on applicable law in insolvency proceedings, in cooperation with the Hague Conference on Private International Law.
Next Working Group V Session
The next session of WGV is tentatively listed for 7-11 December 2020, in Vienna.
As with other Working Groups, WG V maintains an online record of its latest work and agendas for forthcoming meetings and colla. The relevant information is available here.
This page was last updated in September 2020.
UN DAY 2019 RESOURCES
In 2019, UNCCA held its annual UN Day Lectures on the topic "25 Years of Cross-Border Insolvency Law Reform". Both the Lectures and Commentary were presented by experts in the field of insolvency law.
Below you can find some of the materials which were presented at the event last year.
"The past, present and future of UNCITRAL Model Law on Cross Border Insolvency and Australia’s participation"
By Professor Christopher Symes, University of Adelaide
UNCITRAL Resources, CBI Instruments, and Theory
By Adjunct Professor Rosalind Mason, Queensland University of Technology (QUT)
The Comity vs. CBI Framework Approaches: UNCITRAL Yesterday, Today and Tomorrow
By Adjunct Professor Michael Murray, QUT
Risk and Cost Reduction in Insolvency: UNCITRAL's Cross Border Framework
By Tim D. Castle, 6 St. James Chambers
Necessary Imperfections in Cross-Border Insolvency Law: Recent Case Law and Correction Attempts
By Stewart Maiden QC, Owen Dixon Chambers West
The Model Law: Salient Features in Practice
By Scott Butler, McCullough Robertson
Insolvency in Tasmania: Relevance for Industry and Global Insolvencies
By Paul Cook, Former President of ARITA
Balancing the CBI Framework Domestically: Maritime Stays and Claims
By Dr. Neil Hannan, Thomson Geer
All documents open as PDF files in a new tab
Titles have been assigned to those resources which did not already have one.
Given the particular relevance of insolvency law in dealing with the economic impact of the pandemic, and the uncertainty as to its resolution, the future work required of Working Group V may be unpredictable. Sessions are tentatively set for December 2020.
This section will be updated as necessary in light of further progress or announcements about Working Group V.