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10 Int'l Insolvency Rev. 1 (2001)

handle is hein.journals/intvcy10 and id is 1 raw text is: 


The year 2001   technically the first year of the twenty-first century  promises to
be a significant one for those with an interest in the world of international insol-
vency. Several major projects, which had engaged dedicated bands of experts for
many years, have arrived at the stage where their practical effects are about to be
experienced in an increasing number ofjurisdictions. Among these we can mention
the UNCITRAL Model Law on Cross-Border Insolvency, the European Union
Regulation on Insolvency Proceedings, and the American Law Institute Transna-
tional Insolvency Project. Other significant programmes are expected shortly to
be completed, such as the World Bank's ambitious and comprehensive initiative to
develop Principles and Guidelines for Effective Insolvency Systems. The latter
document, having been tested and developed during the preceding 15 months at a
cycle of regional workshops across the world, was the subject of an intensive process
of revision and refinement during the early days ofJanuary 2001. A more complete
report on this will be included in the next Issue of this Review.
   In a very real sense, a crucial moment has been reached, at which the next phase
of global insolvency development must be planned in a way that enables the positive
fruits of this diversified activity to be brought into a coherent and coordinated pro-
ject, capable of delivering concrete improvements that also enjoy the widest practic-
able participation across the world.

                              The Next Phase

The momentum generated by the work activity referred to above, and the growing
attention within many countries to the issues of reform of their national insolvency
laws, made it inevitable that a debate would begin about the nature and course of
the next phase to be addressed at the international level, even before the ink had
dried on the texts concluded in what can be termed 'Phase F A significant stage of
that debate occurred in December 2000 at the headquarters of UNCITRAL in
Vienna. An International Insolvency Colloquium,j ointly organised by UNCITRAL
and INSOL International in collaboration with the International Bar Association,
took place over the course of three days to consider the next steps for the develop-
ment and improvement of national laws dealing with business insolvencies, rehabi-
litations and reconstructions. A very positive consensus emerged at that gathering,
to the effect that a further phase of work should be undertaken, if possible under
the auspices of UNCITRAL. As this Issue of the Review goes to press an intensive
programme of preparatory work is already under way, involving a collaborative
input from many quarters by individuals and organisations whose energy is being

Copyright 0 2001John Wiley & Sons, Ltd.

Int. Insol. Rev., Vol. 10:1 2 (2001)
          DOI: 10.1002/iir.80

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