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U.K. To Adopt Cross-Border Insolvency Law

Law360 (February 23, 2006, 12:00 AM EST) -- The United Kingdom is gearing up to adopt a new cross-border bankruptcy law that will likely ease international disputes over which nation’s solvency laws will apply to bankrupt companies that have a global footprint.

The law, expected to go into effect April 1, will be drawn up using the same model provided by the United Nations nearly a decade ago that inspired the U.S. adoption of Chapter 15 in October 2005.

The United Nations Commission on International Trade Law (Uncitral) drew up the model in response...
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