Secured Transactions - November 2013

Department of International Law Takes Part in Insolvency and Creditor/Debtor Regimes Task Force

The Department of International Law has been invited to join the World Bank Insolvency and Creditor/Debtor Regimes (ICR) Task Force that is currently revising the ICR standard in accordance with the United Nations Commission on International Trade Law (UNCITRAL) Legislative Guides on Insolvency Law and Secured Transactions.

An effective and efficient regime to govern insolvency and debtor/creditor relationships is an important part of a stable financial system – both for nation states and the international community. It constitutes one of the 12 areas that have been identified by the World Bank and the International Monetary Fund (IMF) for which standard assessments are to be undertaken to strengthen the international financial architecture. As opportunities for cross-border investment increase, so does the risk of cross-border insolvency. Consequently, to remain competitive and attract investment, OAS Member States need a strong insolvency regime.

Reform of insolvency law goes hand-in-hand with reforms of the regime that governs secured transactions. Therefore, the work of the Insolvency Task Force is of particular interest to the OAS DIL in relation to our current Secured Financing Project. As OAS DIL works with OAS Member States towards capacity building for secured transactions reform, it is important to take into consideration the development of other relevant international instruments.

The meeting was held on November 21-22, 2013 in Washington, D.C. and was attended by Ms. Jeannette Tramhel, Senior Legal Officer, and Mr. Eugenio Briales, Legal Consultant and the Secured Transactions Expert of the OAS, Department of International Law.

To see OAS Booklet — Secured Transactions Reform in the Americas, click here »

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