Publication
A Model Law on Family Insolvency for Latin America and the Caribbean
01 Dec 2011
The Model Law is structured into four parts.
The first explains the purpose of the Law and its scope of
application, the types of person who may avail themselves of it,
the definitions of the terms employed and the general principles on
which it is based.
The second part is concerned with the statutory body or agency
that will apply the Law, and sets out its powers and
responsibilities.
The third part describes the non-judicial procedure for reaching
settlements with creditors, to be conducted under the authority of
the statutory body.
The final section deals with the proceedings to be conducted in
a court of law in the event than an out-of-court settlement is not
achieved.
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