it was resolved to add an alternative to the ‘hard’ insolvency rule -
a ‘more flexible soft rule… which would allow judicial discretion under national insolvency
laws
‘Report: First Joint Session’ (n 65) [123]; ‘Report:
Second Joint Session’ (n 66) [5:61], following the
recommendation of the ‘Insolvency Working Group’,
afforded formal status during the First Joint Session, and
made up of members from 12 states.