The Future of Cross-Border Insolvency
This chapter provides a summary and concluding remarks regarding the future of cross-border insolvency. It argues based on the analysis in the previous chapters that a regime that fits current market conditions and increases global and local welfare is within reach, and is founded on the emerging norms of modified universalism. Persisting territorial inclinations should not cast a shadow over the desirability of modified universalism. Rather than yielding to territorialist inclinations, international actors should strengthen modified universalism by attempting to close gaps in the system to reflect agreed norms and by working to overcome negative biases in favour of positive ones. Modified universalism can crystallize into binding law in the form of customary international law (CIL), which can close gaps and overcome biases. The system can further foster compliance with the norms through a range of measures. While cross-border insolvency is already governed by proper instruments, certain gaps remain. It is suggested that there is room for additional work on the instruments and generally on strengthening the cross-border insolvency system. Future reform should continue to be multifaceted, with different roles assigned to different actors.
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