its domestic legal regulatory framework. These jurisdictions were preceded by Mexico( 2000) and Japan( 2001) and followed by Australia( 2008). That gave some 60 other countries the confidence to follow these reliable examples.
The current third phase started already in the second decade of this century. The Model Law ideas further spread to younger democracies and to recently emerging economies. Due to the globalization of companies, that sometimes became insolvent, " Model Law " insolvency proceedings applied for recognition to other national legal systems, in Latin-America, in continental Europe and to Asian legal systems.
What did we learn along the way? Definitely some important lessons--for instance, that the MLCBI fits into common law and civil law jurisdictions, although the latter were somewhat reserved and did not adopt all parts of the Model Law or would allow courts greater discretion in the non-recognition of a foreign insolvency proceeding, based on public policy grounds. Enacting the MLCBI is certainly not easy to be done. A headache? In civil law systems especially, the implementation of the Model Law is not without complications( certainly in neighbouring legal areas such as national civil procedural laws or systems of security rights). Another? Attention is required to ensure that the result of the Model Law enactment sufficiently corresponds to the ' international origin ' of the Model Law. Also, legal culture plays a role. Some countries have a weak judicial infrastructure. Are all national courts where an‘ international insolvency proceeding’ can be adjudicated knowledgeable? Is there enough international experience? Do judges understand, read of speak other languages than their own? As an example of the vast dispersion of courts that may be confronted with crossborder cases: 11 courts in the Netherlands, 12 courts in Belgium and many, many dozens in Germany and France. And there are still gaps in securing a solid global system in relation to insolvency and restructuring of businesses. From the global market I understand that many countries are looking for greater legal certainty for trade and investment as well as protecting and maximization of the debtor’ s assets also in de cross-border restructuring or insolvency. They are assessing the value considering the themes of recognition and court-to-court cooperation and communication. These countries include Argentina, Armenia, Ecuador, Georgia, India, the Netherlands, Peru, Ukraine, Uzbekistan and some central American countries.
III is the organisation to walk the walk
During 2023 III brought together a group of some forty members from its own ranks. Could you form a specific III Committee Model Laws @ Work to assist‘ wherever in the world’ in the enactment, implementation or interpretation of the MLCBI but also – as the MLCBI itself is over 25 years old – in the revision and updating of enactments of the MLCBI( in all its national variants) done by these 60 states in the past? This is an obvious task for III. As we know, III brings together a unique group of lawyers with different professions( commercial practice, judiciary, academia) from a significant number of countries from all regions of the world. The organisation brings together all legal systems( common law, civil law, mixed legal systems). All III’ s members’ competences cover a wide range of activities: international advice in( cross-border) insolvency and restructuring practice( to businesses and( inter) national setters of legal norms and standards), national and international litigation( regarding all sorts of legal matters), hearing and deciding in related cases and( cross-border) research and training, either in ad hoc or in regional of global programmes and courses. The organisation speaks no less than fifty different languages! The organization, in all, has its experts, contacts and antennae in virtually every country in the world. As a unique global group in III, it is best equipped to draw attention to the MLCBI beyond the traditional jurisdictions within
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