The UNCITRAL Model Law on Cross-border Insolvency was conceived in 1997 with the objective of facilitating the optimal management of cross-border insolvency. Its aim was to do so by providing an adoptable, consistent framework for countries to recognize foreign insolvency proceedings. While the Model Law has achieved some success in promoting cooperation among the different Asian-Pacific states in cross-border insolvency proceedings, the goals of the model law have still yet to be realized to their fullest extent. This is likely the result of states neglecting to fully implement the model law into their respective domestic laws and state judiciaries inconsistently interpreting what legislation they have implemented to enact the model law. This informative Article by Wai Yee Wan and Gerard McCormack examines the different strategies Asia-Pacific states have taken to implement the model law and assesses the reasons for the divergence among the different states. This Article illustrates the complexities and limitations of achieving the objectives of a model law when the path dependency matters and sets each state on a unique course.
Wai Y. Wan & Gerard McCormack,
Implementing Strategies for the Model Law on Cross-Border Insolvency: The Divergence in Asia-Pacific and Lessons for UNCITRAL,
Emory Bankr. Devs. J.
Available at: https://scholarlycommons.law.emory.edu/ebdj/vol36/iss1/5