2 . 3 . AIMS O F T H E U N C I T R A L M O D E L L AW

The purpose of the Model Law is not to provide straightforward answers. Rather, it

sets up a general framework for co-operation while equipping the various actors with

the necessary means and instruments to effectively give shape to such co-operation.'"'

In its final decision when adopting the Model Law the Commission considers that

'inadequate co-ordination and co-operation' leads to inefficient and unfair administration

of cross-border insolvencies. 'However', it continues to note, 'many states lack

a legislative framework that would make possible or facilitate effective cross-border

co-ordination and co-operation'. Accordingly, the preamble to the Model Law states

that ' t he purpose of this Law i s to provide effective mechanisms ( . . . ) so as to promote

the objectives o f , amongst other things, co-operation. Although stated as an independent

objective, promoting co-operation only makes sense when read in conjunction

with the other objectives. These goals are to achieve greater legal certainty; a fair

and efficient administration that protects the interests of all creditors and other

interested parties; the protection and maximisation of the value of the debtor's assets;

and, finally, the facilitation of the rescue of financially troubled businesses, thereby

protecting investment and preserving employment.