The following article surveys some of the significant developments in the field of cross-border insolvencies and secured financing during the twelve months prior to December 1, 2005. The most publicized and long-awaited bankruptcy development was the enactment of legislation in the United States to adopt the UNCITRAL framework for the recognition of foreign insolvency proceedings. Even with the adoption of the UNICTRAL framework, American courts continued to render significant decisions under the former law which may, over time, inform practice, under the UNICTRAL provisions. Brazil also enacted significant bankruptcy reforms during 2005. The international law of secured transactions experienced a tremendous breakthrough in 2005 when the first protocol under the UNIDROIT Convention on International Interests in Mobile Equipment, specifically the aircraft protocol, received approval by a sufficient number of states to come into force and to establish a benchmark effective date.