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, _______________ 1 04-47866 Official Records of the General Assembly, Fifty-ninth Session, Supplement No. 17 (A/59/17), chap. III.

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