Annex V. Decisions of the United Nations Commission on International Trade Law, adopted on 18 July 2013 and 15 July 2019, and General Assembly resolution 68/107 B

• Author: United Nations Commission on International Trade Law
• Pages: 45-49

45

Annex V

Decisions of the United Nations Commission

on International Trade Law, adopted on

18 July 2013 and 15 July 2019, and

General Assembly resolution 68/107 B

A. Decisions of the Commission

1. At its 973rd meeting, on 18 July 2013, the Commission adopted the following

decision:

e United Nations Commission on International Trade Law,

Recognizing that eective insolvency regimes are increasingly seen as a means

of encouraging economic development and investment, as well as fostering entre-

preneurial activity and preserving employment,

Considering that eective insolvency regimes, in addition to providing a pre-

dictable legal process for addressing the nancial diculties of troubled enterprises

and the necessary framework for their ecient reorganization or orderly liquida-

tion, should also permit an examination to be made of the circumstances giving

rise to insolvency, and in particular the conduct of directors of such an enterprise

in the period before insolvency proceedings commence,

Noting that the UNCITL Legislative Guide on Insolvency Law,24

1 while

addressing the obligations of directors of an enterprise once insolvency proceedings

commence, does not address the conduct of directors in the period approaching

insolvency and the obligations that might be applicable to directors in that period,

 United Nations publication, Sales No. E.05.V.10.