Effective, uniform, and accessible insolvency laws are not only important but essential elements needed to ensure and promote a healthy global legal system which in turn helps maximise the efficiencies of global commerce. Unfortunately, such uniform and accessible insolvency laws are not yet reality but there are many ongoing initiatives striving to meet these goals. As part of that ongoing process, the creation of uniform insolvency laws has been the focus of the United Nations Committee on International Trade Law (UNCITRAL) Working Group V (Insolvency Law) which has recognised the need for uniform insolvency laws for the reorganisation and liquidation of business entities. Due to the divergent insolvency regimes among many countries, the differences in civil and common law countries, the desire of governments to protect their turf, and simple inertia, it will most likely be many years before we see a truly internationally adopted and universally accepted uniform insolvency law. Therefore, in the interim, it is important for both practitioners and leaders of international corporations to be familiar with (or at least have access to) information regarding the insolvency laws of the major jurisdictions surveyed herein. The varying answers to the questions posed in this book are indicative of the importance of a resource of its type. We sincerely hope and believe that this book provides answers to many of the questions that will undoubtedly face these practitioners and leaders.

Since the publication of the fourth edition, there has been an increasing emphasis on the obligations of directors and officers of a company that is in the period approaching insolvency also known as "the zone of insolvency". Indeed, the topic has continued to be a point of interest during the meetings of the UNCITRAL Working Group V (Insolvency Law). Accordingly, this fifth edition has continued to include information focusing on director and officer liability in the surveyed jurisdictions, including their duties to various interest holders (such as creditors, employees and shareholders), their liability for misappropriating or undervaluing corporate assets, whether a business can continue to operate if they are aware that the company is insolvent, whether their duties change when the company becomes insolvent, whether civil or criminal liability may result from a breach of their duties, whether director and officer liability insurance is available, and other related topics. The fifth edition has also included additional jurisdictions and added questions which provide a general overview of the insolvency scheme in each country before delving into the specific issues arising from directors' and officers' obligations in the zone of insolvency. I am pleased to also note that the fifth edition is now also available in an online and a printed hardback formats. The online version is part of the Practical Law "Global Guides".

I am deeply grateful to the authors of each chapter of this volume for contributing their time, talent, and professional energies to this project. I am also thankful for the wonderful staff of Thomson Reuters, including Ivelin Rusev, Katie Hillman, Emily Kyriacou, and Anisha Radia, who, through the years, have helped me take this project to an international treatise, grow it in scope, and who continue to provide their invaluable support in preparing and editing this fifth edition.

I am confident the reader will find it both useful and informative. I look forward to your comments to assist in expanding future editions, as the international legal and financial community works closely together to further advance this area of law. I am excited to be one of the pioneers in the international insolvency practice, who through diligent and continued efforts and co-operation, will ultimately lead to a widely adopted uniform international insolvency law.