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ulings may be referred to the European Court of Justice, which is empowered tosettle the dispute.6. Potential changes to the Insolvency RegulationOn February 5, 2014, Members of the European Parliament voted to update theEuropean Regulation on Insolvency. Most legislators, attorneys, and commentatorsagree that changes are required to ensure that the Regulation reflects the economictimes, and lessons learned since the enactment of the Regulation in May of 2002can be implemented in the amendments.III.Comparison of European Insolvency LawsA. Overview on German, French and English insolvencylaw1. Bankruptcy by many other namesa. GermanyUnder German insolvency law, there exists no “bankruptcy” as a technical term.German law recognizes only the “insolvency” of a company.Final insolvency proceedings 6 will be opened if the Court finds that (i) the debtor isilliquid – that is, unable to pay its debts when they fall due, 7 (ii) if the debtor is overindebted– that is, the fair value of the debtor’s assets is less than its liabilities. 86 Insolvenzordnung [InsO] [Insolvency Statute], Oct. 5, 1994 [Bundesgesetzblatt] (BGBl.] 2866, aslast amended by Art. 6 G of the Act of August 31, 2013 [BGBl.], 3533, §§ 16ff.7 A company is presumed to be illiquid if it is unable to pay more than 10% of its debts as they comedue for a period three weeks.8 Commercial debtors only. This does not apply to natural persons.8