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9 Int'l Insolvency Rev. 1 (2000)

handle is hein.journals/intvcy9 and id is 1 raw text is: 


In the field of international insolvency, the early years of the 21st century are
likely to see a number of initiatives, begun during the concluding years of the
last one, beginning to come into operation. Already, there are advanced
preparations in a number of states to incorporate the UNCITRAL Model Law
into their domestic legislation. The European Union convention project,
which passed into a limbo of uncertainty after May 1996, has been resurrected
as an EU regulation, and seems likely to be adopted by the Council during
the course of the year 2000, with prospective entry into force in 2002.
Other programmes, such as the American Law Institute's Transnational
Insolvency Project, are nearing completion and should yield influential texts
and commentaries on which judges and legislators can build as they
address the challenges of an increasingly globalised commercial environment,
in which multi-jurisdictional insolvencies will inevitably be encountered
in growing numbers. We will continue to track the notable developments at
national and international levels in Global Watch, and to publish the texts of
legislation and conventions that relate to these issues, in this and in future
issues of the Review.

Special focus on Transactional Avoidance
This Issue is mainly devoted to the theme of Transactional Avoidance, which
was one of the subjects examined in a comparative context during the meeting
of the Academics' Group oflNSOL International, held in Munich on 15 October
1999. Five papers were tabled for discussion, covering the laws of six jurisdic-
tions  Australia, England, Germany, Mexico, The Netherlands, and South
Africa. To assist in achieving a co-ordinated treatment of the topic from the
standpoint of the respective jurisdictions, a suggested plan of treatment was
circulated, on the understanding that the authors were to exercise their
independent judgement as to the best way to present the information
concerning the jurisdiction on which they were reporting. For the benefit of
readers, the suggested plan is reproduced below. While the points of
resemblance between national avoidance laws are numerous, so too are the
points of divergence on matters of both principle and of detail, regarding such
issues as: the nature of the legal test for purposes of voidability; whether a
mental element has to be proved, and if so, on whom is the burden of proof
imposed; the key question of the time zone within which a transaction must
have taken place; which parties have standing to impeach a transaction
concluded before the formal commencement of insolvency proceedings; and
the (nowadays, vital) question of funding of proceedings of this kind, given that
Copyright (  2000 John Wiley &  Sons, Ltd.       Int. Insole. Rev., Vol. 9: 1 3 (2000)

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