A/RES/59/40
United Nations
General Assembly
Distr.: General
16 December 2004
Fifty-ninth session
Agenda item 143
Resolution adopted by the General Assembly on 2 December 2004
[on the report of the Sixth Committee (A/59/509)]
59/40. Legislative Guide on Insolvency Law of the United Nations
Commission on International Trade Law
The General Assembly,
Recognizing the importance to all countries of strong, effective and efficient
insolvency regimes as a means of encouraging economic development and
investment,
Noting the growing realization that reorganization regimes are critical to
corporate and economic recovery, the development of entrepreneurial activity, the
preservation of employment and the availability of finance in the capital market,
Noting also the importance of social policy issues to the design of an
insolvency regime,
Noting with satisfaction the completion and adoption of the Legislative Guide
on Insolvency Law of the United Nations Commission on International Trade Law
by the Commission at its thirty-seventh session, on 25 June 2004, 1
Believing that the Legislative Guide, which includes the text of the Model Law
on Cross-Border Insolvency and the Guide to Enactment recommended by the
General Assembly in its resolution 52/158 of 15 December 1997, contributes
significantly to the establishment of a harmonized legal framework for insolvency
and will be useful both to States that do not have an effective and efficient
insolvency regime and to States that are undertaking a process of review and
modernization of their insolvency regimes,
Recognizing the need for cooperation and coordination between international
organizations active in the field of insolvency law reform to ensure consistency and
alignment of that work and to facilitate the development of international standards,
Noting that the preparation of the Legislative Guide was the subject of due
deliberations and extensive consultations with Governments and international
intergovernmental and non-governmental organizations active in the field of
insolvency law reform,
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04-47866
Official Records of the General Assembly, Fifty-ninth Session, Supplement No. 17 (A/59/17), chap. III.