The constant increase in international economic relationships has led to a continuous rise in international insolvency proceedings in which the effects of the insolvency extend to various countries as a result of the companies, assets or creditors outside the State in which the insolvency order is issued. Furthermore, these proceedings are becoming increasingly complex in themselves. Within the European Union, the need for a cross-border solution led to the ?Council Regulation on Insolvency Proceedings?, which follows the recommendations of the ?United Nations Commission on International Trade Law?, with the aim of providing creditors not resident in the state opening the insolvency proceedings with the possibility of requesting the admission of claims, and conferring on the insolvency bodies the powers necessary to act in respect of assets located in the territory of other States. Although the Council Regulation constitutes an important step forward regarding the conduct of international insolvency proceedings, it has not unified insolvency law. It is still possible, even within the European Union, for several insolvency proceedings to be opened.
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