Constitution, protection and preservation of the insolvency estate

• Author: United Nations Commission on International Trade Law
• Pages: 17-19

Section one. UNCITRAL Legislative Recommendations on Insolvency of Micro- and Small Enterprises 17

or sanctions, where appropriate, against the applicant for commencement of the

proceeding. (See recommendation 28.)

G. Notices and notications

Procedures for giving notices

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

require the competent authority to give notices related to simplied insolvency

proceedings and use simplied and cost-eective procedures for such purpose. (See

recommendations 22 and 23.)

Individual notication

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

require that the debtor and any known creditor should be individually notied by

the competent authority of all maers on which their approval is required, unless

the competent authority considers that, under the circumstances, some other form

of notication would be more appropriate. (See recommendation 24.)

Appropriate means of giving notice

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

specify that the means of giving notice must be appropriate to ensure that the

information is likely to come to the aention of the intended party in interest. (See

recommendation 23.)

H. Constitution, protection and preservation of

the insolvency estate

Constitution of the insolvency estate

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

identify:

(a) Assets that will constitute the insolvency estate, including assets of the

debtor, assets acquired aer commencement of the simplied insolvency proceeding

and assets recovered through avoidance or other actions; (See recommendation 35.)