Closure of proceedings

• Author: United Nations Commission on International Trade Law
• Pages: 32-32

32 UNCITRAL Legislative Guide on Insolvency Law for Micro- and Small Enterprises

Criteria for revoking a discharge granted

361. e insolvency law providing for a simplied insolvency regime should

specify criteria for revoking a discharge granted. In particular, it may specify that

the discharge is to be revoked where it was obtained fraudulently. (See

recommendation194.)

M. Closure of proceedings

362. e insolvency law providing for a simplied insolvency regime should

specify minimal and simple procedures by which simplied insolvency proceedings

should be closed. (See recommendations 197 and 198.)

N. Treatment of personal guarantees; procedural

consolidation and coordination

Treatment of personal guarantees

363. A simplied insolvency regime should address, including through procedural

consolidation or coordination of linked proceedings, the treatment of personal

guarantees provided for business needs of the MSE debtor by individual

entrepreneurs, owners of limited liability MSEs or their family members.

Procedural consolidation or coordination of linked

business, consumer and personal insolvency proceedings

Orders of procedural consolidation and coordination

364. e insolvency law may require procedural consolidation or coordination

of linked business, consumer and personal insolvency proceedings in order to

address comprehensively intertwined business, consumer and personal debts of

individual entrepreneurs, owners of limited liability MSEs and their family mem-

bers. e law may specify that, in such cases, the competent authority or another

competent State body, as the case may be, may order procedural consolidation or

coordination of linked proceedings on its own motion or upon request of any party

in interest, which may be made at the time of application for commencement of

insolvency proceedings or at any subsequent time.