The UNCITRAL model law on cross-border insolvency and the rule of law

Deane, Felicity & Mason, Rosalind F. (2016) The UNCITRAL model law on cross-border insolvency and the rule of law. International Insolvency Review, 25(2), pp. 138-159.

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The rule of law is a concept that was often considered in the context of national legal systems. However, it is now commonly being promoted as significant in the transnational context. This paper addresses its importance within the transnational economic and commercial context, in particular in response to cross-border insolvencies. It examines how the UNCITRAL Model Law on Cross-border Insolvency and its Guide to Enactment and Interpretation promote key tenets of the rule of law in transnational disputes arising out of businesses in financial distress. In particular, some examples are provided of cases from the Asia-Pacific region in which the Model Law has been applied to demonstrate how the rule of law may be promoted in an insolvency context. Finally, the paper concludes that the adoption of the UNCITRAL Model Law on Cross-border Insolvency promotes transparency, accountability and predictability, which in turn support stability in financial systems and credit relationships and thus trade within a global market. This is a direct result of adherence to elements of the rule of law principle.

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ID Code: 97599
Item Type: Journal Article
Refereed: Yes
Keywords: UNCITRAL, Model Law, Rule of law, insolvency, cross border, cross border insolvency, model law on cross border insolvency
DOI: 10.1002/iir.1252
ISSN: 1180-0518
Subjects: Australian and New Zealand Standard Research Classification > LAW AND LEGAL STUDIES (180000) > LAW (180100) > Commercial and Contract Law (180105)
Divisions: Current > Research Centres > Commercial & Property Law Research Centre
Current > QUT Faculties and Divisions > Faculty of Law
Current > Schools > School of Law
Copyright Owner: Copyright © 2016 INSOL International and John Wiley & Sons, Ltd
Deposited On: 24 Jul 2016 23:39
Last Modified: 31 Jul 2016 04:05

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