At a Glance
The Insolvency Service today announced the outcome of the Governments consultation on implementing two model laws in the field of insolvency, which have been adopted by the United Nations Commission on International Trade Law (UNCITRAL) namely, the Model Law on Enterprise Group Insolvency (Group Model Law) and the Model Law on Recognition and Enforcement of Insolvency-Related Judgments (Judgments Model Law).
The Government intends to legislate to implement the Group Model Law at the earliest opportunity. The Group Model Law provides tools to manage and co-ordinate insolvencies within corporate groups, while respecting that each company within the group remains a separate legal entity. The UK may be the first jurisdiction to …
Read the full article at: https://www.kirkland.com/publications/kirkland-alert/2023/07/uk-to-implement-uncitral-model-law-on-enterprise-group-insolvency