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Facts to Know About UNCITRAL

Facts to Know About UNCITRAL

International trade is a fundamental aspect of the global economy, which plays an essential role in improving national economies. It increases the range of products that are available for consumers to purchase and it has assisted in creating various jobs. Because cross-border trade is such a large and expansive affair, it is common for numerous problems to arise in this domain. The United Nations Commission on International Trade Law (UNCITRAL) was established in order to address the discrepancy in international trade law from one country to another.
Each country maintains different laws that govern and regulate international trade. Because of these disparities, there are often barriers that hinder the progress of trade between countries. UNCITRAL seeks to remove these barriers in order to encourage international trade. UNCITRAL endeavors to unify international trade law in order to diminish the complications and the difficulties that are often associated with cross-border trade.
The General Assembly has elected 60 different countries from around the world to be members of a Commission which represents the interests of countries throughout the world, including underdeveloped countries. The Commission has also taken part in efforts to resolve international bankruptcy.
The Practice Guide on Cross-Border Insolvency Cooperation addresses the problem of international bankruptcy. The Guide was published in 2009 with the intention of providing judicial officials around the world with practical information related to effective methods of communication in international bankruptcy cases.
This publication compiles descriptions and information on successful examples of international negotiation. However, in it of itself, it does not regulate international bankruptcy. Instead, it provides individuals with access to examples of effective ways that various problems have been resolved.
All told, over thirty international cases have been described and analyzed in this text. This thorough analysis provided in The Practice Guide on Cross-Border Insolvency Cooperation details ways in which an effective agreement may be arranged. Understanding ways in which organizations have addressed past issues is beneficial for confronting future cross-border insolvency problems and is essential to promoting international businesses and cross-border trade.

Quick Look Into Declaring Bankruptcy In Canada

Quick Look Into Declaring Bankruptcy In Canada

Declaring bankruptcy in Canada is very similar to filing for bankruptcy in the United States. Like in the United States, the Canadian Federal Government has developed laws regulating bankruptcy in Canada.
The Bankruptcy and Insolvency Act was developed with the intention of relieving individuals from extensive amounts of debt that they have accumulated. The Canadian government recognizes the necessity of forgiving a petitioner’s previous debt. If their debt remains unaddressed, debtors will continue to remain a detriment to the economy. However, if their debt is erased, petitioners can once again become productive and beneficial members of their communities.
Much like in the United States, declaring bankruptcy in Canada may have various different results. An individual who files for bankruptcy in Canada will have their eligible debts dissolved once the bankruptcy is authorized by the appointed trustee. This is very similar to a Chapter 7.  

United Kingdom Bankruptcy Law

United Kingdom Bankruptcy Law

United Kingdom bankruptcy law can potentially be overwhelming and confusing, as there is not one concrete law for all of the United Kingdom. Indeed, there is different legislation in each part of the UK. Bankruptcy law in England and Wales, for example, differs from the laws that govern insolvency in Northern Ireland and Scotland. Despite these differences, the purpose of UK bankruptcy law remains constant. 
In the UK, bankruptcy may be voluntarily filed by an individual who is unable to pay his/her debts. However, it is also common for a creditor to file a petition against an individual who has failed to pay his/her debts. Before a creditor is permitted to file a UK bankruptcy petition against a debtor, they must first inform him/her of their responsibility to repay the debt accrued, and the lender must insist upon payment of that debt. If the debt is not paid within a designated time period, then the creditor may take the proper steps to file a bankruptcy order against the debtor.
The petition will be personally delivered to the individual, and upon receipt the debtor will be required to attend a court hearing. If a judge verifies the debtor’s financial responsibility to repay his/her debts, a trustee will be appointed. 

Make Sure You Know These International Bankruptcy Laws

Make Sure You Know These International Bankruptcy Laws

Insolvency is not a problem that is exclusive to the United States, and bankruptcy is not a system that is limited to this nation. Insolvency occurs in every country throughout the world. Therefore, many countries have developed their own bankruptcy laws.
In many countries, bankruptcy law closely resembles our bankruptcy system. However, there are some countries that maintain numerous differences in their bankruptcy laws. Meanwhile, in numerous locations throughout the world, no bankruptcy system has been developed at all.
In still other countries, the government has developed a bankruptcy system to benefit struggling businesses, but has not established a system to assist desperate consumers. Insolvency is a widespread problem, and therefore, a bankruptcy system should be established in countries throughout the world in order to offer protection to consumers that are unable to meet their debts.

United Kingdom
The United Kingdom has not developed one single bankruptcy code for all of the provinces that constitute this territory. Therefore, England and Wales maintain different bankruptcy laws from Scotland, which has, in turn, developed different legislation than Northern Ireland.
This variation of laws across the United Kingdom often causes some confusion. In general, though, UK bankruptcy law is very similar to the bankruptcy laws in Canada and the United States. However, in the United Kingdom, bankruptcy is reserved for individuals who are experiencing financial troubles and is not utilized for failing corporations.
In many cases, bankruptcy in the UK is petitioned for directly by creditors. It is possible for individuals to choose to petition a court for bankruptcy. However, in order to avoid the liquidation of their assets, many debtors will choose to forge an Individual Voluntary Arrangement. This will allow a petitioner to reorganize his/her finances and repay a portion of his/her debts. 

Australia 
With the passage of the Bankruptcy Act, the Australian government established a bankruptcy system in order to discharge individuals’ debts if they are insolvent and unable to pay their bills. The process of filing for bankruptcy is fairly parallel to the procedure in the United Kingdom. A bankruptcy case may be initiated in one of two ways: either individuals will voluntarily file for bankruptcy due to their inability to adequately address their debt, or a creditor will file a bankruptcy petition to place a debtor in bankruptcy.
Like in the United States, Australian legislation outlines debts that are exempt from a debtor’s bankruptcy estate and debts that are not dischargeable. Despite these fundamental similarities between bankruptcy in Australia and the process in the United Kingdom and the United States, there are many important differences that should be researched and acknowledged. 

China 
China maintains a very different bankruptcy system than most countries with market-based economies. Countries such as Canada and the United Kingdom recognize the need to offer individuals a method of relieving their debt so that they may once again manage their finances successfully.
In order to address their own numbers of insolvent individuals who were unable to pay their debts, many countries developed a personal bankruptcy system. China has yet to do so. Therefore, individuals who are experiencing a financial crisis in China have no method of relieve themselves of the debt they have accrued.
It is only recently that China developed effective legislation regulating business bankruptcy. EBL, or the Enterprise Bankruptcy Law, was established in order to provide increased protection to both corporations and lenders. This new legislation includes and effectively creates a reorganization provision, allowing failing corporations to restructure their businesses.