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This year marks the tenth anniversary of the enactment of the Cross-Border Insolvency Act 2008 (Cth), which adopted the UNCITRAL Model Law on Cross-Border Insolvency. In the decade since its adoption, the Model Law has provided a clear and consistent basis for the courts in Australia to grant recognition and assistance to foreign insolvency proceedings.
This seminar explores the conceptual framework behind the Model Law, the extent to which it has been adopted and adapted by jurisdictions in the Asia Pacific region and the experience of the Model Law in Australia. The Model Law is an interesting example of legal convergence (and divergence), particularly in view of the increasingly global nature of business activities and operations, and the benefits that accrue to debtors, creditors and other stakeholders in dealing with cross-border insolvency issues on a uniform basis.