The 42nd Session of UN Commission on International Trade Law (UNCITRAL) opened in Vienna Monday, with finalizing and adopting the UNCITRAL Notes on cooperation, communication and coordination in cross-border insolvency proceedings high on its agenda.

These documents are aimed at providing practical guidance for practitioners and judges on cooperation and communication in cross-border insolvency cases.

The session, which is to last till July 17, will also discuss such issues as progress towards revision of the 1994 Model Law on Procurement of Goods, Construction and Services, preparation of the Annex to the Legislative Guide on Secured Transactions.

Progress on monitoring implementation of the 1958 New York Convention, the status and promotion of UNCITRAL legal texts, technical cooperation and assistance to law reform and working methods of UNCITRAL will also be discussed.

The Commission is expected to consider and recommend the use in international trade of the 2007 revision of the Uniform Customs and Practice for documentary credit (UCP 600) adopted by the International Chamber of Commerce.

The UNCITRAL is the core legal body of the United Nations system in the field of international trade law. Currently it has 60 members who are elected by the United Nations General Assembly.

Its mandate is to remove legal obstacles to international trade by progressively modernizing and harmonizing trade law by such measures as preparing legal texts and providing technical assistance to law reform activities.

Source: Xinhua