INSOLVENCY “AROUND THE WORLD”. A NEW “DESIGN” ON THE GLOBAL GEOGRAPHICAL MAP
INSOLVENCY “AROUND THE WORLD”. A NEW “DESIGN” ON THE GLOBAL GEOGRAPHICAL MAP

Summary/Abstract: In the present study we aim to "make a journey around the world" allowing us to carry out a complex analysis of the normative framework related to insolvency in the context of accelerating the internationalization and globalization trend under the "umbrella" of the new orientations, principles and policies of the EU and international institutions bodies. In a world where we speak of foreign ownership, foreign trade partners, foreign finances and external contracts, foreign shareholders, foreign operations, international trade, and last but not least a global economic order permanently reconfigured by "the variable geometry of superpowers", we need a "normative mapping" of the insolvency regime through a comparative analysis of many contemporary jurisdictions in order to remove some geographical "barriers" and differences between the legal systems of the states in terms of insolvency proceedings. In fact, the field of insolvency is on the agenda of the interests of International and EU bodies and institutions, such as the World Bank, the Organisation for Economic Co-operation and Development, the United Nations Commission on International Trade Law, the World Trade Organization, the European Commission, the European Parliament, with recently published analysis reports which reflect an insolvency “around the world”, based on analysis statistics and indicators which outline a widely varying “design” of the insolvency regimes across countries. Nevertheless, the institution of insolvency benefited from a restructuring in almost each legal system, with the promotion and development as a priority of a “rescue culture” – a second chance, reorganization, a fresh-start and the elimination of the stigma of bankruptcy, by prioritizing new interests in the context of the economic and social cohesion.

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