Implementation of the UNCITRAL Model Law on Cross-Border Insolvency in Great Britain - The impact for Chapter 11 debtors

With the enactment of the Cross-Border Insolvency Regulations 2006 on 4 April 2006, the UK has given effect to the United Nations Commission on International Trade Law (UNCITRAL) Model Law on Cross-Border Insolvency. The primary objectives of the Model Law are to harmonise the treatment of cross-border insolvencies and to facilitate cooperation between officeholders involved with the same debtor, without attempting to unify local insolvency laws or affect creditors' substantive rights.