International Bankruptcy Law

International Bankruptcy Law governs how insolvencies are handled across different countries. When a business or individual cannot pay debts and has interests in multiple countries, these laws help determine which country's courts deal with the bankruptcy. This framework aims to ensure fair treatment for creditors and debtors, facilitate the return of assets, and encourage cooperation among countries. Essentially, it provides a consistent approach to resolving financial distress that spans international borders, helping to manage debts effectively while respecting each nation's legal system.