Main features of a simplified insolvency regime

• Author: United Nations Commission on International Trade Law
• Pages: 8-10

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

and an independent professional. at law may provide for such allocation to be

determined by the competent authority itself.

Support with the use of a simplied insolvency regime

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

specify measures to make assistance and support with the use of a simplied insol-

vency regime readily available and easily accessible. Such measures may include

services of an independent professional; templates, schedules and standard forms;

and an enabling framework for the use of electronic means where information and

communications technology in the State so permits and in accordance with other

applicable law of that State.

Mechanisms for covering costs of administering

simplied insolvency proceedings

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

specify mechanisms for covering the costs of administering simplied insolvency

proceedings where assets and sources of revenue of the debtor are insucient to

meet those costs. (See recommendations 26 and 125.)

D. Main features of a simplied

insolvencyregime

Default procedures and treatment

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

specify the default procedures and treatment that apply unless any party in interest

objects or intervenes with a request for a dierent procedure or treatment or other

circumstances exist that justify a dierent procedure or treatment.

Short time periods

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

specify short time periods for all procedural steps in simplied insolvency

proceedings, narrow grounds for their extension and the maximum number, if any,

of permied extensions.