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Diplomacy in Action

Public meeting on Cross-Border Insolvency

November 14, 2013


Recent ACPIL meetings:

1. Public meeting on cross-border insolvency law – November 4, 2013

A public meeting was held, under the auspices of the State Department’s Advisory Committee on Private International Law, on November 4, 2013 at the Department of State, Harry S Truman Building, Room 6421, 2201 C Street, NW, Washington DC.

The purpose of the public meeting was to discuss upcoming deliberations being held by the United Nations Commission on International Trade law (UNCITRAL). UNCITRAL has developed a number of instruments related to cross-border insolvency law and is now seeking to identify new insolvency-related projects; this question will be discussed at a colloquium and a meeting of UNCITRAL’s Working Group V scheduled for December 16-20, 2013.

During the public meeting, there was discussion in particular of the following issues:

  • The continued importance of enterprise group insolvency issues, such as coordination between courts and “center of main interests” problems for groups.
  • The potential utility of work on choice of law issues and the form of instrument that could be developed.
  • Whether the treatment of intellectual property contracts in insolvency is an issue that is ready for harmonization.
  • The potential difficulties of attempting work on the responsibilities of corporate directors of enterprise groups in the vicinity of insolvency, particularly in light of the disparity among countries’ approaches to law in this area.
  • The extent to which UNCITRAL had previously addressed insolvency issues relevant to micro, small, and medium enterprises (MSMEs).
  • The need for special insolvency treatment for financial contracts due to systemic risk issues.
  • Uncertainty regarding whether UNCITRAL would be the right forum to address issues regarding the insolvency of financial institutions.
  • The possible utility of a convention addressing procedural issues, which could be narrower than the model law and omit certain aspects.

No matter was resolved. No report was approved.

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