CORE COMMITTEES: UNCITRAL WORKING GROUP V
UNCITRAL Working Group V
In December 2024, III sent a delegation to Vienna to participate in the sixty-fifth session of the United Nations Commission on International Trade( UNCITRAL) Working Group V, which focuses on insolvency law. The Working Group continued to consider two topics:( i) asset tracing and recovery in insolvency proceedings, and( ii) applicable law in insolvency proceedings. The Working Group agreed to circulate a draft asset tracing toolkit with background notes for approval at the next session. Several provisions for a potential model law for determining applicable law in insolvency proceedings continue to be debated, primarily the insolvency law to govern secured transactions, set-off, and avoidance actions. The Working Group also agreed to begin discussions at the next session to update the Guide to Enactment and Interpretation of the Model Law on Cross-Border Insolvency.
The UNCITRAL Report of Working Group V( Insolvency Law) on the work of its sixty-fifth session( Vienna, 16 – 20 December 2024) can be found here.
24 Along with UNCITRAL and Sigmund Freud University, III hosted a program entitled,
Mediation as an Effective Tool in Enterprise Group Insolvencies. Panelists included Professor Franz Mohr( Sigmund Freud University), Dr. Susanne Fruhstorfer( Law Office of Dr. Susanne Fruhstorfer), Hon. Leif Clark( Ret.)( Leif M. Clark Consulting), Scott Atkins( Norton Rose Fulbright Australia), and Professor Annika Wolf( Hochschule Emden / Leer). Adam Swick provided opening remarks as Chair of III’ s Working Group V delegation. Many thanks to III member, Evan Zucker for planning the event. You can see a video of the presentation here.
Finally, III hosted a dinner for those members attending Working Group V at Das Campus Restaurant & Bar. Many thanks to III member, Alexander Klauser, for organizing the dinner.
III looks forward to sending a delegation to the next Working Group V meetings on May 12-16, 2005 in New York and November 10-14, 2025 in Vienna.
The committee would love to have volunteers for written materials for the May Working Group V. If you are interested, please contact Adam Swick at adam. swick @ akerman. com. 24