THE REGULATIONS ON INSOLVENCY PROCEEDINGS IN THE EUROPEAN UNION'S LEGAL SYSTEM
THE REGULATIONS ON INSOLVENCY PROCEEDINGS IN THE EUROPEAN UNION'S LEGAL SYSTEM

Summary/Abstract: Council Regulation (EC) No. 1346/2000 of May 29, 2000 on insolvency proceedings was based on articles 61 (c) and 67 (1) of the Treaty Establishing the European Community (in its form following the Treaty of Amsterdam). The Preambles states the purpose envisaged at the time of the issuance of this law. Thus, only a Council Regulation can be an appropriate tool for establishing rules that apply to cross-border insolvency set at Community level.There have been several projects and proposals before the enactment of this Regulation. The Regulation is not interested in the meaning of the concept of insolvency within the national legal systems of the Member States, but the establishment of conflict rules regarding insolvency.The Regulation aims to ensure a minimum level of harmonization in the field of private international law of the Member States relating to international insolvency. Such harmonization is necessary due to regulatory differences in insolvency law leading to distortions of international investment. One major difference between the rules of conflict law of the Member States may also influence the development of the internal market.

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