International insolvency proceedings : desired directions of change and implementation

The unification of European insolvency law has been achieved via UNICITRAL model solutions, but also by way of European Parliament and Council Regulation No. 2015/848 regarding insolvency proceedings (recast version), and national legislation; in the case of Poland, this was the Law on Insolvency and Reorganisation of 28 February 2003. Insolvency law thus regulated leads to a great simplification in the application of its norms, and also contributes to their standardisation. Therefore, it should be possible to resolve insolvency proceedings in a similar way regardless of the EU member state and the legal system in operation there. Very simply, these regulations operate under the assumption that the failing debtor is operating in two or more member countries. However, in extreme cases, this kind of proceedings can also be applied when the debtor holds assets in only one of the countries in question. With such a structure there are two essentially complementary proceedings, in the form of the main foreign insolvency proceedings and secondary insolvency proceedings, and also territorial proceedings. The aim of the study is to show the mutual relations between the particular types of proceedings and arrangements, and which of them and in what order they should be carried out in order to conduct insolvency proceedings effectively. Against this background the international aspect has proved highly important, indicating that these proceedings are guaranteed for courts or bodies acting and issuing decisions, whose scope and timing play a crucial role in the selection of one of the aforementioned types of proceedings in order to effectively satisfy the creditor claiming repayment from the failing debtor.