An Analysis Of Cross- Border Insolvency: A Comparative Study Of The UNCITRAL Model's Implementation In The UK And The Anticipated Adoption In India

Palash Jain, UPES

ABSTRACT

Cross-border insolvency is a challenging and essential area of law for insolvent enterprises with assets, creditors, or activities in multiple countries. In today’s globalized economy, an effective cross border insolvency framework is crucial, as businesses frequently operate across international borders. In recent years, India and the United Kingdom have made significant enhancements to their respective insolvency regimes to address the issues of cross border insolvency. These modifications were prompted by the need for a robust legal framework that can foster collaboration and coordination between jurisdictions, assure equitable treatment of stakeholders, and maximize the value of insolvent assets. This article aims to compare and contrast the cross border insolvency regimes in India and the UK to determine whether or not they are sufficient to address the challenges posed by international insolvencies.

Keywords: Insolvency, Cross border, India, United Kingdom, Bankruptcy Code, UNCITRAL