EIRP Proceedings, Vol 2 (2007)

Abstract

The good functioning of the internal market within the European Union imposed the improvement,
simplification and acceleration of the judicial cooperation between the instances of the member states in the
area of the European insolvence procedures. The community act that regulates the competence, the
acknowledgeability of the decisions and the law which is applied in this area is the Regulation (CE) 1346/2000,
which has been adopted because of the differences between the systems of national material and process law.
The regulation establishes the categories of debtors that are subject to the main procedure of insolvence and to
the secondary ones, the persons entitled to make such requests, the international instance competent to open the
main procedure of insolvence, the acknowledgeability of the decisions concerning the insolvence procedures
within the European juridical space according to the principle of mutual trust, without fulfilling any formality,
but respecting the law, the process of putting into practice these decisions and the corresponding costs.