Cross-Border Insolvency Cooperation with Foreign Courts or Foreign Representatives
10/03/2009
On 2 March 2009 the chief justice of the Federal Court issued Practice Note No 29: Cross-Border Insolvency â Cooperation with Foreign Courts or Foreign Representatives. In 2008 the Federal Court (Corporations) Rules 2000 was amended to accommodate applications under the _Cross-Border Insolvency Act 2008 _(Cth). The Cross-Border Insolvency Act gives effect to the Model Law on Cross-Border Insolvency of the United Nations Commission on International Trade Law (the Model Law). The Model Law outlines a system of insolvency procedures to be used in cases where the insolvent party has assets in more than one country, or when there are foreign creditors present in a domestic insolvency proceeding.
Practice Note No 29, the text of which is in accordance with a recommendation by the Council of Chief Justicesâ Harmonised Corporations Rules Monitoring Committee, deals with the arrangements for court-to-court cooperation mentioned in article 25 of the Model Law. A copy of article 25 is set out in the Practice Note.
**10 March 2009 **
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