The European Union Approach to Cross Border Insolvencies. The European Insolvency Regulation

In an increasingly internationally operating business world, where from the commercial point of view, borders are just a nuisance and not very relevant, and an "open market approach" is often economically necessary, one would be inclined to ultimately aim at harmonisation of insolvency laws and the universal effect of insolvency proceedings. The tremendously increased speed of transport, travel, information and the interdependence of economies would certainly justify such harmonisation and such universal effect.
On 31 May 2002, the European Insolvency Regulation ("EUIR") came into force. This regulation is the result of more than 30 years of discussions on the European approach to cross border insolvency issues.
2. Council Regulation (EC) No 1346/2000:
The official name of the EUIR is Council Regulation (EC) No 1346/2000 of 29 May 2000 on Insolvency Proceedings. …