New Proposals to Improve Cooperation and Efficiency of Cross-Border Insolvencies

Lucy Trott and Tim Carter of Stevens & Bolton provide a helpful overview of two new UNCITRAL Model Laws being considered by the Insolvency Service, including one which would see the introduction of a new “planning proceeding” – a single insolvency proceeding for multiple members of the same group regardless of their location – which aims to produce better returns for creditors by avoiding the need for each entity to open separate insolvency proceedings and allowing the IP to treat creditors according to the insolvency law for the local group entity.

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