INSOL Talks
Ep.65 - Understanding the UNCITRAL Model Law
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.
36:23
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Quick takeaways
- The adoption of the UNCITRAL Model Law on Cross-Border Insolvency has facilitated smoother proceedings and cooperation among over 60 jurisdictions.
- Despite the benefits of the model law, adoption varies due to national sovereignty concerns and challenges in aligning with existing legal frameworks.
Deep dives
Historical Context of the MLCBI Development
The development of the Model Law on Cross-Border Insolvency (MLCBI) began with discussions in the mid-1990s, considering the growing complexities of insolvency cases that crossed international borders. Initial colloquiums organized by UNCITRAL and INSOL gathered judges, practitioners, and government officials to address specific issues and insights regarding cross-border insolvency. These discussions culminated in multiple working group sessions where experts drafted the model law, ultimately adopted in 1997. This collaborative and state-led process ensured that the MLCBI incorporated diverse concerns from both governmental and private sectors, resulting in a text that is widely respected and accepted across various jurisdictions.
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