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Cross-Border Considerations

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Chapter Summary

As a consequence of the general rule that any state has the power to enact laws that are applicable and enforceable only on its own territory, problems necessarily arise when and if a debtor's insolvency stretches beyond the borders of a state. This chapter confines itself to describing and commenting upon only the more fundamental ones - those that have formed the starting point for national legislation. Because of ever-growing multinational trade and investment, every jurisdiction - even smaller ones - must consider regulating not only purely domestic insolvencies but also cross-border insolvency cases. The key multinational legislation is found in the European Insolvency Regulation and the UNCITRAL Model Law on Cross-Border Insolvency. Therefore, international efforts should be increased to find a solution that allows bridging the different historical backgrounds.

Keywords: cross-border insolvency; debtor; European; jurisdiction; UNCITRAL



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