10. Conflict of Laws in Insolvency

Conflict of laws in insolvency refers to the legal challenges that arise when a person or business faces financial troubles that affect multiple countries. Since each country has its own insolvency laws, determining which laws apply can be complicated. For cross-border insolvency, courts must decide which jurisdiction has authority to handle the case, how to manage the debtor's assets across borders, and how to protect creditors' rights. Effective resolution requires cooperation between countries to ensure fair treatment for all parties involved, balancing the interests of creditors, debtors, and different legal systems.