Model Law on Enterprise Group Insolvency of the United Nations Commission on International Trade Law

Requests the Secretary-General to transmit the text of the Model Law, together with its guide to enactment, to Governments and interested bodies;

Recommends that all States give favourable consideration to the Model Law when revising or adopting legislation relevant to insolvency, bearing in mind the need for internationally harmonized legislation governing and facilitating instances of enterprise groups in insolvency, and invites States that have used the Model Law to advise the Commission accordingly;

Also recommends that all States, when revising or adopting legislation on enterprise group insolvency, also make use of part three of the Legislative Guide on Insolvency Law of the United Nations Commission on International Trade Law,2 on the treatment of enterprise groups in insolvency,3 as well as part four of the Legislative Guide,⁵ addressing the obligations of directors of an enterprise in the period approaching the insolvency of that enterprise,⁶ whose additional section,⁷ adopted at the fifty-second session of the Commission, addresses the obligations of directors of enterprise group companies;

Further recommends that all States continue to consider the implementation of the Model Law on Cross-Border Insolvency1 and of the Model Law on Recognition and Enforcement of Insolvency-related Judgments,⁸ both of the Commission;

Requests the Secretariat to ensure close cooperation and coordination with international organizations active in the field of insolvency law reform to ensure the consistency and alignment of that work with all texts of the Commission in the area of insolvency law, including the Model Law on Enterprise Group Insolvency, the Model Law on Recognition and Enforcement of Insolvency-related Judgments and part four of the Legislative Guide on Insolvency Law, as amended by the Commission at its fifty-second session.