The Research On The Estate Institution In Cross-Border Insolvency

Affected by pragmatism, the traditional theories of cross-border insolvency in recent years, were turned into"modified universalism"and"cooperative territoriality". Based on the"modified universalism", the"EU Insolvency Regulations"and the UNCITRAL"Model Law on Cross-Border Insolvency", two typical acts, are enacted. In the two legislations, the core institutions are that they divide the bankruptcy proceedings into"main insolvency proceedings"and"non-main insolvency proceedings". The insolvency proceedings, that opened by the courts of the state within the territory of which the centre of a debtor's main interests is situated, are the main insolvency proceedings, and that the laws of that state relating to bankruptcy should be applicable for the whole insolvency proceedings. While the courts of other states shall have jurisdiction to open insolvency proceedings, which will be called"non-main insolvency proceedings", against that debtor only if he possesses an establishment within the territory of that other states. And the effects of those proceedings shall be restricted to the assets of the debtors situated in the territory of the state. According to that, the bankruptcy estate institution, including the scale of the assets, the management of the assets, the distribution of the assets, and the preservation of the assets, should be harmonized by the"main proceedings"and"non-main proceedings". In addition, the two legislations also set a number of special rules, such as"granted relief rule"and"automatic relief rule", provided by the"Model Law on Cross-Border Insolvency".