"The Model Law respects the differences among national procedural laws and does not attempt a substantive unification of insolvency law." Explain the aim and objectives of UNCITRAL Model Law.

The UNCITRAL Model Law aims at harmonization of legislations across countries. The United Nations Commission on International Trade Law (UNCITRAL) has a mandate from the General Assembly of the United Nations to harmonize and unify the law of international trade. The Model Law respects the differences among national procedural laws and does not attempt a substantive unification of insolvency law. It offers solutions that help in several significant ways to have harmony among regulatory frameworks. The purpose of the Model Law is to provide effective mechanism for dealing with cases of cross-border insolvency so as to promote the objectives of: Cooperation between the courts and other competent authorities of different countries dealing with cases of cross-border insolvency; Greater legal certainty for trade and investment; Fair and efficient administration of cross-border insolvencies that protects the interests of all creditors and other interested persons, including the debtor; Protection and maximization of the value of the debtor's assets; and Facilitation of the rescue of financially troubled businesses, thereby protecting investment and preserving employment.