UNCITRAL’s Working Group V(Insolvency Law), at its 53rd session in New York, has just completed work on the model law on recognition and enforcement of insolvency-related judgments (‘JudgmentsML’). The Judgments ML, together with a draft guide to enactment, will be submitted to the UNCITRAL Commission for finalisation and adoption within the year.If adopted, Member States will be invited to incorporate the Judgments ML into their national laws in order to harmonise cross-border enforcement and recognition of insolvency-related judgments. The Judgments ML is designed to complement the existing 1997 UNCITRAL Model Law on Cross-Border Insolvency(‘MLCBI’). Legislation based on the MLCBI has been adopted by many jurisdictions, including a handful of EU Member States: the United Kingdom, Poland, Slovenia and Greece. The Judgments ML may be incorporated by States on a stand-alone basis even if they have not enacted the MLCBI.
