Navigating Cross-Border Insolvency: Legal Frameworks, Challenges and Future Directions in a Globalized Economy
Tarun Madan Kanade *
Faculty of Management, Sandip Institute of Technology and Research Centre, Nashik, India.
Sarika Patil
Faculty of Management, Sandip Institute of Technology and Research Centre, Nashik, India.
Jonathan Joseph
Faculty of Management, Sandip Institute of Technology and Research Centre, Nashik, India.
CMA Rajendra Shirsat
Faculty of Management, Sandip Institute of Technology and Research Centre, Nashik, India.
*Author to whom correspondence should be addressed.
Abstract
This study delves into the complexities of cross-border insolvency, addressing challenges in a globalized economy. Beginning with a historical overview, it analyzes legal instruments like the UNCITRAL Model Law and EU Regulation. Jurisdictional conflicts, recognition of foreign proceedings, and coordination across legal systems are examined, utilizing case studies for practical insights. The roles of international organizations, particularly UNICTRAL and the World Bank, are evaluated in light of recent developments. The paper concludes by identifying areas for improvement, highlighting emerging trends, and issuing a call to action for further research and collaboration. This thorough analysis offers valuable perspectives for legal practitioners, policymakers, and scholars navigating the intricate landscape of cross-border insolvency.
Keywords: Cross-border insolvency, international insolvency law, UNCITRAL model law, EU regulation on insolvency proceedings, jurisdictional conflicts, globalized economy, international cooperation