CROSS-BORDER INSOLVENCY: CONCEPT AND LEGAL REGULATION FORMS
Cristina BANCU, Universitatea de Stat din Moldova
Abstract
The present article aims to define and clarify the term „cross-border insolvency”, as well as to identify situations
falling within the scope of cross-border insolvency. Considering that economic actors operate in multiple states, the
element of extraterritoriality specific to private international law comes into play. The article highlights the place of
cross-border insolvency within the framework of private international law. It is worth noting that there is no universally accepted definition of the term „cross-border insolvency”. In this regard, exploring the content and essence of
the examined legal relationships holds considerable scientific and practical interest.
Additionally, various legislative and institutional approaches adopted globally for managing cross-border insolvency are analyzed, along with comparisons between national legal systems and international regulations concerning
insolvency.
Keywords: cross-border insolvency, universalism, territorialism, insolvency procedure, private international law,
foreign creditor, foreign debtor.
