Paul J. Omar


[extract] It may be said with some conviction that the Regulation [European Council Regulation on Insolvency Proceedings] is an important part of the long history of international insolvency initiatives. As the most important of all the initiatives thus far, the Regulation may be seen as especially deserving of success, perhaps because of the very fate of its predecessors, the European Insolvency Convention 1995 and the related Council of Europe Convention 1990. Together with related initiatives dealing with cross-border insolvencies in the financial and insurance sectors and other likely proposals, the Regulation is said to mark the beginnings of a comprehensive European legal order in insolvency law. Although this legal order is still at an early stage of development, it is likely that the lead given by the Regulation and its provisions will influence many of the future proposals in this field.