Write notes on the following: 'State' with reference to the UNCITRAL model law
CS Professional · Corporate Restructuring, Valuation and Insolvency · PYQS · June 2015
Write notes on the following: 'State' with reference to the UNCITRAL model law
Answer & Explanation:
With reference to the UNCITRAL Model Law on Cross-Border Insolvency, the word 'State' as used in the preamble and throughout the Model Law, refers to the country that enacts the Law (the 'enacting State'). It is crucial to understand that the term 'State' in this context should not be understood as referring, for example, to a state within a country with a federal system (like a state in India or a state in the USA). Instead, it refers to the sovereign nation that adopts and implements the Model Law into its national legislation. This distinction is important for the proper application and interpretation of the Model Law, ensuring that its provisions are applied at the national level for cross-border insolvency cases.
Topics: Insolvency and Winding Up
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