The financial crisis has affected investment projects all over the world. One of its repercussions was the bankruptcy of many multi-national companies. Law jurisprudence has split over the scope of recognition of bankruptcy orders issued in a foreign country. Some jurisprudence embraced the territoriality theory with regards to bankruptcy orders, so that such order does not have any legal effect in the territories other than the one in which it was issued. Others opine for the universality of the bankruptcy orders since the debtor has one patrimony, which should include all his rights and obligations. This article intends to study both doctrines and the arguments supporting each one. The article concludes that the universality of bankruptcy orders is essential to meet parties’ legal expectations and to enhance the harmonization between different legal systems which is the main goal of private international law.
Zamzam, Abed Al-Monim Shawkat
"The Conflict between Territorial and universal of bankruptcy Orders,"
Journal Sharia and Law: Vol. 2011
, Article 6.
Available at: https://scholarworks.uaeu.ac.ae/sharia_and_law/vol2011/iss45/6