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18 juillet 2022
Disputes Quick Read – 106 de 105 Publications
Disputes Quick Read: UK government consults on potential new cross-border Model Laws
On 7 July 2022 the UK government launched a consultation on the implementation of two model laws adopted by the United Nations Commission on International Trade Law (UNICTRAL): the Model Law on Recognition and Enforcement of Insolvency-Related Judgments and the Model Law on Enterprise Group Insolvency. The government claims that the consultation signals the UK's 'ongoing commitment to mutual cooperation and international best practice' in cross-border insolvencies.
Background
The UK has previously implemented the UNICTRAL Model Law on Cross-Border Insolvency in the form of the Cross-Border Insolvency Regulations 2006 ("CBIR"). This Model Law has been enacted in 48 states across the world and provides a framework for those states to recognise and enforce foreign insolvency proceedings.
However, it is ambiguous in relation to the extent to which foreign insolvency judgments should be recognised and enforced which has resulted in different countries taking different approaches to the issue. In the UK, the Supreme Court has held that the CBIR does not extend to recognition of insolvency judgments whereas in the US, the Model Law (adopted in Chapter 15 of the Bankruptcy Code) is regarded as enabling the courts to recognise and enforce foreign insolvency judgments.
The Model Law on Cross-Border Insolvency also does not provide a framework for insolvencies of groups of companies in various jurisdictions which means that they are often conducted in a disjointed way.
Key proposals
The UK government believes that adoption of these two new Model Laws will go some way to addressing the gaps in the current Model Law regime.
Model Law on Recognition and Enforcement of Insolvency-Related Judgments:
- Because of concerns over the interaction of this Model Law with English law, the government proposes to implement only "Article X".
- Article X would supplement the CBIR by allowing courts to recognise foreign insolvency-related judgments as a form of relief (effectively overruling the UK Supreme Court decision in Rubin and another (Respondents) v Eurofinance SA and others [2012] UKSC 46 in this respect), but also meaning that it would be available only where a foreign insolvency proceeding has been recognised under the CBIR.
- The government also proposes to publish a non-exhaustive list of factors that a court may take into account when deciding whether or not to recognise a foreign judgment.
- The court will be required to have regard to public policy in the UK, but will retain its discretion as to the relief granted.
Model Law on Enterprise Group Insolvency:
- This Model Law aims to coordinate a group insolvencies by ensuring that group members can cooperate effectively in implementing a plan regardless of the jurisdictions in which they operate, including avoiding or minimising multiple parallel insolvency proceedings where possible.
- Corporate groups looking to utilise this regime in the UK will need to initiate a 'planning proceeding' by applying to court to commence the group plan alongside a qualifying UK insolvency process.
- The coordination of the planning proceeding will be carried out by a group representative.
- A group insolvency situation must be approved under the law of each relevant state.
- The enforcement of the group insolvency solution in the various jurisdictions is a matter for each jurisdiction. However, the government anticipates that the UK courts will consider whether a group insolvency solution will be effective in the relevant jurisdictions when reaching their decision on the group plan.
Comment
The (partial) adoption of the two proposed Model Laws should enhance the flexibility and reach of the UK's insolvency legislation. Article X will give the courts a framework to recognise foreign insolvency judgments where that might not have been possible under the existing insolvency regime.
However, the effectiveness of the Model Law on Enterprise Group Insolvency will depend partly on how many countries follow the UK's lead and implement the Model Law. If uptake is low, then the impact is likely to be limited.
The government anticipates that it will implement the Model Law on Enterprise Group Insolvency as soon as possible. Both Model Laws could be implemented fairly quickly given they do not require an act of parliament to be given effect.
The consultation closes on 29 September 2022.
Find out more
To discuss the proposals in more detail, please contact a member of our Restructuring & Insolvency team.
Dans cette série
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Changes to the privilege rules between companies and shareholders
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UK introduces mandatory reimbursement rules to combat APP fraud
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Notice of Claim: What constitutes 'reasonable detail'?
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New SFO Director announces bold plans to tackle fraud
21 mars 2024
par Emma Allen, Amy Cheng
What are the litigation trends for 2024?
1 février 2024
par Katie Chandler, Emma Allen
ClientEarth v FCA: Challenging Regulator Decisions
12 février 2024
par Tim Strong, Nicole Baldev
First of its kind judicial guidance on the use of AI in the courts
14 décembre 2023
Witness familiarisation - does it affect the court's assessment of witness credibility?
13 décembre 2023
CAT to hear the first application for a collective settlement approval order
17 octobre 2023
par Katie Chandler
Supreme Court rules that APP fraud victims cannot rely on Quincecare Duty
4 août 2023
par plusieurs auteurs
The Law Commission's Consultation Process on the Arbitration Act 1996 – taking stock
21 juillet 2023
What does the latest decision of the CAT in the Mastercard/Visa proceedings mean for class actions?
10 juillet 2023
par Katie Chandler
Disputes Quick Read: ClientEarth refused permission to pursue directors of Shell
1 juin 2023
par plusieurs auteurs
Disputes Quick Read – developments in the fixed costs regime
3 mai 2023
par James Bryden
Disputes Quick Read: Service by email – are the rules any clearer?
20 avril 2023
par James Bryden
Disputes Quick Read: Breaking the north/south divide?
5 avril 2023
par Tom Charnley
Disputes Quick Read - What do practitioners think about making alternative dispute resolution (ADR) compulsory?
8 mars 2023
Disputes Quick Read: What are the litigation trends for 2023?
2 mars 2023
par Katie Chandler, Emma Allen
Disputes Quick Read: further guidance on witness statement preparation rules
14 février 2023
Disputes Quick Read: A cautionary tale – settlement agreement (un)wittingly releases all claims for fraud
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Disputes Quick Read: Why the UK should join the Hague Judgments Convention 2019
8 février 2023
Disputes Quick Read: extensive information orders granted against crypto exchanges following hack
19 janvier 2023
par Georgina Jones
Disputes Quick Read: A new approach to giving evidence? WhatsApp with that?
3 octobre 2022
par Gemma Broughall
Disputes Quick Read: Ethereum Merge - what legal issues arise?
22 septembre 2022
par Emma Allen
Disputes Quick Read: New obligations on cryptobusinesses to report under the UK sanctions regime
9 août 2022
par Nick Maday
Disputes Quick Read: Disclosure - What information can be redacted?
25 juillet 2022
Disputes Quick Read: what claims exist when a smart contract is breached?
6 juillet 2022
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Disputes Quick Read: New gateway for serving Norwich Pharmacal Orders and Bankers Trust orders out of the jurisdiction
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28 juillet 2022
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Disputes Quick Read: Defining the duty - the limits of the responsibility assumed by professionals
27 juillet 2022
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Disputes Quick Read: Climate change litigation – successful challenge to government's Net Zero Strategy
29 juillet 2022
par Jess Thomas, Lucy Waddicor
Disputes Quick Read: Judicial Review and Courts Act 2022 – now in force
17 juin 2022
par Stephanie High
Disputes Quick Read: an important reminder of the duty to disclose electronic documents in native format
13 juin 2022
Disputes Quick Read: ENRC prevails in claim against former solicitor
26 mai 2022
Disputes Quick Read: Climate change litigation update – McGaughey v Universities Superannuation Scheme Limited
31 mai 2022
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Don't lose your keys: Bitcoin developers do not have a duty to assist owners in recovering lost cryptocurrency
4 avril 2022
par Emma Allen
Disputes Quick Read: The new witness statement preparation rules – a year on
5 avril 2022
par Stephanie High
Disputes Quick Read: ClientEarth v Shell – climate change litigation shifts focus to UK companies
31 mars 2022
par plusieurs auteurs
Disputes Quick Read: High Court rules that failure to provide adequate data security is not a positive act
21 septembre 2021
par Matthew Caskie
Disputes Quick Read: Key changes to the Disclosure Pilot Scheme
13 septembre 2021
Disputes Quick Read: Judicial Review and Courts Bill – unpacking the UK government's proposed amendments
6 septembre 2021
par Stephanie High
Disputes Quick Read: Will litigants be compelled to participate in alternative dispute resolution?
2 août 2021
Disputes Quick Read: Freezing injunctions – maximum custodial sentence imposed for breach
21 juillet 2021
Disputes Quick Read: The online future of civil justice – the end of the legal profession or the end of legal drudgery?
15 juillet 2021
par Jess Thomas
Disputes Quick Read: Will the courts change forever post-COVID?
26 mai 2021
par David de Ferrars
Disputes Quick Read: One Blackfriars administrators cleared of misfeasance
5 mai 2021
par Stephen O'Grady
Disputes Quick Read: Not your prerogative – the Independent Review of Administrative Law reports its recommendations on judicial review
21 avril 2021
par Stephanie High
Disputes Quick Read: Amendments to the Disclosure Pilot Scheme – a step in the right direction
31 mars 2021
Disputes Quick Read: UK Supreme Court rules on the territorial extent of the SFO's powers
26 février 2021
par Tim Strong
Disputes Quick Read: No dropping anchor – parent company liability for environmental claims
24 février 2021
par Andrew Howell
Disputes Quick Read: What lawyers need to know about new witness statement preparation rules
20 janvier 2021
par Stephanie High
Disputes Quick Read: Should you still choose the English courts to have jurisdiction in your international contracts after Brexit?
12 janvier 2021
par Tim Strong
Disputes Quick Read: Privilege lost in the EU post-Brexit (with exceptions)
23 novembre 2020
Disputes Quick Read: Law on interest applicable to US dollar awards reaffirmed
16 octobre 2020
Disputes Quick Read: Care required when drafting SPA claim notices
23 septembre 2020
par Stuart Broom
Disputes Quick Read: Why the modernised LCIA rules are a welcome update
7 octobre 2020
par Nick Storrs
Disputes quick read: Mandatory changes to Statements of Truth
18 mai 2020
par Katie Chandler
Disputes Quick Read: COVID-19 and supply chain disruption – key issues
9 avril 2020
par plusieurs auteurs
Disputes Quick Read: High Court orders parties to explore options for 5-week remote trial
15 avril 2020
Disputes Quick Read: Tomlin Orders – ensuring the confidentiality of settlement terms
27 avril 2020
Disputes Quick Read: UK's OFSI fines Standard Chartered Bank £20 million for sanctions breaches
21 avril 2020
par Stephanie High
Disputes Quick Read: A different approach to witness evidence
11 mars 2020
par James Bryden
Disputes Quick Read: Coronavirus - a growth in virtual courts?
17 mars 2020
par Stuart Broom
Disputes quick read: climate change activism by litigation
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par Tim Strong, Andrew Howell
Disputes Quick Read: Commercial Court's arbitral power shift
21 février 2020
par Andrew Howell
Disputes Quick Read: Court stays evictions during COVID-19 – is this lawful?
2 juin 2020
par Georgina Jones
Disputes Quick Read: Will the civil justice system change forever post COVID-19?
16 juin 2020
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Disputes Quick Read: Privilege waiver warning
2 juillet 2020
par Tim Strong, Georgina Jones
Disputes Quick Read: Retailers reign supreme in Visa and Mastercard proceedings
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Disputes Quick Read: The contra proferentem rule reconsidered?
21 juillet 2020
Disputes Quick Read: Scope of duty and the SAAMCo counterfactual following Manchester Building Society
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Disputes Quick Read: Facilitating transactions in cryptoassets - Lord Leggatt and the point of commercial law
24 novembre 2021
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Disputes Quick Read: Privy Council clarifies the law on freezing injunctions in aid of foreign proceedings
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Disputes Quick Read: Climate change litigation – what's the latest?
10 janvier 2022
par Tim Strong, Jess Thomas
Disputes Quick Read: Court decisions on the Disclosure Pilot Scheme – the 2021 roundup
20 janvier 2022
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Disputes Quick Read: Climate change litigation update
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Disputes Quick Read: Assumption of responsibility - tax schemes and investors
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