Cross-border issues become increasingly important, particularly with regard to crises of medium-sized and large enterprises.
First of all, the developments in the field of European Community Law (particularly EuInsVO = European Insolvency Regulation) should be mentioned; moreover, various cross-border problems also arise out of this regulation in such enterprises, both for debtors and creditors as well as for investors. In this respect, it is relevant for the individual stakeholder to act properly in the context of varying and sometimes very divergent legal systems.
Aspects to be considered by debtors are, for example, the European Insolvency Regulation which took effect on May 31, 2002 and is increasingly gaining in importance, the German International Insolvency Law (§§ 335-358 InsO = Bankruptcy Act) as well as the principle/concept of „global restructuring“.
In mostly very different foreign legal systems and cultures creditors need to act so as to avoid „pitfalls“. In addition, language barriers should not be disregarded as they sometimes also cause obstacles.
Major issues for investors are the professionalization of processes and communication to ensure the selection of an appropriate insolvency administrator. Furthermore, it is necessary to increase certainty in planning for investors with respect to pre-insolvency restructuring approaches. Mistrust towards the German system in terms of the selection of administrators or other supposedly deficient rules shall also be reduced.
In this context the iir is aiming to provide assistance and potential solutions for individual stakeholders.