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UNCITRAL Legislative Guide on Insolvency Law, Part Three

Treatment of Enterprise Groups in Insolvency

image of UNCITRAL Legislative Guide on Insolvency Law, Part Three
Adopted in 2010, this text is designed to provide timely guidance to States on how to develop and improve the administration of the insolvency of enterprise groups, both domestically and in the cross-border context. It recognizes that the business of corporations is increasingly conducted, both domestically and internationally, through enterprise groups, which are therefore an important feature of the global economy and significant to international trade and commerce. Notwithstanding that significance, and the importance of knowing how a group will be treated in insolvency if its business fails, as well as the need for fast and efficient resolution of its financial difficulties, the Commission noted that very few, if any, States recognized enterprise groups as distinct legal entities or had a comprehensive regime for their treatment in insolvency.

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Introduction to part three

Part three focuses on the treatment of enterprise groups in insolvency. Where an approach different to that taken in part two might be required with respect to a particular issue as it affects an enterprise group or where the treatment of enterprise groups in insolvency raises issues additional to those discussed in part two, they are addressed in this part. Where the treatment of an issue in the context of an enterprise group is the same as discussed above, it is not repeated in this part. The substance of part two is therefore applicable to enterprise groups unless indicated otherwise in this part.

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