Insolvency Issues in the European Union

Abstract

ABSTRACT: The material presents an analysis of the evolution of the insolvency approach at the level of the European Union as a result of the economic-financial crisis from 2009-2013 and beyond. As is well known, the Member States of the European Union have different legal systems, and their harmonization has been and is a desideratum of the management of this entity of public international law, but the practical materialization encounters a series of difficulties. Insolvency is an area of commercial law, and it has undergone a remarkable evolution lately, given on the one hand the evolution of the economy, but also the strong influence of Anglo-Saxon legislation that has proven to be much more effective. In practice. Hardly, but surely, the traditionalist legal systems for which bankruptcy is a punishment, have embraced the idea that a remedial bankruptcy is much more beneficial to the economy and have changed domestic law. At this stage, with similar domestic insolvency laws at Member State level, the European Union's leadership is in a position to adopt uniform and extremely useful rules for its economy. KEYWORDS: insolvency, restructuring, second chance, honest debtor, risk prevention, debt remission