ACTORS / SUBJECTS OF THE CROSS-BORDER INSOLVENCY
ACTORS / SUBJECTS OF THE CROSS-BORDER INSOLVENCY

Author(s): Cristina Bancu
Subject(s): Law, Constitution, Jurisprudence
Published by: Editura Universităţii »Alexandru Ioan Cuza« din Iaşi
Keywords: cross-border insolvency; jurisdiction; European case-law; harmonization; cross-border business relations;
Summary/Abstract: The article insists on the legal solutions of the subjects/actors of cross-border insolvency, a complex issue that involves elements of legislative systems and legal instruments both at national and international level. In this study, there were researched issues regarding the existing regulatory framework of the conditions to become an actor/subject of the cross-border insolvency in the Republic of Moldova and the most important analysis being focused on the provisions of the European and international regulatory framework, which demonstrates a tendency to resolve cross-border disputes and conflicts, but which unfortunately does not cope to the globalization trends. The analysis of the European framework that regulates the conditions for insolvency proceedings in international jurisdiction as well as the establishment of creditors' defense limits is not always the shield of creditors outside the EU, which in fact leads to cross-border insolvency conflicts. The continuous expansion of international trade will inevitably lead to the emergence of new cases of insolvency, we cannot overshadow the consequences of the health crisis (Covid 19) in the modern world that inevitably comes with new waves of liquidation of large companies. The author finally comes with conclusions that can be implemented in both international and national regulations with regard to parties involved in the insolvency process which comes out to be difficult and involved international issues and problems. Additionally, it will be marked out of threatens of administrator and founders to bear financial liability as result of the indirect liability for the companies’ debts.

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