European Insolvency Convention

The European Insolvency Convention is an agreement among European countries that helps manage cross-border insolvencies more efficiently. It establishes common rules for determining which country's courts handle insolvency cases and how assets are shared among creditors when a company or individual cannot pay their debts. This coordination aims to simplify procedures, reduce legal uncertainties, and promote fair treatment of creditors across different jurisdictions within Europe, providing a clearer, more predictable process for insolvency situations involving multiple countries.