Cross-Border Insolvency Act, 2000 (Act No. 42 of 2000)Preamble |
WHEREAS the General Assembly of the United Nations on 15 December 1997 adopted a resolution, co-sponsored by the Republic of South Africa, recommending that States review their legislation on cross-border insolvency and, in that review, give favorable consideration to the Model Law on Cross-Border Insolvency of the United Nations Commission on International Trade Law;
AND WHEREAS the Republic of South Africa acknowledges the need to create effective mechanisms for dealing with cases of cross-border insolvency in accordance with the provisions of the Model Law, bearing in mind the need for internationally harmonised legislation governing instances of cross-border insolvency;
AND WHEREAS there is a need—
| * | to strengthen cooperation between the courts and other competent authorities of the Republic of South Africa and those of foreign states involved in cases of cross-border insolvency; |
| * | for greater legal certainty for trade and investment; |
| * | for fair and efficient administration of cross-border insolvencies that protects the interests of all creditors and other interested persons, including the debtor; |
| * | for protection and maximisation of the value of the debtor’s assets; |
| * | for the facilitation of the rescue of financially troubled businesses, thereby protecting investment and preserving employment, |
BE IT THEREFORE ENACTED by the Parliament of the Republic of South Africa, as follows:—