Smoothing Cross-Border Insolvency by Synchronising the UNCITRAL Model Law: In re Samsun Logix Corporation
Butterworths Journal of International Banking and Financial Law, Vol. 24, p. 395, 2009
6 Pages Posted: 21 Jul 2009
Date Written: July 19, 2009
In the Samsun case, there has been a uniform recognition of a Korean rehabilitation proceeding as a foreign main proceeding under the UNCITRAL Model Law on Cross-Border Insolvency in the UK, US and Australia. These jurisdictions have also granted a uniform stay on enforcement of security interests in order to promote the purpose of the Korean rehabilitation. The case is concrete testament to the potential of the Model Law in managing transnational insolvencies.
Keywords: UNCITRAL Model Law on Cross-Border Insolvency, Korean rehabilitation proceeding, recognition of Korean insolvency proceeding
JEL Classification: K10, K19, K20, K29, K30, K39, K40, K41, K49
Suggested Citation: Suggested Citation