Optimize IAS
  • Home
  • About Us
  • Courses
    • Prelims Test Series
      • LAQSHYA 2026 Prelims Mentorship
    • Mains Mentorship
      • Arjuna 2026 Mains Mentorship
  • Portal Login
  • Home
  • About Us
  • Courses
    • Prelims Test Series
      • LAQSHYA 2026 Prelims Mentorship
    • Mains Mentorship
      • Arjuna 2026 Mains Mentorship
  • Portal Login

CROSS BORDER INSOLVENCY

  • February 1, 2022
  • Posted by: OptimizeIAS Team
  • Category: DPN Topics
No Comments

 

 

CROSS BORDER INSOLVENCY

Topic: Economy

In news: The Economic Survey 2021- 22 has called for a standardised framework for cross- border insolvency.

About:

  • The Insolvency and Bankruptcy Code (IBC) at present does not have an instrument to restructure firms involving cross-border jurisdictions.
  • The proposal to frame a robust cross-border insolvency framework has already been highlighted in the report of the Insolvency Law Committee under Injeti Srinivas which had recommended the adoption of the United Nations Commission on International Trade Law (UNCITRAL), with certain modifications to make it suitable to the Indian context.

United Nations Commission on International Trade Law (UNCITRAL)

  • UNCITRAL on Cross-Border Insolvency, 1997 has emerged as the most widely accepted legal framework to deal with cross-border insolvency is- sues,” the Survey said.
  • It has been adopted by 49 countries so far, such as Singapore, the U.K., the U.S., South Africa and Korea.
  • This law works on four main principles:
    • Access,
    • Recognition,
    • Cooperation
    • Coordination
Cross border insolvency economy

Recent Posts

  • Daily Prelims Notes 23 March 2025 March 23, 2025
  • Challenges in Uploading Voting Data March 23, 2025
  • Fertilizers Committee Warns Against Under-Funding of Nutrient Subsidy Schemes March 23, 2025
  • Tavasya: The Fourth Krivak-Class Stealth Frigate Launched March 23, 2025
  • Indo-French Naval Exercise Varuna 2024 March 23, 2025
  • No Mismatch Between Circulating Influenza Strains and Vaccine Strains March 23, 2025
  • South Cascade Glacier March 22, 2025
  • Made-in-India Web Browser March 22, 2025
  • Charting a route for IORA under India’s chairship March 22, 2025
  • Mar-a-Lago Accord and dollar devaluation March 22, 2025

About

If IAS is your destination, begin your journey with Optimize IAS.

Hi There, I am Santosh I have the unique distinction of clearing all 6 UPSC CSE Prelims with huge margins.

I mastered the art of clearing UPSC CSE Prelims and in the process devised an unbeatable strategy to ace Prelims which many students struggle to do.

Contact us

moc.saiezimitpo@tcatnoc

For More Details

Work with Us

Connect With Me

Course Portal
Search