INSOL Talks Ep.65 - Understanding the UNCITRAL Model Law
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Feb 26, 2025 In this engaging discussion, Benjamin Herisset, a Legal Officer at the UNCITRAL Secretariat, shares his expertise on the UNCITRAL Model Law on Cross-Border Insolvency. He explores the law’s historical evolution and its modern implications for international trade and financial frameworks. Benjamin dives into complex cases like Nottel and FTX, discussing the need for robust legal structures to tackle interconnected company insolvencies. He also highlights recent developments in asset tracing, emphasizing the importance of global cooperation in addressing cross-border challenges.
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Early Adoption of the Model Law
- Mexico, Japan, and South Africa were among the first countries to enact the Model Law on Cross-Border Insolvency.
- The diverse adoption shows its global appeal across different legal systems.
Attracting Investment
- Enacting the Model Law can help establish a jurisdiction as a financial or restructuring hub.
- This can also improve the investment climate and attract foreign direct investment.
Nortel and FTX Insolvencies
- The Nortel case, starting in 2009, highlighted complexities in cross-border insolvency.
- More recently, the FTX collapse in 2022 further emphasized these challenges with its 100+ entities.