ABSTRACT
The increasing interaction between maritime and insolvency law has been triggered by the recent internationalization of insolvency law, and therefore by its more frequent involvement in the regulation of relations arising out of international maritime transactions. The ideological background for the regulation of cases of insolvency involving foreign elements has its origins in the antagonism between two normative models, one based on the theory of territoriality and the other on universalism. Territoriality is based on the principle of state sovereignty. The globalization of commercial transactions has created space for the expansion of the theory of universalism. The core of the regulation of transnational insolvencies lies in the recognition of foreign proceedings. The foreign proceeding is recognized as main or non-main depending on the territorial link. The contradiction of an action with the public policy of the host State is acknowledged as a negative condition for recognition.
