The united nations commission on international trade law adopted a model law relating to cross border insolvency on 30 june 1997 it provides no mechanism for determining which set of proceedings are the main proceedings if two or more jurisdictions claim their proceedings are the main proceedings set off rights. In order to keep pace with this changing dimension the insolvency law review committee ilrc was set up to review singapores insolvency regime the ilrc recommended that singapore adopt the uncitral model law on cross border insolvency model law in an attempt to promote singapore as an international centre for debt restructuring. Business finance litigation intellectual property regulatory tax uncitral model law on cross border insolvency provides a framework for recognizing and giving effect to foreign insolvency proceedings a central tenet of chapter 15 is the importance of comity in cross border insolvency proceedings a central tenet of . Group vi security interests to ensure coordination of the treatment of security interests in insolvency with the legislative guide on secured transactions being developed by uncitral the final negotiations on the draft legislative guide on insolvency law were held during the thirty seventh session of uncitral in new york from 14 to 21 june . India corporate law india has not adopted the united nations commission on international trade law model law on cross border insolvency therefore even if india has not adopted the uncitral model law indian insolvency proceedings may be recognised in a jurisdiction that does not have a reciprocity requirement this remains untested
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