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Winning Essay from The Interleges Award 2013: in memory of Stephen Rayner

It is clear that international trade has increased greatly since the Second World War in large part due to peace in Europe, the establishment of the WTO, the European Free Trade Area, NAFTA etc. Increased internet penetration has and will continue to broaden access to international trade. It is an unfortunate fact that the level of insolvencies has risen sharply in recent times. It is therefore fundamental that a comprehensive, creditor friendly regime for the recognition and enforcement of international insolvencies exist. This paper will explore what laws currently govern international insolvencies and the inherent flaws that act as hurdles to these proceedings. Both the European Insolvency Regulation and the UNCITRAL Model Law on insolvency will be examined; the former in greater detail due to current Commission proposals for its overhaul.