From National Insolvency Law to Global Insolvency Law. A Universal Approach to Cross Border insolvency
From National Insolvency Law to Global Insolvency Law. A Universal Approach to Cross Border insolvency

Summary/Abstract: Through this study we aim to provide a realistic perspective on the complex legal environment in which "companies" fail and not only, with different legal systems interacting dynamically but often "disorderly" in cases of cross border insolvency. In this controversial context of globalization, with obvious consequences on the national and international legislation, it becomes necessary to streamline and coordinate the regulatory procedures in the field in a more precise manner, as there is currently no fully effective mechanism for settling an insolvency procedure, related, for example, to a multinational company, which can lead to investors' panic, lower confidence in the economic system, and destabilization of financial markets around the world. The attempt to outline a common law or at least a common pattern of common principles in the field of insolvency at both regional and global level is becoming increasingly apparent, which is why we can say that we are witnessing the evolution of an international law of insolvency, arising from the international trade law with possible aspirations to tackle universalism, the latest legislative inputs of UNCITRAL that complete the cross border insolvency law model, striking up, in fact a discussion about the likely way towards adopting these regulations on a global scale.

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