At its fifty-second session, in 2019, UNCITRAL considered a proposal from the European Union on applicable law in insolvency proceedings (A_CN.9_995_E).
UNCITRAL agreed on the importance of the topic, which complemented the significant work already done by UNCITRAL in the area of insolvency law, in particular cross-border insolvency.
However, UNCITRAL also observed that the subject matter was potentially complex and required a high level of expertise in various subjects of private international law, as well as on choice of law in areas such as contract law, property law, corporate law, securities and banking and other areas on which it had not worked recently. Therefore, UNCITRAL agreed that it was essential to delineate carefully the scope and nature of the work that it could undertake.
UNCITRAL requested the Secretariat to organize a colloquium, in cooperation with other relevant international organizations, with a view to submitting concrete proposals for UNCITRAL’s possible future work on such topic, for consideration by the Commission at its fifty-third session, in 2020. The Colloquium is to be conducted on an informal basis, that is, not as an intergovernmental group.
The Colloquium was to be held in New York on 15 May 2020 (see the draft programme here), in cooperation with the Hague Conference on Private International Law.
Due to the postponement of the Working Group V session originally scheduled for 11-14 May 2020, the Colloquium on Applicable Law in Insolvency Proceedings is also postponed. Information on the new date will be communicated by the UNCITRAL Secretariat when possible.