13. European Insolvency Regulations

The European Insolvency Regulation is a set of rules designed to manage insolvency cases that cross borders within the European Union. When a business or individual goes bankrupt in one EU country but has assets or debts in others, this regulation helps determine which country's courts should handle the case and how the process should unfold. It aims to ensure fair treatment of creditors across borders, streamline procedures, and allow for cooperation among EU member states in resolving insolvency issues effectively and efficiently.