On Friday ended the first session of the development on the UNIDROIT Model Law on Factoring. FCI was represented at the first virtual meeting by three members of the Legal Committee including Ulrich Brink (Germany), Edward Wilde (UK) and Jin Saibo (China) and FCI Secretary General Peter Mulroy. This is the first attempt to develop a model law on factoring by the UNIDROIT, which successfully created in Ottawa in 1988 the Convention on International Factoring. FCI supported its creation by way of a letter to the UNIDROIT back in May 2019, encouraging them to lead this initiative, as one of the leading bodies on the harmonization of international trade law.
In May 2019, FCI published an article written by Peter Mulroy, Factoring Laws and Their Impact on Factoring & Receivables Finance Industry.
UNIDROIT is an intergovernmental organization whose objective is to harmonize international private law across countries through uniform rules, international conventions, and the production of model laws, sets of principles, guides and guidelines. Set up in 1926 as an auxiliary organ of the League of Nations, the Institute was, following the demise of the League, re-established in 1940 on the basis of a multilateral agreement, the UNIDROIT Statute. Membership of UNIDROIT is restricted to States acceding to the UNIDROIT Statute. UNIDROIT's 63 member States are drawn from the five continents and represent a variety of different legal, economic and political systems as well as different cultural backgrounds.