Evaluating the effectiveness of European corporate cross-border insolvency proceedings with particular reference to the Maltese perspective

Abstract

This thesis presents a study of European cross-border insolvency law particularly the Council Regulation (EC) No 1346/2000 of 29 May 2000 on insolvency proceedings, otherwise known as the European Insolvency Regulation or Insolvency Regulation. This study endeavours to critically examine the framework of private international law on insolvency constructed by the European Insolvency Regulation as well as its function and application since its introduction in 2002. The author shall examine the history of cross-border insolvency highlighting the core aspects necessary to support the proper functioning of an instrument such as the Insolvency Regulation. This thesis shall subsequently examine the system of cross-border insolvency proceedings established by the Insolvency Regulation particularly in relation to the system of international jurisdiction, recognition and enforcement of proceedings and applicable law. Additionally, in light of the impending review of the Insolvency Regulation in 2012, the author shall consider various proposals and suggestions made in legal literature seeking to better the current system of European cross-border insolvency. Moreover, additional reference shall been made to the potential impact the Insolvency Regulation may have on Malta and Maltese interests, with pertinent suggestions on the manner in which Malta may feature more prominently in field of cross-border insolvency in the coming years. This thesis invites the reader to come to a new understanding of domestic and international insolvency law by presenting in a clear and concise manner the story behind the European Insolvency Regulation and the manner it is experienced in practice and application. The scope of this exercise is primarily to inspire the reader's mind into a modern conception of insolvency law in order to determine the evolutionary path of European cross-border insolvency law thus serving as a point of reference for those who undertake further research in the many different alleyways which this law encompasses. In examining the concepts and arguments proposed, the reader shall come to acknowledge some of the modern trends in the domestic insolvency regimes of Europe, thus stimulating the flourishing of ideas and prospects of future developments even at a national level.