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4 Law Applicable

Reinhard Bork

From: European Cross-Border Insolvency Law (2nd Edition)

Reinhard Bork, Renato Mangano

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2022. All Rights Reserved.date: 27 November 2022

Subject(s):
Banks and cross-border issues — Bank resolution and insolvency

This chapter explains which laws should a jurisdiction court apply in particular circumstances amidst cross-border proceedings. It also notes the general rule and application in applying the law of another Member State while also covering the exceptions, rationales, and commonalities of the law governing insolvency proceedings. The system is required to be uniform and comprehensive while simultaneously covering procedural and substantive law. In line with EIR’s Article Seven, the rule of lex fori concurus coincides with private international law and the law applicable to insolvency proceedings. Moreover, the unclear boundaries of insolvency law remain a major issue when using international jurisdictions determined by the COMI and the applicable law of the insolvency proceedings.

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