On May 19, 2021, within the framework of St. Petersburg International Legal Forum the United Nations Commission on International Trade Law (UNCITRAL) and the International and Comparative Law Research Center held a discussion session "MSE debtors and creditors in trouble: is a simplified insolvency regime the solution?"
UNCITRAL Working Group V (Insolvency law) is currently working on a simplified insolvency regime developing mechanisms and solutions to address the insolvency of individual entrepreneurs and micro and small businesses of an essentially individual or family nature with intermingled business and personal debts (collectively referred to as MSEs).
The topic is highly relevant in the context of COVID-19 response and recovery measures since measures to contain the COVID-19 pandemic have reduced demand for products and services, as well as disrupted supply chains, particularly in sectors where MSEs operate.
As part of the round table, speakers shared their views on the relevance of the proposed solutions to overcoming the consequences of the pandemic, summarized the practice of States struggling with mass bankruptcies after COVID-19, evaluated the effectiveness of the measures taken, and proposed best practices of combating bankruptcies for unification.
For more info, please visit the St. Petersburg International Legal Forum website.