Analysis of Legislative Policy of UNCITRAL, EU & Iranian Law on Recognition and Enforcement of Foreign Insolvency Judgment



One of the main issues in the field of ‘conflict of laws in cross-border insolvency’ is the recognition and enforcement of foreign judgment. After issuing a foreign judgment in the field of insolvency proceedings and liquidating or reorganizing the bankrupt's property, the liquidator will demand its execution at the involved states (the place of location of debtor's assets). It depends on the state's policies about recognition and enforcement of the insolvency proceedings whether to accept the demand or to reject it. The state’s policy in this regard is different due to its mutual connection with the public policy. Some states have generally rejected this request, and others are provided to deal with it. In this paper, the legislative policy of EU Regulation in Insolvency Proceedings (2000) and UNCITRAL Model Law on Cross-Border Insolvency (1997) and the Iranian law on recognition and enforcement of foreign insolvency judgment will be analyzed.