Document ID: chunk:federal_register_of_legislation:C2021C00032:schedule:1:p1
Version: federal_register_of_legislation:C2021C00032
Segment Type: schedule
Provision Reference: sch 1 (pt 1/12)
Character Range: 16642–19588

Schedule 1—Model Law on Cross‑Border Insolvency of the United Nations Commission on International Trade Law
Note: See section 5.

PREAMBLE
The purpose of the present Law is to provide effective mechanisms for dealing with cases of cross‑border insolvency so as to promote the objectives of:

 (a)  Cooperation between the courts and other competent authorities of this State and foreign States involved in cases of cross‑border insolvency;

 (b)  Greater legal certainty for trade and investment;

 (c)  Fair and efficient administration of cross‑border insolvencies that protects the interests of all creditors and other interested persons, including the debtor;

 (d)  Protection and maximization of the value of the debtor's assets;

 (e)  Facilitation of the rescue of financially troubled businesses, thereby protecting investment and preserving employment.

CHAPTER I. GENERAL PROVISIONS

Article 1

Scope of application

1. The present Law applies where:

 (a)  Assistance is sought in this State by a foreign court or a foreign representative in connection with a foreign proceeding; or

 (b)  Assistance is sought in a foreign State in connection with a proceeding under [identify laws of the enacting State relating to insolvency]; or

 (c)  A foreign proceeding and a proceeding under [identify laws of the enacting State relating to insolvency] in respect of the same debtor are taking place concurrently; or

 (d)  Creditors or other interested persons in a foreign State have an interest in requesting the commencement of, or participation in, a proceeding under [identify laws of the enacting State relating to insolvency].

2. The present Law does not apply to a proceeding concerning [designate any types of entities, such as banks or insurance companies, that are subject to a special insolvency regime in this State and that this State wishes to exclude from the present Law].

Article 2

Definitions

For the purposes of the present Law:

 (a)  "Foreign proceeding" means a collective judicial or administrative proceeding in a foreign State, including an interim proceeding, pursuant to a law relating to insolvency in which proceeding the assets and affairs of the debtor are subject to control or supervision by a foreign court, for the purpose of reorganization or liquidation;

 (b)  "Foreign main proceeding" means a foreign proceeding taking place in the State where the debtor has the centre of its main interests;

 (c)  "Foreign non‑main proceeding" means a foreign proceeding, other than a foreign main proceeding, taking place in a State where the debtor has an establishment within the meaning of subparagraph (f) of the present article;

 (d)  "Foreign representative" means a person or body, including one appointed on an interim basis, authorized in a foreign proceeding to administer the reorganization or the liquidation of the debtor's assets or affairs or to act as a representative of the foreign