The Recognition of Foreign Proceedings of UNCITRAL Model Law on Cross-Border Insolvency

Abstract

This research has four objectives: (1) study the comparison of foreign law problems with Thailand regarding the certification of international court cases regarding international bankruptcy. (2) To analyze the rationale and necessity of the Model Law on Cross-Border Insolvency of the United Nations Commission on International Trade Law. About Transnational Bankruptcy. and(3) to study the effect of court jurisdiction Sovereignty in the allocation of assets located in the country divided to foreign creditors and guidelines to protect domestic creditors. The researcher used the qualitative research methodology. By using 3 methods of data collection, namely document research In-depth interviews of 10 people and 20 group conversations. And analyze the data by using content analysis techniques

The results of the research are as follows: (1) The nature of transnational bankruptcy cases is an international private problem that cannot be applied directly from the origins of international law to resolve transnational bankruptcy cases. (2) Model Law on Cross-Border Insolvency Will support the remedy of transnational bankruptcy cases that arise, promote foreign investment and be able to take existing Thai bankruptcy laws into consideration. (3) The countries that should adopt the principles of the original law should specify the courts in their countries that have the authority to certify foreign bankruptcy proceedings, especially in exercising the rights of low creditors. And (4) Thailand should improve the bankruptcy law by adopting the principles of the original law. With respect to foreign bankruptcy and set the bankruptcy court to be a court with legal power.