EUROPEAN INSOLVENCY REGULATIONS

Dirs. Emilio Beltrán, Rafael Sebastián ; Coords. Ana B. Campuzano, Guillermo Velasco. The constant increase in international economic relationships has led to a continuous rise in international insolvency proceedings in which the effects of the insolvency extend to various countries as a result of the companies, assets or creditors outside the State in which the insolvency order is issued. Furthermore, these proceedings are becoming increasingly complex in themselves. Within the European Union, the need for a cross-border solution led to the "Council Regulation on Insolvency Proceedings", which follows the recommendations of the "United Nations Commission on International Trade Law", with the aim of providing creditors not resident in the state opening the insolvency proceedings with the possibility of requesting the admission of claims, and conferring on the insolvency bodies the powers necessary to act in respect of assets located in the territory of other States. Although the Council Regulation constitutes an important step forward regarding the conduct of international insolvency proceedings, it has not unified insolvency law. It is still possible, even within the European Union, for several insolvency proceedings to be opened simultaneously -even though one of them will be the main insolvency proceedings- and for the same insolvency proceedings to be subject to different laws. This work starts with an analysis of the European Community regulations and then provides an overview of the legislation of each State, summarising current proceedings, some recently changed, and analysing the solution offered under each legislation for matters on which the Council Regulation on Insolvency Proceedings stipulates that the law of the country in which the insolvency order is issued shall not necessarily be applicable. This work includes contributions from professionals specialised in insolvency law with proven and accredited practical and teaching experience in the best Euro