UNCITRAL Model Law on Cross-border insolvency: background, purpose and the scope of application

Abstract

The present article is dedicated to UNCITRAL Model Law on cross-border insolvency, the basic stages of its preparation and scope of application. The provisions of Model Law, concerning coordination of parallel proceedings within the case of cross-border insolvency are analyzed. The thorough analysis of provisions concerning the coordination of judicial assistance in case if there are several parallel proceedings; of reasons that put obstacles on the way to unification and harmonization of law provisions, regulating international insolvency is fulfilled.