Chmilenko Svitlana

Towards an Optimal Bankruptcy Law Chmilenko Svitlana

This book reviews current researches on the issues of bankruptcy with the aim to identify the possibility of achieving a unified international bankruptcy law that could be used by all the countries. Legal regulations applied in relation to international bankruptcy disputes are usually based on the territorial principle and are national in their nature. They have proven not to be very efficient in resolving bankruptcies with cross-border element, which involve more complex legal issues. The introduction of a unified international bankruptcy law could provide predictability and efficiency for such cases. However, as the review indicates, country differences and existing approaches make global unification of bankruptcy legislation and procedures not achievable, at least in the nearest future, and the full harmonization of international bankruptcy legislation very difficult, if possible at all.