Lesson 23 - Cross Border Insolvency | CS Professional | Corporate Restructuring

Cross-border insolvency is a term used to describe circumstances in which an insolvent debtor has assets and/or creditors in more than one country.
The Insolvency Law Committee (Chair: Mr. Injeti Srinivas) submitted it second report to the Ministry of Corporate Affairs on October 16, 2018 recommending amendments in the Insolvency and Bankruptcy Code, 2016 with respect to cross-border insolvency. The Committee proposed a draft ‘Part Z’ in the Code, based on an analysis of the UNCITRAL Model Law on Cross-Border Insolvency, 1997. The Model Law provides a legal framework that states may adopt in their domestic legislation to deal with cross-border insolvency issues.
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