The EU Incremental Approach to Cross-Border Insolvency Regulation: A Critical Analysis.

Abstract

This article analyses the quality of the European institutions' initiatives in the field of cross-border insolvency and rescue law. It first reviews the progression of these developments, shedding light on the incremental approach adopted by the EU. The analysis of this incremental strategy to implementing, and later reforming, insolvency and rescue law, leads to the conclusion that although widely criticised, such approach should be commended. The EU institutions have moved away from the grand ideal of harmonising the Member States' substantive insolvency laws and have instead adopted a pragmatic outlook. Contrary to the widespread view that he EU institutions keep missing their chances at reforming cross-border insolvency and rescue law, this article demonstrates that this pragmatic and incremental approach is the best solution to improve the status quo.

Keywords: Cross-border insolvency law, insolvency law, restructuring, rescue, EU integration