The Model Law on recognition and enforcement of insolvency-related judgments
Douglas Hawthorn has 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 , 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 here with LexisNexis' kind permission.