Cross-border insolvency law in the EU

Insolvency law concerns the balancing of several potentially conflicting interests: those of the creditors of an insolvent company, its shareholders and its customers, as well as the general economic interest in avoiding the winding down of companies which are still potentially viable. Currently, insolvency law is not harmonised at EU level. However, the Insolvency Regulation lays down the rules on jurisdiction, recognition and applicable law in the field in respect of cross-border insolvency. The Commission has recently proposed its reform.