European Business Organization Law Review


Regulatory Competition in European Company Law and Creditor Protection

Luca Enriques  a and Martin Gelter  b

Article author query
enriques l   [Google Scholar] 
gelter m   [Google Scholar] 


The European framework for creditor protection has undergone a remarkable transformation in recent years. While the ECJ's Centros case and its progeny have introduced free choice with respect to the State of incorporation, and hence the substantive company law regime, the European Insolvency Regulation has implemented uniform conflict of laws rules for insolvencies. However, this regime has opened up some forum shopping opportunities. This article analyzes possible consequences of regulatory competition and forum shopping for creditors and argues that the ‘insolvencification’ of corporate law creditor protection mechanisms will not enable national policymakers to impose their respective ideas about creditor protection on firms in a fully-fledged manner.

(Published Online June 21 2006)

Key Words: regulatory competition; creditor protection; EC company law; European Insolvency Regulation; forum shopping.


a University of Bologna and European Corporate Governance Institute (ECGI). E-mail:

b Vienna University of Economics and Business Administration. E-mail: wish to thank John Armour, Thomas Bachner, Horst Eidenmüller, Joe McCahery and Federico Mucciarelli for helpful comments on earlier drafts of this article, Niko Adensamer for helpful conversations about a number of issues of private international law and Alessandro Guccione for his valuable research assistance. The usual disclaimers apply.