International Element in Insolvency Proceedings with an Emphasis of Recent Recommendations of the European Commission

Abstract

As companies become increasingly international, there has
also been a growing need to regulate insolvency proceedings,
includingthe international element that will undoubtedly satisfy needs
for businesses focused in more than one country.
The EU Insolvency Regulation2
was adoptedin 2002 in
response to these needs for an effective approach to cross-border
insolvency. Although this Regulation does not cover all issues of
insolvency, it is a big step forward in the effective dealing with
insolvency proceedings within the EU.
The purpose of this paper is to analyze EU Insolvency
Regulation and recent Recommendation of the European Commission,
emphasizing their main goal, to present a package of measures to
modernize these insolvency rules.