Cross-border Insolvency
[ Last Updated 15 August 2008 ]
The Insolvency (Cross-border) Act 2006 came into effect on 24 July 2008. The Act implements the Model Law on Cross-Border Insolvency adopted by the United Nations Commission on International Trade Law (UNCITRAL).
Cross-border insolvency arises when a person or a company is put into insolvency administration in one country but has assets or debts in another.
The Australian government adopted the UNCITRAL Model Law on Cross-Border Insolvency in its Cross-Border Insolvency Act 2008, which came into effect on 1 July 2008.
With both countries now giving effect to the UNCITRAL Model Law in July, the framework is in place for an efficient, effective and equitable basis for trans-Tasman insolvency proceedings.
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