Synopsis
For countries that have adopted, and implemented in local legislation, the United Nations Commission on International Trade Law (UNCITRAL) Model Law on Cross-Border Insolvency (Model Law), there is a streamlined process which enables a liquidator, or other insolvency administrator, of a company in a foreign jurisdiction to apply to the court in the Model Law jurisdiction to:
- have the foreign insolvency proceeding recognised;
- take control of assets of the foreign company located in the Model Law jurisdiction; and
- pursue investigations and institute recovery proceedings, for example in relation to voidable transactions and breach of directors’ duties, in the Model Law jurisdiction according to the local…
