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Welcome /  Blog /  2017-12-doc8 ELI Rescue report & UNCITRAL

2017-12-doc8 ELI Rescue report & UNCITRAL

Rescue of Business in Insolvency Law is a 400 pages report that was finalised Summer 2017. it has been approved by the European Law Institute (ELI) Council and the General Assembly of ELI last September. The report has been elaborated and by prof. Stephan Madaus and myself. I just saw that the Report has been downloaded (in 3,5 months) 182 times from ELI has voted to have the report qualify as an ELI Instrument. The Instrument, which identifies a number of topics that are ripe for further approximation or harmonisation across Europe, includes 115 recommendations and is designed to assist those involved in a process of law reform and those setting standards for soft law in the business rescue context. On the occasion of the 52nd Session of the United Nations Commission on International Trade Law (UNCITRAL) Working Group V (Insolvency), the ELI (represented by its new president prof. Christiane Wendehorst) organised an event last week at the Austrian Ministry of Justice. My co-reporter Stephan Madaus presented the Instrument, elaborating on its aims, methodology and outcomes of the Project. In the recent ELI newsletter I read that Stephan thanked all the parties involved for their contributions, '... especially his fellow Co-Reporter Bob Wessels, who had conceived the Project.' See I thank Stephan for presenting the report and for his kind words. In that context, to lift a corner of the veil, the idea itself was born in 2012, during a short discussion with Christiane at a reception in Philadelphia, at the annual meeting of  the American Law Institute, just after prof. Ian Fletcher and I had presented and discussed our report on ALI-III on Global Principles for Cooperation in International Insolvency Cases, I have reported about that project many times on this blog ... Anyway, the rest is history.