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where the debtor has an establishment or assets in more than one state, including rules on choice of law, cooperation between courts, and the recognition of foreign judicial decisions and orders. The Convention has not been ratified by all members and its prospects for entry into force are still uncertain. In addition, the International Bar Association’s Insolvency and Creditor’s Rights Committee (known as Committee J) has developed the Cross-Border Insolvency Concordat, which is also designed to provide a framework for cooperation in multijurisdictional insolvencies

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). Chapter 5 briefly discusses institutional aspects of insolvency procedures and, in particular, addresses the important role of the court and the administrator. Chapter 6 briefly reviews the major issues raised by cross-border insolvencies, and the Appendix contains a study prepared by the UNCITRAL Secretariat regarding the UNCITRAL model law that is designed to address these problems.

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I. Background II. Creditor Rights Legal framework for secured lending Creation and registration of security interests Enforcement of secured claims III. Corporate Insolvency Framework Liquidation Reorganization Cross-border insolvencies IV. Institutional Framework Courts Insolvency administrators V. Recommendations Tables 1. Mortgage and Pledge Documents Registered 2. Bankruptcy Proceedings: Number of Cases 3. Bankruptcy Proceedings: Average Duration of Cases E xecutive S ummary Since the Insolvency and

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This Technical Note discusses key findings of the insolvency and creditor rights assessment for Lithuania. Lithuania has made significant progress in the field of creditor rights legislation and related institutions. Under the current legal framework, the creation and registration of secured transactions is rather easy and affordable. The privatization of the bailiffs system has contributed to accelerating the recovery process and increasing the enforcement efficiency. In the area of corporate insolvency, the Enterprise Bankruptcy Law and the Law on Restructuring of Enterprises are generally consistent with international standards.
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restructuring in cases where the plan has been accepted by the same majority legally established for plans approved in full reorganization proceedings. Cross-border insolvencies 17. Cross-border insolvencies within the European Union territory are now governed by the EU regulation. Since Lithuania joined the European Union, cross-border insolvencies involving EU countries are conducted based on the EU Council Regulation 1346/2000 . Notwithstanding this, since the mentioned EU Regulation only governs cross-border insolvencies where the main place of business is within

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authorities should consider, and incorporate into their planning, clear options or principles for the exit from public intervention. Annex II The UNCITRAL Framework for Cross-Border Corporate Insolvency The Model Law 53. The Model Law on Cross-border Insolvency (the “Model Law”) was adopted in 1997. It sets out a framework for managing the insolvency of a cross-border firm in a fair and orderly manner . It contemplates the insolvency of single entities with establishments, assets or creditors in more than one jurisdiction. It does not apply to groups

Mr. R. B. Johnston, Mr. Balázs Horváth, Mr. Luca Errico, and Ms. Jingqing Chai

, credit, and insurance technical risks. 10 The recent G-10 Contact Group report on Insolvency Arrangements and Contract Enforceability describes the important role of international judicial cooperation in facilitating the resolution of cross-border insolvencies. The report stresses the need for continued substantial efforts to reduce legal uncertainty and systemic vulnerabilities for the international financial system, and to enhance its efficiency.

International Monetary Fund

Boxes 1. President’s Working Group on Financial Markets 2. FSF Principles for Cross-Border Coordination in Crisis Management 3. Cross-Border Insolvency and Interdependences in Lehman Brother Appendixes I. Comparison of Current Proposals for Reform of U.S. Crisis Management Arrangements II. Exceptional Crisis Measures: Table 1. Treasury II.. Exceptional Crisis Measures: Table 2. Federal Reserve II. Exceptional Crisis Measures: Table 3. FDIC G lossary AIG American International Group AFS Agency for Financial Stability