The Model Law on recognition and enforcement of insolvency-related judgments

Douglas Hawthorn and Martin Young have contributed an article to the December edition of Corporate Rescue and Insolvency on the new Model Law on recognition and enforcement of insolvency-related judgments (MLIRJ). As a speed-read, the MLIRJ is intended to compliment the Model Law on Cross-Border Insolvency (MLCBI) (enacted in the Great Britain under the Cross-Border Insolvency Regulations 2006 (CBIR)), but also to patch a perceived gap in that Model Law, namely, to provide a framework for the recognition and enforcement of insolvency-related judgments. Readers might recall that in Rubin v. Eurofinance SA [2012], the Supreme Court concluded that the CBIR extended only to procedural matters, and could not be used as a means to recognise or enforce insolvency-related judgments. The MLIRJ fixes that, but also, under Article X, makes clear that Article 21 of the MLCBI could be used as a means to recognise or enforce cross-border insolvency-related judgments. You can read a copy hereĀ with LexisNexis' kind permission.