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.

Related Subject(s): International Law and Justice