Cross border insolvency covers the cases where the debtor becomes subject to the law of insolvency of the two states...due to following circumstances..
as the credirors of that debtor belongs to the othe states from the state where the insiolvency proceeding is going on or
the assts and liabilities of the debtor is located in more than a state.
as in order to provide the uniformity to the cross border insolvency cases withih the international level the uncetral model law is formulated to guide and assist the nations to follow the rules to solve the international insolvency cases.
The model law is advisory one which is not binding to be follow strictly..its a recommendatery document...which respects the procedural rule of the nations concerned..
the smme model law was launched by the united nations commission on the international trade law on may 1997.
for the exams the uncetral law carries very important marks in professional CR paper part B...just prepare it soon..
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