The UK Government has announced its intention to introduce a new law to allow the recognition of foreign insolvency-related judgments.
The intention is to achieve this by adopting a provision in the UNCITRAL Model Law on Recognition and Enforcement of Insolvency-Related Judgments (the Judgments Model Law) known as Article X.
The UK Government also intends to introduce a law to facilitate cross-border group insolvencies by adopting the UNCITRAL Model Law on Enterprise Group Insolvencies (the Group Model Law).
Adoption of both Article X of the Judgments Model Law and the Group Model Law are subject to a consultation period which expired on 29 September 2022.
We will provide further comment on Article X of the Judgments Model Law, including the outcome of the consultation in further newsletters as matters develop.