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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"…
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