Australia Adopts UNCITRAL Model Law On Cross-Border Insolvency.
Mondaq Business Briefing › Nbr. 2008, March 2008
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Summary
Cross-Border Insolvency Act 2008 - Law overview
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Extract
Australia Adopts UNCITRAL Model Law On Cross-Border Insolvency.
The Cross-Border Insolvency Act 2008 (Cth) has been passed by Australia's Federal Parliament and received royal assent on May 26, 2008. The Act provides for the adoption and enactment as a law of Australia of the Model Law on Cross-Border Insolvency, which was adopted by the United Nations Commission on International Trade Law (UNCITRAL) in May 1997.
The explanatory memorandum to the Cross-Border Insolvency Act recognizes that complexities surrounding cross-border insolvencies result in uncertainty, risk and cost to businesses. The reforms aim to facilitate international trade in goods and services and integrate national financial systems with the international financial system. The introd...See the full content of this document
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