Summary

The bill implements the Model Law on Cross-Border Insolvency adopted by the United Nations Commission on International Trade Law by: establishing access to local courts by persons administering a foreign insolvency proceeding; establishing conditions for recognition of a foreign insolvency proceeding and granting relief to its participants; permitting participation by foreign creditors in such proceedings; enabling cooperation between courts and practitioners from different countries; enabling coordination of proceedings to take place concurrently in different countries; and empowering the Governor-General to make regulations under the Act.