CROSS-BORDER INSOLVENCY IN PRIVATE INTERNATIONAL LAW– EXAMINING THE UNICTRAL MODEL

A common challenge in insolvency law   is working out a solution under general law and factoring in the implications of insolvency on one or several other parties. Problems with choice of law  add a great deal of complexity to international bankruptcy procedures. All questions about insolvency that arise beyond national borders are within the purview of private international law and are addressed in line with either specific statutes or general principles. The intention is to evaluate the UNCITRAL Model Law on Cross-Border Insolvency in light of the most pressing problems often associated with such transactions between different states. In spite of all the accolades the Model Law has garnered, it has only been adopted by around 53 countries in some form. If the number of countries that have adopted the Model Law and the comparatively lukewarm reception of its provisions are any indication, why is it that its adoption has failed to generate a groundswell of support throughout the world?