Cross-Border Insolvency and the 2022 Australia-India Comprehensive Economic Cooperation Agreement

Abstract

Since 2020, the world has been plunged into uncertain times. The world economy was significantly affected by the outbreak of the coronavirus disease of 2019 (COVID-19), which rapidly evolved and was quickly declared a global pandemic. As conflict in Eastern Europe raged from the beginning of 2022, the pandemic being far from over and inflation gripping the world economy, the financial stress individuals and entities were experiencing continued to escalate. At the time Australia and India signed the Comprehensive Economic Cooperation Agreement (AI-CECA) in April 2022. The signing of this economic partnership is a major step forward for both countries. The proposed economic benefits for both nation states are estimated to be significant, and will extend across many sectors including agriculture, financial services, science and innovation. This article will examine the AI-CECA and make the case that cross-border insolvency cooperation must be an ongoing priority for both countries to ensure strong economic management, and inserted into future amendment of this agreement. Problematic though is the fact that the current approach taken by Australia and India varies greatly. This article will also examine the United Nations Commission on International Trade Law , Cross-Border Insolvency Model Law, in the context of Australia and India. Australia, India, Comprehensive Economic Cooperation Agreement, Cross-Border Insolvency, Trade Agreement