UNCITRAL laws had played a big par in rendering of the judgment. For this purpose this guidance has been probed. Holistic version and specific aspects pertaining to the case of Elpida memory has been done in this analysis. Primary mandated reason for setting up of UNCITRAL was ensuring that there is homogenized practices and reduction of legal tussles between the countries in cases of insolvency. There are a number of benefits and flexibility that companies can gain if the countries follow UNCITRAL law. It has been specifically designed as guidance. This has been done to allow autonomy of the individual states. The reason for their own interpretation is that countries try to maintain their sovereignty and protect their assets in this process. Model law clause of the United Nations addresses the issues of Insolvency. There are four key provisions to Model law. They are Access, Recognition, Relief and cooperation. This UNCITRAL code is an exhaustive code of conduct and mandated regulations for companies and countries conducting business operations in the international arena. Nevertheless the codes that are pertaining for the particular case law are only discussed in this dissertation. In the recent years there has been a rise in financial crisis across the countries. This has lead to the countries realising the importance of UNCITRAL. This is one of the reasons globally the importance to UNCITRAL and international insolvency is gaining prominence.
Many countries have not adhered to the UNCITRAL. There is a feeling in the countries that by adapting to the UNCITRAL laws the sovereignty of their countries will be reduced. Countries tend to operate under their own set of mandated laws to protect the assets and values of the resources. Individual countries also have entered into a number of treaties and agreements between themselves. UNCITRAL is presumed to not be in lieu of protecting the national interest of the countries. Some of the others rules and regulations are not in accordance with the Modal law. There is European Union homogenized rules of trade that takes precedence in the European Union. United Kingdom and Canada have also shown reluctance in fully adhering to the UNICTRAL. This makes the scope limited in the case of UNCITRAL. It will achieve great significance only if it becomes a uniform standard across majority of the countries.