UNCITRAL Model Law meaning

Brexit—R&I forms for use pre- and post-IP completion day [ARCHIVED] This Checklist is archived and is no longer being maintained. On 30 January 2019, the Insolvency (Amendment) (EU Exit) Regulations 2019 (the Insolvency Brexit Regulations), SI 2019/146, were laid under the affirmative procedure for Brexit statutory instruments to remedy deficiencies arising from the loss of mutual application of Regulation (EU) 2015/848 (OJ L141/19), the Recast Insolvency Regulation, and to make consequential amendments across related legislation. The instrument took effect in part from 31 January 2019 and in full from IP completion day, defined as 11.00 pm on 31 December 2020. The changes to the legislative framework include revisions to the prescribed information that must be supplied under the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024, on the appointment of an insolvency office-holder. In many instances, the amendments correspond to the revised jurisdictional gateways for commencing a range of insolvency proceedings...

Narendra Thillainathan v Mohomed Khan and others [SC Appeal Nos 200/2018, 200A/2018, 200B/2018 & 200C/2018] Supreme Court of Sri Lanka What are the practical implications of this case? Section 27 of the Act, addressing the rectification of arbitral awards, derives from Article 33 of the UNCITRAL Model Law. Jurisprudence remains sparse on both the ambit and the process governing a tribunal’s power to correct its award. First, the Court examined whether the amendments ran counter to the tribunal’s own reasoning in the Original Award, and whether they fell outside ‘errors in computation, clerical or typographical slips, omissions, or comparable mistakes’. The Court concluded that this argument was legally misguided: the Tribunal had never dismissed the claim for the Return sought in the Statement of Claim, as asserted by the Borrowers. The failure to include the Return was, therefore, a plain omission by the Tribunal. Secondly, the judgment sheds light on the procedural steps to be followed when entertaining an application to correct an award....

In this issue: Arbitration in England & Wales International Arbitration Investment treaty arbitration Institutional and ad hoc arbitration Daily and weekly news alerts New and updated content Arbitration in England & Wales Arbitration Bill reaches Committee Stage The Arbitration Bill entered the House of Lords’ Committee Stage on 11 September 2024. It has been scrutinised clause by clause, with potential changes capable of being adopted. A marshalled schedule of proposed amendments has also been compiled. See: LNB News 11/09/2024 53. Law Society publishes report hailing England and Wales as world's legal centre The Law Society’s International Data Insights Report concludes that England and Wales sit at the global heart of arbitration and commercial dispute resolution. Per the report, English law governs trillions of pounds in cross-border contracts and transactions. The London Commercial Court issues more written judgments annually than the leading commercial courts of other jurisdictions. See: LNB News 11/09/2024 40. International Arbitration ...

An automated contract might see a smart refrigerator reorder milk the moment supplies run dry, or a production line seek out a missing part without a person placing the order. Yet this emerging method of contracting is already stirring considerable debate among policymakers and legal scholars. Conventional contract law has long presumed that people alone took the decisions. Consequently, the EU executive is weighing a possible regulatory response. The initiative remains at a very nascent stage, with officials commissioning a study ‘on novel forms of contracting in the digital economy’ and collecting broad stakeholder views, MLex has learnt. According to a letter from the Commission inviting a stakeholder’s input, seen by MLex, ‘the study assesses how far existing legal frameworks can support business models that use AI in contracting, while delivering legal certainty for companies and protecting the rights of all stakeholders’...

Text on obligations of directors of enterprise group companies in the period approaching insolvency: status Working Group V, UNCITRAL’s insolvency-focused body, approved the Model Law on Enterprise Group Insolvency (MLEG) in 2018 at its 54th session in Vienna (10–14 December 2018). In 2019, the UN Commission on International Trade Law (the Commission) endorsed and adopted both the guide to enactment and the text on the obligations of directors of enterprise group companies nearing insolvency (the Directors’ Guide) at its 53rd session in New York (6–17 July 2019) (see A/74/17—Report of the United Nations Commission on International Trade Law fifty-second session (advance copy)). The Directors’ Guide adds an extra section to part four of the UNCITRAL Legislative Guide on Insolvency law, covering directors’ duties (see Practice Note: UNCITRAL guidance on directors' obligations in the period approaching insolvency). UNCITRAL encourages all states worldwide to consult the Legislative Guide when drafting or updating insolvency-related legislation. Although not automatically binding, these recommendations reflect best practice... Geographical reach The Directors’ Guide could,...

This Practice Note provides an introduction to the overall structure of the United Nations Commission on International Trade Law Arbitration Rules (the UNCITRAL Rules). The UNCITRAL Rules occupy a significant role in contemporary arbitration practice. They are crafted for ad hoc international commercial arbitrations—proceedings not administered by an arbitral institution and, typically, not conducted under that institution’s rules. The Rules may likewise be employed in investor–state arbitrations commenced under a treaty, such as a bilateral investment treaty, where the treaty permits arbitration conducted under those rules. Unless the parties stipulate otherwise, the UNCITRAL Rules govern arbitration agreements concluded on or after 15 August 2010, ie the date the revised Rules took effect. The earlier 1976 UNCITRAL Rules continue to apply to all arbitration agreements entered into before that date. Both the 1976 and 2010 UNCITRAL Rules are separate from UNCITRAL’s Model Law on International Commercial Arbitration, adopted in 1985 and revised in 2006, which has been adopted (often with modifications) by more than 50 jurisdictions—see Practice Note: The UNCITRAL...

This Practice Note looks at the framework for recognising and enforcing international arbitral awards in Türkiye and, where appropriate, draws on case law... Applicable legislation Türkiye’s arbitration system, together with the rules on recognition and enforcement, is founded on the United Nations Commission on International Trade Law (UNCITRAL) Model Law on International Commercial Arbitration 1985. The two principal instruments governing recognition and enforcement are the Convention on the Recognition and Enforcement of Arbitral Awards (the New York Convention) and the International Private and Procedural Law (IPL) No. 5718. The New York Convention took effect in Türkiye under Law No. 3731 in 1991 and since then has applied to recognition and enforcement applications brought in Türkiye. As an international treaty, the New York Convention prevails over domestic legislation pursuant to Article 90 of the Turkish Constitution. Türkiye has confined the New York Convention’s application to the recognition and enforcement of arbitral awards only: issued in a contracting state to the New York Convention, and concerning...