Features of simplified reorganization proceedings

• Author: United Nations Commission on International Trade Law
• Pages: 25-30

Section one. UNCITRAL Legislative Recommendations on Insolvency of Micro- and Small Enterprises 25

(a) To revoke its decision and commence a simplied liquidation proceeding

involving the sale and disposal of assets and distribution of proceeds;

(b) To convert a simplied liquidation proceeding to a dierent type of insol-

vency proceeding; or

(c) To close the proceeding.6

K. Features of simplied

reorganization proceedings

Preparation of a reorganization plan

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

allow the competent authority to appoint, where necessary, an independent profes-

sional to assist the debtor with the preparation of the reorganization plan or decide

that circumstances of the case justify entrusting the preparation of the plan to an

independent professional.

Time period for the proposal of a reorganization plan

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

the maximum time period for the proposal of a reorganization plan aer com-

mencement of a simplied reorganization proceeding and authorize the competent

authority, where the circumstances of the case so justify, to establish a shorter time

period subject to its possible extension up to the maximum period specied in the

law. (See recommendation 139.)

Notice of the time period established for the proposal of

a reorganization plan

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

require the competent authority to give notice of the time period that it established

for the proposal of a reorganization plan to the person responsible for preparing

the reorganization plan and to (other) parties in interest.

 Idem.