The UNCITRAL Model Law on Cross-Border Insolvency: A View from Greece

Abstract

In the realm of cross-border insolvency law, the UNCITRAL Model Law on Cross-Border Insolvency stands out as a pivotal framework enabling the recognition of foreign insolvency proceedings across national jurisdictions. Although the Model Law has benefitted from wide adoption by many prominent insolvency jurisdictions, its enactment and application in Greece are less frequently highlighted. Nevertheless, Greece’s distinctive application provides insightful perspectives, particularly in highlighting the interplay between the EU and Model Law frameworks. More conceptually, the Greek approach underscores a pragmatic stance on cross-border insolvency, prioritising openness over afeguarding domestic interests. This paper delves into the treatment of cross-border insolvencies in Greece before and after the Model Law’s adoption, showcasing the Model Law’s influence in the formalisation of the traditionally universalist approach of Greek courts. By examining Greece’s experiences in embracing the Model Law framework, the analysis offers valuable lessons for countries like India, contemplating the Model Law’s adoption. The paper concludes that while the Model Law is not a cure-all, it has significantly bolstered legal certainty and predictability, promoted international cooperation in insolvency matters and aided in the evolution of universalist norms within Greece’s legal system.