Introduction

Abstract

The first chapter offers an introduction to the basic aspects of cross-border insolvency law. It starts with a definition of the terms “insolvency” and “insolvency proceedings” and explains the difference between liquidation and restructuring proceedings. Following a brief presentation of the typical issues, the book lists the main codifications of cross-border insolvency law, distinguishing between transnational laws (the most important example being the European Insolvency Regulation), mere recommendations without any binding effects (in particular the UNCITRAL Model Law on Cross-Border Insolvency) and national rules on this topic (for example Chapter 15 of the U.S. Bankruptcy Code, the English Cross-Border Insolvency Regulation 2006 and §§ 335 et seq. of the German Insolvenzordnung). Finally, the principles (basic values) of this field of law are named, distinguishing between jurisdictional, procedural, and substantive principles.