On The Distribution Of The Jurisdiction Of The Eu Cross-border Insolvency

Driven by continuous advances of science, technology and social productivity, the global economic integration has developed further. However, while the economic globalization promotes the economic development of all countries, along with the frequent international trade and investment, there are more and more cross-border insolvency cases. Especially since the outbreak of the global financial crisis in 2008, the global economic has entered into a period of great depression, the result of which is that a large number of well-known multinational enterprises suffering heavy losses have to declare bankruptcy. As a result, questions of cross-border insolvency attract more and more attention.The most important question of cross-border insolvency is the distribution of jurisdiction, because it is the precondition of opening cross-border insolvency proceedings, and also is one important consideration to recognize a cross-border insolvency proceeding. The EU Regulation on Insolvency Proceedings which entered into effect on May 31, 2002, has established a set of quite perfect system on this question, and has been widely applied in the cross-border insolvency cases within European Union. Although there are some limitations manifested in some cross-border insolvency cases, it is still worth referring to for us when we establish the system of jurisdiction distribution of cross-border insolvency cases. Therefore, it is of great significance for us to study the jurisdiction distribution system of cross-border insolvency proceedings within EU.This article analyses the EU jurisdiction distribution system of cross-border insolvency proceedings by the means of legislative research and case analysis. We can refer to this system when we establish the system of our own.Generally speaking, this article can be divided into three parts: introduction, main body and conclusion. Specifically, the main body of this article consists of four chapters as follows. The first chapter introduces the concept and content of cross-border insolvency firstly, and then it argues the importance of the distribution of jurisdiction in cross-border insolvency cases. At last, this chapter introduces the history of the extraterritorial effect of insolvency proceedings, and points out that the main trend is Modified Universality, which is adopted as the rationale of the EU Regulation on Insolvency Proceedings. The second chapter is the legislative and judicial researches to the EU jurisdiction distribution system of cross-border insolvency proceedings. This chapter introduces the jurisdiction distribution rules of the EU Regulation on Insolvency Proceedings at first, and then it introduces and analyses the Parmalat Group Insolvency Case, which is the largest cross-border insolvency case in European history. The third chapter, based on the second chapter, introduces the concept of"the center of main interests of the debtor", which is the core concept of the EU jurisdiction distribution system of cross-border insolvency proceedings. Referring to the uncertainty when using this concept, this chapter provides several advices to overcome this shortcoming. The fourth chapter investigates the legislation of our country on the question of jurisdiction distribution of cross-border insolvency at first, and concludes that the legislation of our country is blank in this field. Considering this condition and referring to the EU jurisdiction distribution system of cross-border insolvency proceedings, this chapter provides several advices to establish the system of our own at last.