International insolvency law

International insolvency law deals with situations where individuals or businesses owe money in multiple countries and cannot pay their debts. It provides a framework for resolving these cases across borders, ensuring that creditors are treated fairly while respecting the laws of different nations. The law aims to coordinate proceedings in various jurisdictions, helping to determine which country's laws apply and how assets should be liquidated or reorganized. This helps streamline the process, reduce conflicts, and protect the rights of all parties involved, ultimately aiming for an orderly resolution of financial difficulties on a global scale.