1E9Ct5D

their insolvency laws within a modern, harmonized framework that might addressmore effectively instances of cross-border insolvency. Each country is free to omit ormodify provisions of the Model Law in their own statutes.The UNICITRAL Model Law is beyond the scope of this paper, inasmuch as only afew EU member countries have conformed their insolvency statutes to the ModelLaw. 2Thus, the insolvency statutes within the EU remain quite different. Suchdifferences make it more attractive for a business to open insolvency proceedings ina country whose insolvency laws are more favorable to that company’scircumstances.To address such “forum shopping,” the European Unionpromulgated an Insolvency Regulation mandating the insolvency proceedings to beopened in the EU member country where the “centre of main interests” – or COMI –of the insolvent person or company is located.B. European Union Insolvency Regulation1. IntroductionThe European Union Insolvency Regulation 3applies to all countries that aremembers of the European Union. 4The Regulation is designed primarily to helpdetermine whether a particular EU member country has jurisdiction to openinsolvency proceedings. The Regulation also outlines a uniform approach todetermining the choice of substantive law that will govern, once the insolvencyproceedings are opened.2 Greece, Poland, Romania, Slovenia, Great Britain and Northern Ireland (the United Kingdom). TheUnited States has also adopted the Model Law, enacted as Chapter 15 of the U.S. BankruptcyCode. 11 U.S.C. Sec. 1501 et seq. For a clear, concise description of Chapter 15 of theBankruptcy Code, see the website of the U.S. Federal Courts athttp://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBasics/Chapter15.aspx.3 Council Regulation (EC) No 1346/2000 of 29 May 2000 on Insolvency Proceedings, O.J (L160/1).4 Except Denmark, which negotiated an exemption from this and certain other EU Regulations.Citation.3