Dear IP Letter 54
Dear IP Letter 54 was published in July 2022.
Dear Insolvency Practitioner,
In this, the fifty fourth of the “Dear IP (NI)” series, I should like to deal with the following issue:
- Consultation on the adoption of two UNCITRAL Model Laws
Consultation on the adoption of two UNCITRAL Model Laws
The Insolvency Service for England and Wales has published a consultation on the implementation into English, Welsh and Scottish law of two new UNCITRAL Model Laws, which can be found at;
The Model Law on Recognition and Enforcement of Insolvency-Related Judgments deals with cross-border recognition of judgments that are associated with insolvency proceedings. The Model Law on Enterprise Group Insolvency provides tools to manage and coordinate insolvencies within corporate groups, while respecting that each company within the group remains a separate legal entity. These two model laws would join and complement the Model Law on Cross-Border Insolvency, which provides a grounding framework for international cooperation in respect of insolvency proceedings, and which the UK implemented in 2006 and 2007.
The Department for the Economy is considering whether to implement these Model Laws in Northern Ireland, subject to Northern Ireland Assembly approval. We would be grateful for your views, to be sent directly to alison.aiken@economy-ni.gov.uk by 29 September 2022. Physical correspondence may be sent to:
Alison Aiken,Insolvency Service,
Fermanagh House,
Ormeau Avenue,
Belfast,
BT2 8NJ.
Yours faithfully,
Pauline Brown
Principal Examiner