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Subject: search.filters.subject.bankruptcy tourism. insolvența transfrontalieră

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    Problemele actuale ale instituţiei insolvabilităţii transfrontaliere în dreptul internaţional privat
    (CEP USM, 2024-11-07) Bancu, Cristina
    In the current modern context, the legal regulation of cross-border insolvency issues in the field of private international law becomes particularly important considering the complicated economic situation and foreign policy worldwide. In such conditions, current problems related to protecting the rights and legal interests of creditors become highly relevant. This article examines current issues of cross-border insolvency institution and the tasks of improving insolvency procedures with foreign elements. It addresses the following problematic and significant questions: i) the issue of ,,bankruptcy tourism” (and closely related issues of mutual recognition of judicial decisions and procedural rejection); ii) the imposition of subsidiary liability on individuals controlling the debtor and iii) problematic aspects of conflict of laws regulation concerning challenging and invalidating debtor transactions. Special attention is focused on complex approaches in choosing the applicable law in such situations. The methods and materials applied in this research are based on scientific articles by foreign researchers in the field, employing various scientific research methods: analysis and synthesis, systemic method, comparative method, and legal interpretation. Based on studying the experience of the Republic of Moldova and other states in applying the rules of private international law in judicial practice regarding cross-border insolvency cases, it is concluded that the national legal framework regulating cross-border insolvency relations requires additional modifications, particularly concerning accepting the provisions of EU Regulation No. 2015/848 of 05/20/2015, which resolve several disputed issues that arise when selecting the applicable law in cross-border insolvency matters. Additionally, regional agreements’ adhesion or signing is necessary.