Annex. Decision of the United Nations Commission on International Trade Law

• Author: United Nations Commission on International Trade Law
• Pages: 207-209

207

Annex.

Decision of the United Nations

Commission on International Trade Law1

In accordance with the procedure for taking decisions of UNCITL during the

COVID-19 pandemic, the Commission adopted the following decision on 12 July

2021:

“e United Nations Commission on International Trade Law,

“Recognizing the importance of eective, ecient and predictable insolvency

regimes for investment, entrepreneurial activity, employment, economic

recovery and sustainable development,

“Recalling that the UNCITL Legislative Guide on Insolvency Law provides

for key elements of an eective, ecient and predictable insolvency regime,

“Acknowledging the important role of micro- and small businesses in econo-

mies around the globe,

“Convinced that it is in the interest of all States to resolve nancial diculties

of micro- and small businesses eectively and eciently at an early stage of

nancial distress,

“Concerned that standard business insolvency processes designed for large

and medium-sized enterprises may not be suitable for micro- and small busi-

nesses, or their cost may be prohibitive for micro- and small businesses in

nancial distress,

“Recognizing that expeditious, simple, exible and low-cost proceedings

should be made available and easily accessible to micro- and small businesses

at an early stage of their nancial distress in order to enable their fresh start,

 Ocial Records of the General Assembly, Seventy-sixth Session, Supplement No. 17 (A/76/17), para. 77.