Journal Article

INSOLVENȚA TRANSFRONTALIERĂ A MEMBRILOR GRUPULUI DE SOCIETĂȚI LA INTERSECȚIA PRINCIPIILOR UNIVERSALISTE ȘI TERITORIALISTE

Popa, Sebastian

2023

Overview

The state of insolvency is generally regarded by the Romanian and international academic environment as \"a disease\" or even as \"a disease\", \"a sin of the over-indebted\", a \"catastrophe of entrepreneurs\", \"a consequence of globalization\", or as \"a sober and gloomy topic of discussion\". In the fight against this, the insolvency proceedings can be regarded as the 'remedy', which directly and indirectly combats its effects. The importance of an efficient legal regime of the insolvency procedure is all the more obvious in the current context when business is carried out, in large part, through the international networks created by GTSs, NCMS and TNC's. At the macroeconomic level, the bankruptcy of a partner of theirs can lead to the bankruptcy of all business partners and to the creation of a \"snowball\", more or less large, of insolvency proceedings at the level of the entire network. In this context, the need for a homogeneous set of international rules of insolvency proceedings was created, which would ensure a modern judicial management of the insolvency proceedings linked together on multicontinental distances and the avoidance of legislative conflicts. This set of legal rules of insolvency proceedings and economic circumstances can be found, both in legal literature and in the law, as a ' cross-border insolvency procedure'. It was thanks to these valences of the crossborder insolvency procedure that the imperatives of communication, cooperation and coordination of the procedure were triggered, creating two distinct schools of thought along the way, that of 'territorialism' and that of 'universalism'. These imperatives promoted among specialists serve as a powerful countertrench for issues related to the jurisdiction of the courts, normative compatibility and the recognition of foreign proceedings.

• Publisher: ACADEMICA BRÂNCUȘI” PUBLISHING HOUSE,EDITURA ,,ACADEMICA BRÂNCUȘI
• Subject: Commercial Law / Globalization / Law on Economics / Politics and law