Garcimartin on Whether EU Insolvency Law is Consistent

Francisco Garcimartin (University Autónoma of Madrid) has posted Is EU Insolvency Law consistent? on SSRN.

The abstract reads as follows:

The piecemeal approach to the harmonisation of insolvency law in the EU and the corresponding time lag between the unification of choice of law rules, on the one hand, and substantive harmonisation, on the other, has led to certain inconsistencies between the different sets of rules. In particular, the EU Insolvency Regulation was drafted on the assumption that there were significant differences between the insolvency laws of the Member States which created a certain degree of distrust between them in this area. This distrust led, in particular, to the introduction of a long list of exceptions to the application of the lex fori concursus. Once the harmonisation process to eliminate such divergences has begun, the question that immediately arises is the need to revise this approach. The purpose of this contribution is to highlight some of these divergences and to draw a general conclusion for any effort to unify conflict-of-laws rules on a global scale.