This documents yalks about various legal issues related to the Cross Border Insolvency with special reference to Indian Laws.• development of international trade, Development of transnational and multinational institutions, UNCITRAL Model Law, Cross-Border Insolvency negotiation
The growth of multinationals, operating through several organs such as branches, agencies, franchises, subsidiaries and other forms of collaboration in more than one country, has given rise to the need to harmonise municipal laws of nations with regard to the consequences of insolvency for the operation of their branches, divisions, subsidiaries or agencies spread over the territories of several countries. The principles of Private International Law used to govern the conflict of law between countries. But the rapid growth of international trade, commerce, investment and industries setting the pace of globalisation and opening-up of the economies of nations added to the need of formulate specific legal measures for protecting Indian creditors as well
The UNCITRAL came out with a Model Law on Cross-Border Insolvency negotiated among more that 40 countries representing a broad spectrum of differing legal systems. One of the distinguishing features of this model law is that it attempts to achieve limited but effective co-operation, compatible with all legal systems and, therefore, acceptable to all countries. Its goals are to ensure cooperation in crossborder insolvency cases through recognition of foreign decisions and access of foreign liquidators or administrators to local court proceedings. It is essential that affair and efficient administration of cross-border insolvencies is undertaken so that it protects the interest of all creditors and other interested persons, including the debtor
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