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In an increasingly globalized economy, cross border insolvency has emerged as a significant area of concern for business and legal practitioners.Cross border Insolvency refers to situations where an insolvent debtor has assets or creditors in more than one country.This paper explores the complexities involved in mitigating the avoidance of transaction during cross border insolvency proceedings and the associated legal implications.The avoidance of transaction is a mechanism designed to prevent insolvent entities from making unfair or prefential transfers to creditors before filing of bankruptcy.In cross border insolvency, this issue is compounded by different legal frameworks, judicial interpretation and procedural rule across jurisdiction.To mitigate the avoidance of transactions, international cooperation and harmonization of insolvency laws are crucial.This paper delves into key international legal instruments such as UNCITRAL Model Laws on cross border insolvency and European Insolvency regulations which aims to facilitate cooperation and coordination between jurisdictions.
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