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COMI: New Developments for Offshore Liquidators

July 2010 - Finance. Legal Developments by Ogier .

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National interests play a distinct part in application of the UNCITRAL model law on cross-border insolvency.

The Model Law

Since the advent of the UNCITRAL model on crossborder insolvency, brought about principally for the purposes of trying to smooth out the liquidation proceedings for companies that operated on a multinational basis, the road towards uniform application of its guiding principals has been rather bumpy. The underlying issue has been interpreting exactly how the principal aims of this model law would be applied. Most jurisdictions that adopted the UNCITRAL model have incorporated the terms of the model into their own laws, but in different forms.

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