The UNCITRAL Model Law on Cross-Border Insolvency 1997 was developed to address problems and procedural differences between the countries, when handling issues of international insolvency. It was prepared in the frame of, and promulgated by UNCITRAL, “with the goals of enhancing cooperation between the actors in cross-border insolvency, promoting legal certainty in trade and investment, ensuring the fair and efficient administration of cross-border insolvencies, protecting debtors’ assets and rescuing businesses.”